EU MiCA Transition Period Ends, Pushing Unlicensed Crypto Firms Out of Market
Summary
- The transition period for the EU’s crypto regulation MiCA has ended, pushing unlicensed crypto firms out of the EU market.
- Crypto firms without a MiCA license can no longer legally provide services to EU customers.
- CoinDesk previously reported that some crypto firms were relocating their bases to the United Arab Emirates (UAE), including Dubai, to avoid regulatory burdens.
Forecast Trend Report by Period
Unlicensed cryptocurrency firms are being forced out of the European Union market after the bloc’s transition period for its Markets in Crypto-Assets regulation, or MiCA, ended on July 1.
Cointelegraph reported on July 3 that crypto companies without a MiCA license can no longer legally provide services to customers in the EU.
CoinDesk previously reported that some crypto firms were relocating their bases to the United Arab Emirates, including Dubai, ahead of MiCA’s full rollout to avoid the regulatory burden.
Binance founder Changpeng Zhao, known as CZ, said the company’s MiCA license application in Greece had met all requirements and reached the stage just before approval, but was withdrawn last week due to intervention by unnamed political forces.
