- The MiCA compliance deadline for crypto firms operating in the EU is July 1, 2026.
- There is an 8% conversion rate from the old VASP licensing to MiCA authorization.
- Only 14 crypto exchanges have fulfilled the full MiCA requirements ahead of the deadline.
The EU’s Markets in Crypto-Assets (MiCA) regulation deadline will expire in the next three weeks. However, just a handful of crypto services companies, including exchanges, have completed the registration process.
On July 1, 2026, the transitional period under Europe’s MiCA will expire. According to the regulator’s condition, any crypto exchange, broker, or wallet provider in the EU without a Crypto-Asset Service Provider (CASP) license must cease operations after the deadline. For context, CASP is the business license defined by the MiCA regulatory framework.
Only 14 Exchanges are MiCA Compliant
Existing data show that 183 entities on the CASP register hold full MiCA authorization across 20 member states in the European Economic Area (EEA). Meanwhile, only 14 of them hold authorization to operate trading platforms. This poses a significant risk to crypto users holding crypto on any of the remaining platforms. Such individuals have approximately three weeks to move their assets from them or face regulatory difficulties.
Related : Over 80% of EU Crypto Firms Yet to Obtain Full MiCA License Despite Looming Deadline
It is worth noting that Germany is currently the most compliant region with the MiCA regulation in the EU. Nearly 30% of the authorizations issued so far come from there and comprise 53 licensed crypto firms. The next nation with the highest number of authorizations is the Netherlands, with 25 entities, followed by France, which has 13 crypto firms holding the CASP license, and Malta, with 12 fully authorized firms.
MiCA Registrations Turnout
It is worth noting that 10 EU and EEA member states, comprising Croatia, Estonia, Greece, Hungary, Iceland, Italy, Norway, Poland, Portugal, and Romania, have not recorded MiCA registrations. Among them, Estonia was a hub for crypto firms operating under the Virtual Asset Service Provider (VASP) framework before the introduction of MiCA. Nearly all the entities that operated under the VASP regime did not migrate to MiCA.
Also, Poland, a historical crypto licensing jurisdiction in Europe, has yet to pass domestic legislation to grant MiCA authorizations. Meanwhile, the exchanges that are MiCA compliant include Coinbase (Ireland), Kraken (Ireland and Luxembourg), Binance (full EU passport), OKX (Malta), Crypto.com (Malta), Bitstamp (Luxembourg), Bitpanda (Austria), Bitvavo (Netherlands), and Revolut. They represent the exchanges that will remain functional in the EU after July 1.
Low MiCA Conversion Rate Ahead of Deadline
Statistically, there is currently an 8% conversion rate from the old VASP registration to full MiCA authorization. The most prominent entity missing from the set is Tether (USDT), which declined to apply for the new protocol. That implies that USDT is not listed on any MiCA-licensed platform, and exchanges like Coinbase, Kraken, Crypto.com, and Binance have already blocked EU accounts from trading USDT.
The only stablecoin alternatives available in the top-10 categories for EU users are USDC and EURC. It is crucial to note that the cost of acquiring the MiCA license ranges from 250,000 to 500,000 euros, which is why most smaller firms are choosing to exit the region.
Related : Virtu Financial Ireland Gets MiCA Approval and CASP License for EU Crypto Services
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