MiCA Regulation Forces Out 80% of EU Crypto Firms
The European Union's Markets in Crypto-Assets (MiCA) regulation has officially taken effect, forcing hundreds of digital asset exchanges and stablecoin issuers out of the bloc. As of July 1, 2026, only about 18% of the 1,200 previously registered crypto firms obtained a full operational license under MiCA.
The regulation, which establishes a unified rulebook for digital assets across all 27 member states, has been met with significant compliance challenges. To acquire a Crypto-Asset Service Provider (CASP) license, exchanges must prove they hold one-to-one backing for all customer deposits and maintain segregated operational capital to prevent commingling.
The most aggressive provisions of MiCA target stablecoins, which are now subject to strict volume restrictions on non-euro pegged coins. Issuers of Electronic Money Tokens (EMTs) must be licensed as credit institutions or electronic money institutions within the EU.