For years, the biggest challenge for crypto companies in Europe wasn’t technology or demand — it was banking. Accounts were frozen, applications rejected, and even well-run firms struggled to convince banks they were “safe enough”.
MiCA was meant to change that. But as the regulation comes into force, many crypto founders are discovering an uncomfortable truth: MiCA does not automatically unlock banking access. In fact, for some businesses, the bar has just been raised.
This article explains how the new banking rules under MiCA are reshaping the crypto landscape, why banks are tightening their approach, and what crypto businesses should realistically expect heading into 2026.
MiCA: What actually changed?
The Markets in Crypto-Assets Regulation is the EU’s first attempt to bring crypto into a single, harmonised legal framework. Instead of navigating 27 different national interpretations, crypto firms now operate under one rulebook.
MiCA sets out:
- Who can legally offer crypto services in the EU
- How crypto firms must be governed and supervised
- How client assets should be protected
- How stablecoins and reserves must be managed
Oversight is coordinated at the EU level by the European Securities and Markets Authority, with national regulators handling licensing and supervision, in cooperation with the European Banking Authority.
From a regulatory standpoint, this is a major step forward. From a banking standpoint, it changes how crypto risk is measured.
Why banks are more cautious, not less
MiCA makes crypto businesses more transparent — but it also makes them more visible.
Banks are now expected to understand:
- Exactly how a crypto firm operates
- How it handles customer funds
- How it manages AML, sanctions, and fraud risks
- How regulators could hold counterparties accountable
In other words, onboarding a MiCA-licensed crypto company is no longer a “grey-area fintech decision”. It is a fully regulated exposure, subject to audit, reporting, and reputational risk.
That is why many banks are:
- Reducing the number of crypto clients they accept
- Applying enhanced due diligence by default
- Requiring full regulatory readiness, not future plans
MiCA gives banks clarity — and clarity often leads to stricter decisions.
What banks now expect from crypto businesses
1. Clear regulatory status
Banks increasingly ask for:
- Proof of MiCA authorisation, or
- Formal confirmation of transitional status under national law
Applications without regulator correspondence, reference numbers, or official confirmation letters rarely progress.
2. Real governance, not nominal directors
MiCA places responsibility squarely on management. Banks, therefore, expect:
- Directors with relevant financial or compliance experience
- Evidence of EU-based decision-making
- Clear reporting lines and internal controls
“Paper directors” and offshore management structures are now serious red flags.
3. Transparent transaction flows
Crypto businesses must explain:
- How fiat enters and exits the system
- Which blockchains are used
- How high-risk wallets and jurisdictions are handled
Banks increasingly request live demos, flow charts, and third-party blockchain analytics reports as part of onboarding.
4. Strong safeguarding of client assets
For exchanges and custodians, safeguarding is central. Banks expect:
- Segregation between company and client funds
- Clear custody arrangements
- Emergency procedures in case of insolvency
This aligns directly with MiCA’s consumer-protection focus.
Stablecoins and the banking bottleneck
MiCA’s strict treatment of stablecoins has had a quiet but powerful effect on banking.
Issuers now face:
- Reserve and liquidity requirements
- Ongoing reporting obligations
- Limits on issuance volumes in some cases
As a result, banks and EMIs supporting stablecoin flows are:
- Limiting exposure
- Applying stricter settlement conditions
- Re-evaluating correspondent banking relationships
For crypto firms relying on fiat on-ramps, this often means slower onboarding and lower transaction thresholds.
The UK perspective still matters
Even outside the EU, MiCA has influence.
UK banks and payment institutions increasingly align expectations with standards set by the Financial Conduct Authority and HM Treasury, while benchmarking crypto risk against MiCA principles when a crypto business:
- Serves EU clients
- Operates an EU entity
- Uses EU payment rails
MiCA compliance is often assessed — even for UK-based operations.
In practice, MiCA is becoming the reference point for Europe-facing crypto businesses, regardless of passporting.
What 2026 is likely to bring
Looking ahead, several trends are already taking shape.
Fewer banks, deeper relationships
Banks are expected to work with fewer crypto clients — but those that pass will benefit from more stable, long-term partnerships.
Continuous monitoring
Annual compliance reviews are being replaced by:
- Ongoing transaction monitoring
- Regular data requests
- Faster escalation when metrics change
Greater pressure on intermediaries
EMIs and payment institutions will face increasing scrutiny from their own banking partners, making “easy alternatives” harder to find.
Common mistakes crypto businesses still make
Despite MiCA, many crypto firms still struggle with banking because they:
- Apply too early, before compliance is operational
- Rely entirely on virtual IBANs without backup
- Underestimate governance and substance requirements
- Assume a licence guarantees a bank account
MiCA improves credibility — but banks still decide who they serve.
How to position your business realistically
Crypto companies that succeed under MiCA tend to:
- Prepare a bank-ready compliance file, not just a licence
- Treat banking as a strategic relationship
- Maintain fallback payment options
- Align structures with both EU and UK expectations
This approach reflects how banks now think: cautiously, structurally, and long-term.
Bottom line
MiCA marks a turning point for crypto regulation in Europe — but not a shortcut to banking.
The new rules make crypto businesses more legitimate, but they also raise expectations. Banks are not closing the door, but they are narrowing the entrance.
For crypto businesses willing to adapt, build substance, and engage transparently, MiCA can become a foundation for stability. For those hoping regulation alone would solve banking challenges, 2026 may be a wake-up call.
Understanding this reality early is the difference between scaling smoothly and spending months chasing accounts.
If you want a full risk assessment of your current setup, or guidance on designing a structure that is acceptable to acquirers and compliant with 2026 scheme rules, Widelia can support you in building a safer and more bankable merchant profile. Feel free to book a complimentary call with our expert team.
For deeper industry insight, see our article: “Merchant Accounts for High-Risk Products in 2026“.
Disclaimer
Widelia and its affiliates do not provide tax, investment, legal, or accounting advice. Material on this page has been prepared for informational purposes only and should not be relied on as professional advice. Please consult your own advisors before engaging in any transaction. More information is available at https://widelia.com/disclaimer/.
