Spain's firm stance on MiCA compliance may drive unlicensed crypto firms to exit or adapt, impacting market dynamics and investor security.

ESMA ordered unlicensed crypto firms to stop serving EU clients and wind down operations before MiCA's July 1, 2026 authorization deadline.

The EU's landmark MiCA crypto rules take full effect on 1 July. Yet by May, fewer than one in five of the bloc's 1,200-plus registered crypto firms had secured the licence needed…