EU MiCA Deadline Five Days Away as Only 231 of 1,200 Existing Crypto Firms Are Approved
Summary
- The deadline for the EU's crypto regulatory framework, MiCA, is five days away.
- Only 231 firms have been approved out of more than 1,200 existing crypto companies.
- There is a view that whether firms can continue operating and how regulators in each jurisdiction respond could emerge as key variables, especially for companies facing approval delays.
Forecast Trend Report by Period
With five days left until the European Union's Markets in Crypto-Assets regulation, or MiCA, takes effect, only a small share of existing crypto firms have secured authorization.
Cointelegraph wrote on X, formerly Twitter, on June 25 that five days remained before the EU deadline under MiCA. Of more than 1,200 crypto firms that had been operating before the rules took effect, only 231 have been approved so far, it added.
MiCA is the EU's bloc-wide regulatory framework for crypto assets. It requires crypto-asset service providers to obtain authorization and meet operating requirements. Existing firms must also complete the approval process by the deadline to continue operating in the EU.
With approvals completed for only part of the affected firms, the regulatory burden on Europe's crypto industry is rising ahead of the deadline. Market participants say the ability of firms with delayed approvals to keep operating, along with how regulators in each jurisdiction respond, could become key variables.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.