The European Union's Markets in Crypto-Assets Regulation (MiCA) is set to take effect by December 30, 2024, providing regulatory clarity for crypto firms in Europe. However, the implementation of these new rules has prompted Cyprus to halt all crypto applications until the regulations are fully in place. The Cyprus Securities and Exchange Commission (SEC) has announced that key deadlines for compliance are approaching, indicating a significant shift in the EU crypto market structure. This transition has already begun to impact the market, particularly affecting EUR stablecoins, with a noted 100% growth in EURC supply as non-compliant stablecoins have been delisted in recent months since MiCA's application began.