Six months after the European Union’s Markets in Crypto-Assets (MiCA) regulation went into full effect, 53 crypto-related entities have officially been authorized to operate legally across the bloc’s 30-country economic zone.
According to an update on July 7 by Patrick Hansen, Director of EU Strategy & Policy at Circle, the growing list includes 14 licensed stablecoin issuers and 39 MiCA-registered crypto asset service providers (CASPs). These firms can now “passport” their services across the EU without needing separate local approvals.
MiCA, which came into force on December 30, 2024, created the world’s first unified legal framework for cryptocurrency, covering areas such as licensing, disclosures, consumer protection, and stablecoin issuance. The regulation has already reshaped the European digital asset landscape in just half a year.
Major Names Approved, Tether and Binance Still Missing
Top crypto firms like Coinbase, Kraken, Bitstamp, and N26 have secured MiCA authorization. However, Tether, the issuer of the world’s largest stablecoin USDT, has not yet obtained a MiCA license—prompting delistings from platforms like Coinbase and Crypto.com in Europe.
Binance is also absent from the current approved list, as it continues to face regulatory pushback in several jurisdictions, including the EU.
MiCA-compliant stablecoin issuers now include:
- Circle – EURC, USDC
- Société Générale-Forge – EURCV, USDCV
- Membrane Finance – EURe, eUSD
Most licensed stablecoins are euro-denominated, although a few USD-pegged and even one Czech koruna-based token have made the list.
No Asset-Referenced Tokens Yet
Despite the new regulatory clarity, no entity has applied to issue Asset-Referenced Tokens (ARTs)—a special class of stablecoins backed by a basket of assets. EU officials suggest the high compliance costs and limited market demand are discouraging issuers from pursuing ART registration under MiCA.
Enforcement and Future Outlook
The EU is not only handing out approvals—it’s also cracking down on non-compliance. Regulators have flagged over 35 crypto firms as non-compliant, with Italy’s CONSOB leading enforcement actions against rogue operators.
In addition, MiCA’s regulatory influence is now being felt in other areas of the crypto ecosystem, including search engine visibility. Several European crypto news platforms have reported a decline in reach following algorithm changes aligned with MiCA content guidelines.
The next MiCA licensing update is expected in late September 2025, at the nine-month mark, as more firms rush to meet the regulation’s strict standards.
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