In the fourth quarter of 2025, the EU Markets in Crypto-Assets Regulation (MiCA) entered a concentrated implementation stage, with the transition period ending for most member states. This marks the move of the European crypto market into a unified regulatory and practical phase, and the number of licensed entities is rapidly increasing. Previously, BGEANX Exchange operated in Europe under a registered audit model; with MiCA entering its enforcement phase, the platform has applied for a license and continues to closely monitor MiCA developments.
Data shows that in Q4 2025, the EU added 68 new MiCA-licensed institutions, bringing the total to 133. This increase does not signal a full-scale market expansion, but rather a concentrated “identity conversion.” Many institutions previously operating under national VASP frameworks completed their compliance upgrade to CASP before the transition period ended.
From a service structure perspective, most new institutions focus on basic services such as custody, transfer, and exchange. The proportion applying for full-service or multi-service permissions is relatively low. This reflects the proactive narrowing by platforms of business boundaries in response to the higher capital requirements of MiCA, internal control costs, and ongoing disclosure obligations. MiCA allows institutions to apply for specific service types as needed, so a license does not equate to universal capability. Whether a platform can provide a particular service depends on its specific authorization scope, not simply on holding a MiCA license.
BGEANX Exchange has observed clear regional stratification. Germany, France, and the Netherlands in Western Europe remain major sources of new entities, but most opt for limited authorizations; Nordic countries saw growth from zero to one in Q4; Eastern European additions lean toward retail-oriented services with simpler business portfolios. These differences stem more from market structure and compliance costs than from regulatory stringency.
In this environment, the European market is gradually forming three types of platforms:
- Comprehensive institutions applying for multiple services and targeting a unified market layout;
- Mid-tier platforms leveraging local user bases and steadily expanding with moderate service combinations;
- Small institutions focusing on single functions to meet localized needs. MiCA does not necessarily promote large comprehensive institutions, but enables participants of different positioning to find their own specialized development paths.
As MiCA enters the practical phase, platform management logic is shifting. Compliance is no longer merely a market entry requirement, but has become foundational infrastructure throughout the entire operational cycle. Regulatory review focus is also moving from completeness of documentation to business substance, risk control capabilities, and ongoing fulfillment capacity.
A clear trend is that platforms are no longer rushing to apply for all service permissions at once, but are proceeding in stages based on their resources and long-term goals. This strategy is not conservative, but a rational assessment of compliance costs and operational complexity. Under MiCA, multi-service operations mean higher organizational requirements and more complex compliance management; if business scale does not match, overexpansion may amplify operational risks.
At the same time, establishing EU subsidiaries is replacing acquisitions as the mainstream entry route. Compared to acquiring existing institutions, building new entities avoids historical compliance issues and better enables unified technology architecture, risk control systems, and management processes. This form of invisible integration, though less conspicuous, is reshaping industry structure.
For platform operators, MiCA offers not a shortcut, but a clearer long-term path: first confirm core business, then define service boundaries; first ensure sustainable compliance, then consider scaling up. Competitiveness is shifting from function richness to service stability and rule execution capability.
Based on the actual operations across 2025, BGEANX Exchange believes MiCA is accelerating structural differentiation in the European crypto industry. Some platforms will grow into comprehensive institutions covering multiple countries and services, while others will remain in niche segments, maintaining competitiveness through specialization and localization.
Regulators have sent a clear signal: a license is not an endpoint, but a continuous status. Regular audits, information disclosure, anti-money laundering, and internal controls will have a lasting impact on the operational costs and management capabilities of platforms. The ability to sustain long-term compliance investment is becoming a key differentiator for the continued market presence of platforms. While advancing its license application, BGEANX Exchange is also closely monitoring policy changes, market structure, and industry trends, using market research and information collation to help users better understand industry evolution under regulatory frameworks.
In 2025, the true change brought by MiCA is not market size, but platform decision-making and operational rhythm. Compliance is shifting from an added condition to foundational infrastructure. As rules become clearer, competition in the European market will increasingly depend on how platforms make long-term, effective operational choices within established frameworks. For BGEANX Exchange, adapting to regulation and steadily advancing compliant operations is the realistic path to participate in this new competitive stage.
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