The European Union has issued approximately 230 licenses under the Markets in Crypto-Assets Regulation (MiCA), according to data shared by Wu Blockchain.
The figure represents only a fraction of the more than 1,200 crypto businesses that previously operated under national registration regimes across EU member states.
Germany has emerged as the leading jurisdiction with 56 approved licenses, followed by the Netherlands with 26 and France with 21. As the transition period draws to a close, the pace of licensing has become increasingly important for companies seeking to maintain access to the European market.
Beginning in July, the remaining transitional arrangements under MiCA will officially expire. Crypto firms that have not obtained the required authorisation will no longer be permitted to serve customers within the European Union and will instead be forced to cease operations or wind down their businesses.
The deadline marks the completion of one of the most significant regulatory overhauls the European crypto industry has experienced.
MiCA represents the European Union’s first comprehensive regulatory framework dedicated to digital assets. The legislation brings crypto exchanges, brokers and wallet providers under a unified supervisory structure similar to that applied to traditional financial institutions.
Instead of complying with different national requirements, companies now operate under a single regulatory framework covering all 27 EU member states.
Once authorised in one country, firms can passport their services throughout the bloc, provided they satisfy common standards governing capital requirements, corporate governance, customer asset protection and anti-money laundering controls.
Smaller firms face growing pressure
France illustrates some of the challenges created by the new regulatory environment. According to industry participants, roughly 40% of crypto service providers previously registered in the country have not applied for a MiCA license.
Some businesses have withdrawn their applications, others have sought partnerships with licensed entities and some are preparing to exit the market altogether.
While many industry participants believe MiCA will strengthen market stability and improve consumer protection, they also acknowledge that the higher compliance burden is placing disproportionate pressure on smaller crypto companies, reducing the diversity of market participants as the sector becomes increasingly regulated.
