The European Union’s cryptocurrency industry has entered a new enforcement phase as the transition period under the Markets in Crypto-Assets (MiCA) regulation came to an end.

The end of the transition means crypto companies without MiCA authorization can no longer legally serve EU clients and are expected to wind down operations or face multimillion-euro fines and other enforcement action.

Industry executives and lawyers told Cointelegraph the next challenge is ensuring national regulators apply the bloc’s single rulebook consistently, even as supervisory approaches are expected to vary across member states.

The transition marks MiCA’s first major enforcement test as regulators begin applying the EU’s crypto rulebook.

MiCA compliance…