An analysis of how MiCA's grandfathering deadline consolidated Europe's crypto market from 3,781 registered VASPs to 289 authorised CASPs, and what the data shows about where supervision is headed next.
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Following the end of MiCA grandfathering arrangements in most EU member states on 1 July 2026, Europe’s crypto market entered a new phase focused on supervision and enforcement. Firms could no longer rely on transitional arrangements that allowed them to operate under national registrations while their MiCA applications were reviewed.
From a pre-MiCA peak of 3,781 registered VASPs, Europe’s market now includes 289 MiCA-authorised CASPs as of 14 July 2026.[1] Although these figures are not directly comparable, they indicate the scale of the market’s consolidation.
This report maps that transformation jurisdiction by jurisdiction. Around 55% of MiCA-authorised CASPs are concentrated in just five countries, [2] while only 20 of the 78 leading centralised exchanges reviewed by VASPnet currently hold at least one MiCA authorisation. [3] However, these headline figures conceal markedly different national markets shaped by Article 60 notifications and Article 63 authorisations.
Drawing on VASPnet data from 124 regulators and public authorities across 86 countries, the report examines the legal entities operating within and beyond the MiCA perimeter, and what the end of transitional arrangements means for cross-border supervision and counterparty due diligence.
Download the report for a complete picture of Europe’s post-transition crypto market.
[1] VASPnet, VASPdata, accessed 14 July 2026.
[2] European Securities and Markets Authority, Interim MiCA Register, accessed 14 June 2026
[3] VASPnet analysis of 78 leading centralised exchanges, 14 July 2026. Includes one electronic-money institution operating under Article 60.
