Only 7% of EU Crypto Firms Hold MiCA Licenses Ahead of July 1 Deadline

Only a single-digit share of cryptocurrency firms in the European Union have obtained licenses under the Markets in Crypto-Assets regulation, or MiCA. The low uptake is drawing attention to the potential for an industry shakeout as the compliance deadline approaches.

BeInCrypto reported on June 2 that 2,747 virtual asset service providers, or VASPs, were registered across the EU as of 2024.

Of those, only 210 had secured a crypto-asset service provider, or CASP, license that complies with MiCA, equal to about 7% of the total.

Under the current MiCA rules, firms must obtain a CASP license by July 1. Companies that fail to do so will have to stop operating in the EU.

The European Commission has recently begun a formal review of the MiCA law. The market is focused on the possibility that the industry will consolidate around larger firms that secure licenses after the rules take effect.

MiCA is the EU's core crypto regulatory framework. It was introduced to establish a unified set of rules for the digital-asset industry, including stablecoins, exchanges and custody services.