According to foreign media outlet BeInCrypto, only 7% of European cryptocurrency businesses have obtained a license that complies with the European Union's crypto regulation, Markets in Crypto-Assets (MiCA).

As of 2024, a total of 2,747 Virtual Asset Service Providers (VASPs) are registered with regulatory authorities across the EU, but only 210 of these firms have met the MiCA standards to acquire a license.

The current MiCA regulation mandates that all relevant businesses obtain a CASP license by July 1. Unlicensed firms that fail to acquire a license after the deadline must cease operations.

Meanwhile, the European Commission recently initiated an official review process for the MiCA legislation.