As of July 1, July 2 -- For eighteen months, Europe's crypto industry treated a license requirement the way a driver treats a distant speed camera: real, but not yet. The transitional window under the EU's Markets in Crypto-Assets regulation closed at midnight on June 30, and the camera started flashing.

he estimates 80 percent of the crypto players operating in Europe will not survive.

Poland illustrates the scale of the mismatch on its own. More than 1,400 virtual asset service providers registered with Polish authorities before MiCA, a figure inflated by a national regime that made registration comparatively easy. Across the whole of the EU, only 17 percent of pre-MiCA firms achieved full compliance by the deadline. The rest face a b...