European AMLA Sounds the Alarm: Mass User Migration Under MiCA Could Overwhelm VASPs

TL;DR

• AMLA’s president warned that the mass migration of users following the end of MiCA’s transition period could pressure compliance at EU-based providers.
• Crypto firms operating without a license as of July 1 must immediately wind down their activities in the EU, according to the European Securities and Markets Authority.
• AMLA will publish a report on money laundering risks in the crypto sector before year-end and will expand its blockchain analytics capabilities.

The end of the transition period under the Markets in Crypto-Assets Regulation (MiCA), dated July 1, triggered a new phase of regulatory oversight in the European Union, and AMLA, the Anti-Money Laundering Authority, became the central body responsible for that supervision.

Bruna Szego, president of the authority, warned during a briefing before the European Parliament’s Committee on Economic and Monetary Affairs that the mass withdrawal of funds by users on unlicensed platforms could compromise the compliance procedures of virtual asset service providers (VASPs).

“Because we know that customers will rush to withdraw, this will put additional pressure on these VASPs,” Szego stated. The official urged providers to maintain efficient anti-money laundering controls throughout the entire transition process, both at firms exiting the European market and at licensed providers absorbing new users.

AMLA Will Deepen Its Supervisory Mechanisms

Prior to the deadline, AMLA published a guidance note in which it warned about money laundering risks linked to the close of the transitional period. The document outlined specific measures for companies in the process of winding down and for licensed providers in the process of onboarding new clients.

New Report on the Way

Szego confirmed that the authority will publish before the end of 2026 a report on money laundering risks in the sector and on existing supervisory practices across member states. The document will assess differences between national supervisory frameworks and seek to identify regulatory gaps requiring coordination. Additionally, AMLA will expand its blockchain analytics capabilities to strengthen monitoring of crypto-asset service providers across the region.

Szego indicated that the report’s findings will serve as a basis for coordinating follow-up actions with national regulators, with the goal of advancing toward more coherent and uniform anti-money laundering supervision across the European bloc.