MiCA July 1 deadline could leave 10 million crypto users searching for a new platform in the EU
As MiCA takes full effect on July 1, SwissBorg’s Alex Fazel told CoinDesk users should choose platforms built to withstand EU regulators’ tightening oversight.
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Summary
- A key July 1 deadline under the European Union’s Markets in Crypto-Assets rules is forcing dozens of unlicensed exchanges to halt or restrict services, potentially displacing more than 10 million users.
- EU regulators have warned crypto firms operating without a MiCA license to wind down operations and help customers move to authorized providers, while proposing fines of up to 12.5% of annual turnover for major stablecoin issuers that breach the rules.
- Industry executives estimate that as many as 80% of Europe’s roughly 3,000 pre-MiCA virtual asset service providers may not continue after the deadline, prompting exchanges like Binance to scale back and rivals such as Coinbase and OKX to court users with incentives.
