Fewer Than 300 Made the Cut: Ivan Nevzorov on MiCA, CASP Licensing, and What's Next for Crypto Firms

The article says that after the Markets in Crypto-Assets Regulation (MiCA) fully took effect across the EU on 1 July 2026, fewer than 300 companies are now authorized to serve EU crypto clients under the Crypto-Asset Service Provider (CASP) regime, down from more than 3,000 in June. Under MiCA, only firms holding CASP authorization granted by one EU member state can passport services across the bloc, and national Virtual Asset Service Provider (VASP) registrations had a deadline of 1 July 2026 to convert. Interviewed, Ivan Nevzorov, CEO of SBSB Fintech Lawyers, says the deadline for applying is already past and ongoing service without authorization would violate MiCA, carrying at least a €5 million fine under Article 111, with France potentially involving criminal liability. He outlines two remaining paths for firms: winding down or relocating outside the EU while avoiding marketing into the bloc, aside from “reverse solicitation.”