TLDR:
- EU licenses 53 crypto firms under MiCA, including 14 stablecoin issuers and 39 CASPs.
- Circle gains approval for euro stablecoins, while Crypto.com readies EU-wide services.
- Netherlands leads in CASP licenses, followed by Spain, France, and Germany.
- No asset-referenced tokens approved yet; next MiCA update expected in September.
The European Union has formally licensed 53 crypto-related entities under its Markets in Crypto-Assets (MiCA) framework. The licenses include 14 stablecoin issuers and 39 crypto asset service providers, reflecting growing regulatory clarity in the region.
Major companies such as Circle and Crypto.com have already received approvals, showing the industry’s push toward compliance. These developments follow six months of MiCA implementation for service providers and a full year for stablecoin issuers.
As more firms align with MiCA standards, cross-border services across the European Economic Area may accelerate.
Circle, Crypto.com Among Early MiCA Licensees
New data from the European Securities and Markets Authority (ESMA), shared by Circle’s EU strategy executive Patrick Hansen, revealed the list of approved firms.
According to Hansen, 14 stablecoin issuers now operate legally in seven EU countries. These issuers manage a total of 20 e-money tokens, including euro, dollar, and Czech koruna-denominated stablecoins.
Among them, Circle stands out as one of the largest stablecoin operators with approval for euro-backed tokens. Crypto.com, another major recipient, is set to offer services across the bloc. Hansen noted that this milestone indicates real momentum behind MiCA’s adoption.
𝐌𝐢𝐂𝐀 6-𝐌𝐨𝐧𝐭𝐡𝐬 𝐒𝐭𝐚𝐭𝐮𝐬 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐅𝐮𝐥𝐥 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐞𝐝 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐂𝐫𝐲𝐩𝐭𝐨-𝐀𝐬𝐬𝐞𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 🇪🇺
6 months into MiCA’s application for CASPs — and 12 months for stablecoins — here’s… pic.twitter.com/5mZwOg30qq
— Patrick Hansen (@paddi_hansen) July 7, 2025
Alongside stablecoin approvals, 39 crypto asset service providers (CASPs) have secured MiCA licenses from regulators across nine EU and EEA countries.
These include traditional financial firms like BBVA and Clearstream, as well as fintech players like eToro and Trade Republic. Notably, crypto-native companies such as Coinbase, Kraken, OKX, and Bitpanda also made the list.
According to the ESMA data, the Netherlands leads in CASP licensing, followed by Spain, France, and Germany. Hansen emphasized that companies are positioning themselves to benefit from passporting rights that enable operations in all 30 EEA countries.
Limited Adoption for Asset-Referenced Tokens
Despite the progress, the ESMA registry shows no approved asset-referenced token (ART) issuers so far.
Hansen suggested that current market demand for such tokens remains low. However, around 30 whitepapers have been submitted for crypto assets like Bitcoin and Ethereum under MiCA’s Title II requirements.
Meanwhile, Italy’s CONSOB has flagged over 35 firms as non-compliant CASPs. These names appear on the EU watchlist and may face enforcement actions if they continue operating without licenses.
The MiCA transition period has ended in several jurisdictions, prompting more firms to complete licensing procedures. The regulatory framework enables clearer compliance paths for stablecoins and crypto services in the bloc.
Hansen stated that the next update is expected in September, as the landscape continues to evolve rapidly. The MiCA rollout is setting the foundation for a more structured and transparent crypto environment across Europe, with firms racing to meet the new standards.
