Europe’s crypto industry is bracing for a shakeout.

The transition period for the European Union’s Markets in Crypto-Assets regulation, known as MiCA, ends July 1, closing the window in which firms could keep operating under older national regimes. From that point, companies serving EU users are expected to hold a MiCA license, a single authorization that passports across all 27 member states.

For its backers, the milestone is a turning point. Alexis Sirkia, captain of trading-infrastructure firm Yellow Network, said the end of the transition period pushes the industry into a “new phase of growth,” with clearer rules helping to establish transparency and trust. MiCA’s success, he argued, “won’t be measured by the number…