Key facts
- The EU's Markets in Crypto-Assets (MiCA) regulation's transitional period ends July 1, 2026.
- As of June 26, 244 crypto-asset service providers (CASPs) have been authorized under MiCA across EU and EEA jurisdictions.
- Germany leads with 57 authorized CASPs, followed by France with 26.
- Five EU member states have not issued any MiCA licenses.
- Industry estimates suggest up to 80% of crypto firms may not survive the regulatory transition.
- High compliance costs and differing national implementation approaches are cited as major hurdles.
Europe's cryptocurrency firms are facing a significant regulatory hurdle as the transitional period for the Markets in Crypto-Assets (MiCA) regulation concludes on July 1, 2026. Companies that were licensed by national regulators before MiCA's implementation must now secure a full MiCA license to continue operating across the 27-country European Economic Area. Industry estimates suggest that out of over 3,000 registered virtual asset service providers (VASPs) prior to MiCA, only approximately 244 have successfully obtained the necessary authorization. This stringent regulatory environment is expected to lead to the closure of a substantial portion of existing crypto businesses, with some experts predicting that as many as 80% may not survive.
The implementation of MiCA remains fragmented across national regulators, despite its design for a single European crypto market. Germany leads overall MiCA licensing with 57 authorized companies, accounting for about 23% of the total. France follows with 26 companies, placing it alongside the Netherlands as the bloc’s second-largest hub. France has recently accelerated approvals, issuing the most last-minute authorizations between June 18 and June 22.
However, five EU member states, including Greece, Hungary, Poland, Portugal, and Romania, have not issued any MiCA licenses as of June 26. Poland's licensing framework has been delayed by legislative issues and presidential vetoes. In contrast, Italy dominates the non-compliant CASP register, accounting for the overwhelming majority of entries.