- Most crypto firms within the EU area function with no full MiCA license.
- The regulator has set a deadline of July 1, 2026 for VASPs within the EU to acquire a MiCA license.
- Tether’s USDT is essentially the most well-known stablecoin with out the EU’s MiCA license.
In keeping with experiences, greater than 80% of crypto firms working within the EU shouldn’t have a full Cryptocurrency Market Regulation (MiCA) license, regardless of the fast-approaching deadline. For comparability, of the greater than 1,200 VASP entities with pre-MiCA nationwide registrations, solely about 210 have transitioned to full CASP authorization.
MiCA deadline stays July 1, 2026
The European Securities and Markets Authority (ESMA) issued a press release on April 17, 2026, stating that the transition interval for crypto firms throughout the EU will finish on July 1, 2026. Which means, on the time of writing, there are solely three weeks left for firms to finish their MiCA registration.
Underneath the phrases set out, any entity that gives crypto-asset providers within the UK with no MiCA license after 1 July will probably be in breach of EU regulation and should stop operations with instant impact. Fines for violating this rule may very well be as much as 5 million euros, or 5% of the corporate’s international gross sales.
High firms with MiCA certification
The Coincub tracker estimated that, by regional classification, 2,747 VASPs registered with MiCA regulation throughout Europe in 2024, with the biggest variety of registrants coming from Poland, accounting for greater than 1,400 firms. In the meantime, of the roughly 90 unlicensed firms in France, solely 30% had utilized for MiCA authorization as of January 2026.
However, the Estonian case extra clearly displays the rising attrition to MiCA, with many crypto establishments withdrawing from the method. For readability, there have been 641 licensed VASPs within the nation as of June 2021, however that quantity had declined by 45 by October 2024 and to 40 as of February 2025, the Monetary Intelligence Division report stated.
Knowledge from public regulator registries as of Could 2026 reveals that Bitvavo, Bitpanda, Coinbase, and Binance have secured full MiCA CASP authorization. It’s value noting that Binance will obtain full authorization for the primary time in 2025 after altering its EU company deal with, and its passport will now cowl all 27 EU member states.
Different distinguished cryptocurrency firms with full MiCA licenses embrace Crypto.com, OKX, Bitstamp, Revolut, CySEC, and Virtu. However, as of this writing, solely Circle’s USDC and EURC are stablecoins among the many high 10 market capitalization classes which can be absolutely MiCA compliant.
Tether’s USDT stays essentially the most distinguished non-compliant asset. The corporate’s CEO, Paolo Ardoino, had argued that MiCA’s requirement to carry 60% of reserves in European banks risked triggering a banking disaster and a stablecoin disaster on the identical time.
Associated: MiCA deadline approaches as EU nations put together new cryptocurrency laws
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