The EU’s Markets in Crypto-Assets regulation, or MiCA, is now fully in force as of July 1, 2026, sharply raising the compliance bar for crypto firms operating across Europe. According to the figures cited in the report, only 244 companies secured MiCA authorization out of more than 3,000 crypto businesses that had been active under older national regimes.
License concentration leaves most of the market behind
Under MiCA, crypto-asset service providers, including exchanges, custodians, and brokers, must operate under a single EU rulebook. The main attraction is passporting: a firm that wins authorization can use that license across 30 European markets covered by the framework.
Trezor CEO Danny Sanders said the region had more than 3,000 crypto companies before the final transition ended, but only 244 made it through. Licensed exchanges now account for about 83% of Europe’s total trading volume. Germany holds 57 licenses, while France and the Netherlands have 26 each, showing how strongly approvals have clustered in Western Europe.
Coinbase, Kraken, and OKX gain ground as Binance waits
The report identifies large regulated exchanges such as Coinbase, Kraken, and OKX as the early winners under the new framework. Binance, by contrast, did not obtain authorization on schedule. The article said Binance withdrew applications in places including Greece before the deadline, raising the prospect of reduced services or exits from parts of the EU market.
Binance did not concede that the matter is settled. A company representative said its European effort is still in the application stage and that the exchange continues to seek approval from regulators, with the final outcome not yet certain. For now, that leaves Binance in a gray zone rather than formally out.
Smaller Eastern European firms face pressure as user onboarding tightens
The pressure is not limited to major exchanges. The report said Poland had nearly 2,000 virtual asset service providers under the previous system, yet only a small number passed. Some Eastern European markets are now facing a situation where no CASP has been authorized at all.
For users, MiCA changes the product experience as well. KYC and AML checks are expected to become stricter, and account handling will look more like traditional finance. Users still holding assets on non-compliant platforms may need to move funds to licensed exchanges or self-custody wallets.
Stablecoin issues remain open under the next review stage
Even with full implementation, MiCA does not settle every regulatory question. The report noted that companies including Ripple have raised concerns over cross-jurisdiction stablecoin issuance, especially on reserve management, redemption arrangements, and legal liability when the same asset is issued by entities in multiple countries. The European Commission started a follow-up review in May to address those unresolved areas.