One hundred days after the Markets in Crypto-Assets (MiCA) framework took effect, most of the crypto industry is still racing to catch up.
On April 14, Circle’s executive Patrick Hansen, citing data from the European Securities and Markets Authority (ESMA), reported that only 11 stablecoin issuers and 15 crypto-asset service providers (CASPs) had received authorization.
The low figures underline the sector’s ongoing struggle to meet MiCA’s compliance requirements.
Hansen emphasized that without a MiCA license, crypto firms cannot passport their services across the 30 countries in the European Economic Area (EEA). This restriction is driving companies to accelerate their licensing efforts.
However, Hansen identified some key gaps, such as the fact that no asset-referenced token (ART) issuers have yet been authorized.
He also noted that regulators have received only about 25 white papers for digital assets that do not fall under EMT or ART classifications. This covers large-cap tokens such as Bitcoin and Ethereum.
As a sign of increasing enforcement, Italy’s financial authority, CONSOB, has added 15 names to its list of non-compliant entities, reflecting growing scrutiny under the new framework.
Licensed stablecoin issuers
Since MiCA took effect, 11 stablecoin issuers from six EU countries have been approved to issue e-money tokens (EMTs). So far, regulators have authorized 16 EMTs, 10 pegged to the euro and six to the US dollar.
The list of approved entities includes Circle (issuer of USDC), Banking Circle, Fiat Republic, Quantoz Payments, Membrane Finance, Salvus, Societe Generale, StablR, Stablemint, and Schuman Financial.
Meanwhile, Tether, the issuer of the world’s largest stablecoin USDT, remains absent from the list. Its failure to comply with MiCA standards has led to delistings from several EU-based exchanges.
However, Tether has touted its Handron platform and investment in Quantoz Payments as its answer to the regulatory challenge.
MiCA-compliant CASPs
On the CASP front, ESMA has listed 15 authorized providers.
These include major crypto platforms like Crypto.com, OKX, Bitpanda, eToro, and Crypto Finance, alongside traditional financial institutions like BBVA, Clearstream, and Flatex.
Notably, some previously listed firms, such as MoonPay and Hidden Road, no longer appear on the registry. This could suggest changes in their status or ongoing regulatory review.
Germany currently leads the region with six licensed CASPs, followed by Malta with five.
