The EU is reviewing whether its landmark crypto regulation MiCA needs updating for a market reshaped by stablecoins and tokenization.

European regulator ESMA called on unauthorized crypto-asset service providers to wind down their businesses in an orderly manner as the MiCA transitional period ends on July 1.

ESMA orders unauthorized crypto firms to wind down EU operations before the July 1, 2026 MiCA deadline, with only 17-20% of providers fully licensed.