Key Insights:
- In latest crypto regulation news, 53 crypto firms gained MiCA licences within six months, enabling cross-border services in 30 European countries.
- Fourteen stablecoin issuers were authorized, including Circle and Crypto.com; Tether was excluded due to non-compliance.
- Germany led approvals, issuing the highest number of CASP licences, followed by the Netherlands and Malta.
The investors are keeping close track of the crypto regulation updates amid the shifting global focus towards digital assets. Amid this, 53 firms obtained MiCA licences within six months of the EU regulation’s rollout.
This license will enable all the firms to operate across 30 European countries. However, Binance and Tether were excluded from the approved list.
Notably, this signals early shifts in regulatory compliance across the entire EU bloc.
Crypto Regulation: MiCA Begins to Reshape EU Crypto Compliance
In a major development, crypto regulation in the European Union has taken a significant step forward.
Reports indicated that 53 firms received authorization under the Markets in Crypto-Assets (MiCA) framework.
The European Securities and Markets Authority (ESMA) confirmed the update on July 7 through data shared by Circle executive Patrick Hansen.
MiCA, which came into force earlier this year, provides a unified legal structure for crypto-asset services across the EU.
The framework allows licensed firms to passport their services across 30 countries.
This is primarily occurring in the European Economic Area (EEA) without requiring separate approval in each jurisdiction.
These licences were granted to a wide range of firms, including traditional banks, fintechs, and crypto-native platforms.
Notable names included BBVA, Robinhood, Coinbase, Kraken, and OKX.
These firms can now operate legally across the EU under a single regulatory umbrella.
Binance, the world’s largest crypto exchange by trading volume, was not included in the list of licensed firms.
The company recently appointed Gillian Lynch as its new head of Europe and the United Kingdom.
According to Binance, Lynch would focus on strengthening regulatory engagement and supporting compliance efforts across both regions.
Tether, issuer of the widely used USDT stablecoin, was also missing from the licensed list of firms.
The firm’s stablecoin had yet to meet MiCA compliance standards and, as a result, had been delisted from certain EU-based exchanges, including Coinbase and Crypto.com.
Notably, this comes as the broader market keeps close track of the global crypto regulations.
Stablecoin Issuers Take Lead in Early MiCA Adoption
Fourteen of the 53 authorized firms were approved to issue stablecoins or e-money tokens (EMTs) under MiCA.
These approvals were spread across seven EU countries and included companies like Circle, Crypto.com, Societe Generale, Stablemint, Quantoz, and StablR.
Together, the approved issuers accounted for 20 fiat-backed stablecoins. Of these, 12 were pegged to the euro, seven to the US dollar, and one to the Czech koruna.
It is worth noting that these tokens are now legally backed under the MiCA regulatory system.
Tether’s absence from this list may indicate a delay in its adaptation to the new regulatory environment.
Its exclusion has already led to its removal from several trading platforms in Europe, which could impact its market presence within the region.
This shift highlights the framework’s role in governing the issuance and maintenance of stablecoins under a uniform set of rules.
Germany Tops List of MiCA-Licensed Crypto Providers
Beyond stablecoin issuers, 39 firms were licensed as crypto-asset service providers (CASPs).
These licenses covered a variety of services, including trading platforms, custodians, and other crypto-related offerings.
Germany issued the highest number of CASP licences, totalling 12. The Netherlands followed with 11, while Malta issued five.
Other countries, including France, Ireland, and Lithuania, were also active in the approval process.
The approval of major platforms like Kraken and Coinbase suggests a growing alignment between crypto operations and EU regulatory expectations.
This could encourage more firms to seek MiCA compliance in the coming months.
The initial batch of licences reflects how the MiCA framework could standardise crypto regulation across Europe.
It may also influence future developments in other global jurisdictions.
