Six months after the European Union began fully enforcing its Markets in Crypto-Assets (MiCA) regulation, 53 crypto-related firms have been granted legal authorization to operate across the EU’s 30-country economic zone.
In a July 7 update, Patrick Hansen, Director of EU Strategy & Policy at Circle, revealed that the list includes 14 licensed stablecoin issuers from seven different countries, along with 39 crypto-asset service providers approved under MiCA. Notable companies such as Coinbase, Kraken, Bitstamp, and N26 can now “passport” their services across the EU without needing separate approvals in each member state.
On December 30, 2024, the European Union’s Markets in Crypto-Assets (MiCA) regulation officially came into full effect, marking the establishment of the world’s first comprehensive legal framework for cryptocurrency operations. The regulation covers key areas such as consumer protection, disclosures, licensing, and stablecoin issuance.
As of now, Tether has not secured a MiCA license—a gap that has already led to its delisting on platforms like Coinbase and Crypto.com. Binance, which continues to face regulatory scrutiny in multiple jurisdictions, is also notably absent from the list of approved entities.
Licensed stablecoin issuers under MiCA now include Circle (EURC, USDC), Société Générale-Forge (EURCV, USDCV), and Membrane Finance (EURe, eUSD). While the majority of approved stablecoins are euro-denominated, several U.S. dollar-pegged tokens and one Czech koruna stablecoin have also made the list.
Despite this progress, no firms have registered to issue asset-referenced tokens (ARTs)—a class of stablecoins backed by a basket of assets. EU officials attribute this lack of interest to high compliance costs and limited market demand under the current regulatory framework.
Regulators have flagged over 35 crypto companies as non-compliant crypto-asset service providers (CASPs), with Italy’s CONSOB leading enforcement actions. Meanwhile, crypto-focused media outlets across Western Europe have experienced disruptions due to search engine algorithm changes and policy shifts in line with MiCA enforcement.
As more firms work to meet MiCA’s stringent compliance and disclosure standards, the next round of licensing updates is expected in late September, marking the regulation’s nine-month milestone.
