As of July 1, 2026, the Markets in Crypto-Assets Regulation (MiCA) has become the sole governing framework for crypto-asset service providers across the European Economic Area. Bybit EU GmbH stands among the first major international exchanges to secure its license in Austria, paired with a welcome campaign offering up to 100 euros in Bitcoin. Full regulatory breakdown inside.
🔑 In brief
- MiCA applies fully across the 29 EEA countries since July 1, 2026
- Bybit EU GmbH secured its MiCA license from Austria’s FMA on May 28, 2025
- The welcome offer can reach up to 100 euros in Bitcoin for eligible new users
- Only ~210 out of 1,200+ pre-MiCA entities obtained full CASP authorization (~17%)
- About 7.6 million EU crypto users still hold assets on unlicensed platforms
Understanding MiCA: a unified framework for 29 countries
The Markets in Crypto-Assets Regulation represents the European Union’s first comprehensive attempt to create a single, harmonized regulatory framework for cryptocurrency companies operating within its borders. Before MiCA, each EU member state maintained its own set of rules — a patchwork that generated regulatory arbitrage opportunities and genuine confusion for users trying to assess which platforms were trustworthy.
The core mechanism is the European passport: a crypto-asset service provider (CASP) licensed in one EU member state can serve all 29 EEA countries — the EU’s 27 plus Norway, Iceland, and Liechtenstein — without needing separate authorizations in each jurisdiction.
The regulation imposes strict operational standards on licensed platforms:
- Segregation of client funds from the company’s own assets
- Robust cybersecurity frameworks aligned with the DORA regulation
- Clear and transparent fee structures
- Formal complaint-handling procedures
- Ongoing supervision by the competent national authority and prompt reporting of significant incidents
The July 1, 2026 deadline is not arbitrary. It marks the end of a transitional period that allowed platforms to continue serving customers while their applications were reviewed. Any entity providing crypto-asset services in the EEA without an actual, granted MiCA license is now operating in breach of EU law. According to multiple industry sources, approximately 7.6 million European crypto users still hold assets on unauthorized platforms and must migrate their funds to a licensed provider or a personal wallet.
MiCA adoption: a contrasted picture
The numbers around MiCA adoption paint a sobering picture of the industry’s readiness. Of the more than 1,200 entities that held pre-MiCA national registrations across the EEA, only around 210 had successfully converted to full CASP authorization as of early 2026 — a conversion rate of roughly 17%.
| Key data | Figures |
|---|---|
| Pre-MiCA registered entities in the EEA | 1,200+ |
| Entities converted to full CASP authorization (early 2026) | ~210 |
| Conversion rate | ~17% |
| Jurisdictions with zero public CASP authorizations | 10 |
| EU crypto users still on unlicensed platforms | ~7.6 million |
| Bybit February 2025 hack theft | ~$1.5 billion |
| German seizure from eXch in May 2025 | ~€34 million |
Major platforms — Kraken, Coinbase, Bitstamp, Bitpanda, OKX, Crypto.com — secured their licenses. Ten jurisdictions had issued no public authorization according to ESMA records: Croatia, Estonia, Greece, Hungary, Iceland, Italy, Norway, Poland, Portugal, and Romania. Poland presents a particularly pressing case: it was one of the most popular jurisdictions for pre-MiCA crypto licensing, yet its local MiCA implementation legislation had not passed as of early 2026, leaving a large number of Polish-licensed operators in legal limbo.
On stablecoins, only Circle’s USDC and EURC have achieved full MiCA compliance. Tether’s USDT — the most widely used stablecoin globally — has not pursued authorization and remains effectively shut out of EU-regulated markets. Coinbase, Kraken, and Binance have moved to restrict USDT for EEA users, either through delisting or geofencing. Tether’s CEO Paolo Ardoino has publicly defended the company’s position, arguing that MiCA’s requirement for stablecoin issuers to hold 60 percent of reserves in European banks creates systemic risk by potentially triggering a simultaneous banking and stablecoin crisis.
Bybit EU: from Singapore to Vienna via Dubai
Bybit was founded in 2018 by entrepreneur Ben Zhou and quickly grew into one of the world’s largest cryptocurrency exchanges by trading volume. The company initially operated from Singapore but relocated its global headquarters to Dubai in 2022, reflecting a broader trend of crypto firms seeking regulatory clarity in jurisdictions with well-defined digital asset frameworks. As of 2026, Bybit ranks as the second-largest crypto exchange globally by trading volume, according to CoinMarketCap data.
The company suffered a catastrophic security breach in February 2025, when hackers stole approximately $1.4 to $1.5 billion in Ethereum and related tokens — widely described as the largest single cryptocurrency theft on record. The incident raised questions about the exchange’s security infrastructure, though Bybit’s subsequent regulatory progress suggests the breach did not fundamentally undermine its institutional relationships or its ability to satisfy regulators. In May 2025, German law enforcement separately seized approximately €34 million in cryptocurrency from eXch, a platform allegedly used to launder funds from the Bybit hack.
Against this backdrop, Bybit pursued regulatory licensing in Europe with notable speed and commitment. The company established Bybit EU GmbH as its European subsidiary, incorporated in Austria with commercial register number FN 636180i. On May 28, 2025, Austria’s Financial Market Authority (FMA) granted Bybit EU GmbH full authorization as a crypto-asset service provider pursuant to Article 63 of Regulation (EU) 2023/1114, the MiCAR text. This made Bybit one of the first major international cryptocurrency exchanges to receive a formal MiCA license from a European national regulator.
