MiCA transitional period ends: what CASPs and IP owners do

The MiCA transitional period for crypto-asset service providers ends today, 1 July 2026, across the EU. From now on, only firms authorised under the Markets in Crypto-Assets Regulation (MiCA), or entities such as banks and investment firms allowed to provide these services, may offer custody, trading, exchange or transfer of crypto-assets to EU clients. For companies that tokenise licences, royalties or brand assets, or run NFT projects, this is the moment to check whether their tokens fall under MiCA and whether the platforms they rely on are authorised.

Key takeaways

Under Article 143(3) MiCA, providers operating under national law before 30 December 2024 could continue until 1 July 2026 at the latest; ESMA confirms the period ends across the EU today.
ESMA expects unauthorised providers to stop onboarding EU clients immediately and wind down in an orderly way.
Unique, non-fungible tokens are outside MiCA, but fractions and large series are indicators of fungibility.
Tokens that give rights to royalties or profits may be financial instruments, which fall outside MiCA but inside securities law.
Check every exchange, custodian and marketplace you use against the ESMA register.

What changes for crypto-asset service providers on 1 July?

Article 59 MiCA prohibits providing crypto-asset services in the EU without authorisation. Article 143(3) allowed providers already active under national law before 30 December 2024 to continue until 1 July 2026 or until their application was decided, whichever came first, and let Member States shorten that period.

In its public statement of 23 June 2026, ESMA said that unauthorised providers must:

immediately stop onboarding new EU clients and cease marketing and solicitation;
limit services to what is needed to sell, transfer or close positions, keeping custody only for as long as an orderly exit requires;
tell clients clearly, promptly and repeatedly how and by when they must move their assets.

ESMA also reminded non-EU firms that they cannot provide MiCA services to EU clients, outside a narrow reverse solicitation regime, even business to business, and that custody cannot be outsourced to unauthorised entities. Its statement of 17 April 2026 added that MiCA protections apply only to the specific authorised legal entity, not to other group companies trading under the same brand.

Does MiCA apply to tokenised IP, NFTs and brand tokens?

MiCA defines a crypto-asset as a digital representation of a value or a right that can be transferred and stored electronically using distributed ledger technology (Article 3(1)(5)). A token representing a licence, a share of royalties or access to a brand experience can fit that definition. Two exclusions in Article 2 matter most:

Token model	Likely treatment	What to check
One-off NFT linked to a single work or licence	Outside MiCA if genuinely unique and non-fungible (Art. 2(3))	Licence terms attached to the token; consumer law
NFT collection in a large series, or fractions of an NFT	Likely within MiCA: recital 11 treats these as indicators of fungibility	White paper rules for public offers (Art. 4); authorised providers for trading and custody
Token giving a share of royalties or licence revenue	May be a financial instrument, excluded from MiCA (Art. 2(4)) but subject to securities law	Qualification under ESMA’s December 2024 guidelines
Transferable loyalty or brand token	Crypto-asset other than asset-referenced or e-money token	Art. 4 white paper, unless an exemption applies; authorised providers for any exchange

The recitals are explicit. According to recitals 10 and 11 of MiCA, a unique identifier alone is not enough, the assets or rights represented must also be unique, and authorities must apply substance over form. ESMA’s guidelines of 17 December 2024 add indicators such as intrinsic value and rarity, utility and the rights attached to the holder.

What this means for your business

Inventory your tokens: what each one represents, how many exist and what rights the holder gets.
Classify them: excluded NFT, MiCA crypto-asset or possible financial instrument. Classification drives everything else.
Check your providers in the ESMA interim MiCA register: marketplace, custodian, exchange and wallet services.
Align the IP: the token is not the IP. Licence terms, trademark coverage for digital goods and chain of title must support what the token promises.
Communicate with holders if a provider is winding down, so they know where their tokens will go.

Our tokenised IP and digital assets team reviews the licences, trademarks and title behind each token, while META Channel’s MiCA practice, within the same group, handles the regulatory classification and authorisation questions.

Where companies get MiCA and tokenised IP wrong

Assuming “NFT” means “outside MiCA”. Large series, fractions and fungible rights can bring a project within scope.
Promising royalties through a token without checking securities law.
Relying on a brand name rather than the authorised legal entity behind a platform.
Selling tokens whose underlying licence is unclear or not owned by the issuer, which turns a regulatory question into an IP dispute; our licensing and IP transactions team can fix the chain of title first.

Frequently asked questions

When did the MiCA transitional period for crypto-asset service providers end?

On 1 July 2026 across the EU, at the latest. Article 143(3) MiCA let providers active under national law before 30 December 2024 continue until that date, and Member States could shorten it. ESMA has confirmed that unauthorised providers must now wind down their EU activity.

Are NFTs covered by MiCA?

Crypto-assets that are unique and not fungible are excluded. However, MiCA’s recitals treat fractions and large series as indicators of fungibility, and a unique identifier alone is not enough. Authorities look at substance, so each project must be assessed on its features and the rights it grants.

Can IP Global Guard help structure a tokenised IP project?

Yes. We review the IP behind the token, from licence terms and trademark coverage to chain of title, and coordinate with META Channel’s MiCA practice on classification and providers. Outside Europe we coordinate local correspondents in Latin America and Africa, from a single point of contact.

Bring your tokenised IP project to IP Global Guard

The end of the MiCA transition makes the rules real: authorised providers only, clear classification and rights that match what tokens promise. IP Global Guard, the IP services line of META Channel Corporation Limited, works with one strategy and one billing relationship across more than 25 jurisdictions in Europe, Latin America and Africa.

Share your token model, the IP behind it and the platforms you use. We will review the IP side and coordinate the MiCA analysis with our group colleagues. Contact our digital assets team.

This article is general information, not legal advice or investment advice, and reflects the position on its publication date.