Six months after the Markets in Crypto-Assets (MiCA) regulation went into full effect across the European Union, 53 crypto-related entities have now received authorization to legally operate across the EU’s 30-country economic area. This marks a significant step towards a unified and regulated crypto landscape in Europe.
According to an update shared by Patrick Hansen, Director of EU Strategy & Policy at Circle, the approved list includes 14 licensed stablecoin issuers from seven countries and 39 MiCA-authorized crypto-asset service providers (CASPs). This means major players like Coinbase, Kraken, Bitstamp, and N26 can now offer their services throughout the EU without needing separate national approvals.
MiCA, which became fully applicable on December 30, 2024, is the first comprehensive legal framework for cryptocurrency operations globally. It covers crucial aspects such as consumer protection, disclosures, licensing requirements, and stablecoin issuance, aiming to bring clarity and stability to the crypto market.
Notably, Tether (USDT), the issuer of the world’s largest stablecoin, has yet to obtain a MiCA license. This has already led to its delisting by platforms like Coinbase and Crypto.com for EU users. Binance, another major exchange facing regulatory challenges in various jurisdictions, is also absent from the approved list.
Among the stablecoin issuers now licensed under MiCA are prominent names like Circle (for EURC and USDC), Société Générale-Forge (EURCV, USDCV), and Membrane Finance (EURe, eUSD). The majority of these newly licensed stablecoins are euro-denominated, though some U.S. dollar and one Czech koruna token are also included.
Despite this progress, no firm has yet registered to issue asset-referenced tokens (ARTs) – stablecoins pegged to a basket of assets. EU officials suggest that the lack of ART applicants points to low market demand, likely due to current compliance costs and regulatory complexities.
Regulators have not been shy about enforcing the new rules, with over 35 crypto companies already flagged as non-compliant CASPs. The Italian regulator CONSOB has been particularly active in leading enforcement actions. Furthermore, crypto media outlets across Western Europe have reported disruptions due to search algorithm changes and policies aligning with MiCA.
