Six months after the gradual entry into force of MiCA, there are already 53 crypto companies authorized to operate in the entire European Economic Area (EEA).
MiCA: the new frontier of regulation for cryptocurrencies
The Markets in Crypto-Assets (MiCA) represents the first comprehensive regulatory framework for cryptocurrencies at the European level. From January 2025, the regulatory framework allows companies that obtain the license to “passport” their services without the need for specific authorizations in each of the 30 countries of the European Economic Area. This creates a harmonized digital market and stimulates competition, promoting transparency and security for both operators and investors.
A rapidly evolving landscape: 53 authorized crypto companies
According to Patrick Hansen, EU policy lead at Circle, the updated balance as of July 2025 shows 39 digital asset providers (CASP) and 14 stablecoin issuers (classified as e-money tokens or EMT Issuers) holding a MiCA license.
𝐌𝐢𝐂𝐀 6-𝐌𝐨𝐧𝐭𝐡𝐬 𝐒𝐭𝐚𝐭𝐮𝐬 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐅𝐮𝐥𝐥 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐞𝐝 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐂𝐫𝐲𝐩𝐭𝐨-𝐀𝐬𝐬𝐞𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 
6 mesi dall’applicazione di MiCA per i CASP — e 12 mesi per le stablecoin — ecco… pic.twitter.com/5mZwOg30qq
— Patrick Hansen (@paddi_hansen) 7 luglio 2025
The central advantage comes from the ability to offer one’s crypto services throughout the European Economic Area without the need for additional procedures for each State.
The leading countries in crypto regulation
France, Germany, and the Netherlands lead the authorized stablecoin sector: together they account for 9 of the 14 compliance issuers. Currently, there are twenty stablecoins that meet the MiCA requirements, predominantly denominated in euro or dollar and active in seven EU member states.
In the field of authorized digital asset providers (CASP), Germany and Netherlands stand out, representing 23 operators out of a total of 39. This highlights how these countries have been quicker and more strategic in adapting to the new European regulatory framework.
The main players in the sector present and absent among the MiCA authorized
Within the list appear major cryptocurrency brands such as Coinbase, Bitstamp, Kraken, and OKX. Additionally, fintech operators and traditional finance companies, including Robinhood, Trade Republic, and BBVA, have fully embraced the pan-European licensing system. This demonstrates a growing interest from banking groups in the sector of digital assets under EU regulation.
Major absentees: Tether and Binance out of the new European compliance
However, some significant absences stand out. Tether – issuer of the world’s most important stablecoin, USDT – is not among the 14 authorized “EMT” operators. Similarly, Binance is missing from the list of European compliant crypto providers.
The reasons behind the exclusion of Tether and Binance from the new MiCA regime
For Tether, the lack of inclusion among the licensed companies is not surprising precisely due to the controversies regarding the transparency of funds and the relationships with regulatory authorities. Recent criticisms from Consumers Research highlight the lack of an independent audit on the reserves that back USDT.
The company relied on simple attestations and not on complete audits by top-tier auditors, an element considered essential by the MiCA regulation. The CEO, Paolo Ardoino, in an April 2025 interview, admitted the difficulty in finding “Big Four” level auditors, highlighting the reluctance of major international firms to take on such reputational and commercial risk after numerous scandals in the crypto sector.
This lack of transparency in the controls represents a real obstacle to full compliance with the new European rules.
Binance between regulatory challenges and restructuring of activities in Europe
Even Binance, one of the global giants in the digital exchange sector, remains outside the MiCA regime due to difficult relationships with various European authorities. From 2023 to 2024, the exchange had to withdraw license applications or cease activities in countries like Germany, the Netherlands, and Cyprus. These decisions are part of a framework of increasing regulatory pressures and investigations, including the case of the French authorities on alleged violations of anti-money laundering regulations.
Binance has recently modified its offering in Europe, disabling features such as copy trading and limiting the use of unregulated stablecoins, moves driven by the desire to hope to comply with future regulations.
The match of European crypto regulation: risks, opportunities, and future scenarios
The establishment of a pan-European single license system redefines the balance of the sector. On one hand, regulatory certainty encourages the adoption of digital assets by traditional operators and fintech; on the other hand, it imposes stringent obligations in terms of transparency and anti-money laundering procedures.
The main advantages: mobility and business growth without national barriers; greater protection for consumers; stimulus to transparency in the sector.
Emerging risks: possible exclusions of big names in the cryptoeconomy; market concentration risks in the most prepared countries; challenges for startups and SMEs due to high regulatory demands.
The absences of Tether and Binance highlight how regulation can become a fundamental dividing line between those who lead the transition and those who risk being excluded from it.
MiCA as a global model and perspectives for investors and operators
Just six months after the operational launch, MiCA demonstrates its driving force for the crypto ecosystem in Europe. The sector is rapidly reorganizing according to the new standards, attracting heavyweight operators from high-tech, fintech, and big finance.
Looking ahead, the ability to comply with transparency and reserve rules, as well as to prevent illicit practices, will be the determining criterion for remaining competitive in the new single market of digital assets. Operators, both large and small, are called to make quick and radical choices to secure a place in the regulated future of the European crypto sector.