The European Union’s crypto market faces a sharp reset as the MiCA transitional period ends on July 1, 2026. Any exchange, broker, or wallet provider without a CASP license may no longer be permitted to operate in the EU. Live register data shows 183 entities now hold full authorization across 20 EEA states, yet only 14 can run trading platforms.
The figures point to a tight market for users who trade crypto in Europe. Germany leads with 53 licensed entities, followed by the Netherlands with 25, France with 13, and Malta with 12. At the same time, 10 EU and EEA states still report zero CASP authorizations. Those states include Croatia, Estonia, Greece, Hungary, Iceland, Italy, Norway, Poland, Portugal, and Romania.
The gap between licensing types also matters. Custody and transfer approval do not equal trading platform approval. Only 14 of the 183 authorized CASPs hold permission to operate trading platforms, which makes that license the rarest category under MiCA.
Estonia illustrates the shift clearly. It once hosted hundreds of licensed crypto firms under the old VASP framework. Now, its CASP conversion rate sits near zero. Poland faces a different problem. It has not yet passed domestic legislation to grant MiCA authorizations.
The list of authorized exchanges with trading platform approval includes Coinbase in Ireland, Kraken in Ireland and Luxembourg, Binance with a full EU passport, OKX in Malta, Crypto.com in Malta, Bitstamp in Luxembourg, Bitpanda in Austria, Bitvavo in the Netherlands, and Revolut.
For most EU users, these platforms remain the main options after July 1. The broader conversion rate from VASP registrations to full MiCA authorization stands at about 8% across the continent. That rate shows how few firms have cleared the new regulatory bar.
Stablecoins also face pressure. Tether declined to apply for MiCA authorization, and no MiCA-licensed platform lists USDT. Coinbase, Kraken, Crypto.com, and Binance have already blocked EU accounts from trading USDT. Circle’s USDC and EURC remain the only top-10 stablecoins described as MiCA-compliant.
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Unlicensed firms still operating after July 1 face several paths. They can obtain a license, cease operations, wind down in an orderly way, transfer clients to an authorized CASP, or merge with a license holder. France’s AMF has warned that unauthorized operation after the deadline can lead to criminal prosecution.
Compliance costs help explain the exits. Authorization can cost between €250,000 and €500,000. As a result, many smaller EU crypto firms are choosing to leave the market. Germany faces the sharpest contraction as pressure builds under MiCA.
EU crypto users now face a clear checklist. They need to verify whether their exchange appears on the authorized list. They also need to move funds before July 1 if it does not. USDT holders must convert to USDC or EURC, or move assets to a non-EU platform before the deadline.
The EU crypto market is entering a major shift as MiCA takes full effect on July 1. With only 14 exchanges licensed to run trading platforms, users must check their providers, secure their assets, and move funds early if their exchange is not authorized.