A few days before July 1, 2026, the European Union has only granted 230 licenses under the MiCA regulation, leaving more than 80% of crypto players without authorization. Spain has just closed the door to any extension of the transitional period. Will this countdown reshape the map of the European crypto market?
In brief
- The EU has issued around 230 MiCA licenses to date, with Germany accounting for 56, the Netherlands 26 and France 21.
- The Spanish CNMV has confirmed that there will be no extension beyond July 1, 2026 for non-compliant platforms.
- More than 80% of virtual asset service companies in the EU are still operating without MiCA approval, four days before the deadline.
The race for MiCA crypto licenses is turning to Germany's advantage, far ahead of its neighbors
Around 230 companies have obtained MiCA authorization across the European Union. Of this total, Germany holds 56, followed by the Netherlands with 26 and France with 21. A distribution which illustrates a major trend: operators have massively targeted the most responsive jurisdictions, obtaining a single license to then “passport” their services to the 26 other Member States.
This concentration phenomenon has been worrying the sector for several months. Rising compliance costs and the volume of documentation requirements have caused many smaller players to exit the market or merge. Result: an oligopoly is emerging around a handful of well-capitalized platforms, while the rest of the market is still chasing approval.
Of the more than 1,200 virtual asset service companies listed in the EU, only a few hundred are fully licensed. Or, four days before the deadline, more than 80% of the market still out of compliance.
The CNMV closes the door, ESMA confirms, no safety net
Spain's financial markets authority, the CNMV, has officially ruled out any extension of the July 1 deadline, according to Reuters. This position is in line with that of ESMA, which recalled that a license application currently under review does not offer any protection after expiry.
MiCA's transitional rules are clear on this point: the right to serve European customers ceases on July 1, or as soon as the regulator rules on a pending request, whichever comes first. Any platform whose file remains pending on this date will have to interrupt its services to EU users until receipt of its authorization.
Among the emblematic cases, Binance withdrew its MiCA application in Greece and is now seeking a license in another member state. A strong signal of the extent of the pressure exerted, even on the most powerful players in the market.
In short, the date of July 1 will not be postponed. The ESMA said it, the CNMV confirmed it, and the figures speak for themselves: 230 licenses for more than 1,200 potential candidates. Non-compliant platforms will have to suspend their European services, transfer their customers to approved operators, or urgently accelerate a file that should have been completed months ago.
The next crypto regulatory deadline in Europe could well be the most serious since the entry into force of MiCA.
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