Roughly 230 firms have secured licenses under the European Union’s Markets in Crypto-Assets framework ahead of the July 1 transition deadline, giving them the ability to offer services across all 27 EU member states. The split in the market is becoming clear. Larger players are locking in their positions, while many smaller companies are still unfinished with the transition and in some cases are withdrawing applications, seeking partners, or preparing to close operations in the bloc.
Germany leads approvals as firms choose licensing hubs
Data from the European Securities and Markets Authority shows that Germany has become the largest MiCA licensing center, with 56 approvals. The Netherlands follows with 26, and France has issued 21. Under MiCA, the previous patchwork of national regimes is being replaced by a single framework, allowing licensed firms to operate across the EU rather than under separate country-by-country systems.
That change is shaping corporate strategy. Coinbase has chosen Luxembourg as its MiCA base, while Binance withdrew its application in Greece and started pursuing authorization elsewhere in the European Union. Jurisdiction selection now turns on more than filing speed; firms are also weighing compliance costs, regulatory timing, and access to banking services.
July 1 closes the transition window for many registered firms
July 1 marks the end of the maximum transition period for many businesses that had been operating under national registration systems. After that date, companies without MiCA approval will no longer be able to offer new crypto services inside the EU.
France offers a clear example of the pressure. About 40% of registered crypto service providers there have not applied for a MiCA license. Some of those firms may now have to transfer assets, return client holdings, or wind down parts of their business. The rulebook is now clearer, but the cost of getting into the new system remains a serious burden, especially for smaller operators.
Approved firms remain far below the pre-MiCA market base
The number of approved entities, around 230, remains well below the more than 1,200 providers that had previously operated under national frameworks. Only a fraction of the earlier market has completed the shift. Licensing is also concentrated, with Germany, the Netherlands, France, and Malta accounting for a large share of approvals.
By comparison, major markets such as Spain, Italy, and Belgium have issued relatively fewer licenses. Industry participants say MiCA has improved regulatory clarity and market resilience, but as the framework takes full effect, smaller crypto businesses appear to be absorbing the heaviest strain.