The European Union’s Markets in Crypto-Assets regulation, known as MiCA, has reached an implementation milestone, with 21 stablecoin issuers and 270 crypto-asset service providers (CASPs) securing regulatory approval under the framework.
The European Union’s Markets in Crypto-Assets regulation, known as MiCA, has reached an implementation milestone, with 21 stablecoin issuers and 270 crypto-asset service providers (CASPs) securing regulatory approval under the framework.
The European Union’s Markets in Crypto-Assets regulation, known as MiCA, has reached an implementation milestone, with 21 stablecoin issuers and 270 crypto-asset service providers (CASPs) securing regulatory approval under the framework.
MiCA implementation has advanced to a stage where 21 stablecoin issuers and 270 CASPs have received authorization to operate under the EU’s unified crypto regulatory framework. The distinction between the two categories matters: stablecoin issuers must satisfy reserve, redemption, and disclosure requirements under MiCA’s Title III and IV provisions, while CASPs face separate licensing and conduct standards. For related coverage, see GENIUS Act Sets U.S. Stablecoin Regulations.
CASPs cover a broad range of firms, including exchanges, custody providers, portfolio managers, and advisory services. Their approval under MiCA grants passporting rights across all 27 EU member states, removing the need for separate national authorizations. For related coverage, see Bank of England to Align with US Stablecoin Regulations.
The approval figures represent the first large-scale licensing wave under a comprehensive crypto regulatory regime in a major economic bloc. Other jurisdictions are still developing their own frameworks, with the GENIUS Act setting a parallel course for U.S. stablecoin regulations and the UK’s FCA adjusting its stablecoin capital requirements separately.
Stablecoin issuer approvals under MiCA mean that approved tokens can be marketed and distributed across the entire EU single market under one license. Before MiCA, issuers navigated a patchwork of national rules that limited cross-border operations and created legal uncertainty. For related coverage, see US Senate Advances GENIUS Act for Stablecoin Regulation.
CASP licensing carries a different but equally practical significance. A single authorization now replaces what previously required engagement with multiple national regulators. This creates a unified market for crypto services that did not exist in Europe before MiCA took effect under Regulation (EU) 2023/1114.
The regulatory clarity has drawn attention from lawmakers elsewhere. The U.S. Senate has advanced its own stablecoin legislation, while the Bank of England has signaled alignment with emerging U.S. stablecoin standards. MiCA’s head start gives the EU a reference point that other regulators are watching.
The approval count is expected to grow as more firms complete the licensing process. ESMA and national competent authorities across the EU continue processing applications, and firms operating under transitional provisions face deadlines to obtain full authorization.
Key areas to watch include how approved stablecoin issuers manage ongoing reserve reporting obligations and whether the CASP licensing pipeline accelerates as the framework matures. The U.S. Treasury’s parallel efforts to gather public input on stablecoin policy could also shape how MiCA-licensed firms approach transatlantic operations.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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