EU crypto rulebook faces enforcement challenge as MiCA transition ends

The EU cryptocurrency industry enters a strict enforcement phase as the Markets in Crypto-Assets regulation transition ends. Unauthorized crypto companies must wind down operations or face fines up to five million euros and twelve point five percent of annual turnover for stablecoin breaches. National competent authorities handle daily supervision while ESMA coordinates across member states like Italy, France, Germany, Luxembourg, Bulgaria, and the Czech Republic.