MiCA in the EU has issued 244 licenses, with Germany leading

The EU has issued 244 MiCA licenses for crypto service providers, and Germany has received 57 approvals, or nearly 23% of the total. This is important for exchanges, custody services, and companies that want to operate in Europe without the risk of being shut down after the deadline.

According to ESMA, licenses have already been issued in 25 countries. The Netherlands and France are in second place, with 26 approvals each, and together these three jurisdictions have collected nearly half of all authorizations in the EU. At the same time, Greece, Hungary, Poland, Portugal, and Romania have not issued a single MiCA license. Among service types, the most approvals went to asset custody, 165, transfers, 149, and crypto exchange, 133.

Why did Germany pull ahead?

BaFin explained to Cointelegraph that Germany’s strong result is partly linked to the scale of its financial sector. The country has many credit institutions that can provide cryptoasset services under MiCA. That is no small thing. When a market already has a strong banking infrastructure, getting authorization is easier than building everything from scratch.

There is another nuance. Germany already had a national licensing system, so some companies were able to use a simplified path during MiCA’s transitional period. According to ESMA, this period runs from December 30, 2024, to July 1, 2026. And for trading platforms admitted to trading before December 30, 2024, the white paper must be ready by December 31, 2027. That is exactly why the pace of approvals is so uneven across countries. And that already leads to the next question: who wins, and who is rushing to exit the market.

Under ESMA’s minimum requirements, capital for a CASP starts at €50 000 for Class 1, €125 000 for Class 2, and €150 000 for Class 3. The company must also hold the greater of two amounts: either this minimum or ¼ of fixed overhead costs for the previous year. For small businesses, this is a serious barrier. For large ones, by contrast, it is the price of access to the entire EU market.

“They are considering moving together with capital, ideas, and intellectual potential to a country that welcomes them,” said Dubai-based lawyer Iryna Khyver of NeosLegal, commenting on the interest of European founders in the UAE.

What happens to companies that do not make it in time?

The rules here are strict. If a crypto company does not obtain a MiCA license, it must stop providing the relevant services in the EU after July 1. ESMA also separately required unlicensed CASPs on June 23, 2026, to immediately stop onboarding new clients, marketing, and opening accounts. Only actions for selling or transferring assets, or closing positions, are allowed. Custody services may be provided only during an orderly exit.

For clients, this is no small matter either. ESMA warned that users of unlicensed CASPs do not have MiCA protection for client assets, and advised checking the provider in the ESMA Register. If the provider is not authorized, assets should be transferred to a licensed CASP or to a self-hosted wallet. In simple terms, waiting until the last day is risky here. After July 1, the window for a calm exit could close very quickly.

Market reaction

Against the backdrop of the July 1 deadline, companies are increasingly looking toward the UAE. Khyver says her firm is now receiving more than 120 inquiries a week from companies and founders who want to start a business in the Emirates. About half of the requests come from Europe, including Spain, Italy, and Germany, as well as from Switzerland and the United Kingdom, which are not subject to MiCA. This already looks less like a one-off wave and more like a planned movement of capital to where the rules are clearer.

For readers in Ukraine, there is a simple takeaway here. If a European provider is operating without a license, access to the service may disappear not because of the price of Bitcoin or Ethereum, but because of compliance. That is why it is worth looking not only at the fee, but also at the company’s status in the register. If you need to quickly sell USDT TRC20 for hryvnia to a card, it is better to do it through a clear route rather than wait until the service starts winding down operations.

• The EU has issued 244 MiCA licenses.

• Germany received 57 approvals, about 23%.

• The Netherlands and France have 26 licenses each.

• Greece, Hungary, Poland, Portugal, and Romania have issued none.

• The most common approval types are asset custody 165, transfers 149, and exchange 133.

• After July 1, unlicensed CASPs must stop services in the EU.

What does this mean for investors?

For long-term holders and active traders, the main signal is simple: Europe is rapidly moving from vague rules to strict checks on every provider. This increases safety where a company has already been authorized, but at the same time cuts off those who did not make it in time. In the short term, this may lead to more relocations, closures, and changes in service access conditions.

There is also a broader consequence. When one country, like Germany, takes nearly a quarter of all licenses, and some states issue none at all, the market inside the EU becomes uneven. For companies, this means a simple dilemma: either invest time and money into MiCA, or look for another jurisdiction. For users, it means reading more carefully who exactly holds their assets and under what conditions. And if you need to convert coins into bank hryvnia, it is convenient to sell Bitcoin to Monobank without extra steps.

Frequently asked questions

What is a MiCA license for crypto companies?

It is permission to operate as a cryptoasset service provider in the EU under unified rules. According to ESMA, 244 such licenses have already been issued, and without them, after July 1, companies must stop the relevant services in the EU.

Why did Germany receive the most approvals?

BaFin links this to the large financial sector and the existence of a national licensing system even before MiCA. This gave some companies a simplified path under the transitional rules, which apply until July 1, 2026.

What should clients of unlicensed providers do?

ESMA advises checking the company in the register and, if necessary, transferring assets to an authorized CASP or to a self-hosted wallet. For users, this is not only a matter of convenience, but also of asset protection, which an unlicensed provider may not offer.

As the EU tightens the screws, the market is quickly splitting between those who made it with MiCA and those already looking for a new home. For Ukrainian users, this is another reason to watch not only the exchange rate, but also the status of the service through which money moves.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.