The European Union’s Markets in Crypto-Assets (MiCA) regulation decree will hit its set deadline on July 1, and crypto firms and exchanges without authorization will lose their capacity to serve EU clients. This change is causing a major migration of crypto companies toward the United Arab Emirates, with Dubai’s less stringent licensing regime offering a faster path to market.Crypto legal experts are reportedly fielding multiple inquiries per week from companies and founders exploring the setup in the UAE. More than half of these inquiries are said to originate in Europe, with Spain, Italy, and Germany among the most common of the countries. Founders from Switzerland and the U.K., countries that sit outside MiCA’s jurisdiction, are also said to be reaching out.MiCA is giving crypto exchanges a regulatory squeezeMiCA is aimed at establishing a single licensing framework for crypto across the European Economic Area, a market of about 500 million people spanning the EU plus Iceland, Liechtenstein, and Norway. Crypto service providers have been working through a transition window to get required licenses; however, July 1 looms heavily.OKX’s European CEO Erald Ghoos stated earlier that 80% of crypto companies would not survive MiCA and would be forced out of Europe.The pressure is not felt only by small crypto providers, as even large exchanges are feeling this regulatory burden. Binance, the world’s biggest crypto exchange by trading volume, pulled its MiCA application in Greece last week and told EU users it would suspend certain services while it pursues authorization through another route. “Our ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months,” the company said in a statement as previously reported by Cryptopolitan.Binance’s rivals have moved quickly to secure disgruntled customers from this fallout. OKX and Coinbase, having already secured MiCA licenses, both announced deposit bonuses of up to 8% for new users the day after Binance’s withdrawal.Why Dubai is attractive to crypto firmsDubai’s Virtual Assets Regulatory Authority (VARA) was created purely for cryptocurrency and digital asset oversight, while most European regulators also supervise banks and other traditional financial institutions. This specialization translates to a faster turnaround in processing times for new companies and their projects.A UAE license also opens doors beyond Europe, providing access to markets across Asia and North Africa, with almost 4 billion in potential customers.The smartest crypto minds already read our newsletter. Want in? Join them.