Only 7% of European crypto companies are ready before the MiCA deadline

With less than a month to go before the July 1 deadline, the European digital asset market is entering a decisive phase. Around 210 companies now have a MiCA license, compared to 2,747 VASP registrations recorded in 2024. This fall marks a turning point for crypto in Europe, with a smaller, more regulated sector and subject to much heavier requirements.

MiCA: a transition that significantly reduces the number of players

MiCA accreditation accelerates selection among European digital asset service providers. according to the data relayed by Be In Cryptoin 2024, Coincub estimated the number of VASP registrations in the European Union to be 2,747. In May, ITISPay had approximately 210 authorizations, or nearly 7% to 8% of the previous volume. This new framework therefore transforms a very dispersed market into a more limited space, where only the strongest files pass the authorization stage.

In Estonia, the financial intelligence unit recorded 641 approved PSAVs in June 2021. This number fell to 45 in October 2024, then to 40 in February 2025. The country, once a major European center for cryptocurrencies, illustrates the contraction of the sector. This decline therefore does not only concern a few isolated actors. It reflects a broader reorganization, driven by the transition of national regimes towards a common European logic.

Crypto: why small structures struggle to obtain a license

The CASP regime requires governance frameworks, prudential capital, cybersecurity controls, customer protection and ongoing engagement with authorities. For small crypto players, these fixed costs become difficult to absorb, especially when teams remain limited and must already manage their day-to-day operations.

Faustine Fleuret, director of public affairs at Morpho and former president of ADAN, underlines this point. According to her, “ MiCA applies the same rules to a start-up and an international group, without clear adjustment to size or level of risk “. This approach increases the administrative burden for less capitalized companies.

The approval procedure under the old national regimes was already demanding. However, MiCA raises the expected level in terms of compliance, transparency and follow-up with supervisors. Thus, some crypto companies do not have the human or financial resources necessary to finalize their file.

In France, the situation confirms these difficulties. according to a Reuters reportamong around 90 unlicensed companies, 30% had applied, 40% did not plan to do so and 30% had not responded to the regulator. This sharing shows that the deadline acts as a filter, but also as a withdrawal signal for certain providers.

After July 1, a more concentrated market emerges

After the deadline, entities without authorization will have to choose between several options: obtain an authorization, cease their activities, organize their liquidation, transfer their clients to an authorized PSAP or merge with an authorization holder. MiCA therefore places business continuity at the center of strategic decisions.

The case of Fazil Crypto also shows the interest that authorization can create. After obtaining its CASP license in Spain, the Madrid-based company received requests from platforms, payment companies, law firms, M&A advisors, entrepreneurs and even players located outside of Europe.

At the same time, law firms following the transition anticipate a wave of consolidation in the second half of 2026. MiCA could then accelerate mergers between companies, especially when unlicensed structures seek an orderly exit.

By the end of 2026, the European crypto market should therefore appear smaller and more concentrated. MiCA could also strengthen the protection of individuals, but this effect will mainly depend on the concrete application of the rules after the deadline. The sector will then enter a phase where compliance, available capital and the capacity for dialogue with the authorities will weigh more heavily in competition.