Only 7% of EU Crypto Firms Have Secured MiCA Licenses
Summary
- Only about 7%% of EU crypto firms have obtained MiCA-compliant CASP licenses.
- Under MiCA, firms that fail to secure a CASP license by July 1 must halt operations in the EU.
- The market is watching for possible industry consolidation around larger firms that have secured licenses after MiCA takes effect.
Forecast Trend Report by Period
Only a single-digit share of cryptocurrency firms in the European Union have secured licenses under MiCA, the bloc’s Markets in Crypto-Assets regulation. The low compliance rate is drawing attention to the potential for an industry shakeout ahead of the regulatory deadline.
BeInCrypto reported on June 2 that 2,747 virtual asset service providers, or VASPs, were registered across the EU as of 2024.
Only 210 of them had obtained crypto-asset service provider, or CASP, licenses that comply with MiCA, or about 7% of the total.
Under the current MiCA rules, firms must obtain a CASP license by July 1. Companies that fail to secure one by the deadline must stop operating in the EU.
The European Commission has recently begun a formal review of the MiCA legislation. Market participants are focusing on the possibility that the sector could consolidate around larger licensed firms after the rules take effect.
MiCA is the EU’s main crypto regulatory framework. It was introduced to create a unified set of rules for the digital-asset industry, including stablecoins, exchanges and custody services.
