EU Crypto Asset Regulation MiCA officially comes into effect, unlicensed service providers must cease services

The EU Crypto Asset Regulation (MiCA) officially came into effect on July 1st. The European Securities and Markets Authority (ESMA) requires cryptocurrency service providers without MiCA licenses to cease or restrict their services in the European Union and assist users in transferring assets or self custody. In 2024, there will be over 3000 registered cryptocurrency companies in Europe, but currently only 244 hold MiCA licenses, and the rest of the companies must cease operations.