Six months after enforcement of the European Union Market Cryptocurrency Regulation (MICA), approximately 40 Cryptocurrency Asset Service Providers (CASPs) are permitted to operate across the EU.
This list includes several traditional financial institutions, fintech platforms and cryptocurrencies that currently benefit from the licensing rules.
The regulations applied to CASP in June 2024, replacing the laws of countries that countries within the bloc were using in a more unified framework. This allows businesses to port licenses across the European economy and legally expand services across borders.
Currently, certified providers are available in 9 countries
According to a regulatory snapshot posted on July 7 by EU Strategy and Policy Advisor Patrick Hansen’s circle director, 39 licensed CASPs have spread to nine EU and EEA countries.
𝐌𝐢𝐂𝐀6-𝐌𝐨𝐧𝐭𝐡𝐬𝐒𝐭𝐚𝐭𝐮𝐬:𝐅𝐮𝐥𝐥𝐥𝐨𝐟𝐀𝐭𝐫𝐢𝐳 𝐞𝐝 &𝐂𝐫𝐲𝐩𝐭𝐨 &𝐂𝐫𝐲𝐩𝐭𝐨-𝐀𝐬𝐬𝐞𝐭𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐯
Six months after CASPS and 12 months at Stablecoins – here…pic.twitter.com/5mzwog30qq
– July 7, 2025, Patrick Hansen (@paddi_hansen)
Germany has acquired 12 license providers, followed by 11 Netherlands. Malta has five authorized entities, with France and Luxembourg having three each. Two companies have been approved in Austria, with Spain, Cyprus and Ireland each closing their list.
MICA license providers include global crypto service providers such as Coinbase, Kraken, Crypto.com, Bitpanda, Bitstamp, Bitgo, Etoro, OKX, and AMDAX.
Includes traditional financial institutions listed BBVALake Buffalo AG, Case, Clear Estrick, Clear Estrance, Accordbank, and Socialization passed – Forge.
Last Wednesday, Crypto Exchange Bybit announced the deployment of Bybit.EU, a licensing platform for European Economic Area (EEA) users. Operating in Austria, the exchange is currently permitted to provide services in 29 EEA countries.
On the same day, Rival Exchange OKX confirmed that it had launched a regulated centralized platform in France using Mica Passporting.
Other licensed companies include Bitvavo, BTC Direct, Boerse Stuttgart Digital Custody GmbH, Altarius Asset Management, Hidden Road Partners, 360 Treasury Systems, DeBlock, ZBD, and ZBX. Fintech and trading platforms such as N26 Bank SE, Trade Republic and MoonPay are also part of the authorized institutions.
Stablecoin publisher is the biggest winner
After a short market slump at the beginning of the year, 14 Stablecoin Issuers are permitted to provide Fiat-backed electronic money tokens (EMTs) under MICA. These publishers come from seven EU countries: France (3), Germany (1), Malta (3), Netherlands (3), Czech Republic (1), Finland (1), and Lithuania (1).
In total, 20 stub coins have been approved, with 12 being pinned for Euros, 7 for US dollars and 1 for Czech Koruna.
The Stablecoin Framework under MICA came into effect early in June 2023. It requires meeting capital, governance and transparency standards before circulating through digital assets that mimic Fiat currency.
Exchange Bitpanda’s Public Relations Director Benedikt Faupel revealed during Germany’s Blockchain Week that Bitpanda currently has three MICA licenses.
Before MICA, Bitpanda operated under 17 different national licences across Europe. “MICA makes it easier,” he told reporters.
Still facing headwinds in implementation
According to Faupel, the implementation of MICA is undermined by uneven supervisory practices. The amount of data from local regulators is required under MICA’s reporting obligation.
The Head of the PA has created a common point of understanding between the national authorities and the European Commission, arguing that the company is involved in educating politicians about the impact of MICA.
MICA’s current implementation measures are carried out by the European Banking Authority (EBA), the European Central Bank (ECB), and the European Securities and Markets Authority (ESMA), which is coordinated with the EIOPA.
All entities reportedly are reported work Towards the technical standards for final level 2 and level 3. The law was announced during the consultation phase and hopes to achieve clarity of regulations prior to adoption by the European Commission and the EU Parliament.
Several countries, including the Netherlands, Poland, Hungary, Latvia, Slovenia and Finland, have already completed their transition period. Dutch regulator AFM is currently ahead of most countries in licensing activities under MICA.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
