EU draws a line on MiCA: grace period ends July 1, unlicensed crypto exchanges face penalties

Europe has set a firm cutoff for the Markets in Crypto-Assets (MiCA) regime, with the EU-wide grace period ending on July 1 and no extensions planned. From that date, crypto exchanges serving EU clients without the required authorization will be in breach of the rules, exposing themselves to penalties of up to €5 million or 5% of turnover. Market estimates indicate 41% of crypto app downloads in Europe over the past year went to exchanges not listed on the approved register. With roughly a month left, the deadline could force some platforms to restrict access or exit the region, affecting millions of users.