MiCA Deadline Could Force Over 10M European Crypto Users to Switch Platforms

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MiCA is set to take full effect on July 1, and industry insiders anticipate over 10 million European crypto users may need to switch trading platforms. SwissBorg executive Alex Fazel said the new rules are forcing many exchanges to cease or restrict EU services. ESMA warned that institutions without a MiCA license must gradually exit after the deadline. Data shows Europe may have over 3,000 VASPs as of 2024, with about 80% expected to exit after the regulatory transition.
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