The transitional period of the Markets in Crypto-Assets (MiCA) regulation ended on July 1, and now the EU market is entering a phase full of uncertainty. The head of the Anti-Money Laundering Authority (AMLA), Bruna Szego, directly stated that a mass migration of users could become a serious stress test for the entire crypto infrastructure of the European Union. And this is not just a hypothesis, but a very real scenario that we are currently observing.
The crux of the problem is that companies that failed to obtain a full MiCA license are forced to leave the market. According to Szego, this threatens a mass withdrawal of funds by clients — a panic that could overwhelm even legally operating Virtual Asset Service Providers (VASPs). On the other hand, licensed companies risk facing an avalanche of new users, creating a colossal burden on KYC procedures and compliance with anti-money laundering (AML) standards. In both cases, the system comes under pressure, and not all players are prepared for it.
New Rules of the Game: From National Licenses to a Single Standard
Let me remind you of the key point: until July 1, firms could operate in the EU under national licenses if they started their activities before December 30, 2024. Now, providing services requires mandatory registration under the new regulation. According to the European Securities and Markets Authority (ESMA), at the end of the transitional period, the register listed 244 licensed crypto service providers. In the final days before the deadline, companies from Italy, France, Malta, and Spain joined them. And on July 6, fintech giant Ripple received full MiCA authorization — clearly signaling the seriousness of the regulators' intentions.
ESMA has already demanded that companies without authorization immediately cease operations in the region. Moreover, the regulator has launched a program to check the operational resilience of custodial services — the most vulnerable link in this chain.
What's Next: AMLA Takes Control of Blockchain Analytics
AMLA is not limiting itself to warnings. By the end of the year, the authority plans to publish a comprehensive report on money laundering threats in the crypto industry and the practice of overseeing service providers in EU countries. Additionally, the authority is expanding its blockchain analytics capabilities — a tool that is becoming critically important for monitoring transactions under the new regulation.
Szego emphasizes that the results of this study will help AMLA coordinate work with national regulators and develop a unified approach to overseeing crypto services. And in July, the European Parliament already approved an official position on further regulation of digital assets, which includes expanding oversight of DeFi, NFTs, staking, and crypto lending. In other words, MiCA is just the beginning.
My Expertise: The market is entering a "cleansing era." Those who did not manage or did not want to obtain a license will leave, but this will not solve the problem — on the contrary, it may worsen due to panic withdrawals of funds. Investors should be prepared for temporary delays in service operations and stricter verification procedures. For licensed players, this is a chance to strengthen their positions, but only if their AML procedures can withstand the influx of clients. In the coming months, we will see who is truly ready for the new reality.