244 MiCA CASPs against 3,000-plus legacy VASPs turns MiCA into a forced CEX roll-up. Poland is the stress test: 1,400+ old registrations and only one known local MiCA license means users either migrate to OKX/BitGo-style regulated rails or keep size offshore and onchain. Euro stablecoin plans get cleaner banking wrappers, but long-tail EU retail gets pushed farther from locally accountable venues.

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