EU Grants Licenses to 53 Crypto Firms Under MiCA, Marking a New Era of Regulatory Clarity

In a landmark move toward regulatory harmonization in the digital asset space, the European Union has officially granted licenses to 53 crypto firms under its newly implemented Markets in Crypto-Assets (MiCA) legislation. The approvals signal the EU’s commitment to building a unified, transparent framework for digital finance—and are already reshaping the competitive landscape across the continent.

Among the approved entities are 14 stablecoin issuers and 39 crypto-asset service providers (CASPs). These firms are now authorized to “passport” their services across all 30 countries in the European Economic Area (EEA) without the need for separate national licenses, an operational breakthrough that dramatically reduces friction for cross-border crypto offerings.

Notable names among the licensed stablecoin issuers include Circle, the issuer of USDC; Crypto.com; Stablemint; Quantoz; and StablR, as well as Membrane Finance and Société Générale,  Forge, the digital assets unit of the French banking giant. On the CASP side, the list features many of the most recognized players in the global crypto ecosystem, including Coinbase, Kraken, OKX, Bitstamp, Robinhood, eToro, Trade Republic, BBVA, Clearstream, and N26.

The lion’s share of the CASP licenses were issued by Germany and the Netherlands, which together account for 23 of the 39 approved providers, highlighting their emerging leadership as crypto regulatory hubs within the EU.

Major Absences: Binance and Tether Left Out

While MiCA’s launch has been celebrated as a win for transparency and investor protection, its first round of approvals notably excludes two of the industry’s most prominent entities: Binance and Tether.

Tether, the issuer of the world’s most widely used stablecoin, USDT, has not received approval, largely due to its lack of audit transparency and failure to meet MiCA’s strict governance and disclosure requirements. As a result, USDT has already been delisted from several EU-based exchanges, signaling a significant reduction in its regional market share. In a public response, Tether indicated it would shift focus to less “risk-averse” markets outside of the EU.

Similarly, Binance, the world’s largest crypto exchange by volume, remains unlicensed under MiCA. Regulatory investigations across several European jurisdictions and a trail of withdrawn applications have raised questions about its long-term compliance strategy. MiCA’s demands, ranging from robust internal controls to anti-money laundering protocols and operational transparency, present a challenge for a company of Binance’s size and complexity. The exchange has already exited multiple EU markets, and its future in the bloc remains uncertain.

MiCA’s implementation represents more than just a regulatory box-checking exercise, it’s a structural reordering of the European crypto market. By limiting access to only fully compliant players, the EU is fostering market share consolidation and pushing digital asset providers toward institutional-grade governance and consumer protections.

However, this comes with short-term trade-offs. The delisting of USDT and the absence of other large players may reduce liquidity and product diversity, at least in the initial phases. Yet, for institutional investors and risk-conscious consumers, the clarity and security offered under MiCA could finally unlock the European market’s full potential.

As the regulatory rollout continues, analysts expect more firms to pursue compliance to regain or secure access to the EU market. At the same time, the exclusion of giants like Binance and Tether may open doors for emerging players that are better aligned with MiCA’s principles of transparency, security, and accountability.

In an industry that has long been defined by fragmentation and regulatory uncertainty, MiCA is beginning to deliver on its promise: a safer, more unified digital asset economy in Europe, albeit with a dramatically reshaped leaderboard.