MiCA Launched Half a Year ago: Behind the 53 EU Cryptocurrency Licenses, the Stablecoin Landscape and Global Game

Quick Overview

• 53 institutions have obtained MiCA passports in the European Securities and Markets Authority (ESMA) public list, 14 of which are stablecoin issuers . ainvest.com medium.com

• Giants such as Tether, Circle, Binance, and Coinbase are still absent from the official license list, mainly due to reserve supervision and board localization requirements. ccn.com

• The trading volume of Euro-denominated stablecoins (EURx, AEUR, etc.) has increased by 27% since January, while the trading depth of USDT/USDC in Europe has decreased by 18%. ccn.com

• Critical time window : The transition period for ART/EMT will end on December 30, 2025 , and issuers that have not completed the formalization will be forced to withdraw from the European Economic Area (EEA).

1️⃣ MiCA Background and Timeline

MiCA was published in the Official Journal of the European Union on 9 June 2023 and adopts a phased implementation model:

• June 30, 2024 : The chapter on stablecoins (asset reference tokens ART and electronic money tokens EMT) will take effect first;

• December 30, 2024 : Crypto-Asset Service Provider (CASP) regulation officially launched. esma.europa.eu

The framework replaces the fragmented regulation of member states with a “ single pass ”, emulating the MiFID securities passport mechanism, and seeks to rebuild investor trust and financial stability after the collapse of FTX and Terra-Luna.

2️⃣ License plate data: Who has already boarded the car and who is still waiting

The latest public table published by ESMA in July shows: ainvest.com

• CASP licenses : 39

• France 11, Germany 8, Lithuania 6

• EMT issued licenses : 9

• Ireland 4, Luxembourg 3, Netherlands 2

• ART issuance licenses : 5

• France 2, Estonia 2, Spain 1

Vacant list : Tether, Circle, Binance, Coinbase, Kraken - many are in "pre-application negotiations", but there are still differences on reserve division and fund isolation plans. ccn.com

3️⃣ Stablecoin Terms: The Toughest Problem

Under Part III of MiCA, stablecoin issuers must: transfi.com

1. 100% fiat currency reserves , daily market value, funds isolated in EU bank accounts;

2. White Paper Approved and made public by the competent authority;

3. Equity capital is not less than 2% of reserve assets or 350,000 Euros;

4. If it is deemed to be a “ significant ” EMT, the daily transaction volume must not exceed 200 million euros;

5. Localization of corporate governance : at least two directors are resident in the EU.

For dollar-dominated issuers, Articles 1 and 5 mean reshaping account structures and management, significantly increasing compliance costs.

4️⃣ Market impact: liquidity migration and price spread reshaping

• Euro stablecoin supply : From €1.8 billion to €2.29 billion in six months.

• Transaction fees : The average taker fee rate for BTC/EUR on European exchanges dropped from 9.6 bp to 7.4 bp.

• USD stablecoin depth : On platforms such as Bitstamp and Kraken EU, it decreased by 18%, and the USDT-EUR spread widened to 38 bp, the highest level since 2021. ccn.com

5️⃣ Winners: France, digital banks and traditional custody giants

• France leads in the number of CASP approvals thanks to its early PSAN license advantage.

• Emerging digital banks in Europe (Revolut EU, N26 Digital Assets) use MiCA to connect crypto wallets and PSD2 payments to expand user stickiness.

• Traditional financial custodians (SG-Forge, BBVA Digital Assets) productize reserve custody and audit services to earn outsourcing compliance dividends.

6️⃣ Losers: Offshore Exchanges and USD Stablecoins

• If USDT/USDC does not complete the registration within the transition period, it will have to block EU IP or remove Eurozone transactions.

• Offshore platforms that rely on the "reverse solicitation" loophole face the real-time monitoring system launched by ESMA in Q4 and a single fine of up to 5 million euros. skadden.com

• Retail investors may see the pool of tradable tokens shrink as MiCA requires CASPs to conduct MiFID-like assessments of product suitability.

7️⃣ Global competition: The responses of the United States, Britain and Asia-Pacific

Citi FX Research said that this marks that global liquidity will be divided into "MiCA clean water pool" and "unregulated sea". ccn.com

8️⃣ Risks and uncertainties

1. Liquidity fragmentation : If USDT withdraws from the EU, cross-market arbitrage costs will surge.

2. CBDC conflict : The ECB’s 2026 digital euro retail pilot may tighten EMT transaction limits.

3. Reg-Tech costs : Annual compliance audit expenses for small and medium-sized CASPs are estimated at 70,000 to 120,000 euros.

4. Member States add more pressure : Germany's BaFin's additional AML audit requirements may erode the original intention of the "one passport".

9️⃣ Suggested Action Framework

• Stablecoin issuers : lock in EU bank custody as soon as possible; adjust the white paper to the ESMA Q&A template format; deploy automatic reconciliation of end-of-day reserves.

• Exchanges : Decide whether to block or apply for a license; upgrade KYC/suitability modules; consider third-party custody cooperation.

• Asset managers : Reassess the euro stablecoin settlement spread; pay attention to the tokenized fund channel under the EU DLT pilot regulations.

• DeFi developers : review smart contract upgradeability clauses and prepare to operate within regulatory boundaries; evaluate legalizing DAOs and relocating them to MiCA-friendly jurisdictions.

🔚 Conclusion

MiCA's half-year report card shows that "compliance is a moat" is being realized quickly in the European crypto landscape. The 53 licenses have attracted confidence and incremental funds, but they have also pushed out the giants who are unwilling to comply. As the transition period in December 2025 approaches, all stablecoin and crypto service providers will face a clear choice: either embrace MiCA or exit the European market . In the era window where compliance has become the new normal, whoever gets his attitude right first will hold the key to the entrance of 450 million consumers.

Written by Sophia Ramsey (Senior Fintech Reporter based in Brussels)