As the Markets in Crypto-Assets (MiCA) regulation deadline approaches, unlicensed crypto firms across Europe face potential closure. The European Securities and Markets Authority (ESMA) has urged unauthorized crypto-asset service providers to wind down operations while protecting client interests. MiCA, which began with stablecoin regulations in June 2024, now fully applies, requiring firms to obtain licenses from national regulators to operate within the European Economic Area (EEA). The compliance costs associated with MiCA have led some firms to consider acquisition by licensed entities like OXK, which secured its MiCA license from Malta over a year ago. While the regulation aims to standardize and secure the crypto market, concerns have been raised about its impact on smaller firms, which may struggle with the financial burden of compliance and additional licenses, such as electronic money institution (EMI) licenses, necessary for broader operations.