European Union · Decrypt
Europe's Crypto Firms Face Squeeze as MiCA Transition Period End Looms
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Europe's crypto industry is bracing for a shakeout.
Key facts
- The transition period for the European Union's Markets in Crypto-Assets regulation, known as MiCA, ends July 1, closing the window in which firms could keep operating under older national regimes
- By mid-2026, she noted, not every member state had even issued its first licenses
- In a discussion paper open for feedback until July 10, the Malta Financial Services Authority asked whether decentralization should be treated as a spectrum rather than a binary, and when a protocol
- Alexis Sirkia, captain of trading-infrastructure firm Yellow Network, said the end of the transition period pushes the industry into a “new phase of growth," with clearer rules helping to establish
Summary
The EU's MiCA transition period ends July 1, closing the window for crypto firms to operate under old national regimes without a bloc-wide license. 200 or so firms have secured full MiCA authorization, according to ESMA's register—a small fraction of the pre-MiCA market. Binance is reportedly set to be denied an EU license, while Malta's regulator is weighing how decentralized finance might fit within MiCA's scope. The transition period for the European Union's Markets in Crypto-Assets regulation, known as MiCA, ends July 1, closing the window in which firms could keep operating under older national regimes. For its backers, the milestone is a turning point.