In this episode, we examine the final phase of the European crypto-asset market's transition under the Markets in Crypto-Assets Regulation (MiCA). We discuss the end of the grandfathering period on 1 July 2026, the requirement for all Crypto-Asset Service Providers (CASPs) to obtain formal authorisation to operate within the EEA, and the increasing regulatory focus on operational compliance, including new knowledge and competence standards for staff. We also explore the consequences for firms that fail to secure authorisation, the wind-down obligations designed to protect clients, and how MiCA is establishing a harmonised regulatory framework that is reshaping the future of the European crypto-asset market.