The MiCA (Markets in Crypto-Assets) transition period in the European Union will end on July 1; Hogan Lovells has compiled statistics showing that as of May, there are only 194 licensed crypto-asset companies in the EU, while in 2024 there were over 3,000 such companies in the EU. CryptoSlate estimates that about 75% of existing firms will lose their EU operating authorization after the deadline.
MiCA Market Snapshot: 194 Licensed vs 3,000+ Companies
Based on Hogan Lovells’ statistics and CryptoSlate analysis, the confirmed figures are as follows:
As of May 2026: A total of 194 licensed crypto-asset companies in the EU (including banks)
2024 baseline: More than 3,000 crypto-asset companies in the EU
Estimated de-licensing rate: About 75% of existing companies will lose the right to operate after July 1 (CryptoSlate estimate)
Poland exception: Poland alone has over 1,400 long-established registered companies of this type
Any company that has not yet obtained authorization has, in technical terms, already missed the approved deadline before July 1, because approvals typically take months; ESMA has confirmed that the relevant shutdown plans should have been ready by July 1.
France AMF Confirms Warnings: Criminal Liability Details
The law-enforcement language and specific provisions confirmed by the French Financial Markets Authority (AMF) are: starting July 1, unlicensed companies must stop providing services to EU clients; violations constitute French criminal offenses, with a maximum penalty of 2 years in prison and a fine of €30,000.
On May 28, 2026, at a press conference in Paris, AMF chair Marie-Anne Barbat-Layana confirmed that companies’ applications are “imminent”; Reuters reported that she warned that companies still serving EU customers without a license could be prosecuted. The AMF has the power to put unlicensed service providers on a public blacklist and require courts to block their websites. Barbat-Layana also said France is prepared to refuse to accept MiCA licenses issued by countries she does not trust (including concerns about Malta issuing large numbers of licenses quickly).
Impact on EU Users: Categorized by Platform Licensing Status
According to CryptoSlate analysis, there are three confirmed scenarios for EU users:
Scenario 1 (licensed platform): Accounts continue to operate normally, and users do not need to take action.
Scenario 2 (platform moved to a licensed sister company): Users will receive an email requesting consent to new terms and must complete KYC verification again (EU requires full identity and anti-money-laundering checks for existing customers to be completed before the deadline).
Scenario 3 (unlicensed platform with no action taken): The platform will stop accepting new deposits and ask users to withdraw funds to a wallet or other licensed exchanges.
USDT Delisting: A Prior Case for MiCA Compliance
Confirmed USDT delisting record in Europe: Tether’s USDT failed to meet MiCA requirements and has been delisted from European platforms by Coinbase, Kraken, Crypto.com, and Binance; Circle’s USDC and the euro version EURC continue to circulate because they comply. Tether’s response is to invest in compliant European issuers, while keeping USDT itself unchanged.
FAQ
How can EU users confirm whether the platform they use has MiCA authorization?
According to CryptoSlate, users can check their country’s regulator’s official registration information, or consult the EU’s central directory of licensed companies. App performance or website appearance cannot confirm authorization status; only official registration information can confirm whether a platform is allowed to continue serving after July 1.
What confirmed issues does the MiCA “passporting system” face in practice?
MiCA is designed to allow one license to be valid across 27 EU member states (the “passporting system”). But licenses are issued separately by regulators in the 27 countries, and approval speeds and standards are not uniform. ESMA is reviewing Malta’s rapid pace of issuing licenses; France AMF chair Barbat-Layana has publicly said France is prepared to refuse licenses issued by countries it does not trust.
After July 1, what risks do users face if they keep using unlicensed platforms?
Under MiCA regulations, it is a violation for unlicensed platforms to serve EU users after July 1. Regulators such as the AMF have the authority to blacklist such platforms and block their websites. CryptoSlate’s report does not explain users’ direct legal liability, but continuing to use blacklisted services carries the risk of restricted access to funds.
