Paymonade clears MiCA as roughly 90% of Europe's crypto firms fail the threshold

Europe's MiCA transitional period has closed, and the authorized list for crypto-asset service providers across the European Economic Area settled at 280 firms. Damoon Technology (Europe) AG, the Liechtenstein-incorporated entity trading as Paymonade and founded in Singapore, is on that list. Roughly 90% of the bloc's crypto companies did not clear the new regulatory standard before the window shut.

The 280-firm count

MiCA, the Markets in Crypto-Assets regulation, created a single authorization pathway for service providers operating across the 30-country EEA. The regulation's transitional period gave firms already in the market time to apply and bring operations into compliance. When the period closed, the authorized count settled at 280 entities. That number now defines who can operate EEA-wide and who cannot.

The firms that did not make the list represent roughly 90% of Europe's crypto operators. Damoon Technology's announcement called the shakeout one of the most drastic the European crypto industry has faced. A field where nine in ten participants fail a compliance threshold is one whose competitive composition has shifted substantially.

Paymonade's position in the authorized field

Damoon Technology (Europe) AG is incorporated in Liechtenstein and traces its founding to Singapore. Both Vaduz and Singapore appear in the company's announcement of its MiCA clearance, dated July 16, 2026. Paymonade is the trading name under which the European entity operates across the bloc.

EEA-wide clearance under MiCA lets a firm passport its services across member states rather than seek approval from each national regulator separately. That single credential is what separates the 280 authorized firms from the much larger group that entered the transitional period without exiting it with authorization. For Paymonade, the clearance removes the need to apply country by country going forward.

What to watch

Enforcement across the EEA follows the close of the transitional period. National competent authorities will begin acting on firms that did not secure authorization, and any late appeals or decisions could still move the 280-firm count in either direction. A finalized register of authorized entities from the European Securities and Markets Authority is the next confirmable milestone.