The 18-month transition period for MiCA, known as the Crypto Asset Markets Regulation in the European Union, ended on July 1. Crypto asset service providers who want to continue serving customers in the EU after this date must have a license.
Shooting and registration printing in transition
Bruna Szego, President of AMLA, the Anti-Money Laundering and Combating the Financing of Terrorism Authority, said in her assessment at the European Parliament Economic and Monetary Affairs Committee that the intense user movement that may occur after the transition period may put additional pressure on the sector. AMLA stands out as the new authority established to strengthen the European Union’s anti-money laundering framework.
Bruna Szego said that they know that customers will quickly turn to withdrawal requests and emphasized that this will create additional pressure on the relevant service providers.
According to Szego, companies winding down their EU operations may face operational pressure as customers seek to withdraw their assets. Licensed crypto companies, on the other hand, may have difficulty in customer acceptance and compliance controls due to the influx of new users. Therefore, service providers are required to maintain effective and uninterrupted compliance procedures throughout the transition.
Call for unlicensed companies to cease operations
ESMA, the European Securities and Markets Authority, announced that crypto service providers who do not receive authorization by the deadline must take steps to immediately terminate their activities in the EU. In this context, companies that have not received a license are expected to enter the process of closing customer relations and terminating their services in an orderly manner.
MiCA creates a common regulatory basis for crypto services across the EU. The regulation aims to reduce differences between member states, especially in the areas of licensing, consumer protection and market surveillance.
AMLA will publish report by the end of the year
In its advisory published before July 1, AMLA warned that the end of the transition period could increase money laundering risks. The note outlined measures on how to maintain anti-money laundering controls for both companies closing EU operations and licensed providers accepting new customers.
Szego explained that AMLA will publish a report on money laundering risks in the crypto sector and audit practices across the association before the end of the year, and that it is also expanding its blockchain analysis capacity to strengthen oversight.
The report to be prepared will also examine how national authorities supervise crypto asset service providers. It is planned to identify differences in implementation between member countries and to carry out joint follow-up studies with national regulators in areas deemed necessary.
AMLA aims to ensure that these findings contribute to the establishment of more consistent anti-money laundering oversight across the EU. Thus, it is aimed to make both regulatory compliance and auditing standards more coordinated in the post-MiCA period.
