EU MiCA Deadline Forces Crypto Firms to Secure Licenses or Exit Market

The European Union’s Markets in Crypto Assets Regulation reaches a hard deadline on July 1, when in-scope crypto asset service providers operating under national regimes must hold a MiCA licence or stop serving EU clients. ESMA said that from that date non-authorized entities will no longer be allowed to operate and should implement wind-down and client migration plans instead of relying on transitional status while awaiting a decision.

National authorities are already taking steps. France has authorised 19 crypto asset service providers, with roughly 25 applications still under review, and has warned that providing unauthorised crypto services is a criminal offence punishable by up to two years in prison and a 30,000 euro fine; regulators can also blacklist firms, issue public warnings and seek court orders to block access to offending websites.

Germany’s BaFin set an authorisation deadline for firms that had prior exemptions and said it may apply enforcement measures where appropriate.

European Union

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