EU crypto firms face industry shake-up as MiCA regulations take effect
New European Union cryptocurrency regulations will be fully implemented on 1 July, leaving many registered firms without the necessary licences to continue operating within the bloc.
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According to Euronews, the European Union's landmark Markets in Crypto-Assets (MiCA) regulation is set to take full effect on 1 July. The legislation aims to establish a unified single market for digital assets across the bloc. However, data from May indicates that fewer than one in five of the more than 1,200 registered crypto firms in the region have successfully secured the mandatory licences required to continue providing services to European clients.
The introduction of these rules signifies a major regulatory shift for the industry. As the deadline approaches, hundreds of companies currently operating in the market face potential exclusion from the European sector if they fail to meet the new compliance requirements.
Source: Euronews. Read the original report ↗
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This brief is based on reporting by Euronews.supports: Euronews