The clock runs out on July 1 for crypto firms operating in Europe without a MiCA license. And based on the numbers, most of them aren’t ready.
Out of more than 1,200 firms previously registered under various national virtual asset service provider (VASP) regimes across the EU, only around 194 crypto-asset service providers (CASPs), including credit institutions, had obtained MiCA authorization by May 2026. That means roughly 75-83% of the industry is staring down a deadline with no license in hand.
What MiCA actually demands
MiCA, short for Markets in Crypto-Assets, is the EU’s attempt to create a single regulatory rulebook for crypto across all 27 member states. Adopted in 2023, it replaced the patchwork of national licensing regimes that let firms operate under wildly different standards depending on which country they called home.
The transitional period began on December 30, 2024, giving existing operators up to 18 months to swap their old national registrations for a new MiCA license. Some member states, including France and Malta, applied the full 18-month window. Others moved faster.
