EU Crypto Firms Stumble as MiCA Deadline Looms

Europe's crypto market is bracing for a major shake-up as many firms struggle to meet the July 1 deadline for compliance with the Markets in Crypto Assets (MiCA) legislation.

Only 17% of over 1,200 companies previously licensed as Virtual Asset Service Providers have secured full authorization under MiCA's framework. This includes major players like Binance, which has reportedly applied through Greece's financial regulator but is expected to be rejected.

Crypto firms that fail to comply risk being forced out of the EU or facing legal action. Analyst Joel Hugentobler predicts this will lead to consolidation in the market, with smaller firms either exiting or selling to larger players.