MiCA License Buyers Outmaneuver Compliance Chaos

The European Union's Markets in Crypto-Assets (MiCA) regulations have left some crypto firms scrambling to comply. As of July 2026, only authorized Crypto-Asset Service Providers (CASP) can offer services to EU/EEA clients, and those without authorization are expected to wind down their EU activities.

According to research by The Block and Kaiko, exchanges with MiCA authorisation handled around 83% of European trading volume as of June 2026. With only 338 CASPs listed as authorized across 26 EEA states, the market is already skewed towards licensed platforms.

For late movers, buying a licensed platform rather than applying for authorization themselves may be a more attractive option. This approach can compress the timeline and provide passportability across the bloc, but it also comes with integration risks and the need to address any weaknesses in the target's AML, custody, or governance.

Regulators have made it clear that they will be scrutinizing change-of-control approvals and fit-and-proper checks closely. Buyers must carefully evaluate the target's supervisory history, passport status, and any regulatory findings before making a decision.