TLDR
- Around 230 MiCA licenses have been issued across the EU.
- Germany leads MiCA approvals with 56 licenses, followed by the Netherlands and France.
- Unlicensed crypto firms must stop offering new EU services from July 1.
- In France, about 40% of registered crypto firms have not applied for MiCA approval.
- MiCA allows licensed firms to operate across all 27 EU countries through passporting.
The European crypto industry is entering the final stage of its Markets in Crypto-Assets transition as firms without full authorization prepare to stop offering new services across the region from July 1, 2026.
Around 230 MiCA licenses have been issued across the European Union so far, according to industry data cited by Wu Blockchain. Germany leads with 56 authorizations, followed by the Netherlands with 26 and France with 21, while many previously registered crypto service providers remain outside the new licensing framework.
MiCA creates a unified regulatory structure for crypto-asset service providers across the EU. Once a firm receives approval in one member state, it can use passporting rights to operate across all 27 EU countries, replacing the earlier system of separate national registrations.
MiCA Transition Ends for Unlicensed Crypto Firms
The July 1 deadline marks the end of the transitional window for crypto firms that had operated under older national registration systems. After that date, firms without MiCA authorization will not be allowed to offer new crypto services to EU users.
Unlicensed platforms are expected to begin orderly exits, which may include halting new customer registrations, stopping deposits, restricting services to withdrawals or account closures, and transferring customer assets to licensed providers where applicable.
In France, about 40% of registered crypto service providers have not applied for MiCA accreditation, according to the cited reports. Some firms have withdrawn applications, sought commercial partners, or moved toward shutting down operations because of the cost and operational requirements tied to full compliance.
Industry participants said MiCA has strengthened the regulatory framework and improved market resilience, but they also warned that smaller firms face the greatest pressure. Compliance obligations include governance standards, capital requirements, client asset segregation, transaction records, anti-money laundering controls, and operational risk systems.
Binance and Smaller Platforms Face Pressure
Major platforms have also faced pressure during the transition. Binance has been cited among firms seeking a path to remain active in Europe after its attempt to secure authorization through Greece failed.
Reports said Binance has moved to restrict or suspend certain services in several EU markets, including France, Spain, Italy, and Poland, while pursuing another regulatory route. The exchange has said user funds remain safe and accessible for withdrawal, according to the provided information.
The end of the transition period creates a direct divide between licensed crypto service providers and firms that remain outside the MiCA system. A pending application or past national registration is no longer enough to continue serving users legally after the cutoff.
The market shift may lead to consolidation as smaller companies seek buyers, partners, or white-label arrangements with licensed firms. Larger companies with stronger compliance budgets may gain market share, while firms unable to meet the new requirements may leave the region.
Stablecoins and Passporting Reshape EU Market
MiCA also changes the stablecoin market by setting rules for issuers of asset-referenced tokens and e-money tokens. The framework requires reserve management, disclosures, redemption rights, and supervision by European authorities.
The regulation has favored stablecoin issuers able to meet EU reserve and licensing standards. Reports said compliant options such as Circle’s USDC have gained clearer regulatory positioning, while non-compliant stablecoins may face restrictions on regulated trading venues.
For licensed companies, MiCA offers a single European market through passporting rights. One authorization can allow a crypto firm to operate throughout the EU, reducing the need to maintain separate approvals in each country.
The same system raises barriers for firms that cannot meet the requirements. Some industry observers said the number of approved licenses, compared with the broader pool of previously registered crypto companies, shows a major reduction in market participants.
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