The European Securities and Markets Authority published its latest Markets in Crypto-Assets register update on July 3, showing 280 authorized crypto-asset service providers across the European Union but zero registered issuers of asset-referenced tokens. The update added 37 newly authorized CASPs shortly after the CASP transition period ended, with Standard Chartered receiving authorization through its Luxembourg subsidiary on June 29 alongside an Electronic Money Institution license. The absence of ART issuers highlights uneven implementation of MiCA's digital asset rulebook, as the regulation became fully applicable to service providers from July 1, requiring firms to hold authorization or operate under valid transition rules to provide custody, trading, exchange, transfer or portfolio management services EU-wide.
CASP Licensing Reaches 280 Authorized Entities Post-Transition
The post-transition CASP count shows EU crypto licensing moved quickly since MiCA became fully applicable to service providers from July 1. The register serves as a central reference point listing authorized crypto-asset service providers, issuers of e-money tokens, issuers of asset-referenced tokens, crypto-asset white papers and non-compliant entities. ESMA states the register is based on information provided by national competent authorities and the European Banking Authority, with regular updates.
MiCA's passporting regime allows firms approved in one member state to serve clients across the bloc, subject to notification and compliance requirements. Germany currently leads in authorized CASPs, followed by France and the Netherlands. Around 17 of the 280 registered providers hold permission to operate trading platforms, indicating higher-risk activities remain subject to more demanding supervisory standards.
Asset-Referenced Token Issuers Remain Absent from MiCA Register
The lack of ART issuers on the register reflects the stringent authorization requirements for asset-referenced tokens. Unlike ordinary crypto assets, ARTs are designed to maintain stable value by referencing one or more assets such as currencies, commodities or baskets of assets. These tokens face stricter authorization, governance, reserve, disclosure and supervision requirements under MiCA.
Issuers must satisfy requirements covering reserves, redemption rights, governance, conflicts of interest, white papers and ongoing supervision. Significant ARTs may face enhanced oversight from the EBA. This contrasts with e-money tokens, which are generally tied to a single official currency and can be issued by authorized credit institutions or e-money institutions. The presence of EMI licensing activity, including Standard Chartered's authorization, shows institutions are preparing for regulated digital money services.
ESMA Register Becomes Operational Gatekeeper for EU Market Access
The register changes due diligence requirements for market participants. Clients and counterparties can verify whether a provider is authorized under MiCA rather than relying only on national registrations or company claims. ESMA has warned that unauthorized crypto firms must wind down activity in an orderly manner while safeguarding client interests.
Firms listed as CASPs can build passported businesses across the bloc, while those outside the register face higher enforcement and reputational risk. Authorization under MiCA for stablecoin issuers requires a regulated issuance model that can satisfy supervisors on reserves, redemption and financial stability.
FAQ
What authorization must crypto firms hold to operate across the EU under MiCA?
From July 1, firms seeking to provide regulated crypto services such as custody, trading, exchange, transfer or portfolio management across the EU must be authorized under MiCA or operating under valid transition rules. Once approved in one member state, firms can serve clients across the bloc through MiCA's passporting regime, subject to notification and compliance requirements.
Why are no asset-referenced token issuers listed on ESMA's MiCA register?
Asset-referenced tokens face stricter authorization requirements than ordinary crypto assets or e-money tokens. Issuers must satisfy requirements covering reserves, redemption rights, governance, conflicts of interest, white papers and ongoing supervision. Significant ARTs may also face enhanced oversight from the EBA, making authorization more complex than service-provider licensing.
How many crypto-asset service providers hold permission to operate trading platforms under MiCA?
Around 17 of the 280 registered crypto-asset service providers hold permission to operate trading platforms, according to reporting on ESMA's July 3 register update. This indicates that higher-risk activities remain subject to more demanding supervisory standards compared to other crypto services.
