On July 1, 2026, the transitional window under MiCA closes, ending the ability for cryptoasset service providers (CASPs) to operate under national regimes without full authorization. From that date, only firms with a granted MiCA authorization under Article 63 can legally serve EU clients. The deadline is not uniform; some member states like the Netherlands and Sweden already had shorter transitional periods that closed in 2025. As of mid-2026, 213 CASP authorizations have been granted across 23 jurisdictions, with Germany, Netherlands, France, Malta, and Ireland accounting for 60% of the total. Authorization spiked in December 2025 as firms rushed to meet filing deadlines. For firms not yet authorized, three options remain: complete an Article 63 application, passport from a licensed group entity, or cease EU-facing services. Reverse solicitation is not a viable escape route under ESMA's narrow interpretation. Authorized firms face ongoing obligations including market abuse detection, AML/CFT compliance, wallet screening, sanctions management, and wind-down planning. Blockchain analytics becomes essential for daily operations. Elliptic provides tools like Lens for wallet and transaction screening to help firms meet these requirements.

Key facts

• MiCA transitional window closes July 1, 2026; only authorized CASPs can serve EU clients.
• 213 CASP authorizations granted across 23 jurisdictions; top 5 account for 60%.
• Some member states had shorter transitions already closed (Netherlands, Sweden).
• Firms not authorized by July 1 must complete application, passport, or cease EU services.
• Authorized firms must perform ongoing AML, sanctions, and market abuse monitoring.