ESMA Orders Unlicensed Crypto Firms to Exit EU by July 1 Under MiCA Rules
By
ForkLog
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Summary
The European Securities and Markets Authority (ESMA) has mandated that all crypto companies operating in the European Union must obtain a Markets in Crypto-Assets (MiCA) license by July 1 or cease serving EU clients. The regulator is requiring unlicensed service providers to prepare business wind-down plans in advance. According to law firm Hogan Lovells, only 194 companies have obtained official authorization so far, highlighting the significant compliance gap in the crypto industry ahead of the deadline.
Key quotes
· 4 pulledCrypto firms without MiCA licenses must exit EU by July 1.
Starting July 1, crypto companies without a MiCA license must cease serving clients in the European Union, according to ESMA.
The regulator has required service providers to prepare a business wind-down plan in advance.
According to Hogan Lovells, only 194 companies had obtained official authorization.
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