The European Union’s crypto rulebook just got teeth. The MiCA transition period is over, meaning crypto companies without proper authorization can no longer legally serve EU clients. They’re expected to wind down or face fines running into millions of euros.
Compliance isn’t cheap. Storm Partners estimates costs between €350,000 and €600,000 for most crypto firms. Brickken’s CEO says it can hit €2 million depending on the company’s size. But operating without authorization? That risks penalties starting at €5 million or 5% of annual turnover. The EBA even proposed fines up to 12.5% of annual turnover for some stablecoin violations.
Here’s the real question: will enforcement be consistent across the bloc? MiCA creates a single rulebook, but day-to-day supervision falls to national regulators. Those agencies have different resources, priorities, and experience levels.
Ivo Grlica, founder of GrlicaLaw, said ESMA plays a key coordination role to avoid regulatory arbitrage between member states. But Peter Bidewell from Parfin noted that different supervisory approaches could still create opportunities for arbitrage — exactly what MiCA is supposed to prevent.
Several EU regulators have already issued notices reminding companies the transition period is over. The Czech National Bank can fine unauthorized operators up to 118.5 million koruna ($5.6 million). Others are expected to follow. How aggressively each regulator moves depends on local priorities, but the message is clear: the grace period is done.
