ESMA orders unlicensed crypto firms to shut down as MiCA deadline arrives

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European Securities and Markets Authority (ESMA) has directed unauthorized crypto-asset service providers to begin an orderly wind-down of their operations. The warning comes as the transitional period under the Markets in Crypto-Assets (MiCA) regulation officially expires on July 1. Firms that have not obtained the required license under the new framework are no longer permitted to operate legally within the European Union. MiCA, one of the world's most comprehensive crypto regulatory frameworks, has been gradually phased in to give businesses time to comply.

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