Three Months Into MiCA, One Rule Is Clear: A Crypto Licence Covers Only the Market That Issued It - CoinGape

Three months into the EU's Markets in Crypto-Assets (MiCA) framework, an important structural feature is coming into focus: a crypto licence is valid only within the jurisdiction that issued it. In practice, that means authorisation from one national regulator does not automatically grant passporting rights across the entire bloc.

For market participants, this has direct operational implications. Firms serving users in multiple EU countries may need to engage with each member state's regime separately, which adds compliance cost and complexity. It also affects how exchanges, custodians and token issuers plan their European footprint.

What to watch from here is how national regulators coordinate and whether further harmonisation guidance emerges as the framework matures. The key takeaway is that MiCA creates a common rulebook, but licensing remains market-specific for now.