End of the MiCA Regulation transitional period: immediate implications for CASPs

SÉRVULO PUBLICATIONS 01 Jul 2026

End of the MiCA Regulation transitional period: immediate implications for CASPs

On 23 June 2026, the European Securities and Markets Authority (ESMA) issued a public statement on the end of the transitional period provided for in Regulation (EU) 2023/1114 (the MiCA Regulation), clarifying the supervisory expectations applicable to crypto-asset service providers (CASPs) which, as from 1 July 2026, do not hold an authorisation to provide crypto-asset services in the European Union.

 

1. Immediate impact on non-authorised CASPs

As from 1 July 2026, CASPs that have not obtained authorisation under the MiCA Regulation are precluded from continuing to provide crypto-asset services to EU clients. According to ESMA, such entities must take immediate measures to wind-down their activity in the European Union in an orderly manner.

In particular, non-authorised CASPs must:

(i)       Immediately stop onboarding new EU clients - refraining from opening new client relationships or accounts and ceasing any marketing or solicitation activities directed at EU clients.

(ii)      Limit the provision of services to what is strictly necessary for an orderly exit – confining their activity to the actions necessary to sell or transfer crypto-assets, reallocate assets or close positions. The custody of clients' crypto-assets may continue only for the period strictly necessary to complete an orderly exit.

(iii)     Communicate clearly, promptly and repeatedly with clients – informing both retail and institutional clients of the measures taken to safeguard their assets and of the wind-down plans, so that clients know the timeline to dispose of, transfer, reallocate or close their positions. The communications must include a deadline by which any residual positions will be automatically closed, together with information on the applicable client protection requirements.

ESMA further recalls that CASPs established outside the EU may not provide services covered by MiCA to EU clients, nor solicit EU clients, including in a business-to-business context. The MiCA Regulation likewise prohibits CASPs from outsourcing or delegating certain services, notably the custody of crypto-assets, to entities not authorised as CASPs.

 

2. Continuity of AML/CFT obligations

This "operational decompression" does not, however, amount to any regulatory relief. On the contrary: throughout the wind-down process, the obligations applicable in respect of the prevention of money laundering and terrorist financing (AML/CFT) remain intact, as though the activity were continuing under normal conditions.

In particular, non-authorised CASPs should maintain effective AML/CFT controls throughout the wind-down process, including:

(i)       customer due diligence measures;

(ii)      transaction monitoring;

(iii)     screening against restrictive measures and sanctions lists;

(iv)    suspicious transaction and activity reporting;

(v)      record-keeping requirements; and

(vi)    compliance with the applicable transfer of funds and crypto-asset transfer traceability obligations.

 

3. Possible transfer to authorised CASPs and associated costs

The ESMA statement also leaves certain matters open - in particular as regards the possible transfer of clients to authorised CASPs and the allocation of the costs associated with the transfer, disposal, reallocation or closing of positions.

There is, in this respect, no formal requirement, the underlying rationale of the ESMA statement is nonetheless clear: any solution should be premised on safeguarding clients’ interests.

Against this background, and although the ESMA statement does not expressly regulate these aspects, it is advisable that any transfer be based on an appropriate contractual framework or on the valid consent of clients, and that any associated charges or costs be communicated in advance in a clear, specific and comprehensible manner.

In any event, ESMA makes clear that, where clients are transferred to a CASP authorised under the MiCA Regulation, it will fall to the receiving CASP to carry out the full onboarding procedures, including customer due diligence measures and the other verifications applicable in respect of AML/CFT.

 

4. Overview in Portugal

In Portugal, the end of the transitional period marks the beginning of the full application of the MiCA Regulation to CASPs, within the framework established by Law no. 69/2025, of 22 December, which ensures the national implementation of the MiCA Regulation and designates Bank of Portugal and CMVM as the competent authorities, and by Law no. 70/2025, of 22 December, which implements Regulation (EU) 2023/1113, on information accompanying transfers of funds and certain crypto-assets.

According to publicly available information, as at the date of the end of the transitional period, only one CASP is registered in Portugal under the MiCA Regulation, without prejudice to CASPs providing services in the national territory under the freedom to provide services (LPS) regime

For CASPs still lacking MiCA authorisation, the immediate priority is twofold: (i) to cease the admission of new EU clients and (ii) to implement an orderly wind-down plan, ensuring the protection of clients’ assets, clear and timely communications, the full maintenance of AML/CFT controls and the adequate traceability of the decisions taken and operations carried out.

Therefore, for entities that operated under the transitional regime without obtaining authorisation, this moment entails ceasing activities falling within the scope of MiCA, reassessing their regulatory position and, where applicable, to prepare a possible re-entry into the market, within a European crypto-asset ecosystem that is more harmonised, more closely supervised and marked by more demanding regulatory standards.

 

 

 

Verónica Fernández | vf@servulo.com

Andreea Babicean | aba@servulo.com