EU issues 244 MiCA crypto licenses, led by Germany and France

The deadline is not flexible. Firms without MiCA authorization by July 1 must cease serving clients in the EU and EEA. For those that do hold a license, the benefit is passporting rights, a single authorization to operate across all 27 member states. No more country-by-country applications, no more fragmented compliance strategies.

Recent cases show the process remains uneven. Ripple received preliminary CASP approval from Luxembourg's financial authority, positioning it to expand payment services across the bloc. Binance continues to face licensing challenges in several European jurisdictions, a reminder that brand recognition does not guarantee regulatory approval.

The 244 figure represents all authorizations granted across the bloc, not just conversions. Some firms applied directly for MiCA licenses without holding a prior national registration. Still, the conversion rate from legacy registrations is the key metric. With less than one in five legacy firms cleared, the next six months will determine how many EU member states see a net reduction in registered crypto service providers. Some firms are applying for authorizations in other jurisdictions or partnering with already-licensed providers.

Firms that miss the deadline may seek licenses in the UK or Switzerland. The UK finalized its own crypto capital rules earlier this year.