The hammer of regulation has finally come down. The Lithuanian Central Bank recently announced: by 2026, all companies operating crypto services must obtain an official license, or face criminal penalties, with a maximum of four years imprisonment. This is not a false statement, but the concrete implementation of the EU MiCA framework in various countries.

Numbers speak the loudest. There are currently over 370 crypto-related companies nationwide, and only 30 have officially submitted license applications. What does this mean? The remaining 340+ are either quietly watching or packing their bags. An industry震源 has already begun, but the source of the震源 is at the policy level.

What is the core of this regulatory storm? Simply put, the EU aims to bring crypto finance into the traditional financial regulatory framework. No longer allowing platforms to operate on the edge or in gray areas. Licensing, reporting, risk control, customer asset segregation—these requirements, which have long been standard in traditional finance, are now becoming the ticket to enter the crypto industry.

The actual impact on ordinary users may be greater than expected. First, small platforms and wallet projects that operate irregularly and have fragile capital chains will be forced to shut down or withdraw from the EU market due to inability to bear compliance costs. In other words, the survival space for fly-by-night exchanges has been greatly squeezed. This sounds quite harsh, but from the user’s perspective, it filters out many risk sources.

Second, the MiCA framework has clear requirements for protecting customer assets. Platforms are not allowed to arbitrarily use users’ coins for any form of trading or investment. From the lessons of FTX and Luna’s collapses, how important this rule is goes without saying. The measure of customer asset segregation can directly reduce systemic risks for users.

On a macro level, Lithuania, once known as a “crypto paradise,” has officially declared the end of its era. Over the past few years, many projects and platforms flocked to Lithuania precisely because of its relatively relaxed policies. Now, with the EU’s unified standards, this arbitrage space has disappeared entirely. It will be very difficult to find a place that is both within the EU and able to evade strict regulation in the future.

So what should users do now? First, spend ten minutes checking the exchanges or wallets you are using. See if they are registered in Lithuania or claim to have EU operations. If so, proactively search for information about MiCA in their official announcements. The正规军 has already started taking action, and their公告板 usually contains a clear compliance roadmap.

Second, if you hold assets on some small platforms, consider gradually transferring them to those that have explicitly stated they will actively apply for licenses and establish a complete compliance system. This doesn’t mean small platforms will definitely have issues, but under regulatory pressure, the risk probability for larger platforms is indeed lower. In the crypto market, risk management always comes before returns.

From a broader perspective, this wave of strict regulation is actually beneficial for the industry’s long-term health. Although there will be short-term pain, a规范化 market can attract more institutional capital. Small workshops are being cleared out, but the overall credibility of the market is rising. Those who survive will gain a competitive advantage.

Chaos and disorder will ultimately give way to规范, and the crypto field is no exception. MiCA is not about killing the industry but about integrating it into the framework of modern finance. In the next two years, the industry will undergo significant restructuring. Some will be淘汰, while others will find new opportunities. The choice of which side to stand on is up to you.