The EU Regulatory Framework for Encrypted Asset Markets, MiCA, is nearing the end of the transition period, and the pace of licensing among member States has clearly opened. According to ESMA registration data, as of 29 June the EU had issued 244 valid encryption asset service provider licences, with Germany and France accounting for more than one third.
The number of German plates leads.
Germany is currently at the top of the EU with 57 plates, about 23 per cent of the total. France ranked second in 26, accounting for about 11 per cent. Together, the two countries hold 83 licence plates, which show that earlier MICA approvals are concentrated in the main financial markets of the EU.
The provisional MiCA registry of ESMA is now the main open channel for tracking licensed institutions, white papers and non-compliant entities. ESMA indicated that registration information was provided by national regulators and updated on a weekly basis, so that some of the local approvals might not be reflected in the list immediately.
Five member countries still do not deal cards
According to the same ESMA-based statistics, as at 29 June, no MiCA licences had been issued by Greece, Hungary, Poland, Portugal and Romania.
Of these, Poland has a special situation. Reports indicate that the country has still not established a system of licensing local encryption exchanges that meet pan-European standards and that the relevant bill has been vetoed by the President on three occasions. This also led to a marked backwardness in Poland's landfall in the MiCA.
Market access tightening after 1 July
The MiCA transition period will end on 1 July 2026. ESMA indicated that the platform that still provided the relevant encryption services without authorization would have to downsize business in an orderly manner and protect client interests during the exit process.
After full entry into force of the MiCA, unlicensed encryption companies will no longer be able to legally serve EU users. At the same time, the Platform has access to the markets of the 27 member States of the European Union through the “passport mechanism” as long as it is approved by a regulatory body of one member State.
User selection or further reduction
MiCA provides a clearer path to compliance for already licensed platforms; however, for platform users still operating without a licence, the options are being reduced. Recent market discussions have focused on changes in asset shelfing, service constraints and weak liquidity.
It was also mentioned that Coinbase and OKX had accelerated their efforts to reach European users by the deadline. Meanwhile, Binance is preparing to limit some of its services in the EU. Binance has previously indicated to the user that the user ' s assets will continue to be accessed while other authorized paths are sought.
The case of Binance also reflects the fact that MiCA is further splitting the European market between licensed and unlicensed platforms. With the end of the transition period, licence plates, tradable asset range and liquidity are becoming key determinants of the flow of users and transactions.