As the EU's MiCA deadline takes effect, only 8% of firms have secured licenses. Michael Stroev explains why the rule is shrinking the market.

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.

MiCA authorization data shows uneven rollout across EU and EEA jurisdictions with Germany leading approvals and five member states yet to issue licenses.