What the MiCA law means for your crypto
The European crypto market is maturing — and that brings new rules. We calmly and accurately explain what MiCA is, what the 1 July 2026 deadline really means and what you as an investor need to know and do.
In short
- MiCA is designed to protect you as a consumer better: more transparency, stricter requirements and a safer market.
- The rules already apply. 1 July 2026 is the EU-wide end date of the transition period — not a start date.
- In the Netherlands the deadline was even earlier: 30 June 2025 for providers registered in the Netherlands.
- Non-compliant stablecoins such as USDT have already been restricted or removed on many EU platforms since late 2024 / early 2025.
The timeline
MiCA is not a single moment, but a series of steps. Here's what the path looks like:
- 30 June 2024
Stablecoin rules take effect
The MiCA rules for stablecoins (e-money tokens and asset-referenced tokens) come into force. Issuers now need a licence.
- 30 December 2024
Full rules for platforms
The rules for crypto service providers (CASPs) take effect. Platforms can now apply for a MiCA licence.
- 30 June 2025
Dutch transition period ends
For providers registered in the Netherlands, the transition arrangement ends. Anyone offering services here needs an AFM licence.
- 1 July 2026Upcoming
EU-wide deadline
The last national transition arrangements expire. From now on, no platform without a valid MiCA licence may serve EU customers.
What MiCA means for you
A MiCA licence (officially a CASP licence) requires a platform to concretely protect your funds:
Asset segregation
Your crypto and euros are kept separate from the platform's own assets.
Capital buffers
Platforms must hold reserves, comparable to requirements for traditional financial institutions.
Security & governance
Strict requirements for cybersecurity, internal control and governance — no paper promises.
One licence, 30 countries
Via 'passporting', a single national licence applies across the entire European Economic Area.
And the stablecoins (USDT)?
This is the part that most directly affects investors. Stablecoins fall under MiCA's strictest rules. USDT (Tether) has no MiCA licence as an e-money token, and Tether has indicated it does not intend to apply for one. Large EU platforms — including Kraken, Binance, Coinbase and Crypto.com — have therefore already restricted or removed USDT trading pairs for European users between late 2024 and early 2025.
USDC (Circle), however, is MiCA-compliant. Still holding USDT on a European platform? Then check whether you can still trade it and consider converting in time to a compliant stablecoin or to euros.
What to do before 1 July
- 1Check whether your platform has a MiCA licence — and which legal entity manages your account. A brand name is not the same as a licence.
- 2Log in before 1 July and accept any new terms or complete a renewed verification, so you don't (temporarily) lose access to your portfolio.
- 3Check whether your coins and stablecoins are still supported. If you hold non-compliant stablecoins like USDT, consider a compliant variant (such as USDC) or euros.
- 4Are you on a platform without a licence? Move in good time and with a plan, rather than under time pressure just before the deadline.
Platforms with a MiCA licence
A number of platforms arranged their licence early. For each platform we summarise what the licence involves and what to watch out for.
What changes at OKX?
- Supervision:
- MFSA (Malta)
- Licensed:
- January 2025
OKX was licensed early via Malta, but terms and offerings are being more tightly aligned with MiCA. You may need to renew your verification or accept new terms to keep trading.
Read the full update
What changes at Kraken?
- Supervision:
- Central Bank of Ireland
- Licensed:
- June 2025
USDT trading pairs have been wound down for European users and Kraken now falls under Irish supervision. Check which coins in your portfolio this affects and whether you need to convert funds.
Read the full update
What changes at Finst?
- Supervision:
- AFM (Netherlands)
- Licensed:
- July 2025
Finst is a Dutch AFM-licensed platform, so little changes for you — it was already compliant. A strong alternative if your current exchange doesn't get a licence.
Read the full updateSome links to platforms are affiliate links. That keeps this site free and never changes your price or terms. We only include platforms that meet the requirements discussed — our independence comes first.
Tip with multiple accounts
Do you have accounts at multiple exchanges? Then log in to each platform in good time to accept any new terms, so you don't unexpectedly (temporarily) lose access to your portfolio after the deadline. We keep this dossier updated as more becomes known.
Is your exchange ready for MiCA?
Does your current platform lack a licence, or do you disagree with the new terms? See our comparison of regulated alternatives that do meet all MiCA rules — our official partners.