The European Union’s transition period under the Markets in Crypto-Assets (MiCA) regulation has officially ended, with 244 crypto-asset service providers (CASPs) authorized to operate across the European Economic Area (EEA).
According to the latest figures, 20 e-money token issuers have also received approval, while 162 entities have been flagged as non-compliant. At the same time, there are still no authorized issuers of Asset-Referenced Tokens (ARTs), despite that category being one of MiCA’s main regulatory priorities.
🇪🇺 The #MiCA transitional period ends today.
243 #CASPs are now authorised across the EEA, alongside 20 e-money token issuers – and still zero authorised asset-referenced token issuers. 162 entities are flagged as non-compliant.
Authorisation is concentrated: Germany leads with… pic.twitter.com/XWhuRqq3AO
— MiCA Crypto Alliance (@MiCA_Alliance) July 1, 2026
Germany has approved the largest number of firms with 56 authorizations, followed by France and the Netherlands with 26 each. Malta, Cyprus, and Ireland also ranked among the countries issuing the most licenses.
What changes for crypto users after today?
For most users, nothing changes overnight. Trading, deposits, and withdrawals will continue as normal on licensed platforms. The bigger change is happening behind the scenes, where crypto companies are now expected to follow the same core rules across much of Europe instead of relying on different national requirements.
A company licensed under MiCA can use that approval to offer services across much of the European Economic Area, giving customers more confidence that it operates under a common legal standard.
The end of the transition period also puts more pressure on firms that have not received approval. Some may need to stop offering certain services, limit their operations, or complete the licensing process before they can continue serving customers in Europe.
Why are there still no approved asset-backed token issuers?
One of the biggest surprises after MiCA’s transition period is that no asset-referenced token (ART) issuer has been approved, even though the regulation left an entire section to them.
No ART issuer has been authorized under MiCA, with observers pointing to stringent requirements and limited market demand as likely reasons. Meanwhile, issuers such as Circle and Société Générale have moved quickly to secure EMT approvals, where rules are more established and demand already exists.”
Unlike e-money tokens, which are usually linked to a single official currency such as the U.S. dollar or euro, asset-referenced tokens can be backed by a mix of currencies, commodities, or other assets. Regulators consider them more complex because changes in the value of the underlying assets can create additional risks for holders.
Anthony Yeung, Chief Commercial Officer of CoinCover, shared his views with DeFi Planet:
“MiCA was designed to bring clarity to Europe’s digital asset market, but its rollout has shown just how difficult it is to implement a major regulatory framework, with some firms looking to exit the EU altogether instead of complying.”
“But regulation alone will not determine success. Trust and transparency are the foundation of any digital asset ecosystem. If policymakers want consumers and institutions to participate with confidence, they must look beyond exchanges and custodians and recognise the wider infrastructure that protects people when things go wrong. Secure and effective key management and disaster recovery mitigate the risk of permanent loss of access – a risk particular to digital assets – and are essential pillars of consumer protection.”
“The countries that emerge as global digital asset leaders won’t simply be those with the fastest licensing regimes. They’ll be the ones that create the safest, most transparent and most trusted environments for consumers and businesses alike.
“That creates a significant opportunity for the UK. The UK has a real opportunity to lead, but only if it builds a framework that promotes innovation while prioritising operational resilience: one that is clear, proportionate and internationally competitive.”
Notably, the MiCA Crypto Alliance welcomed the Frankencoin Association as its newest member, bringing a decentralised stablecoin project into discussions around the European Union’s crypto rules.
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