As the Markets in Crypto-Assets (MiCA) regulation reshapes the European crypto landscape, one trend is becoming increasingly evident: high registration numbers under the previous regime do not guarantee compliance under the new framework.
Across the EU, 3,389 Virtual Asset Service Providers (VASPs) were registered pre-MiCA under national AML frameworks. However, as of May 15, 2025, only 24 firms have successfully secured MiCA authorization.
The shift in compliance is striking: In Poland, 1,418 VASPs were registered pre-MiCA, yet none have received approvals so far. Conversely, Germany, with just 12 pre-MiCA VASPs, now leads with 9 MiCA-approved Crypto Asset Service Providers (CASPs).
This reflects a regulatory pivot from sheer volume to a focus on supervision-ready, well-governed entities.
In Luxembourg, we currently have 14 VASPs, with Bitstamp and Clearstream Banking both successfully converting their local VASP licenses into European CASP licenses.
As we approach the July 2025 deadline, it’s crucial for Europe to foster an environment that encourages innovation and growth. Instead of slowing down progress, we should empower companies to leverage the regulations being established.
The transitional framework varies across countries, with most requiring VASPs to submit their applications by July 2025: Germany, Spain, Italy, Lithuania, and others: 12 months to transition. Malta, Estonia, France, Cyprus, Czechia: Full 18-month grandfathering until July 2026. Poland, Netherlands, Finland, Latvia, Slovenia: Only 6 months.
As we look ahead, July 2025 will serve as a critical checkpoint to assess who is advancing and who may quietly exit the market.
In summary, Poland has the most to accomplish in the shortest timeframe, while Luxembourg must seize the opportunity to lead in compliance and innovation.
Let’s work together to ensure that the regulatory landscape supports the growth of our industry!
