The European Union has approved 53 cryptocurrency companies under its first-ever Markets in Crypto-Asset (MiCA) regulations. As of July 7, it has 14 licensed stablecoin stables and 39 crypto asset service providers (CASPs) that are now able to operate smoothly in a single market across the EU.
Notably, some of the licensees include Coinbase, Kraken, Bitstamp, and N26. MiCA, which came into full effect on December 30, 2024, represents the world’s first comprehensive regulatory framework for crypto assets. The regulation includes some jurisdictions, like consumer protection, licensing, disclosures, and issuance of stablecoins.
Despite the advancements, major players like Tether and Binance are not included in the approved registry. Tether, owner of the largest stablecoin USDT, does not have a license under MiCA. The exclusion has already driven delisting on exchanges, including Coinbase and Crypto.com, due to new compliance demands of unlicensed companies.
Similarly, Binance, which continues to grapple with regulatory challenges across multiple jurisdictions, is not among the listed CASPs, raising questions about its future operations within the EU.
Circle (EURC, USDC), Société Générale-Forge (EURCV, USDCV), and Membrance Finance (EURe, eUSD) are some of the authorized stamp issuers. The majority of the allowed tokens are euro-based, but there were also several U.S. dollar-collateralized assets and one that is pegged to the Czech koruna.
Yet, none of the companies registered to launch the asset-referenced tokens (ARTs), a type of stablecoin connected to asset baskets. According to EU officials, the reason why there are no applications for ARTs is due to the high cost of compliance and low demand in the market today.
Industry crackdown is also getting stronger. Over 35 crypto companies have been flagged as non-compliant, with Italy’s CONSOB emerging as a leading regulatory enforcer under MiCA.
The next expected MiCA update is in late September. Industry players are racing to meet the regulation’s stringent standard requirements ahead of further enforcement and oversight.
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