- Most cryptocurrency firms in the EU region are operating without the full MiCA license.
- Regulators set a July 1, 2026, deadline for VASPs in the EU to obtain a MiCA license.
- Tether’s USDT is the most prominent stablecoin without the EU’s MiCA license.
According to reports, over 80% of the crypto firms operating in the EU have not acquired the full Markets in Crypto-Assets Regulation (MiCA) license despite the looming deadline. For context, only around 210 of the 1,200-plus VASP entities with pre-MiCA national registrations have converted to full CASP authorization.
MiCA’s Deadline Remains July 1, 2026
The European Securities Markets Authority (ESMA) released a statement on April 17, 2026, noting that the transitional period for crypto firms across the EU expires on July 1, 2026. That leaves only three weeks remaining as of the time of writing for companies to complete their MiCA registration.
Following the established conditions, any entity providing crypto-asset services within the UK without obtaining an MiCA license after July 1 will be in breach of EU law and must immediately cease operations. Penalties for breaking this rule could be up to 5 million euros or 5% of the firm’s global turnover.
Top Firms with MiCA Authorization
By regional classification, Coincub tracker estimated that 2,747 VASPs registered for MiCA regulation in 2024 across Europe, with the largest number of registrants coming from Poland, which accounted for more than 1,400 firms. Meanwhile, only 30% of roughly 90 unlicensed firms in France applied for MiCA authorization as of January 2026.
Meanwhile, Estonia’s case more clearly reflects the growing attrition toward MiCA, with many crypto establishments withdrawing from the process. For clarity, the country has 641 licensed VASPs as of June 2021, but the number fell by 45 by October 2024, and to 40 as of February 2025, according to reports from its Financial Intelligence Unit.
Public regulator registries’ data as of May 2026 reveal that Bitvavo, Bitpanda, Coinbase, and Binance have secured the full MiCA CASP authorization. It is worth noting that Binance secured its first full authorization in 2025 after redomiciling its EU entity, with its passport now covering all 27 EU member states.
Other notable crypto firms with full MiCA licenses include Crypto.com, OKX, Bitstamp, Revolut, CySEC, and Virtu. Meanwhile, only Circle’s USDC and EURC represent stablecoins among the top 10 categories by market cap that are fully MiCA-compliant, at the time of writing.
Tether’s USDT remains the most prominent non-compliant asset. The firm’s CEO, Paolo Ardoino, had argued that MiCA’s requirement to hold 60% of reserves in European banks risks triggering a simultaneous banking and stablecoin crisis.
Related : MiCA Deadline Approaches As EU States Prepare For New Crypto Regulation
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