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Five findings tell the story.
Nearly 2,700 firms were registered before the deadline. 279 hold a full licence today.
Only a few have permission to operate as a crypto exchange in Europe. A licence is not an exchange.
Germany closed its transition six months early. Most of its licence holders are banks.
Compliant money is under a third of the market. One American issuer supplies about 96% of it.
Enforcement is largely one country's project so far. MiCA 2 is already being drafted.
Five findings tell the story.
Nearly 2,700 firms were registered before the deadline. 279 hold a full licence today.
Only a few have permission to operate as a crypto exchange in Europe. A licence is not an exchange.
Germany closed its transition six months early. Most of its licence holders are banks.
Compliant money is under a third of the market. One American issuer supplies about 96% of it.
Enforcement is largely one country's project so far. MiCA 2 is already being drafted.
Five findings tell the story.
Nearly 2,700 firms were registered before the deadline. 279 hold a full licence today.
Only a few have permission to operate as a crypto exchange in Europe. A licence is not an exchange.
Germany closed its transition six months early. Most of its licence holders are banks.
Compliant money is under a third of the market. One American issuer supplies about 96% of it.
Enforcement is largely one country's project so far. MiCA 2 is already being drafted.
This edition was reviewed by practitioners across policy, compliance and institutional crypto
Read the full edition
Our Council Members:
E-money tokens can only be issued by credit institutions or e-money institutions — it's banks by law. My outlook is coexistence rather than conquest: banks bring balance sheet and settlement; the crypto side brings speed and product focus.
A twenty-person firm has to build the same DORA, Travel Rule and AML stack as a three-thousand-person exchange, because MiCA is MiCA. That's how the market went from thousands of registered firms to a couple of hundred authorised CASPs.
At its core, MiCAR is a consolidating force. It raises the bar for governance, consumer protection, and operational resilience — the long-term result will be a more trusted and more institutionally credible crypto sector.
What do institutions ask a bank custodian before they allocate?" The first MiCA-licensed crypto banking group answers inside the report.
Every chapter opens with its sharpest line.
Skim them and you have the story.
21 pages · 15 chapters · every chart carries its sourceBuilt on the ESMA and EBA MiCA registers
Why only 16 of 244 licensed firms can run an exchange
The bank takeover: 39 bank-named licence holders across Europe
The stablecoin split: 29% compliant, 96% of it one issuer
DeFi under MiCA: regulated doors, unregulated rooms
Working on Edition 2
Working on Edition 2
#MiCA 2
#Enforcement
#Euro stablecoins
We shape each edition with a small group of contributors — and we're already working on the next one, tracking the enforcement wave, the fight to own the compliant euro rail, and whether MiCA 2 reaches DeFi and staking.
Download the report
Working on Edition 2
#MiCA 2
#Enforcement
#Euro stablecoins
We shape each edition with a small group of contributors — and we're already working on the next one, tracking the enforcement wave, the fight to own the compliant euro rail, and whether MiCA 2 reaches DeFi and staking.
Download the report
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Alevtina Labyuk
Alevtina Labyuk
Chief Strategic Partnerships and Customer Experience Officer
Prepared independently by the BeInCrypto Research team from sources believed reliable. For informational purposes only; not investment, legal, or tax advice. Commercial relationships are subject to BeInCrypto's editorial and research independence policies and do not determine analytical conclusions.
Prepared independently by the BeInCrypto Research team from sources believed reliable. For informational purposes only; not investment, legal, or tax advice. Commercial relationships are subject to BeInCrypto's editorial and research independence policies and do not determine analytical conclusions.
Prepared independently by the BeInCrypto Research team from sources believed reliable. For informational purposes only; not investment, legal, or tax advice. Commercial relationships are subject to BeInCrypto's editorial and research independence policies and do not determine analytical conclusions.
