Six months after the full enforcement of the MiCA regulatory framework, significant developments have occurred in the cryptocurrency sector within the European Union.
Overview of MiCA
The Markets in Crypto-Assets regulation, or MiCA, went into full force on December 30, 2024. It established a unified legal framework for cryptocurrency operations, addressing consumer protection, disclosures, licensing, and stablecoin issuance.
Who Received Licenses?
As per an update shared on July 7 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. Companies like Coinbase, Kraken, Bitstamp, and N26 can now provide services throughout the EU without needing additional local approvals.
Stablecoin Market and Tether's Challenges
Licensed stablecoin issuers under MiCA include Circle (EURC, USDC), Société Générale-Forge (EURCV, USDCV), and Membrane Finance (EURe, eUSD). Most licensed stablecoins are euro-denominated, but Tether (USDT) has yet to secure a MiCA license, resulting in delistings from exchanges such as Coinbase and Crypto.com. Meanwhile, Binance faces regulatory challenges across multiple jurisdictions and is also missing from the approved list.
Despite advancements, no firms have registered to issue asset-referenced tokens, indicating low market demand. The next license update is anticipated in late September.
