Markets in Crypto-Assets Regulation (MiCA), the landmark digital asset regulatory framework that goes into full effect across the European Union’s 27 member nations Wednesday (July 1), asks a different question.

Can crypto companies operate inside the financial system?

MiCA policy architecture does more than establish another licensing regime. It introduces a unified financial rulebook backed by regulators that have repeatedly emphasized there will be no extensions, no grace periods and no selective enforcement. It’s something crypto has rarely experienced at continental scale.

Spain’s securities regulator reiterated the message days before implementation,…