Europe’s unlicensed crypto firms face ‘wipeout’ as MiCA deadline hits
European regulator ESMA called on unauthorized crypto-asset service providers to wind down their businesses in an orderly manner as the MiCA transitional period ends on July 1.
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Summary
- As many as 80% of Europe’s crypto companies are expected to lose their registration status and face probable closure.
- Europe was thought to have had more than 3,000 registered virtual asset service providers (VASPs) as of 2024, with Poland alone accounting for over 1,400 registrations.
- Only about 230 are authorized under MiCA.
