MiCA Era Brings Consolidation as Only 8% of EU Companies Gain Approval

The Markets in Crypto-Assets (MiCA) regulation has officially come into force in Europe, marking a significant shift for crypto-asset service providers. The new era affects thousands of companies operating in the region.

Only 244 out of more than 3,000 previously operating under national regimes have been authorized under MiCA. Binance, the world's largest exchange, withdrew its license application in Greece and failed to clear this hurdle.

Giants such as Kraken, Coinbase, and OKX have obtained licenses, allowing them to legally provide services in 30 European countries.