EU Awards Fewer Than Expected MiCA Licenses Amid Legacy Registration Crunch

The European Union has granted 244 licenses to crypto-asset service providers under its Markets in Crypto-Assets regulation as of June 29. Germany leads the pack with 57 licenses, roughly 23% of the total, while France trails in second with 26, accounting for about 11%. The numbers sound respectable until you consider that over 1,200 entities held national-level crypto registrations before MiCA came along.

Only about 17% have successfully converted to the new standard. This leaves around 83% of previously registered virtual asset service providers staring down a July 1, 2026 deadline that could force them to stop serving clients across the EU and EEA entirely.

The legacy registrations were held by firms in various jurisdictions with lower barriers to entry, which always suggested a significant number wouldn't survive the transition to stricter pan-European standards.