The EU has issued roughly 230 MiCA licenses ahead of July 1, when unlicensed crypto service providers lose the ability to offer new services across the bloc. Germany leads with 56 approvals, followed by the Netherlands with 26 and France with 21, while about 40% of France's registered crypto service providers have not applied. MiCA is doing what regulation usually does in crypto: raising the floor for market resilience while thinning out smaller players that cannot absorb the compliance load.

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