Five EU states hold zero MiCA licenses as Germany, France lead

Germany and France have pulled ahead in the European Union's new crypto licensing system, together accounting for more than one-third of all MiCA authorizations issued so far. Five member states have not issued a single one.

The EU had granted 244 valid MiCA crypto-asset service provider licenses as of June 29, according to ESMA register data reported by Bits.Media. Germany led with 57 licenses, roughly 23% of the total. France followed with 26, or about 11%.

At the other end, Greece, Hungary, Poland, Portugal and Romania had issued zero MiCA licenses by the same date. Poland is a special case because it still lacks a local law to implement the licensing framework. The president has rejected the proposed legislation three times, the report said.

MiCA's transition period ends on July 1, 2026. After that, any crypto firm without a valid license cannot legally serve EU users. ESMA has said unauthorized providers must wind down in an orderly way and protect client funds during that process. One license from a national regulator can support access across all 27 member states through passporting, which makes the concentration in Germany and France less of a bottleneck for users elsewhere – but only if their local exchange holds a valid license.

The regulatory gap creates practical risks for traders. Users on unlicensed exchanges may lose access to trading pairs or face service restrictions as firms prepare for the deadline. Community complaints have already focused on fewer tradable assets and lower liquidity, according to the same reports.

The distribution of licenses mirrors where major regulated financial infrastructure already exists. Germany and France host the biggest banks and exchange groups. Smaller EU markets may struggle to attract crypto firms at scale, especially if local licensing processes remain slow or political.

Coinbase and OKX have used the transition period to attract European users. Binance is taking a different route. The exchange told users their assets would remain accessible while it seeks another authorization after its Greek application stalled. Binance's case shows how the licensing geography can split the market between approved platforms and those still in limbo.

For a retail trader in Poland or Romania, the practical question is whether their current exchange has a MiCA license or a plan to get one before July 2026. If not, they face the risk of forced account closure or asset transfer.

The ESMA register, which tracks MiCA crypto licenses across the EU, updates weekly, so the list of licensed firms will expand. The gap between the leading markets and the holdouts will shape where trading activity concentrates between now and the enforcement date.