A licence is a permission with edges. MiCA just moved where the edges are, and made them enforceable.
What changed on 1 July 2026
Before the deadline, firms offering crypto-asset services in the EU could often rely on national registration regimes or transitional grandfathering. That period is closed. Operating stablecoin rails for EU customers now means holding MiCA authorisation directly, or running under a partner who already holds it. There is no third option that's still compliant.
This applies whether the crypto-asset activity is the product itself or the settlement mechanism underneath it. A B2B payments company using stablecoin rails to settle a EUR/TRY invoice is in scope, even if the customer never sees a token.
What the regulator said next
On 23 June 2026, about a week before the deadline, France's AMF published a notice setting out ESMA's expectations for the end of the transitional period. It states that from 1 July, any entity providing crypto-asset services to EU clients without MiCA authorisation “must cease such activities.”
Two dates matter, and they come from different bodies. The AMF reiterated, following its own statement of 5 February 2026, that firms which had not applied for authorisation should have had an orderly wind-down plan in place as of 30 March 2026. ESMA reiterated that by 1 July 2026 any provider not authorised under MiCA must have implemented its wind-down plan. For non-EU entities, the notice says they may not provide crypto-asset services to EU clients, apart from the limited reverse-solicitation exemption. To retail investors, ESMA said to check that their provider is listed as an authorised CASP and, if it is not, to move their assets to an authorised CASP or a self-hosted wallet promptly.
For a B2B payment provider the practical reading is simple: the transitional period is over, and the regulators have said what they expect of unauthorised firms. If you move money through a provider that serves EU customers, ask whether it is authorised itself or acts under a partner that is. This is a summary of regulator statements, not legal advice. Source: AMF, 23 June 2026.
The arithmetic of getting licensed yourself
Getting MiCA authorisation independently is a year-scale, six-figure project: capital requirements, a compliance function, ongoing supervisory reporting, and a governance structure a regulator will actually approve. That's before a single payment moves.
And a licence has edges. Europe's most regulated stablecoin platform holds a French payments institution authorisation and a MiCA CASP registration — and settles in EUR and USD. Two currencies. The most licensed player in the category has the narrowest currency book in the category, because stacking more currencies on top of a licence means more sets of regulatory edges to line up, across jurisdictions that don't coordinate.
The alternative: run under a partner's authorisation
| Path | Time to compliant launch | What you build | What you hold |
|---|---|---|---|
| Get your own MiCA licence | 12+ months, six figures | Compliance function, capital buffer, governance | Full regulatory perimeter, narrow currency book |
| Partner under existing authorisation | Weeks to ~3 months | Your product, your brand, your customer relationship | The commercial relationship — licence stays with the partner |
Modality operates as the settlement layer over licensed rails, not the licensed entity itself in every case — partners can run under Modality's operating structure, or bring their own permissions and use Modality as a pure technology layer. Either way, the platform doesn't change: 36 currencies, 630 direct pairs, one integration.
Who this affects first
- Payment providers extending payout menus into currencies their current banking relationships don't cover.
- Crypto brokers and OTC desks offering fiat legs alongside digital assets to EU clients.
- FX and money-service brokers quoting pairs their liquidity provider's USD book doesn't reach.
- Software platforms embedding a payments product for EU business customers under their own brand.
None of these firms need to become a MiCA-authorised crypto-asset service provider to keep serving EU customers compliantly. They need a partner who already is one, or who operates the settlement layer without ever taking custody of client funds — which is a structurally different regulatory question than issuing or holding crypto-assets.
FAQ
What Is MiCA And Does It Apply To Stablecoin Payments
MiCA (Markets in Crypto-Assets Regulation) is the EU's framework governing crypto-asset issuance and services, including stablecoins. If a business serves EU customers using crypto-asset services — including stablecoin-settled payments — it needs MiCA authorisation or must operate through a partner who already holds one.
When Did The MiCA Transitional Period End
MiCA's transitional period for crypto-asset service providers ended 1 July 2026. Firms operating under national grandfathering provisions before that date now need full MiCA authorisation, a MiCA-authorised partner, or must exit EU crypto-asset activity.
Do I Need My Own MiCA Licence To Launch A Stablecoin Payment Product
No. A firm can launch a compliant stablecoin-settled payment product under a partner's existing MiCA authorisation and licensed banking rails, without becoming a regulated crypto-asset service provider itself. Getting a MiCA licence independently is typically a year-scale, six-figure project; partnering compresses that to weeks.
See what launching under our authorisation looks like for your segment — get a demo.