MiCA Takes Full Effect on July 1, Over 10M European Crypto Users Face Platform Migration

According to Odaily, the European Union's Markets in Crypto-Assets Regulation (MiCA) will take full effect on July 1, potentially triggering a major market restructuring affecting over 10 million European users. SwissBorg executive Alex Fazel stated that MiCA is forcing numerous exchanges to halt or restrict services in the EU, with the European Securities and Markets Authority (ESMA) warning that unlicensed institutions must gradually exit the market and assist users in migrating to compliant platforms or self-custody wallets.

Data shows that as of 2024, Europe had over 3,000 virtual asset service providers (VASPs), with approximately 80% expected to exit the market following the regulatory transition period, according to CoinDesk.