
Patrick Hansen|Jul 07, 2025 10:26
๐๐ข๐๐ 6-๐๐จ๐ง๐ญ๐ก๐ฌ ๐๐ญ๐๐ญ๐ฎ๐ฌ ๐๐ฉ๐๐๐ญ๐: ๐
๐ฎ๐ฅ๐ฅ ๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐ฎ๐ญ๐ก๐จ๐ซ๐ข๐ณ๐๐ ๐๐ญ๐๐๐ฅ๐๐๐จ๐ข๐ง ๐๐ฌ๐ฌ๐ฎ๐๐ซ๐ฌ & ๐๐ซ๐ฒ๐ฉ๐ญ๐จ-๐๐ฌ๐ฌ๐๐ญ ๐๐๐ซ๐ฏ๐ข๐๐ ๐๐ซ๐จ๐ฏ๐ข๐๐๐ซ๐ฌ ๐ช๐บ
6 months into MiCAโs application for CASPs โ and 12 months for stablecoins โ hereโs the latest July snapshot:
๐ 14 ๐๐ฎ๐ญ๐ก๐จ๐ซ๐ข๐ณ๐๐ ๐ฌ๐ญ๐๐๐ฅ๐๐๐จ๐ข๐ง (๐-๐ฆ๐จ๐ง๐๐ฒ ๐ญ๐จ๐ค๐๐ง) ๐ข๐ฌ๐ฌ๐ฎ๐๐ซ๐ฌ
โ From 7 EU countries: ๐ซ๐ท (3), ๐ฉ๐ช (1), ๐ฒ๐น (3), ๐ณ๐ฑ (3), ๐จ๐ฟ (1), ๐ซ๐ฎ (1), ๐ฑ๐น (1)
โ Issuing 20 e-money tokens (EMTs) or single fiat-backed stablecoins:
โข 12 euro-denominated
โข 7 dollar-denominated
โข 1 Czech koruna-denominated
๐ 39 ๐๐ข๐๐-๐ฅ๐ข๐๐๐ง๐ฌ๐๐ ๐๐๐๐๐ฌ (๐๐ซ๐ฒ๐ฉ๐ญ๐จ-๐๐ฌ๐ฌ๐๐ญ ๐๐๐ซ๐ฏ๐ข๐๐ ๐๐ซ๐จ๐ฏ๐ข๐๐๐ซ๐ฌ)
โ From 9 EU/EEA countries: ๐ฉ๐ช (12), ๐ณ๐ฑ (11), ๐ฒ๐น (5), ๐ซ๐ท (3), ๐ฑ๐บ (3), ๐ฆ๐น (2), ๐จ๐พ (1), ๐ช๐ธ (1), ๐ฎ๐ช (1)
โ Mix of TradFi, fintech & crypto-native firms. Examples:
โข TradFi: BBVA, Clearstream, CACEIS
โข Fintech: N26, Trade Republic, eToro, Robinhood
โข Crypto-native: Coinbase, Kraken, Bitpanda, OKX, Bitstamp
๐๐ญ๐ก๐๐ซ ๐ข๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐ข๐ง๐ ๐๐๐๐ญ๐ฌ
โข Still 0 ART issuers (asset-referenced tokens), suggesting a clear lack of market demand for now.
โข ~30 whitepapers notified under MiCA Title II for crypto-assets like BTC, ETH, etc.
โข Transition periods have now ended in ๐ณ๐ฑ ๐ต๐ฑ ๐ญ๐บ ๐ฑ๐ป ๐ธ๐ฎ ๐ซ๐ฎ โ with Dutch AFM leading license issuance among them.
โข ~30 whitepapers notified under MiCA Title II for crypto-assets like BTC, ETH, etc.
โข 35+ firms now listed as non-compliant CASPs, primarily flagged by Italian regulator CONSOB.
6 months into its full application, MiCA is clearly gaining momentum. Companies across Europe are seeking to receive their license in order to passport their services into 30 EEA countries. The race is on!
๐
Next update at the 9 months mark at the end of September.
๐ Full list of authorized EMT issuers & CASPs in the graphic below.
PS: This is based mainly on ESMAโs interim register, with a few additions from recent news. The landscape is evolving fast โ take with a grain of salt.
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