MiCA Deadline Looms: European Crypto Providers Face Regulatory Reckoning

The European Union's Markets in Crypto-Assets (MiCA) regulation is set to significantly impact the crypto payments market. As of July, businesses using crypto payment services will need to ensure their providers have secured full authorisation under MiCA. According to analysis from Hogan Lovells, around 75% of pre-MiCA registered crypto firms are expected to lose their registration when the deadline passes.

This would reduce the number of active providers from over 3,000 in 2024 to just 194 that hold full authorisation under MiCA today. Confirmo has urged businesses to review their arrangements and ensure they are working with compliant providers to avoid disruption to payments, contracts, and settlement processes.

The company's CEO, Derek Corcoran, noted that regulatory standing is becoming a key factor in procurement and risk management decisions. 'Quality of regulation will become a genuine competitive advantage,' he said, adding that compliance teams will start asking harder questions about payment partners.

Confirmo, which has been authorised under MiCA by the Central Bank of Ireland, believes that businesses should now place greater weight on the regulatory standing of their payment partners. The company argues that this is essential for maintaining continuity in day-to-day financial operations tied to those providers.