MiCA to Take Effect Soon: Millions of EU Users May Be Forced to Switch Trading Platforms

CoinFeed June 29 news, according to CoinDesk, the EU crypto asset regulation MiCA will fully take effect on July 1. The European Securities and Markets Authority (ESMA) requires crypto asset service providers without a MiCA license to cease or restrict services in the EU and assist users in transferring assets or self-custody. SwissBorg senior executive Alex Fazel stated that this compliance deadline may result in over 10 million European users needing to find a new platform. OKX Europe CEO predicts that among Europe's approximately 3,000 former virtual asset service providers, up to 80% may be unable to continue operating after the new regulations take effect. Meanwhile, compliant platforms or those applying for licenses such as Coinbase and OKX are attracting affected users through deposit and transfer rewards.