What will happen to already registered CASPs when MiCA enters into force?

Currently, there are different regimes applicable in relation to crypto activity in Europe, with some jurisdictions, such as Poland, having a relatively simple registration process. So what will happen to all those already registered CASPs?

Under Article 143 of MiCA, Member States will have the option of implementing 'transitional measures' that would allow CASPs registered under local laws to continue doing so during the transitional phase of MiCA, which lasts until 1 July 2026. For CASPs already authorized under national applicable law on 30 December 2024, MiCA foresees the possibility of a simplified authorization procedure. It therefore seems that registration under local laws in the EU still makes a lot of sense, even with MiCA registration requirements waiting around the corner.