Newsroom / CNA
Cyprus’ crypto sector is on a tight countdown, with just six days left until a major EU regulatory deadline that could reshape the industry.
From 1 July 2026, the EU’s new crypto rules, known as MiCA (Markets in Crypto-Assets Regulation), fully kick in after a transitional period comes to an end.
In simple terms, that means crypto companies operating in Cyprus and across the EU must now hold full EU-level approval. Those still relying on older national registrations issued by CySEC will no longer be allowed to operate in the same way.
If they are not fully authorized under MiCA by the deadline, they risk being in breach of EU law.
A big shake-up in numbers
Across Europe, more than 1,200 crypto firms were registered under old national systems before MiCA.
So far, only around 210 companies have successfully upgraded to full authorization, a conversion rate of less than 18%.
CySEC closed its application window in February, meaning firms that did not apply in time were expected to prepare exit or wind-down plans.
Who made it through, and who didn’t
Some major players have cleared the hurdle. Among them is Revolut, which has already secured its MiCA license through CySEC.
But for many smaller firms, the options are now limited and very clear:
- Get full MiCA authorisation
- Merge with another company
- Offboard clients and scale down
- Or shut down operations entirely
- What it means for the market
The result is expected to be a much smaller and more tightly controlled crypto industry in Europe.
While regulators argue this will improve safety, transparency, and trust, it also means higher barriers for new companies trying to enter the market and likely fewer players overall.
In short, the crypto landscape in Cyprus and the EU is about to get stricter, leaner, and far more regulated, and the countdown has already started.
