MiCA grace period ends July 1; EU crypto access at risk
MiCA transitional period ends July 1. Crypto firms without EU MiCA licences must stop serving EU clients, possibly suspending services for millions across the bloc.
The EU’s Markets in Crypto Assets Regulation (MiCA) transitional period ends on July 1. Firms that do not hold a MiCA licence are required to stop serving clients in the European Union from that date, and national authorities have powers to enforce the deadline.
According to the European Securities and Markets Authority (ESMA), non-authorized firms “will not be allowed to operate within the EU” after July 1 and are expected to implement wind-down and client migration plans while licence applications are processed.
France has authorised 19 crypto asset service providers (CASPs) and has about 25 applications under review. The Autorité des marchés financiers (AMF) has instructed providers that are not MiCA-authorised to cease activities from July 1. The AMF notes operating unauthorised crypto services in France is a criminal offence carrying up to two years in prison and a €30,000 fine, and that it can add firms to a blacklist, issue public warnings and seek court orders to block access to sites aimed at French users.
Germany’s financial regulator BaFin set a June 30 deadline for firms that had been operating under prior exemptions to obtain authorisation and has said some applications remain under review. Austria ended its national pre-MiCA regime on Dec. 31, 2025; the Finanzmarktaufsicht (FMA) reports nine licensed CASPs and describes MiCA application volumes as significant, without disclosing pending totals.
Legal advisers warn that an application in the queue does not protect firms that continue serving EU customers past the deadline. Niall Esler, head of regulatory and risk advisory at law firm Walkers, warned companies operating without authorisation will be acting unlawfully. MiCA gives member states powers to order an immediate halt to services, compel client offboarding, publicly name firms and impose administrative fines for unauthorised activity.
Industry figures indicate a large share of European crypto users engage with platforms that are not yet MiCA-authorised. Analysis from OKX Europe shows 18.5 million crypto app downloads in Europe between May 2025 and May 2026, with about 7.6 million downloads (41%) going to apps not listed on a register of MiCA-authorised providers compiled from ESMA and national data. OKX combined app-store data with web traffic and search trends to estimate that roughly 60% of European crypto users are active on platforms without MiCA authorisation, the company’s chief executive estimated.
ESMA declined to provide a public estimate of users on non-authorised platforms. Some major exchanges remain in the authorisation process: Bitget applied for a licence in Austria in 2025 and has indicated it expects approval in the second quarter of 2026 and will not offer services in the European Economic Area until authorised. Binance submitted a MiCA application in Greece in January and is not listed among authorised providers in the EU.
Regulators advise firms that have not secured authorisation to carry out orderly wind-downs and client migration plans to limit service disruption. National authorities will be able to stop unauthorised operations and take measures designed to protect consumers.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
