Six months after the Markets in Crypto-Assets (MiCA) regulation came into full effect, the European Union has officially authorized 53 crypto-related entities to operate legally across its 27-country economic zone.
According to a July 7 update from Patrick Hansen, Director of EU Strategy & Policy at Circle, the list now includes 14 licensed stablecoin issuers from seven different countries and 39 MiCA-authorized crypto-asset service providers (CASPs). Major names such as Coinbase, Kraken, Bitstamp, and N26 are now able to “passport” their services across EU borders without needing separate licenses in each member state.
MiCA Regulation: A Global First for Crypto Oversight
The MiCA regulation, which came into full force on December 30, 2024, marks the world’s first unified legal framework for cryptocurrency operations. It covers critical areas including consumer protection, company disclosures, licensing requirements, and stablecoin issuance.
The regulation enables compliant entities to operate across all EU nations with a single approval, offering clarity and legal uniformity in a previously fragmented regulatory environment.
Stablecoins Get a Boost — But Not Tether
Among the newly licensed stablecoin issuers are:
- Circle: EURC and USDC
- Société Générale-Forge: EURCV and USDCV
- Membrane Finance: EURe and eUSD
Most licensed stablecoins are euro-denominated, though a few are tied to USD and one to the Czech koruna.
Notably absent from the licensed list is Tether, issuer of the world’s largest stablecoin, USDT. This has already led to delistings on platforms like Coinbase and Crypto.com due to regulatory non-compliance.
No Interest Yet in Asset-Referenced Tokens
Despite steady adoption of MiCA for standard stablecoins, no company has yet registered to issue asset-referenced tokens (ARTs) — stablecoins pegged to a basket of currencies or commodities.
EU regulators say the lack of ART applicants reflects low market demand and possibly the high cost of compliance under current rules.
Enforcement and Industry Challenges
Regulators have flagged over 35 crypto firms as non-compliant CASPs, with Italy’s CONSOB leading enforcement actions. At the same time, Western European crypto media outlets are reporting disruptions due to search algorithm changes and policy shifts linked to MiCA enforcement.
September Update Looms
As businesses race to meet the EU’s strict disclosure and operational standards, the next wave of licensing decisions is expected in late September, marking the nine-month milestone of MiCA’s rollout.
With the EU setting a global precedent for crypto regulation, the pressure is now on both companies and regulators to balance innovation with compliance, and for non-compliant giants like Tether and Binance to decide their next moves.
