Overview
- The Markets in Crypto‑Assets transition ends on July 1, 2026, and any firm serving EU customers without a MiCA licence must stop to avoid breaching EU law.
- Regulatory approvals have lagged with roughly 194 providers authorised by May 2026 compared with more than 3,000 registered firms in 2024, leaving about three quarters at risk of losing the right to operate.
- ESMA requires unapproved firms to have orderly wind‑down plans to help clients withdraw or transfer assets and to move holdings to authorised providers or self‑custody wallets.
- France’s AMF has warned it will block unlicensed services, publish blacklists and can seek prosecution with penalties including up to two years in prison and a €30,000 fine.
- MiCA’s passporting system and stablecoin precedents show how compliance already reshapes market access and point to consolidation among well‑resourced platforms as smaller operators exit.