Crypto exchanges and providers thrive 6 months into EU’s MiCA regulation

Six months after the enforcement of the Markets of the European Union in Crypto-Belongings Regulation (MICA), virtually 40 crypto-asset service suppliers (CASPs) are licensed to function within the EU.

The record incorporates numerous conventional monetary establishments, fintech platforms and crypto-native corporations that now profit from the license guidelines.

The regulation started to use to CASPs in June 2024 to exchange the by-country legal guidelines that nations throughout the block had used with a extra uniform framework. It permits corporations to switch their licenses within the European Financial Space and to legally scale their providers throughout borders.

Licensed suppliers now accessible in 9 nations

Based on a regulatory snapshot positioned by Circle Director of EU technique and coverage advisor Patrick Hansen on July 7, the 39 licensed CASPs are unfold over 9 EU and EEAs.

𝐌𝐢𝐂𝐀 6-𝐌𝐨𝐧𝐭𝐡𝐬 𝐒𝐭𝐚𝐭𝐮𝐬 𝐔𝐩𝐝𝐚𝐭𝐞 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐅𝐮𝐥𝐥 𝐨𝐟 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐞𝐝 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐂𝐫𝐲𝐩𝐭𝐨 𝐂𝐫𝐲𝐩𝐭𝐨 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺 🇪🇺

6 months after Mica’s software for Casps – and 12 months for stablecoins – right here is … pic.twitter.com/5mzwog30qq

– Patrick Hansen (@Paddi_Hansen) July 7, 2025

Germany leads with 12 licensed suppliers, adopted by the Netherlands with 11. Malta is residence to 5 licensed entities, whereas France and Luxembourg have three. Austria has accepted two corporations and Spain, Cyprus and Eire full the record, every with one.

The mica-figureed suppliers embody international crypto service suppliers equivalent to Coinbase, Kraken, Crypto.com, Bitpanda, Bitstamp, Bitgo, Etoro, OKX and Amdax.

Conventional monetary establishments on the record embody BBVABaader Financial institution AG, CACEIS BANK, Clearstream, Commerzbank and Société Générale – Forge.

Final Wednesday, Crypto Alternate Bybit introduced the rollout of Bybit.eu, the licensed platform for customers of the European Financial Space (EEA). The trade is operated from Austria and is now licensed to supply providers in 29 EEA nations.

On the identical day, rival Alternate OKX confirmed that it had launched a regulated centralized platform in France with the assistance of Mica -passport.

Different licensed corporations are Bitvavo, BTC Direct, Boerse Stuttgart Digital Custody GmbH, Altarius Asset Administration, Hidden Street Companions, 360 Treasury Programs, Deblock, ZBD and ZBX. Fintech and buying and selling platforms equivalent to N26 Financial institution SE, Commerce Republic and MoonPay are additionally a part of acknowledged establishments

Stablecoin -mittenten are the most important revenue

After a brief market droop earlier within the yr, 14 stabile Publishing points are licensed to supply Fiat-Stunder E-money tokens (EMTs) beneath Mica. These issuers come from seven EU nations: France (3), Germany (1), Malta (3), the Netherlands (3), the Czech Republic (1), Finland (1) and Lithuania (1).

A complete of 20 stablecoins had been accepted, with 12 linked to the euro, seven to the US greenback, and one for the Czech Koruna.

The Stablecoin window work beneath Mica got here into pressure in June 2023. It’s obliged to satisfy capital, governance and transparency -standards earlier than digital property flow into Fiat’s currencies.

Benedikt Faupel, Alternate Bitpanda’s head of Public Affairs, revealed through the German Blockchain Week that Bitpanda at the moment has three mica licenses, greater than every other firm for his data.

Earlier than Mica, Bitpanda operated beneath 17 completely different nationwide licenses all through Europe. ‘With Mica you simply make it simpler“He instructed reporters.

Mica remains to be confronted with a headwind within the implementation

Based on Faupel, the implementation of mica is nigged by unequal supervisory practices. The quantity of information required by native supervisors beneath Mica’s reporting obligations is supposedly an extra of a value to pay CASPs.

The top of PA claimed that the corporate is concerned in advising supervisors and coaching political figures on the affect of Mica, to create a standard level of understanding between nationwide authorities and the European Fee.

Mica’s present implementation measures have the European Securities and Markets Authority (ESMA) in coordination with the European Banking Authority (EBA), the European Central Financial institution (ECB) and EIOPA.

All entities are reportedly work On the way in which to technical stage 2 and stage 3 technical requirements. The legal guidelines are launched in session phases, hoping to attain the readability of the laws earlier than approval by the European Fee and the EU parliament.

Varied nations, together with the Netherlands, Poland, Hungary, Latvia, Slovenia and Finland, have already accomplished their transitional intervals. The Dutch AFM regulator is at the moment forward of most nations in license exercise beneath Mica.