Europe's MiCA regime is undergoing comprehensive review through a consultation closing around September 2026, marking a significant shift from the original framework designed primarily for spot cryptocurrency trading. According to recent reports, MiCA was designed for spot crypto but has become too narrow given the extent of stablecoin and tokenization adoption in institutional and wholesale finance. The European Central Bank has repeatedly expressed concerns about dollar-pegged stablecoins potentially damaging monetary control in the eurozone, though its preferred solution remains a central bank digital currency rather than euro stablecoins. However, European policymakers have moderated their stance on stablecoins following the U.S. passage of the GENIUS Act, which created a clear definition for stablecoin payments and assigned oversight to the Federal Reserve and Office of the Comptroller of the Currency. Dollar-denominated tokens now account for $310 billion of the $311 billion stablecoin market, while non-dollar stablecoins remain below 0.5% according to DeFiLlama data.
Venga has secured MiCA authorization from Spain's Comisión Nacional del Mercado de Valores, becoming one of the few crypto firms approved under the European Union's new regulatory framework before the July 1, 2026 deadline. The Barcelona-based company announced the approval on July 1, 2026, marking a major milestone after nearly two years of comprehensive business transformation. According to crypto.news, Michael Stroev, co-founder and CEO of Venga, stated that "Obtaining the MiCA license is a major milestone for Venga and the result of nearly two years of work across every area of the business." The authorization allows Venga to provide regulated crypto-asset services under the EU framework and passport its services across the European Union, giving the company a competitive advantage as the market consolidates.
As MiCA enters full effect, industry leaders agree regulation is here to stay but disagree over whether it protects consumers or favors the biggest firms. According to recent reports, the regulatory framework is creating significant market dynamics with thousands of cryptocurrency service providers facing suspension as of midnight, June 30. Dr. Joseph Borg, a Maltese lawyer and partner at WH Partners who has advised crypto firms since 2016, estimates Europe could go from roughly 3,000 registered crypto asset service providers to only 300 or 400 licensed firms under MiCA — a dramatic reduction that would suit regulators well but could disadvantage startups. The compliance costs are creating barriers for smaller firms, with Borg noting that regulators prefer having fewer operators to regulate rather than investing in more technology and human resources. However, Alex Fazel, chief partnership officer at SwissBorg, argues that obtaining a MiCA license is less about company size than proving transparency, stating that "transparency is key" and that a MiCA license cannot be bought with money alone, requiring detailed documentation of governance and compliance procedures.
The regulatory transition has revealed the dramatic scale of market consolidation under MiCA. According to crypto.news, more than 3,000 crypto firms were registered across the European Union before MiCA took effect, but only 194 firms had secured MiCA authorization as of May 2026, representing a significant gap in the authorized market. This data shows the substantial impact of the new regulatory standards, which require companies to meet operating and supervision standards covering governance, capital adequacy, operational resilience, cybersecurity, risk management, customer protection, and internal controls. The approval process has been particularly challenging, with firms needing to invest in governance, compliance, security, reporting systems, and operational processes to meet the stringent requirements. Only around 210 of over 3,000 crypto firms operating across Europe received full MiCA authorization by the deadline - a clearance rate of roughly 7%.
European regulators authorized dozens of crypto firms in the final days before the EU's MiCA transition period ended, with 36 crypto-asset service provider authorizations dated between June 23 and July 1, highlighting a late licensing push as firms moved to comply with the bloc's new unified crypto rules. According to AMBCrypto, the uploaded CASP register shows 283 authorized crypto-asset service provider records, with 66 authorizations dated in June alone. The pace accelerated near the deadline, with the register listing 13 authorizations on June 30 and one more on July 1. Germany leads Europe's MiCA licensing race with 59 authorized CASP records, followed by France with 31, the Netherlands with 28, Malta with 22, and Cyprus with 21. However, only 17 firms in the file are authorized to operate crypto trading platforms, with custody, transfer services, and exchange permissions appearing far more common than trading platform authorizations.
