The Markets in Crypto-Assets (MiCA) regime fully takes effect on July 1, 2026. With fewer than 60 firms licensed across the bloc, a significant backlog leaves many applicants in limbo. Germany stands out with approximately 18 authorized Crypto Asset Service Providers (CASPs), accounting for about 36% of all licenses issued. Other national regulators, including those in France, Ireland, and Malta, have processed applications at a much slower pace, with queues building since December 2024. Germany's aggressive timeline—cutting its grandfathering period to 12 months—forced firms to file earlier with BaFin, which added 16 new licenses in Q4 2025 alone. Critics note that Germany's strict interpretation of MiCA has driven some exchanges to Austria, but its speed provides a passporting advantage, allowing firms to serve clients across all 27 EU member states. As the July 1 deadline approaches, the gap between Germany and slower regulators will determine which CASPs can passport services across the EU. The coming weeks will test how many applicants the laggards can clear before the cliff edge.

Key facts

• Only 14 exchanges are licensed to offer trading in Europe after July 1, 2026.
• Germany holds 36% of all MiCA licenses, with 18 authorized CASPs.
• France's AMF warns 30% of French crypto firms have not yet filed.
• Lithuania's central bank plans fines and website blocks for unlicensed firms.
• ESMA review found weaknesses in Malta's MFSA authorization process.