Only 194 of 3,000+ crypto firms hold MiCA licenses. With the July 1 deadline two weeks away, 60% of EU users on unlicensed platforms face account lockouts.
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More than half of European crypto users could lose access to their accounts in two weeks. Researcher Alex Obchakevich estimates that roughly 60% of EU users who trade on unlicensed platforms will be locked out when the MiCA transitional period ends on July 1.
Only 194 crypto firms – 6.5% of the total – have obtained a license under the Markets in Crypto-Assets regulation as of May 2026, according to data aggregated from the European Securities and Markets Authority. That leaves over 2,800 firms operating without authorization.
The numbers get worse. Those unlicensed platforms account for nearly half of all crypto app downloads in the region. Of 18.5 million downloads, 7.6 million went to unlicensed exchanges, brokers, and wallets. After July 1, none of those platforms can legally serve EU users.
MiCA took effect in December 2024 with an 18-month transition period. During that phase, known as the grandfathering period, member states could let already-approved firms keep operating under local rules while they applied for a full MiCA license. The clock runs out in two weeks.
Germany leads the licensing race with 55 approved firms. The Netherlands follows with 29, and France rounds out the top three with 19. The 6.5% conversion rate to a full MiCA license reveals how few firms have made it through the process.
Stablecoin rules went live in June 2024, and full crypto asset service provider requirements followed in December. Tokenization has emerged as a new segment the original framework did not address. The European Commission opened a review on June 1 to tackle tokenization, stablecoin rules, and other policy gaps. The consultation runs through August 31.
Law firm Latham & Watkins LLP said the scope of the consultation reflects the Commission's ambition to build a coherent supervisory framework for activities that have remained unregulated or only partially addressed. The review will lead to MiCA amendments, the firm said.
Users should check the ESMA registry now to avoid having accounts blocked after the deadline.
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