EU MiCA Transition Period Ends, Forcing Unlicensed Crypto Firms Out
Summary
- The end of the European Union's transition period for its Markets in Crypto-Assets (MiCA) regulation will force unlicensed crypto firms out of the EU market.
- Crypto firms that do not obtain a MiCA license can no longer legally provide services to EU customers.
- Some crypto firms have been relocating their bases to the United Arab Emirates, including Dubai, to avoid the regulatory burden.
Forecast Trend Report by Period
The European Union's transition period for its Markets in Crypto-Assets regulation, or MiCA, ended on July 1, forcing unlicensed cryptocurrency firms out of the bloc's market.
Cointelegraph reported on July 3 that crypto firms without a MiCA license can no longer legally provide services to customers in the European Union.
CoinDesk previously reported that, ahead of MiCA's full implementation, some crypto companies were relocating their bases to the United Arab Emirates, including Dubai, to avoid the regulatory burden.
Binance founder Changpeng Zhao, known as CZ, claimed that a MiCA license application pursued in Greece had met all requirements and advanced to the stage just before approval, but was withdrawn last week because of intervention by unspecified political forces.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.