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As the Markets in Crypto-Assets (MiCA) regulation for crypto-asset service providers (CASPs) reaches its six-month mark in July 2023, the European Union has made significant strides in regulating digital assets.
So far, thirty-nine companies have received CASP licenses under MiCA, with the activity for these licenses spread across nine EU and EEA countries. The Dutch Authority for the Financial Markets currently leads in the number of MiCA licenses granted.
Interestingly, as of July 2023, there were no public reports available on the approval of entities to issue e-money tokens (EMTs) under the MiCA framework. However, this regulatory landscape is rapidly evolving. By July 2025, the EU had approved 14 stablecoin issuers under the MiCA regulation.
These firms are issuing a total of twenty EMTs, with twelve being euro-denominated, seven backed by the US dollar, and one tied to the Czech koruna. The list of licensed providers includes traditional financial institutions, fintech companies, and crypto-native firms.
It's worth noting that Germany and the Netherlands have the largest number of licensed providers, while other jurisdictions including Malta, France, Luxembourg, Austria, Cyprus, Spain, and Ireland have also issued approvals. Several national transition periods have now concluded in the Netherlands, Poland, Hungary, Latvia, Slovenia, and Finland.
However, the road to regulatory compliance has not been without challenges. More than thirty-five firms have been identified as non-compliant CASPs, with the Italian financial regulator CONSOB issuing most of the notices.
Under MiCA, authorized providers are permitted to passport their services across thirty countries in the European Economic Area. This progressive regulation is expected to foster a more integrated and secure digital asset market within the EU.
Further updates on regulatory adoption are expected at the nine-month mark in September 2025, providing insight into the continued growth and development of the digital asset sector in Europe.
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[1] Source: European Commission (2025). Retrieved from https://ec.europa.eu/info/publications/europes-crypto-asset-regulation-mica_en [2] Source: European Parliament and Council (2023). Regulation (EU) 2023/568 of the European Parliament and of the Council of 29 June 2023 on markets in crypto-assets (MiCA) and amending Regulation (EU) 2019/1010. Retrieved from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R0568
- Despite the challenges in achieving regulatory compliance, the adoption of technology in the finance sector, particularly in business, has been instrumental in the issuance of e-money tokens under the MiCA framework.
- The growth and development of the digital asset sector in Europe can be attributed in part to the integration of technology, enabling licensed providers, including traditional financial institutions and fintech companies, to passport their services across multiple countries in the European Economic Area.
