Germany and France have taken an early lead in the European Union’s new crypto licensing system as the MiCA deadline approaches.
Summary
- Germany and France now hold over one-third of the EU’s 244 issued MiCA crypto licenses.
- Unlicensed crypto firms must stop relevant EU services after July 1 as transition periods end.
- Users may face fewer tradable assets and thinner liquidity as platforms adapt to MiCA rules.
Bits.Media, citing ESMA register data, reported that the EU had issued 244 valid MiCA crypto-asset service provider licenses as of June 29.
Germany led the bloc with 57 licenses, equal to about 23% of the total. France followed with 26 licenses, or about 11%. Together, the two countries accounted for more than one-third of all EU MiCA authorizations, showing how early approvals have concentrated in the bloc’s largest financial markets.
Five EU countries show no licenses
The same ESMA-based data showed that Greece, Hungary, Poland, Portugal and Romania had not issued any MiCA licenses by June 29. Poland remains a special case because the country still lacks a full local system for licensing crypto exchanges under pan-European standards. Its president has rejected the proposed law three times, according to the Bits.Media report.
The ESMA interim MiCA register is the main EU source for tracking authorized crypto firms, white papers and non-compliant entities. ESMA says national regulators provide the data, and the register updates weekly, so local approvals may not appear at once.
July 1 deadline changes market access
MiCA’s transition period ends on July 1, 2026. ESMA said unauthorized crypto-asset service providers must wind down their activities in an orderly way after the deadline and protect clients during that process. The rule applies to firms that still provide covered crypto services without approval.
As reported by crypto.news, MiCA becomes fully enforceable across the European Union on July 1. After that date, crypto firms without a MiCA license cannot legally serve EU users. One license from a national regulator can also support access across all 27 EU member states through passporting.
Users face fewer platform choices
The new system gives licensed platforms a clear legal path but narrows options for users on unlicensed exchanges. Community complaints have focused on fewer tradable assets and lower liquidity, as firms remove products, restrict access or move users to approved entities.
As reported by crypto.news, Coinbase and OKX have moved to attract European users before the deadline as Binance prepares to restrict several services in the EU. The same report said Binance told users their assets would remain accessible while it seeks another authorization route.
Binance’s case shows how MiCA can divide the market between licensed and unlicensed platforms. As previously reported by crypto.news, the exchange said it would look for authorization in another EU country after its Greek application failed to advance before the cutoff.
The rollout also shows why Germany, France and the Netherlands have become key licensing centers. These countries sit within Europe’s largest financial markets and already host major regulated finance firms. As MiCA moves from transition to enforcement, users and exchanges now face a market where authorization, asset support and liquidity will shape where activity moves next.