According to the news from Bijie.com, if the compliance time is not extended, crypto companies may be forced to suspend services in the nearly $1 trillion European market. The new EU Crypto Asset Market Regulation (MiCA) will take effect on December 30. The European Crypto Initiative, the European Blockchain and Electronic Money Association, and the International Trusted Blockchain Application Association wrote to the European Securities and Markets Authority, warning that if the compliance time is not extended, users' trading ability will be impaired, resulting in serious customer losses and negative financial consequences. MiCA sets new rules for crypto asset service providers (CASPs), requiring national regulators to authorize CASPs. Although MiCA provides a transition period of up to 18 months, different countries choose different deadlines, which may lead to cross-border service interruptions. Industry associations call for an extension of the transition period for MiCA authorization to the end of June to alleviate regulatory uncertainty.