The MiCA regulation definitively came into force in the European Union this Wednesday, ending the final transition period for companies operating with cryptocurrencies. From now on, exchanges and service providers that have not obtained authorization to operate under the new rules will need to halt their activities aimed at the bloc or significantly limit their services to European clients.
The implementation marks one of the largest regulatory projects ever applied to the cryptocurrency sector. The goal is to create a single set of rules for the entire European market, replacing the previous model, in which each country adopted its own requirements for companies in the segment.
For the exchanges that obtained the MiCA license, the new moment represents a competitive advantage. With just one authorization, these companies can offer services in all countries of the European Union, reducing regulatory barriers and simplifying their expansion within the bloc.
Despite the changes, market data indicate that a large part of trading volume is already concentrated in authorized companies. Surveys indicate that, in June of 2026, approximately 83% of cryptocurrency trading volume in Europe was carried out by exchanges that already held a MiCA license, reducing the immediate impact for a large portion of investors.
Meanwhile, the number of authorized companies remains much lower than what existed under the old national regimes. The provisional register of the European Securities and Markets Authority listed 244 authorized service providers in the latest update, a figure well below the more than 3.000 companies that previously operated under different national legislation.
Among the cases that drew the most attention is that of Binance. The world's largest cryptocurrency exchange began the month of July without MiCA authorization after withdrawing its license application submitted in Greece a few days before the end of the regulatory deadline.
According to reports from founder Changpeng Zhao, the authorization process was close to approval and met the required requirements, but was reportedly interrupted by unspecified political factors.
"This is a significant turning point for the European cryptocurrency market. Binance has been one of the few companies with the breadth of products, liquidity, and financial strength necessary to support a wide range of trading activities across the region," said Joe Buttram, CEO of Field Digital, adding that he foresees "fragmentation" as "capital, users and activities" migrate to exchanges compliant with the regulations.
Among the companies that continue operating normally is Kraken, which received authorization through the Central Bank of Ireland to operate in all 30 countries of the European Economic Area.
"We hold MiCA authorization through the Central Bank of Ireland, valid in the 30 countries of the European Economic Area (EEA)," said Beata Sivak, the exchange's Head of Policy and Government Relations for the EMEA region. "The authorization means that a regulator has reviewed how a company is managed and how it protects clients' assets, in addition to ensuring compliance with EU conduct rules."
In addition to Kraken, other major exchanges such as OKX, Coinbase, and Crypto.com have also managed to meet the requirements and remain authorized to offer their services throughout the European bloc.
The numbers also show relevant differences among countries. Germany leads the ranking of authorizations granted, with 57 licenses, followed by France and the Netherlands, both with 26 approvals. Together, the three countries account for nearly half of all licenses issued so far.
Countries such as Greece, Hungary, Poland, Portugal, and Romania still had not recorded any authorization for cryptocurrency service providers in the most recent update of the European register.
For companies left out of the new framework, specialists assess that one alternative may be to seek mergers, acquisitions, or strategic partnerships with already licensed companies, accelerating a process of consolidation of the European cryptocurrency market driven by MiCA requirements.