The EU MiCA grace period expires on July 1, and approximately 75% of old platforms may lose their operating licenses.

This is not only a compliance threshold but also a reshuffling of market structure.
As of May, only 194 companies have obtained official licenses, while over 3,000 companies registered in 2024.
Unlicensed platforms must orderly shut down, transfer users, or exit Europe before the deadline.
France's AMF has taken the strongest stance, with unlicensed operations facing up to 2 years in prison and a €30k fine.
For users, if a platform is unlicensed, they may face deposit restrictions, withdrawal requests, or other issues.
Market liquidity may face short-term pressure, but in the long run, compliance will promote the industry toward a more sustainable path.
The risk is that some platforms may hastily shut down, leading to frozen user assets or regulatory arbitrage behaviors.
Meanwhile, rising compliance costs could squeeze the survival space of small and medium platforms, accelerating industry consolidation.
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