MiCA transition over: 244 firms hold a European licence
Since 1 July 2026, the MiCA transition period has officially ended. Of the more than 3,000 firms that used to operate under national rules, only 244 secured a full European CASP licence. Here's what that means for investors in the Netherlands, Belgium and France.
The cut-off is final. Since 1 July 2026, the transition period under the EU's MiCA crypto framework has ended, meaning every firm offering crypto services in the European Union must hold a valid CASP licence (Crypto-Asset Service Provider). Anyone without one is now formally operating in breach of EU law.
In short
🏛️ MiCA's transition period ended on 1 July 2026 · 📊 244 firms ultimately secured a full licence, out of more than 3,000 that previously operated under national rules · 🇩🇪 Germany leads with 57 licences (roughly 23%), followed by France with 26 (roughly 11%) · ⚠️ Greece, Hungary, Poland, Portugal and Romania had not issued a single MiCA licence by late June · 🔍 Brussels is already working on a review (‘MiCA 2.0’), focused mainly on stablecoins.
What did the transition period actually allow?
Firms already operating under a member state's national rules as of 30 December 2024 could continue those activities until 1 July 2026 — or until they were granted or refused a licence. That window gave the market time to adapt to a single EU-wide framework instead of 27 separate national regimes.
That time is now up. From 1 July onward, a firm without a valid CASP licence may no longer offer crypto services within the EU and the wider European Economic Area.
From 3,000 to 244
The numbers say a lot about how high the MiCA bar turned out to be. Of the more than 3,000 firms that operated under the old, fragmented national VASP registrations, only around 244 ultimately crossed the finish line with a full licence. Many smaller and mid-sized players folded along the way, merged, or shifted their focus to markets outside Europe.
Greece, Hungary, Poland, Portugal and Romania had not issued a single licence as of 29 June — a sign that national regulators in some member states are still working through applications, or that local providers there haven't yet met every requirement.
Why this matters for investors in the Benelux and France
For users in the Netherlands, Belgium and France, little changes overnight in practice. But the direction is clear:
- More certainty. A CASP licence comes with stricter requirements around custody of client funds, transparency and complaint handling.
- Fewer options at some providers. Platforms without a valid licence can no longer legally operate in the EU, which may force users to switch.
- Check the licence status yourself. An exchange's licence status can be checked through national regulators' registers (the AFM/DNB in the Netherlands, the FSMA in Belgium, the AMF in France).
What's next: onward to ‘MiCA 2.0’
Even as the first phase of MiCA has just wrapped up, Brussels is already working on a review of the framework, with particular attention to stablecoin rules. MiCA was originally designed mainly with ‘plain’ crypto assets in mind; the coming update aims to better match how the market has evolved since.
Conclusion
MiCA's transition period is over, and the European crypto market has consolidated considerably as a result: from thousands of individual providers down to a smaller group holding a full licence. For investors in the Benelux and France, this is above all a moment to check: does my exchange or wallet provider actually hold a valid European licence? See also our explainer on the MiCA deadline and our guide to migrating to a regulated platform if you're considering a switch.
This article is informational and not investment advice. Regulation can vary by country and over time; if in doubt, always check the current status with your country's regulator.
Sources: AFM, DNB, FSMA, AMF. Last checked: 6 July 2026.