This means a conversion rate of roughly 17-18% for the pre-existing crypto industry, leaving approximately 83% of firms either mid-process with no legal standing, refused, or exiting the market entirely .

Data from the Official Register: The picture is even clearer on the ground. As of April 2026, ESMA's live CASP register held only 184 entries . Of these, only 14 held the rarest and most critical authorization—operation of a trading platform . This demonstrates that while some firms managed to get licensed for simpler services, running a full-scale exchange remained an extremely high bar to clear.

By Country: A Tale of Extremes

The conversion rate was not uniform. The pre-MiCA regulatory framework in each member state heavily influenced who survived the transition.

• Lithuania: A 99% Attrition Rate: Lithuania, previously a popular jurisdiction for its accessible VASP registration, saw its market decimated. The country went from roughly 345 to over 800 pre-MiCA registrations down to just 3 or 4 full MiCA CASP licenses, representing a brutal survival rate of under 1% .
• The Netherlands: Survival Through Stringency: In contrast, 22 of the Netherlands' 35+ former VASPs successfully converted to MiCA authorization, a survival rate of about 60%. This success is attributed to the country’s pre-existing strict regulatory rules, which aligned closely with MiCA’s new demands .
• France & Germany: The Middle Ground: France, with a large base of over 100 pre-MiCA digital asset service providers (DASPs), saw only about 11 secure full authorization in an earlier wave, a survival rate around 10% . Germany’s transition has been particularly complex, with its local BaFin grandfathering period actually expiring earlier on December 31, 2025—forcing firms to be authorized months before the EU-wide deadline .

This uneven field means that while the total number of licensed entities fell sharply, the surviving companies are often larger, better-capitalized players capable of passporting their license across the entire European Economic Area (EEA). Coincub's 2026 Europe Crypto Report notes that through passporting, these fewer entities can still cover 86% of the pre-MiCA market's geographic footprint .

What Services Does a MiCA License Enable?

A full MiCA authorization doesn’t just allow a company to exist; it defines precisely what it can do. The regulation establishes a list of regulated crypto-asset services that, once authorized, can be passported across all 30 EEA nations.

The core services covered under a CASP license include :

• Operation of a trading platform: Managing a multilateral system that brings together multiple third-party buying and selling interests in crypto-assets.
• Custody and administration of crypto-assets: Safekeeping or controlling crypto-assets on behalf of clients.
• Exchange of crypto-assets for funds: Services involving swapping crypto for fiat currency (like euros) and vice versa.
• Exchange of crypto-assets for other crypto-assets: Direct crypto-to-crypto swapping.
• Execution of orders for crypto-assets: Buying or selling crypto-assets on behalf of clients.
• Placing of crypto-assets: Marketing newly issued crypto-assets to purchasers.
• Reception and transmission of orders: Forwarding client orders to a third party for execution.
• Advising on crypto-assets: Providing personalized investment recommendations.
• Portfolio management: Managing client portfolios that include crypto-assets.
• Transfer services: Transferring crypto-assets from one address or account to another.

Crucially, holding one of these licenses in a single EU member state grants the right to provide that service across the entire EEA under “passporting” rules, eliminating the need for separate national registrations .

Which Firms Secured Licenses Before the Cliff?

The question of "two recent firms" is more complex because announcements are continuous, and verification depends on the source base. However, the provided evidence identifies several firms that very recently formalized their MiCA-ready status:

Nexo: In early June 2026, the platform publicly stated it had established a MiCA-compliant structure under German regulatory oversight via BaFin—widely considered one of the EU's toughest crypto regulators . The firm announced a smooth transition for existing EEA clients to this new framework starting July 1.

Zerohash Europe: The Amsterdam-based subsidiary of Zerohash secured a standout dual approval. After receiving its MiCA authorization from the Dutch Authority for the Financial Markets (AFM) in October 2025, it became the first firm to also secure a full Electronic Money Institution (EMI) license from the Dutch central bank in May 2026 specifically for stablecoin brokerage services . This dual license structure represents the highest tier of regulatory integration under the new regime.

Other major names that have made the cut across various EU jurisdictions include Bitpanda (Germany), OKX and Crypto.com (Malta), Blockchain.com (Malta), SwissBorg (France), B2C2 (Luxembourg), Coinbase (Ireland), and Kraken (Ireland) .

No License, No Party: The Aftermath

ESMA was unequivocal in its April 17, 2026 statement: after July 1, 2026, there is no intermediate status. A firm is either authorized under MiCA or it is in breach of EU law and must cease all crypto-asset services to EU clients immediately.

This regulatory cliff is designed to clean up a patchwork of over 3,000 national registrations into a harmonized, supervised system. The result is a smaller, more rigorously vetted group of licensed Crypto-Asset Service Providers—around 200 at last count—that now control regulated access to one of the world's largest digital asset markets.

