The European Union's transitional grace period for the Markets in Crypto-Assets (MiCA) regulatory framework will expire on July 1, 2026. With only 194 crypto firms licensed by May 2026, approximately 75% of the over 3,000 registered platforms may face shutdown. Unlicensed platforms must cease operations, migrate users, or exit the EU market by the deadline. France's financial regulator, the AMF, has issued stern warnings, indicating that unlicensed operations could result in penalties, including up to two years in prison and a €30,000 fine. Users of platforms failing to secure a MiCA license may encounter restrictions, such as being unable to deposit or needing to withdraw funds.