European supervisors leave more than a thousand crypto companies without a license
The TRM consultancy report estimates that 1,343 firms were operating in the EU before the regulations, but only 323 have obtained authorization. 12% of the unauthorized entities are considered high-risk.
The end of the transitional period of the first crypto regulation in Europe (MiCA), on July 1, left a snapshot that will shape the future of the sector: barely a minority of the companies operating in the region has managed to meet the requirements demanded by the supervisors to continue providing digital asset services in the Old Continent.
Only one in five companies obtained the license in time to operate, that is, around 281 companies out of 1,343, according to a report by TRM, one of the leading blockchain data analysis firms. Although the authorization process is still open and some have obtained it after the deadline (the European supervisor, ESMA, currently counts 323 authorizations), many have not achieved it.
Nearly a thousand companies have been left without a license and must cease operations and facilitate the transfer of their clients' funds. According to TRM, part of these entities also present high-risk profiles.
Translated by urgent.news from El Pais Economia's report; automated translation may contain errors. Machine-written — it may contain errors, so check the original before relying on it.
