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#欧盟MiCA监管条例7月1日生效 EU's "Crypto Regulation" Deadline Tomorrow: 75% of Platforms Still Unprepared
On July 1, 2026, the transitional period of the EU's Markets in Crypto-Assets Regulation (MiCA) officially ends.
From this date onward, any institution wishing to provide crypto-asset services—whether trading, custody, transfers, or advisory—to users in the EU's 27 member states must hold a MiCA CASP (Crypto-Asset Service Provider) license issued by its home country. Without this license, they must either exit Europe or operate in a gray zone.
Just two days before the deadline, the European Banking Authority (EBA) dropped a bombshell: a consultation document released on June 26 shows that non-compliant issuers of significant tokens could face fines of up to 12.5% of annual revenue (or twice the violation profits, whichever is higher). This series of actions together constitutes the crypto industry's first true "regulatory exam."
Over 3,000 EU crypto companies, 75% still unprepared
Public data makes it clear: there are over 3,000 crypto companies in the EU, and 75% have not yet obtained their MiCA licenses. This figure is alarming in any industry. After a three-year transitional period with hands-on guidance from EU regulators, three-quarters of platforms still cannot deliver.
The reasons behind this are not complicated: MiCA's compliance threshold is too high. Capital requirements, reserve asset segregation, customer asset segregation, anti-money laundering reporting, consumer protection rules, operational transparency... each involves significant financial investment. But from another perspective—precisely because 75% cannot meet the requirements, the remaining 25% become valuable. When most small platforms are weeded out, the market becomes clear, compliant, and orderly.
What is MiCA
Full name: Markets in Crypto-Assets Regulation
The EU's most systematic crypto-asset regulatory framework to date, adopted in 2023 and phased into effect from 2024 to 2026
Covers: issuance, trading, custody, transfers of crypto-assets, and stablecoin issuance
Core mechanism: Single passport—one license covers 27 EU member states plus 3 EEA countries
July 1, 2026: Full requirements for crypto-asset service providers (CASPs) come into effect
The responses of various platforms offer a window into seeing the different faces of this major exam.
First, look at Ripple—on June 23, it obtained a preliminary MiCA CASP license in Luxembourg, a full week before the original deadline. This is a key step in Ripple's European strategy: MiCA's "passport effect" means a Luxembourg license theoretically covers the markets of 27 EU states. For Ripple, whose core business is cross-border payments, this opens up legal channels for cooperation with European banks and payment institutions.
Next, look at Bn—its move is more representative. On June 24, Bn withdrew its MiCA license application submitted in Greece, opting to reapply in another EU country. The stated reason was that "Greece's approval progress did not meet expectations." Behind this is the real picture of Bn's setbacks in multiple European countries: tightening regulations, compliance failures, and user losses forcing it to keep shifting battlefields.
Krak chose a relatively steady path, gradually applying for licenses in multiple EU countries; Coinb and OK are also adjusting their business operations in Europe. More platforms—especially small and medium-sized exchanges—are announcing at the last minute that they will cease services in some EU countries, requiring users to migrate assets within a deadline.
MiCA approaching: A panorama of responses
Ripple: First to obtain a preliminary CASP license in Luxembourg on June 23, securing its compliant position
Bn: Withdrew its Greece application on June 24, turning to other EU countries for continued applications
Krak/Coinb/OK: Applying for licenses in multiple EU countries, adjusting business structures
Small and medium-sized platforms: Choosing to stop EU services or require user asset migration due to high compliance thresholds
MiCA is the world's first systematic crypto regulatory framework. Both critics and supporters acknowledge that its emergence itself marks the industry's maturation—even if that maturation is painful.
Zooming out, over the past few years, the crypto industry has been pulled back and forth in several directions: technology vs. regulation, decentralization vs. compliance, speed vs. security. MiCA won't provide final answers, but it at least offers a regulatory framework example: how to handle anti-money laundering, capital requirements, consumer protection, and stablecoin reserves.
Starting July 1, the EU will become the world's first jurisdiction with a "complete crypto regulatory law." The effectiveness of these rules will serve as a reference for other jurisdictions—including the US, UK, Singapore, and Hong Kong.
In other words, the pitfalls the EU encounters today, others will also face; the paths the EU paves, others will also consider following.
The crypto world's "compliance coming-of-age" is not a multiple-choice question—it's an unavoidable major test that has arrived. It won't satisfy everyone, but it will for the first time give this industry a legal foundation to "dialogue with traditional finance." Tomorrow marks the first watershed.
