How crypto is regulated as an industry: the licensing regimes firms need, what each one covers, which activities sit outside the rules, and what the supervisors are doing about the gaps. Descriptive, not advice.
Europe's crypto rulebook is fully in force and its transitional regime closed on 1 July 2026. MiCA authorized 281 firms out of roughly 1,343 operating in the EEA beforehand, and says nothing about lending, staking, or the vaults built on them.
17 min read · reviewed
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