Crypto Scenario Insights
What happened
The expiration of the MiCA grace period on July 1, 2026, will force thousands of unlicensed crypto firms to cease EU operations.
What we think
The most likely outcome is a neutral-to-bearish short-term liquidity transition (55% probability) characterized by a temporary drop in European trading volumes and localized retail friction as 75% of legacy platforms los…
Read the analysis
Will the MiCA Deadline Fragment EU Liquidity, or Fast-Track Institutional Capital?
We explain what happened and what could follow. We do not forecast prices.