The final transition period of the MiCA regulation ended on July 1, forcing unauthorized providers to leave the European market or organize the transfer of their clients’ assets. Only around 280 providers were listed on the ESMA register in early July, including Standard Chartered, FalconX and Sygnum Europe. Ongoing compliance costs — governance, capital requirements, audits, reporting — disproportionately burden smaller structures and drive sales, mergers or infrastructure sharing. Banks hold a competitive edge with existing legal teams, control procedures and regulatory capital: CACEIS is negotiating the acquisition of Meria, Standard Chartered obtained its MiCA licenses in Luxembourg and a consortium of 37 banks is preparing a euro-denominated stablecoin.
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