The European Union has granted 230 MiCA licenses so far, with Germany leading the list at 56 approvals. The Netherlands follows with 26, and France has issued 21. With the MiCA transition period set to expire in July, the pace of approvals has become a pressing issue for crypto firms trying to keep access to the EU market.
Once the transitional arrangements end, companies that have not secured the required authorization will no longer be allowed to serve customers in the bloc. Those firms will need to halt operations or wind them down across the EU. For exchanges, brokers, and wallet providers, the deadline is not procedural. It determines whether they can keep operating at all.
A single rulebook for all 27 EU member states
MiCA is the EU’s first comprehensive regulatory framework dedicated to digital assets. It brings crypto exchanges, brokerage firms, and wallet service providers into a supervisory model closer to the one used for traditional financial institutions. The goal is to replace fragmented national standards with one common structure.
Under that model, firms that meet requirements on capital adequacy, corporate governance, asset safeguarding, and anti-money laundering can use a license from one member state to offer services across all 27 EU countries. That passporting mechanism removes the need to seek separate approvals in each market, but only after a company has cleared MiCA authorization.
France highlights the strain of the new regime
France has become a notable example of the friction created by the new rules. Sector representatives say nearly 40% of previously registered crypto service providers in the country have not applied for a MiCA license. That figure points to a gap between earlier registration systems and the demands of the new framework.
Some companies have withdrawn their applications. Others are seeking partnerships with already licensed firms, while a separate group is preparing to leave the market entirely. The issue is not limited to filing paperwork; it also reflects whether businesses have the resources to meet ongoing compliance standards.
Smaller crypto firms face a heavier compliance burden
Many participants in the sector view MiCA as a step that can improve market stability and strengthen consumer protection. A unified framework gives the EU crypto market clearer operating boundaries. At the same time, the cost of meeting those standards is rising.
That burden is expected to fall hardest on smaller crypto firms with fewer resources. Tighter rules may narrow the range of market participants if a meaningful number cannot complete the licensing process by the end of July. How many firms fail to secure approval by then will shape the next phase of the European crypto market.