The EU's MiCA regulation is nearing its deadline, with only a few weeks remaining for crypto firms to obtain full licenses.
According to recent reports, over 80% of the estimated 1,200-plus VASP entities operating in the EU have not acquired the necessary authorization. This means that around 210 firms have converted to full CASP (Crypto-Asset Service Provider) status from their pre-MiCA national registrations.
The transitional period for crypto firms across the EU expires on July 1, and any entity providing services without an MiCA license will be in breach of EU law. This could result in penalties up to €5 million or 5% of the firm's global turnover.