EU MiCA: 53 Licenses Issued for Crypto and Stablecoin Services

The European Union’s Markets in Crypto-Assets (MiCA) framework is rapidly solidifying its position as a comprehensive regulatory foundation for digital assets, fostering a more standardized and mature crypto ecosystem across the bloc. This substantial progress is highlighted by the issuance of 53 licenses to date, marking a crucial stride towards harmonizing oversight throughout the region.

• The European Union’s MiCA framework has issued 53 digital asset licenses.
• These include 14 approvals for Electronic Money Token (EMT) issuers and 39 for Crypto-Asset Service Providers (CASPs).
• MiCA-licensed CASPs are authorized to operate across all 30 European Economic Area (EEA) countries.
• No Asset-Referenced Token (ART) issuers have yet been approved, suggesting limited market demand.
• Over 35 companies have been flagged for non-compliance, notably by Italy’s CONSOB, highlighting ongoing transition challenges.

Expanding Licensed Operations Across the EEA

The 53 authorizations granted under MiCA represent a pivotal moment for the European digital asset landscape. Specifically, these comprise 14 approvals for Electronic Money Token (EMT) issuers and 39 licenses for Crypto-Asset Service Providers (CASPs).

The EMT approvals, distributed among entities from seven distinct EU member states, facilitate the issuance of 20 fiat-backed stablecoins. These include stablecoins pegged to major currencies such as the Euro and US Dollar, as well as more localized currencies like the Czech Koruna. Prominent recipients, including Circle, Société Générale – Forge, Membrane Finance, and Crypto.com, exemplify the industry’s commitment to achieving standardized stablecoin compliance and bolstering investor confidence within the market.

Furthermore, the 39 MiCA-licensed CASPs are now empowered to conduct operations across all 30 countries within the European Economic Area (EEA), signaling a unified market for digital asset services. Germany leads in the number of approvals with 12 companies, followed by the Netherlands with 11, and Malta with 5. This diverse cohort of authorized entities spans traditional financial institutions like BBVA and Clearstream, innovative fintech platforms such as eToro and N26, and major cryptocurrency exchanges including Coinbase, Kraken, Bitstamp, and OKX, reflecting a broad convergence of various sectors within the financial landscape.

Regulatory Progress and Emerging Challenges

Despite the significant momentum generated by MiCA’s implementation, the process continues to illuminate evolving market dynamics and intricate regulatory nuances. A notable observation is the absence of approved Asset-Referenced Token (ART) issuers, which may indicate a comparatively limited market interest in non-fiat-backed digital assets under the current framework. Conversely, approximately 30 whitepapers for foundational crypto-assets like Bitcoin and Ethereum have been submitted under MiCA Title II, underscoring increasing institutional engagement with established digital assets.

However, the transition period is not without its challenges. Over 35 companies, many of which have been identified by Italy’s financial regulator, CONSOB, have been flagged for non-compliance. As the varied jurisdictional transition periods draw to a close across the EU, the urgency for companies to secure proper approval and register their services throughout the EEA intensifies. This escalating demand for compliance underscores MiCA’s profound and transformative impact on the digital asset industry, enforcing a new era of regulated operations.