About 230 firms secured MiCA licenses, allowing crypto services across all 27 EU member states. Germany leads MiCA approvals, while firms continue adjusting licensing strategies across Europe
Europe’s crypto market is entering a decisive phase as roughly 230 firms have secured licenses under the European Union’s MiCA framework ahead of the July 1 deadline. However, regulators and industry participants report that many smaller companies have not completed the transition, while others have withdrawn applications, sought partnerships, or prepared to shut down operations across the bloc.
According to data from the European Securities and Markets Authority, Germany has emerged as the largest MiCA licensing hub. The country has issued 56 licenses, while the Netherlands follows with 26 and France with 21.
As the transition period nears its end, firms with a MiCA authorization can provide services across all 27 EU member states. Notably, the framework replaces separate national approaches with a single regulatory system.
That shift has influenced licensing strategies across the industry. Coinbase recently selected Luxembourg as its MiCA base, while Binance withdrew its application in Greece and began pursuing authorization elsewhere in the European Union.
The July 1 deadline marks the end of the maximum transition period for many firms previously operating under national registration systems. Consequently, companies without approval can no longer offer new crypto services within the European Union.
In France, around 40% of registered crypto service providers have not applied for a MiCA license. As a result, some firms now face asset transfers, client returns, or gradual business wind-downs.
At the same time, the number of approved firms remains significantly below the more than 1,200 providers that previously operated under national frameworks. Therefore, only a fraction of the earlier market has completed the transition.
While MiCA has strengthened regulatory oversight, industry participants have raised concerns about market concentration. Germany, the Netherlands, France, and Malta account for a large share of issued licenses.
Meanwhile, several major markets, including Spain, Italy, and Belgium, have issued comparatively fewer approvals. Firms continue weighing regulatory timelines, compliance costs, and banking access when selecting a licensing jurisdiction.
According to industry participants, MiCA has improved market resilience and regulatory clarity. However, smaller crypto businesses appear to be facing the greatest pressure as Europe’s new framework takes full effect.
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