MiCAR Regulation Takes Effect in EU, Changing Crypto Market Landscape

The European Union's new MiCAR regulation has taken effect, requiring virtual asset service providers to obtain full authorization as crypto-asset service providers (CASP) to serve EU clients.

Only about 230 of 1,200 providers have secured the necessary authorization, while many others withdrew or lost access to EU clients during the transition period that ended on July 1, 2026.

The regulation replaces Europe's fragmented national registration model with a common EU rulebook for crypto-asset service providers, covering transparency, disclosure, authorization, and supervision for crypto-asset activity.

OSL Group's Austrian MiCAR authorization is an example of how licensed entities can connect fiat payments, custody, trading, transfers, and stablecoin services. OSL announced on July 9, 2026, that its European subsidiary had received CASP authorization from Austria's Financial Market Authority under MiCAR.

Banxa, a payment processor and crypto exchange, now acts as the payment layer for OSL Group after the take-private transaction was completed in January 2026. Banxa brings payment access and conversion, while OSL EU provides passport-approved services across the 30 countries of the European Economic Area.