On July 1, 2026, the transitional period for the European Union's Markets in Crypto-Assets Regulation (MiCA) officially ends.
From that day onward, any institution wishing to offer crypto-asset services to users in the EU's 27 member states—whether trading, custody, transfer, or advisory—must hold a MiCA CASP (Crypto-Asset Service Provider) license issued by its home country. Without this license, they must either exit Europe or operate in a gray zone.
And just two days before the deadline, the European Banking Authority (EBA) dropped a bombshell: a consultation paper released on June 26 shows that non-compliant issuers of significant tokens could face fines of up to 12.5% of annual revenue (or twice the profit from the violation, whichever is higher). This series of actions together constitutes the first true "regulatory exam" in the history of the crypto industry.
Over 3,000 EU Crypto Companies, 75% Not Yet Ready
Public data makes it clear: There are over 3,000 crypto companies in the EU, and 75% have not yet obtained a MiCA license. This figure is striking in any industry. After a three-year transition period with hands-on guidance from EU regulators, three-quarters of platforms still cannot deliver.
The reasons behind this are not complicated: MiCA's compliance threshold is too high. Capital requirements, reserve asset segregation, client asset segregation, anti-money laundering reporting, consumer protection rules, operational transparency—every item requires significant financial investment. But from another perspective—precisely because 75% cannot meet them, the remaining 25% become valuable. When most small platforms are washed out, the market becomes clearer, more compliant, and more orderly.
What Is MiCA
Full name: Markets in Crypto-Assets Regulation
The EU's most systematic regulatory framework for crypto-assets to date, passed in 2023 and implemented in phases from 2024 to 2026
Covers: Issuance, trading, custody, transfer, and stablecoin issuance of crypto-assets
Core mechanism: Single passport—one license covers 27 EU member states + 3 EEA countries
July 1, 2026: Full requirements for Crypto-Asset Service Providers (CASPs) come into effect
The reactions of various platforms give us a window into the diverse landscape of this major exam.
First, look at Ripple—on June 23, it obtained a preliminary MiCA CASP license in Luxembourg, a full week before the original deadline. This is a key step in Ripple's European layout: MiCA's "passport effect" means that a Luxembourg license theoretically covers the markets of all 27 EU member states. For Ripple, whose core business is cross-border payments, this opens a legal channel for cooperation with European banks and payment institutions.
Now look at Binance—its move is more representative. On June 24, Binance withdrew its MiCA license application submitted in Greece, opting to reapply in another EU country instead. The reason cited was "Greece's approval progress did not meet expectations." Behind this is Binance's real experience of setbacks in multiple European countries: tightening regulations, compliance failures, and user attrition are forcing it to constantly change battlefields.
Kraken has taken a relatively more prudent path, applying for licenses in multiple EU countries one after another; Coinbase and OKX are also adjusting their business operations in Europe. More platforms—especially small and medium-sized exchanges—are announcing at the last minute that they will cease services in some EU countries, requiring users to migrate their assets within a certain timeframe.
MiCA's Varying Responses
Ripple: First to obtain a preliminary CASP license in Luxembourg on June 23, establishing a compliant position
Binance: Withdrew its Greek application on June 24, switching to another EU country for further applications
Kraken/Coinbase/OKX: Applying for licenses in multiple EU countries, adjusting business structures
Small and medium platforms: Due to high compliance thresholds, choosing to cease EU services or request user migration
MiCA is the world's first systematic regulatory framework for crypto. Both critics and supporters acknowledge that its emergence itself is a sign of the industry's maturation—even if that maturation process is painful.
Zooming out: Over the past few years, the crypto industry has been repeatedly pulled in several directions: technology vs. regulation, decentralization vs. compliance, speed vs. security. MiCA won't provide a final answer, but it at least offers an example of a regulatory framework: how to handle anti-money laundering, capital requirements, consumer protection, and stablecoin reserves.
Starting July 1, the EU will become the first jurisdiction in the world with a "complete regulatory framework for crypto." The effectiveness of this set of rules will serve as a reference for other jurisdictions—including the United States, the United Kingdom, Singapore, and Hong Kong.
In other words, the pitfalls the EU steps into today, other places will also encounter; the paths the EU successfully forges, other places will also reference.
The crypto world's "compliance coming-of-age" is not a multiple-choice question—it is a compulsory problem that has already arrived. It won't satisfy everyone, but it will provide the industry with its first legal foundation for "dialogue with traditional finance." Tomorrow marks the first watershed.