The EU has entered MiCA's enforcement phase as unauthorized crypto companies face wind-down requirements and possible penalties for noncompliance.

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.

With the July 1 deadline now passed, how will the end of MiCA's final transition phase affect users, companies, and the market?