Six months into the European Unionโs full enforcement of MiCA, the EU has authorized 53 crypto-related entities to operate legally across its 30-country economic area.
According to a July 7 update shared by Patrick Hansen, Director of EU Strategy & Policy at Circle, the list now includes 14 licensed stablecoin issuers from seven countries and 39 MiCA-authorized crypto-asset service providers. Coinbase, Kraken, Bitstamp, and N26 are among the companies that can now โpassportโ their services throughout the EU without needing additional local approvals.ย
๐๐ข๐๐ 6-๐๐จ๐ง๐ญ๐ก๐ฌ ๐๐ญ๐๐ญ๐ฎ๐ฌ ๐๐ฉ๐๐๐ญ๐: ๐ ๐ฎ๐ฅ๐ฅ ๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐ฎ๐ญ๐ก๐จ๐ซ๐ข๐ณ๐๐ ๐๐ญ๐๐๐ฅ๐๐๐จ๐ข๐ง ๐๐ฌ๐ฌ๐ฎ๐๐ซ๐ฌ & ๐๐ซ๐ฒ๐ฉ๐ญ๐จ-๐๐ฌ๐ฌ๐๐ญ ๐๐๐ซ๐ฏ๐ข๐๐ ๐๐ซ๐จ๐ฏ๐ข๐๐๐ซ๐ฌ ๐ช๐บ
6 months into MiCAโs application for CASPs โ and 12 months for stablecoins โ hereโsโฆ pic.twitter.com/5mZwOg30qq
— Patrick Hansen (@paddi_hansen) July 7, 2025
On 30 Dec. 2024, the Markets in Crypto-Assets regulation, or MiCA, went into full force. It established the first unified legal framework for cryptocurrency operations in history, covering consumer protection, disclosures, licensing, and stablecoin issuance.
Tether (USDT), has yet to obtain a MiCA license,ย a move thatโs already led to delistings by platforms such as Coinbase and Crypto.com. Binance, facing regulatory challenges across multiple jurisdictions, is also absent from the approved list.
Among the stablecoin issuers now licensed under MiCA are Circle (EURC, USDC), Sociรฉtรฉ Gรฉnรฉrale-Forge (EURCV, USDCV), and Membrane Finance (EURe, eUSD). Most licensed stablecoins are euro-denominated, though several U.S. dollar and one Czech koruna token are also listed.
Despite the progress, no firm has registered to issue asset-referenced tokens, which are stablecoins pegged to a basket of assets. According to EU officials, under the current compliance costs and regulations, the lack of ART applicants indicates low market demand.ย
Regulators have also flagged over 35 crypto companies as non-compliant CASPs, with the Italian regulator CONSOB leading enforcement actions. Meanwhile, crypto media outlets throughout Western Europe have been adisrupted by search algorithm changes and policies aligned with MiCA.
As more businesses scramble to meet MiCAโs strict disclosure and compliance requirements, the next license update is anticipated at the nine-month mark in late September.
