Six months into the European Union’s 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 “passport” their services throughout the EU without needing additional local approvals. 

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,  a move that’s 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), Société Générale-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. 

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 MiCA’s strict disclosure and compliance requirements, the next license update is anticipated at the nine-month mark in late September.