Germany and France hold more than one-third of the 244 MiCA crypto‑asset service provider licences issued by the EU as of June 29, with 57 and 26 licences respectively, according to ESMA data. The EU's Markets in Crypto‑Assets (MiCA) regulation requires firms to obtain a national licence to operate crypto services for EU users. The ESMA interim register, updated weekly, tracks licences and non‑compliant entities; national regulators supply the data and licences may be added after the initial reporting period. Greece, Hungary, Poland, Portugal and Romania had not issued any MiCA licences by the June 29 cut‑off. Poland lacks a full national licensing framework, and its president has rejected the proposed legislation three times, according to a Bits.Media report. The transition period for unlicensed firms ends on July 1, 2026, after which they must wind down activities in an orderly manner and protect clients. The concentration of licences in Germany and France is likely to limit the range of assets and liquidity available on unlicensed platforms, as firms remove products or restrict access. Coinbase and OKX have signaled intent to attract European users before the deadline, while Binance has informed users that its services will remain available while it pursues alternative authorisation routes. Binance previously attempted a Greek licence application that did not advance before the cutoff. The upcoming enforcement of MiCA on July 1 will shape where crypto activity moves across the EU, with licensed entities gaining legal certainty and unlicensed firms facing reduced market access.