The authorization covers the following services for residents of the European Economic Area, excluding Malta:
- Providing custody and administration of crypto-assets on behalf of clients
- Exchanging crypto-assets for funds
- Exchanging crypto-assets for other crypto-assets
- Placing of crypto-assets
- Providing transfer services for crypto-assets on behalf of clients
The company established its European headquarters in Vienna and announced plans to hire more than 100 staff locally to support its European operations. The FMA’s official authorization is publicly verifiable and appears on the regulator’s website. Bybit EU GmbH also appears on the French AMF’s white list, confirming its authorization to serve French residents under the free provision of services principle that MiCA enshrines. Mazurka Zeng, CEO of Bybit Europe, described Vienna as « the home of Bybit Europe, » signaling the company’s long-term commitment to its European base.
« Securing the MiCAR license in Austria is a testament to our compliance-first approach at Bybit. We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance. »
Ben Zhou, co-founder and CEO of Bybit
The 100-euro Bitcoin welcome offer: what it actually includes
Bybit EU’s current welcome campaign runs from June 19, 2026 through September 30, 2026 and targets new users who have never previously held a Bybit EU account and who reside in the EEA (excluding Malta). The offer is structured across three main components, and understanding how they stack up is important for anyone considering creating an account.
Component 1 — Deposit bonus. New users who make an initial deposit of at least €100 receive €50 in Bitcoin credited to their account. This is a straightforward one-to-one match on the deposit, subject to a minimum threshold of €100.
Component 2 — Bybit Card. New card applicants who deposit at least €100 and successfully order a card can receive up to €120 in bonus rewards related to the card program, plus the reimbursement of one subscription (Netflix, Spotify, ChatGPT Plus, or equivalent) capped at €50 during the first month.
Component 3 — Referral bonus. Bybit EU users who invite eligible friends to the platform receive €50 per qualifying referral, also paid in Bitcoin, provided the referred friend completes identity verification.
| Component | Condition | Reward |
|---|---|---|
| Initial deposit | ≥ €100 | €50 in Bitcoin |
| Bybit Card | Deposit ≥ €100 + order | Up to €120 in bonuses |
| Subscription reimbursement | First month | Up to €50 |
| Referral | 1 eligible verified friend | €50 in Bitcoin |
| Maximum combined total | — | ~€100 in Bitcoin |
When these components are combined, a new Bybit EU user who deposits €100, successfully refers one friend, and activates the Bybit Card can theoretically receive up to €100 in Bitcoin rewards — plus the card-related benefits. The Bybit Card’s broader European rollout, including its Bitcoin cashback feature of up to 20 percent on everyday spending, was introduced separately in January 2026 and represents a distinct product from the welcome campaign.
The welcome campaign operates on a first-come, first-served basis with limited reward pools. Bybit has stated that it reserves the right to modify the terms without advance notice. The VIP cashback component — which promises up to 10 percent annualized on crypto deposits, paid weekly for 52 weeks — does involve holding crypto assets on the platform, but it is explicitly structured as a reward tier tied to VIP level and trading volume, not as a deposit guarantee.
What European crypto users should do now
For European residents holding cryptocurrency on platforms that have not publicly confirmed a MiCA license, the July 1, 2026 deadline has passed and options are narrowing. The most important immediate steps are straightforward.
- Verify your platform’s regulatory status. Check the ESMA public register of authorized crypto-asset service providers at esma.europa.eu, or consult your national regulator’s website. If your platform does not appear, it is operating without a license as of July 1, 2026.
- If your platform is unlicensed, initiate a withdrawal. Migrate your assets to a personal wallet — ideally a hardware wallet — or to a licensed exchange. The process involves generating a receive address from your wallet, selecting the cryptocurrency you hold on the exchange, choosing the withdrawal option, and pasting your personal wallet address. Expect to pay a small network transaction fee. Doing this before the promotional window closes — and before the year-end holiday period when blockchain network congestion can drive up fees — is advisable.
- If you decide to open a Bybit EU account, verify eligibility: new user (never previously held a Bybit EU account), EEA resident excluding Malta, complete identity verification (Individual Level 1 or Business Verification). The €50 Bitcoin bonus for a €100 deposit requires a single deposit of at least €100.
- Understand what you are getting into. The welcome bonus is real, but it is a marketing incentive, not financial advice. Holding cryptocurrency on any exchange — even a regulated one — carries risks that personal custody does not. The VIP cashback component involves holding crypto assets on the platform for extended periods and scaling your trading activity to reach higher VIP tiers.
Conclusion: a European market reshaped by compliance
The post-July 1, 2026 European crypto landscape is structurally different from what preceded it. With only about 17% of pre-MiCA entities successfully converting to full CASP licenses, the market is concentrating around a smaller number of larger regulated platforms. Bybit EU GmbH’s MiCA license, granted by Austria’s FMA on May 28, 2025 and passported to all 29 EEA countries (excluding Malta), positions it among the most visible options for European users seeking a regulated framework.
The up to €100 Bitcoin welcome offer is an aggressive acquisition tool, but users should keep two principles in mind: systematically verify regulatory status via the ESMA register, and favor personal custody for significant amounts. In the short term, regulatory pressure should intensify further, with ongoing debate over centralizing supervision at the ESMA level and the evolving status of stablecoins like USDT. European users migrating to regulated platforms in the coming months will benefit from both reinforced legal protection and current welcome offers.
Sources
- Austrian FMA — Bybit EU GmbH MiCA authorization (May 28, 2025)
- Cointelegraph / TradingView — MiCA license and Vienna headquarters announcement (May 29, 2025)
- French AMF — white list confirming Bybit EU GmbH
- Yahoo Finance — industry analysis of the July 1, 2026 deadline
- Invity — practical implications of the MiCA deadline for Bitcoin holders
- CoinDesk — hack coverage and European license reporting
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
