Woofun AI reports that Erald Ghoos, CEO of OKX Europe, projects a severe contraction in the European crypto landscape, estimating that approximately 80% of cryptocurrency exchanges will be unable to sustain operations following the full implementation of the Markets in Crypto-Assets Regulation (MiCA). Effective July 1, platforms lacking MiCA authorization will be prohibited from serving EU users, a deadline already enforced by 20 of the 27 member states. Despite this regulatory pressure, roughly 60% of European crypto users continue to utilize unauthorized platforms.

As of June 18, more than 200 crypto asset service providers (CASP) have secured formal MiCA authorization, with OKX, Coinbase, and Kraken among the licensed entities.

Additionally, Ripple has obtained preliminary approval from Luxembourg regulators. Ghoos asserts that this regulatory framework will catalyze significant market consolidation, ensuring that future trading volumes are concentrated among a select few platforms possessing robust compliance infrastructure.