According to foreign media, the European Union Regulation on the Regulation of Encrypted Assets Markets, MiCA, was in full implementation in July 2026. With the end of the transition period, previously relying on locally registered encryption companies operating in member States, it would not be possible to continue to provide services to EU clients without the authorization of the MiCA. The European encryption market thus began to move from decentralization to uniform access.

1 July

It has been implemented in phases since June 2023. The rules relating to the stabilization currency were applied in June 2024, while the provision for the encrypted asset service provider landed in December 2024. By 1 July 2026, the maximum transition period expired and the old local registration model no longer met the trans-EU business requirements.

The article cites British Financial Times data that, as at the end of June 2026, only 244 encryption companies had been authorized by the MiCA, compared with over 1,700 enterprises previously operating under the old national registration system, of which a large number were expected to cease providing services to EU clients. This means that there will be a further increase in the competitive position of licensed institutions and that market concentration may increase.

Unified licence covers business such as exchange and hosting

One of the core changes of the MiCA is to allow enterprises to develop their business throughout the EU through the Passport Mechanism after a Member State has been authorized. The subject is not only a token issuer, but also an encrypted asset service provider, namely, the CASP, which covers such operations as exchanges, brokers, trustees, trading platforms, asset management and transfer services.

The article mentions that platforms such as Coinbase, Kraken, OKX and Bitpanda have completed the licensing process and can continue to provide services within the EU. ESMA also continued to issue technical guidelines in 2025 and 2026 to promote consistency among member States on the criteria for listing and to establish a public directory of licensed institutions to coordinate cross-border controls.

In contrast, some platforms have not yet been approved. According to the article, Binance had applied for a MiCA licence through the Greek Capital Market Commission, but had withdrawn its application on 24 June 2026, thereby missing the deadline of 1 July. According to the text, without a valid MiCA licence, the platform could not subsequently operate within the EU as an authorized encryption service provider.

It's more demanding. DeFi is not directly included.

MiCA has a separate requirement for a stable currency. Whether asset reference or electronic currency, issuers need to maintain sufficient reserves, provide foreclosure, meet governance requirements and meet stricter information disclosure obligations. The larger issuer will also be subject to supervision by the European Banking Authority.

At the same time, however, the article states that MiCA does not directly regulate decentrized networks such as Bitcoin, the Taifung, or the DeFi Agreement, which is completely decentrized, either. The NFT, which is truly unique, is not usually within its main scope of application, but some large NFT projects may still be regulated by structural design.

User protection is enhanced, but available services may be reduced

According to the article, the direct impact of the MiCA on consumers is, on the one hand, greater uniformity in information disclosure, customer asset protection and market behaviour, and, on the other hand, may result in product contraction. The range of products and services available to EU users may be reduced if service providers do not apply for licences or if certain digital assets do not meet regulatory requirements.

It is also mentioned that the current number of MiCA licences issued by the EU is around 230, which represents only a small fraction of the enterprises previously registered to operate in member States. Germany was ahead of 56 licence plates, 26 in the Netherlands and 21 in France. According to the article, the full landing of the MiCA does not mean that European encryption regulation has become stereotyped, and subsequent discussions may continue to extend to DeFi, the role of real-world asset decoupling and stable currency in the financial system.