The EU’s Markets in Crypto-Assets regime became fully applicable to crypto-asset service providers serving EU clients on 1 July 2026, ending the transition period that followed MiCA’s entry into force in late 2024. Under the rules, firms must hold MiCA authorization from a national regulator to provide services across the bloc.
ESMA’s interim MiCA register, last updated on 26 June and published weekly, listed 244 authorized crypto-asset service providers. Market reporting cited that figure as covering about 12% of firms previously operating in the EU. Data cited from VASPnet indicated that 1,738 companies active before the deadline did not hold an EU-wide license as of 30 June and would need to stop serving EU clients unless authorized.
ESMA said unauthorized firms must immediately stop onboarding new EU clients, refrain from opening new accounts, and cease marketing and solicitation. Their activity should be limited to steps needed to sell or transfer crypto-assets, reallocate assets, or close positions as part of an orderly wind-down. The regulator also said custody may continue only for the period strictly necessary to complete that process.
MiCA authorization is granted by national authorities and carries passporting rights across the EU, while firms operating only under transitional national regimes did not have those cross-border rights. Several authorized providers said they had received approaches related to customer transfers and other exit arrangements from firms that were not authorized by the deadline.