MiCA After 1 July 2026: What Swiss Crypto Providers With EU Clients Must Do

By Thomas Contin, Managing Partner

The Markets in Crypto-Assets Regulation (MiCA) has applied in full since 30 December 2024, but firms already operating under national law could continue during a transitional period of up to 18 months. Several Member States chose a shorter period. On 1 July 2026 the last of these periods ended, and ESMA has made clear there will be no extension.

The rule is now simple

Whoever provides crypto-asset services to clients in the EU must be authorised as a crypto-asset service provider (CASP) in a Member State, or be a regulated financial entity that has notified under Article 60 MiCA. Firms without authorisation were expected to have executed their wind-down plans by that date.

No passport for Switzerland

Switzerland is a third country under MiCA. A Swiss licence, whether a FINMA authorisation or SRO membership, gives no right to serve EU clients. A Swiss provider that wants to work in the EU needs a subsidiary authorised in a Member State, with real substance there: management, staff and decision-making.

Once authorised, the subsidiary can passport its services across the whole EU. Minimum capital ranges from EUR 50,000 to EUR 150,000 depending on the services, plus governance, conflict of interest and custody rules.

Reverse solicitation is narrow

Article 61 MiCA allows a third-country firm to serve an EU client only on the client's own exclusive initiative. ESMA's guidelines interpret this strictly: any marketing directed at the EU, including through social media, sponsorships or local-language websites, defeats the exemption, and it does not allow offering new types of crypto-assets or services to that client.

The Travel Rule applies regardless

Since 30 December 2024 the EU Transfer of Funds Regulation requires originator and beneficiary information to accompany crypto transfers. EU CASPs must check transfers from Swiss counterparties, so Swiss providers need working Travel Rule processes to keep their access to EU platforms.

What to review

Map where your clients are and how they found you. Review websites, campaigns and onboarding flows for signs of EU targeting. If the EU market matters, assess an authorised subsidiary or a partnership with an authorised CASP. If it does not, implement geoblocking and document it.

Advisorn assists Swiss crypto businesses in assessing their exposure to MiCA, structuring EU market access and preparing authorisation files.