The Markets in Crypto-Assets (MiCA) regulation is actively reshaping the cryptocurrency market in Europe. Six months into the application of this new regulation, its impact on the industry and the companies that have been authorized is becoming clearer.
14 Authorized E-Money Token Issuers
Fourteen companies have officially received authorization to issue e-money tokens under MiCA. These issuers come from seven EU countries:
- France (3)
- Germany (1)
- Malta (3)
- Netherlands (3)
- Czech Republic (1)
- Finland (1)
- Lithuania (1)
A total of 20 EMTs are now live, with 12 euro-denominated, 7 dollar-denominated, and 1 Czech koruna-denominated.
39 Licensed Crypto-Asset Service Providers
MiCA has greenlit 39 CASPs across nine countries in the EU/EEA:
- Germany (12)
- Netherlands (11)
- Malta (5)
- France (3)
- Luxembourg (3)
- Austria (2)
- Cyprus (1)
- Spain (1)
- Ireland (1)
These companies range from traditional finance giants to fintech disruptors and crypto-native exchanges.
Analysis of Current Trends and Future Prospects
Notable trends include the absence of authorized asset-referenced token issuers, indicating low current demand, with approximately 30 whitepapers filed under MiCA Title II primarily for assets like BTC and ETH. Transition periods have ended in several countries, with the Dutch regulator taking the lead in licensing.
The first six months of MiCA have already shown significant changes in the European cryptocurrency market and revealed new rules of engagement for participants, creating prospects for further market development.
