The European Union's Markets in Crypto-Assets (MiCA) regulation is set to fully take effect by July 2026, requiring crypto exchanges, wallet providers, stablecoin issuers, and portfolio managers to obtain authorization to operate. Only Poland is delaying implementation, due to presidential veto concerned about threats to freedoms and stability. The regulation prohibits the use of third-country equivalence, potentially disincentivizing crypto startups from serving EU customers. Crypto intermediaries may face burdensome fees and reporting obligations. MiCA favors large entities and could lead to shutdowns of DeFi protocols by targeting front-end intermediaries, raising concerns about the future of decentralized finance.

The European Union's Markets in Crypto-Assets (MiCA) regulation is set to fully take effect by July 2026, requiring crypto exchanges, wallet providers, stablecoin issuers, and portfolio managers to obtain authorization to operate. Only Poland is delaying implementation, due to presidential veto concerned about threats to freedoms and stability. The regulation prohibits the use of third-country equivalence, potentially disincentivizing crypto startups from serving EU customers. Crypto intermediaries may face burdensome fees and reporting obligations. MiCA favors large entities and could lead to shutdowns of DeFi protocols by targeting front-end intermediaries, raising concerns about the future of decentralized finance.