This means a conversion rate of roughly 17-18% for the pre-existing crypto industry, leaving approximately 83% of firms either mid-process with no legal standing, refused, or exiting the market entirely .

Data from the Official Register: The picture is even clearer on the ground. As of April 2026, ESMA's live CASP register held only 184 entries . Of these, only 14 held the rarest and most critical authorization—operation of a trading platform . This demonstrates that while some firms managed to get licensed for simpler services, running a full-scale exchange remained an extremely high bar to clear.

By Country: A Tale of Extremes

The conversion rate was not uniform. The pre-MiCA regulatory framework in each member state heavily influenced who survived the transition.

• Lithuania: A 99% Attrition Rate: Lithuania, previously a popular jurisdiction for its accessible VASP registration, saw its market decimated. The country went from roughly 345 to over 800 pre-MiCA registrations down to just 3 or 4 full MiCA CASP licenses, representing a brutal survival rate of under 1% .
• The Netherlands: Survival Through Stringency: In contrast, 22 of the Netherlands' 35+ former VASPs successfully converted to MiCA authorization, a survival rate of about 60%. This success is attributed to the country’s pre-existing strict regulatory rules, which aligned closely with MiCA’s new demands .
• France & Germany: The Middle Ground: France, with a large base of over 100 pre-MiCA digital asset service providers (DASPs), saw only about 11 secure full authorization in an earlier wave, a survival rate around 10% . Germany’s transition has been particularly complex, with its local BaFin grandfathering period actually expiring earlier on December 31, 2025—forcing firms to be authorized months before the EU-wide deadline .

This uneven field means that while the total number of licensed entities fell sharply, the surviving companies are often larger, better-capitalized players capable of passporting their license across the entire European Economic Area (EEA). Coincub's 2026 Europe Crypto Report notes that through passporting, these fewer entities can still cover 86% of the pre-MiCA market's geographic footprint .

What Services Does a MiCA License Enable?

A full MiCA authorization doesn’t just allow a company to exist; it defines precisely what it can do. The regulation establishes a list of regulated crypto-asset services that, once authorized, can be passported across all 30 EEA nations.

The core services covered under a CASP license include :

• Operation of a trading platform: Managing a multilateral system that brings together multiple third-party buying and selling interests in crypto-assets.
• Custody and administration of crypto-assets: Safekeeping or controlling crypto-assets on behalf of clients.
• Exchange of crypto-assets for funds: Services involving swapping crypto for fiat currency (like euros) and vice versa.
• Exchange of crypto-assets for other crypto-assets: Direct crypto-to-crypto swapping.
• Execution of orders for crypto-assets: Buying or selling crypto-assets on behalf of clients.
• Placing of crypto-assets: Marketing newly issued crypto-assets to purchasers.
• Reception and transmission of orders: Forwarding client orders to a third party for execution.
• Advising on crypto-assets: Providing personalized investment recommendations.
• Portfolio management: Managing client portfolios that include crypto-assets.
• Transfer services: Transferring crypto-assets from one address or account to another.

Crucially, holding one of these licenses in a single EU member state grants the right to provide that service across the entire EEA under “passporting” rules, eliminating the need for separate national registrations .

Which Firms Secured Licenses Before the Cliff?

The question of "two recent firms" is more complex because announcements are continuous, and verification depends on the source base. However, the provided evidence identifies several firms that very recently formalized their MiCA-ready status:

Nexo: In early June 2026, the platform publicly stated it had established a MiCA-compliant structure under German regulatory oversight via BaFin—widely considered one of the EU's toughest crypto regulators . The firm announced a smooth transition for existing EEA clients to this new framework starting July 1.

Zerohash Europe: The Amsterdam-based subsidiary of Zerohash secured a standout dual approval. After receiving its MiCA authorization from the Dutch Authority for the Financial Markets (AFM) in October 2025, it became the first firm to also secure a full Electronic Money Institution (EMI) license from the Dutch central bank in May 2026 specifically for stablecoin brokerage services . This dual license structure represents the highest tier of regulatory integration under the new regime.

Other major names that have made the cut across various EU jurisdictions include Bitpanda (Germany), OKX and Crypto.com (Malta), Blockchain.com (Malta), SwissBorg (France), B2C2 (Luxembourg), Coinbase (Ireland), and Kraken (Ireland) .

No License, No Party: The Aftermath

ESMA was unequivocal in its April 17, 2026 statement: after July 1, 2026, there is no intermediate status. A firm is either authorized under MiCA or it is in breach of EU law and must cease all crypto-asset services to EU clients immediately.

This regulatory cliff is designed to clean up a patchwork of over 3,000 national registrations into a harmonized, supervised system. The result is a smaller, more rigorously vetted group of licensed Crypto-Asset Service Providers—around 200 at last count—that now control regulated access to one of the world's largest digital asset markets.