EU Enforces MiCA Crypto License Requirement Across All Member States

The European Union’s Markets in Crypto‑Assets (MiCA) regulation entered full force on 1 July, ending the fragmented supervisory regime that previously existed across the bloc’s 27 members. Under MiCA, any firm providing crypto‑asset services anywhere in the EU must hold a single MiCA licence, which can be “passport‑ed” to operate in all other member states without additional national approvals. The European Securities and Markets Authority (ESMA) has launched its first major supervisory inspection, focusing on licensed firms that custody digital assets for clients. The review examines how custodians safeguard assets, manage private keys, monitor transactions, and respond to cyber‑incidents, as well as their reliance on third‑party technology providers. The inspection aligns MiCA with the EU’s Digital Operational Resilience Act (DORA), which also obliges firms to maintain robust digital‑risk controls. Operators lacking a MiCA licence must cease onboarding new customers, suspend services, and orderly wind down existing client relationships.