Europe’s crypto industry crosses a line today that has been marked on the calendar since 2023. The Markets in Crypto-Assets Regulation (MiCA) will no longer be optional. As of July 1, 2026, any exchange, custodian, or broker serving clients in the European Economic Area without a MiCA license is breaking the law and must stop.

The European Securities and Markets Authority has confirmed the transitional period officially ends across the Union today, and any firm still operating without authorization afterward will be in breach of EU law. There is no grace window, no pending status, and no appeal to national registrations that used to cover firms before MiCA existed.

Why So Few Firms Made the Cut