Progress on MiCA Regulation (Issue 4 · Week 29, 2026)

01Latest Developments

Latest Developments

On July 13, 2026, Japan’s Prime Minister assumed a new term and publicly voiced support for Web3 development. SBI invested nearly $500 million to build out a full-chain ecosystem, while Lawson launched pilot programs for stablecoin payments to create a conglomerate-level compliance framework. On the same day, LayerZero and Centrifuge proposed a hub-and-spoke model aimed at resolving the conflict between compliance and speed in the $33 billion RWA market. Although Robinhood Chain focuses on RWA, the cold launch of the CASHCAT token caused its market value to soar to $200 million, prompting the CEO to shift his stance and leverage the situation for marketing purposes.

On July 10, 2026, a company affiliated with Polymarket applied to the NFA for a Futures Commission Merchant (FCM) license and sought approval from the CFTC to amend rules in order to support non-full-collateralized transactions. Gate US obtained an additional currency transmission license in Florida, bringing its total state-level licenses to 36, thereby covering 47 jurisdictions across the United States. Driven by the implementation of the EU’s MiCA regulations, the EURC token issued by Circle received approval in France, with both on-chain activity and the number of new addresses reaching their highest levels in four years.

On July 9, 2026, giants such as Samsung and Figure completed five acquisitions over the past month, acquiring licensed institutions at low prices to accelerate the institutionalization of crypto infrastructure. Circle faced criminal charges in Wisconsin and New York states for refusing to freeze $380,000 in fraudulent assets, triggering a crisis regarding stablecoin compliance. Optimism and OKX discussed blockchain compliance and risk management, with the former advocating that control over the transaction layer should lie with relevant parties, while the latter emphasized the importance of proactive risk prevention.

On July 8, 2026, AscendEX announced its closure due to deteriorating market conditions and MiCA compliance pressures. Analysts noted that the platform had a funding gap of several million dollars in its hot wallets, putting users at risk of not receiving full refunds.

On July 7, 2026, Clearstream, a subsidiary of Deutsche Börse, added six new crypto asset custody services, including those for Ripple and Solana, to meet the needs of institutions under EU MiCA regulations. Data from Decta showed that the market value of MiCA-compliant euro stablecoins doubled within a year, though they still accounted for only 0.22% of the dollar-based market. The European Central Bank warned against the risks associated with excessive issuance. Jolie Kahn, CEO of AVAX One, received $410,000 in severance compensation as she left the company, with COO Pete Wylie temporarily taking over as CEO to address compliance pressures from Nasdaq. South Korea’s three major exchanges—Upbit, Bithumb, and Coinone—took joint action on March 28 by placing BONK on delisting watch, marking a phase of stricter regulatory enforcement.

02Impact Analysis

The regulatory impacts of MiCA have led to a dual trend: an expansion in the “compliance premium” and an increase in the “barriers to survival.” On the institutional side, Clearstream added six new crypto asset custody services on July 7, 2026, covering assets such as Ripple and Solana, signaling that compliance efforts are moving from theory to practice. EURC, issued by Circle, received a French license on July 10, 2026, driving record levels of activity on the blockchain and a new high in the number of active addresses, while the market value of compliant stablecoins doubled within a year. However, these compliance benefits have not yet challenged the dominance of the US dollar, with euro stablecoins accounting for only 0.22% of the dollar-based market.

The industry is undergoing rapid reshuffling, with non-compliant entities facing elimination. AscendEX was shut down on July 1, 2026, for failing to meet MiCA standards, resulting in millions of dollars in shortages in hot wallets and users’ withdrawals getting stuck in manual review processes. The intensity of regulatory enforcement is spreading to other jurisdictions; South Korea’s three major exchanges jointly placed BONK on delisting watch on March 28, 2026, indicating that a phase of strict enforcement has arrived.

There is a structural mismatch in market sentiment. Despite half a year of preparation for compliant chains, the Robinhood Chain saw its market value soar to $200 million on July 13, 2026, due to the rise of CASHCAT, prompting the CEO to change his stance and take advantage of the situation to launch the chain. Meanwhile, LayerZero and Centrifuge proposed a centralized radiation model on July 13, 2026, in an attempt to resolve the paradox between compliance and speed in the $33 billion RWA market. Giants are taking advantage of this trend to integrate resources; companies such as Samsung and Figure completed five acquisitions around July 9, 2026, accelerating the institutional transformation of crypto infrastructure.

03Keep an eye on it later.

Ongoing Monitoring

1. Legal Battles Over Stablecoins and Solvency Monitoring (Continued) Continue to track the progress of criminal charges filed by Wisconsin and New York State against Circle for refusing to freeze $380,000 in fraudulent assets. Pay close attention to whether the on-chain activity of EURC, after obtaining a license from France under the MiCA framework, remains at its four-year high set on July 10. At the same time, be vigilant regarding the final settlement plan for the millions of dollars in missing funds from hot wallets and the frozen user assets following the shutdown of AscendEX due to compliance failures.

2. Expansion of Institutional Custody Services and Implementation of RWA Compliance (New) Monitor the actual inflow of institutional funds following the addition of six new crypto assets for custody by Clearstream, a subsidiary of Deutsche Börse, on July 7. Focus on verifying whether the central-radial model proposed by LayerZero and Centrifuge on July 13 can effectively address issues related to compliance speed and cross-chain interoperability in the $33 billion RWA market.

3. Expansion of Global Regulatory Frameworks and License Application Updates (Continued) Watch to see if the U.S. regulatory landscape expands to more jurisdictions following Gate US’s approval to operate in Florida on July 10. Track the progress of Polymarket’s application for an FCM license from the NFA and its efforts to get changes to CFTC regulations approved, as well as the implementation of the delisting observation process for BONK initiated by South Korea’s three major exchanges on March 28.

04Related Reads

1. “Top Execs Team Up; SBI Loses $500 Million, Rosen Takes Off: Japan Seizes the Compliance Advantage”
2. “The $33 Billion RWA Market: LayerZero and Centrifuge Solve the Compliance Speed Paradox”
3. “Half a Year of Preparation for Compliance Chains, Yet a Cat Triggers a $200 Million Market Drop”
4. “Polymarket Applies for U.S. FCM License to Offer Compliant Margin Trading”
5. “Gate US Gets Florida Approval, Expanding U.S. Compliance Coverage to 47 Jurisdictions”
6. “MiCA Takes Effect, Sparking a Compliance Wave: EURC On-Chain Data Reaches Four-Year High”
7. “Valuations Cut by 90%; Giants Rush to Obtain Compliance Licenses Amid Bear Market”
8. “Refusing to Freeze Assets Leads to Criminal Charges; Stablecoin Compliance Crisis Erupts”
9. “Optimism and OKX Discuss Blockchain Compliance and Risk Management”
10. “Compliance Pressures Force Platform Shutdowns; Hot Wallet Gap Reaches Millions of Dollars”
11. “Deutsche Börse’s Subsidiary Adds Six New Currencies: New Path for Institutional Compliance under MiCA”
12. “Compliance-Driven Market Value Soars 128%, Yet Still Can’t Challenge Dollar Dominance”
13. “AVAX One CEO Resigns; COO Takes Over Amid Nasdaq Compliance Pressures”
14. “Three Major Exchanges Collaborate on Cleanup: BONK Under Observation for Delisting Due to Compliance Issues”
15. “Compliance Failures Lead to Shutdown: AscendEX Withdrawals Stuck in Manual Review Process”