ESMA’s latest MiCA register shows 280 authorized crypto-asset service providers across the European Union, but no registered issuers of asset-referenced tokens yet, highlighting an uneven rollout of Europe’s new digital asset rulebook.
The European Securities and Markets Authority published its latest interim Markets in Crypto-Assets register update on July 3, shortly after the end of the CASP transition period. The update added 37 newly authorized crypto-asset service providers, bringing the total number of MiCA-compliant entities to 280. Standard Chartered was among the notable additions after receiving authorization through its Luxembourg subsidiary on June 29, alongside an Electronic Money Institution license.
The register is a central reference point under MiCA. It lists authorized crypto-asset service providers, issuers of e-money tokens, issuers of asset-referenced tokens, crypto-asset white papers and non-compliant entities. ESMA says the register is based on information provided by national competent authorities and the European Banking Authority, and is updated regularly.
The absence of ART issuers is notable because asset-referenced tokens are one of MiCA’s most sensitive categories. 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. They are subject to stricter authorization, governance, reserve, disclosure and supervision requirements.
CASP Licensing Accelerates
The post-transition CASP count shows that EU crypto licensing has moved quickly since MiCA became fully applicable to service providers. 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 or operating under valid transition rules.
MiCA’s passporting regime makes authorization valuable. Once a firm is approved in one member state, it can serve clients across the bloc, subject to notification and compliance requirements. That has made early licenses strategically important for exchanges, custodians, brokers and financial institutions seeking EU-wide market access.
The latest register also shows that authorization is not evenly distributed. Reporting on the update said Germany currently leads in authorized CASPs, followed by France and the Netherlands. Only around 17 of the 280 registered providers reportedly hold permission to operate trading platforms, underscoring that higher-risk activities remain subject to more demanding supervisory standards.
For market participants, the register changes due diligence. Clients and counterparties can now 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.
Stablecoin Authorization Lags
The lack of ART issuers suggests that stablecoin-style products referencing assets other than a single official currency remain difficult to authorize under MiCA. 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.
That 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 that institutions are preparing for regulated digital money services, but ART issuance appears to be moving more slowly.
The market impact is regulatory rather than immediate. More CASPs on the register should improve legal certainty for exchanges, custodians and brokers, while increasing competitive pressure on firms that failed to secure authorization before the transition deadline. The absence of ART issuers, however, signals that the EU’s stablecoin framework may develop more cautiously than the service-provider regime.
For crypto firms, the message is clear. MiCA is no longer an abstract compliance deadline. The register is becoming the operational gatekeeper for EU market access. Firms listed as CASPs can build passported businesses across the bloc, while those outside the register face higher enforcement and reputational risk.
For stablecoin issuers, the challenge is deeper. Authorization under MiCA requires more than a service-provider license. It requires a regulated issuance model that can satisfy supervisors on reserves, redemption and financial stability. Until ART issuers begin appearing on the register, Europe’s crypto market will remain more advanced in service-provider licensing than in complex stablecoin issuance.
