Six months into the implementation of the Markets in Crypto-Assets (MiCA) regulation for crypto-asset service providers (CASPs), and one year since the rules came into force for stablecoin issuers, regulatory progress continues across the European Union.
Circle Executive Patrick Hansen shared an update on social media detailing the number of entities currently authorised under the MiCA framework.
As of July, fourteen firms from seven EU member states have been approved to issue e-money tokens (EMTs), commonly referred to as fiat-backed stablecoins.
These firms are issuing a total of twenty EMTs, of which twelve are euro-denominated, seven are backed by the US dollar, and one is tied to the Czech koruna.
Thirty-nine companies have so far received CASP licences under MiCA, with activity spread across nine EU and EEA countries.
The current list includes a mix of traditional financial institutions, fintech companies, and crypto-native firms.
Countries such as Germany and the Netherlands account for the largest number of licensed providers, while other jurisdictions including Malta, France, Luxembourg, Austria, Cyprus, Spain, and Ireland have also issued approvals.
No asset-referenced token (ART) issuers have been authorised to date, which Hansen suggested may point to limited demand in that segment.
Around thirty whitepapers have been submitted under MiCA Title II provisions for crypto-assets such as bitcoin and ether.
Several national transition periods have now concluded, including in the Netherlands, Poland, Hungary, Latvia, Slovenia, and Finland.
The Dutch Authority for the Financial Markets currently leads in the number of MiCA licences granted.
More than thirty-five firms have been identified as non-compliant CASPs, with the Italian financial regulator CONSOB issuing most of these notices.
Under MiCA, authorised providers are permitted to passport their services across thirty countries in the European Economic Area.
Further updates on regulatory adoption are expected at the nine-month mark in September 2025.
Featured image credit: Edited by Fintech News Switzerland, based on image by artjazz via Freepik
