Is the crypto market ready for 2025 with MiCA?

The following article is an editorial by Mike Romanenko, CVO and co-founder of Kyrrex..

The European cryptocurrency industry is at the threshold of regulatory reform. The European Union’s landmark framework for crypto asset governance, the Crypto Asset Market Regulation – MiCA – will become a legal requirement and shape the future of the industry. MiCA is committed to introducing uniform rules for transparency, anti-money laundering (AML) and consumer protection to strengthen trust and foster growth. But is the market ready for the big changes required?

Mike Romanenko, CVO and co-founder of Kyrrex, reflects on the state of the European market facing MiCA as we head into 2025.

The reality is that readiness across the crypto industry is uneven. Kyrex’s internal analysis for Poland, the Czech Republic and the Baltics shows that less than 5% of the more than 3,300 cryptocurrency businesses in the region are fully ready for MiCA compliance. Even more alarming, only 1% of virtual asset service providers (VASPs) have achieved full MiCA compliance. These numbers highlight critical gaps in awareness and preparedness, leaving many businesses at risk of non-compliance as the deadline approaches.

Uneven preparedness across jurisdictions

MiCA readiness varies widely across European countries. Malta, France and Liechtenstein are ahead of the curve and benefit from existing legal frameworks that work closely with MiCA. These jurisdictions offer a smoother path for cryptocurrency businesses to transition into the new regulatory environment.

However, in Central and Eastern Europe (CEE), the situation is more complex. For example, Estonia has recently introduced some of the strictest virtual currency regulations in the EU, establishing itself as a frontrunner in regulation. This proactive approach will allow Estonia to transition to MiCA relatively seamlessly, with only 45 registered VASPs needing to adapt.

Poland, in contrast, faces more difficult challenges. Based on Chirex research,
Poland, with over 1,500 registered VASPs and a historically lax regulatory environment, will require significant efforts to harmonize its crypto sector with MiCA’s requirements. Lithuania, with about 800 VASPs, and the Czech Republic, with nearly 1,000 VASPs, are also struggling with the scale of operational adjustments needed.

What’s at stake for crypto companies?

MiCA compliance is more than just a bureaucratic hurdle. It’s a business necessity. Companies that do not meet the new standards risk losing access to the EU market or facing closure. Smaller companies in particular may struggle with the financial and logistical demands of compliance, potentially triggering a wave of market exits and consolidation.

But for those who adopt MiCA, the benefits are significant. Compliance not only ensures regulatory integrity, but also increased credibility, increased consumer confidence, and competitiveness in a more transparent marketplace.

Recognizing the challenges ahead, we have introduced a MiCA-compliant white label crypto exchange solution to provide rapid response for businesses navigating regulatory changes. Through its sublicensing model, Kyrrex allows businesses to take advantage of Malta licenses that are already compliant with MiCA’s stringent requirements.

We have already advised over 50 companies, including Tier-1 players, facing questions regarding MiCA regulations. This provides more than just compliance. With rapid API integration, strong security protocols audited by Kyte Global and Hacken, and digital identity verification by Sumsub, we offer a comprehensive regulatory umbrella. This approach allows cryptocurrency businesses to continue operating seamlessly, turning MiCA from a challenge to an opportunity.

The road ahead

As 2025 approaches, MiCA support will determine the future of the European cryptocurrency market. While countries like Estonia demonstrate the benefits of active regulation, Poland presents the challenges of late-stage adaptation. For the industry as a whole, MiCA is more than just a regulatory framework; it is also an opportunity to set new standards for trust and growth.

At Kyrex, we believe compliance is not just about survival, it’s about thriving in a regulated future. Only by achieving regulatory alignment can cryptocurrency businesses drive a more resilient, transparent, and innovative industry.

As we look ahead, the question is not whether the market is ready for MiCA, but how quickly the market can adapt to unlock the opportunities that MiCA presents. The European cryptocurrency market is on the brink of transformation. Now is the time to prepare.