Europe's MiCA migration has entered its enforcement phase after the transitional period ended on July 1, 2026, with unauthorized crypto-asset service providers required to wind down EU operations and ESMA's register showing roughly 323 authorized firms at the end of July, up from about 194 in May. The updated count gives a clearer view of the post-deadline market, but it is not directly comparable with the far larger number of firms that operated under national regimes before MiCA, and industry estimates such as VASPnet's more than 1,700 affected platforms or TRM Labs' separate EEA snapshot measure different populations rather than a single official EU total. Executives and market participants say the licensing shift is likely to accelerate consolidation. Erald Ghoos, CEO of OKX Europe, said OKX estimated that only around 200 of Europe's 1,100 to 1,300 crypto service providers had secured MiCA licenses and that more than 240 crypto businesses had ceased operations in Lithuania after its 2025 transition deadline. Scam risk remains central to the story: regulators have warned that criminals are exploiting legitimate migration messages by impersonating authorities and licensed exchanges, making it essential for users to verify the exact legal entity in ESMA's register and independently confirm any withdrawal or transfer instructions. Some users may also shift to self-custody as exchanges they previously used leave the market.