The Markets in Crypto-Assets Regulation (MiCA) transition period has concluded, with several European countries issuing final licenses to crypto firms. This marks the end of an 18-month process and se
On Wednesday, Europe's transitional period under the Markets in Crypto-Assets Regulation (MiCA) came to an end as multiple countries issued last-minute licenses to cryptocurrency companies. Italy authorized four firms—Hodlie, Young Platform, CryptoSmart, and Hercle—which brings its total of licensed crypto asset service providers (CASPs) to eight.
In France, the Autorité des marchés financiers approved three new CASPs: Mereau Finance, Iceblock, and Aplo. This pushes the French count up to 31 authorized entities. Additionally, Malta's digital asset prime broker FalconX received a MiCA license, while Venga obtained authorization from Spain.
The final stretch of MiCA’s 18-month transitional period saw ESMA register 244 authorized CASPs across the European Union and European Economic Area by Friday. Among them are France's newly licensed companies which now appear on their whitelist.
Notably, Binance—the world's largest crypto exchange—remains unlicensed under MiCA despite applying for authorization in Greece. The lack of a license means it must cease EU activities immediately according to ESMA guidelines. Other major exchanges like OKX, Coinbase, Bybit, Crypto.com, and Bitstamp are now regulated within the MiCA framework.
The transition marks a significant shift towards stricter regulation in Europe's cryptocurrency market. This new regulatory landscape is expected to impact trading volumes, as well as how businesses operate within the region. It also signals a move away from unregulated crypto activities towards more structured and supervised operations.
Traders should monitor these changes closely, especially regarding compliance with MiCA requirements for their transactions and interactions with licensed entities. The finalization of this regulatory framework is likely to have broader implications on market stability and investor protection.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.