EU’s MiCA Rules One Year Later: Winners, Absentees, and the Future of Crypto Regulation
Introduction
In June 2024, the European Union’s long-awaited Markets in Crypto-Assets (MiCA) regulation officially came into effect after years of discussion, signaling a new era for cryptocurrency companies operating in the EU. Designed to bring legal clarity, transparency, and investor protection to the digital asset industry, MiCA has reshaped how crypto firms engage with customers across the European market.
One year later, the early results are in. A total of 53 crypto companies have successfully obtained licenses under the MiCA regulatory framework. This marks a significant step toward a unified crypto economy within the EU. However, some major players, such as Binance and Tether, are notably missing from the list, raising questions about compliance, strategy, and the future of stablecoin operations in Europe.
This article breaks down the current status of MiCA's implementation, highlights key participants, explains why certain firms have opted out, and discusses what the future holds for crypto regulation in Europe.
What Is MiCA and Why It Matters
MiCA (Markets in Crypto-Assets) is a comprehensive legal framework developed by the European Union to regulate cryptocurrencies, stablecoins, and related service providers. It aims to:
Enhance transparency and consumer protection
Reduce fraud and market manipulation
Establish a unified approach to crypto across all EU member states
Create a single licensing regime for crypto companies
Before MiCA, crypto firms had to apply for separate approvals in each EU country where they wanted to operate. Under the new rules, a single MiCA license allows companies to provide services across the entire 27-nation bloc, making it easier to expand and comply with uniform standards.
One Year After MiCA: 53 Firms Licensed
According to data shared by Patrick Hansen, Strategy and Policy Director for Circle in the EU, a total of 53 cryptocurrency firms have been authorized under the MiCA framework as of mid-2025.
The approvals include:
39 Crypto Asset Service Providers (CASPs)
14 Stablecoin Issuers
These licenses come from seven EU countries, indicating a strong regional response to the regulation and a willingness among digital asset firms to align with standardized oversight.
Who Got Approved?
Some of the biggest names in the global crypto market have received MiCA licenses, including:
Coinbase
Kraken
Bitstamp
Robinhood
With MiCA approval, these platforms can now operate across the EU without needing country-specific licenses. This not only saves time and cost but also allows for faster expansion, innovation, and adoption in the European crypto ecosystem.
These companies now benefit from a passporting mechanism — a feature of MiCA that allows a firm licensed in one EU country to operate across the entire European Economic Area (EEA).
Notable Absentees: Binance and Tether
While the list includes many high-profile names, two giants are missing: Binance and Tether.
Binance’s Uncertainty
Binance, one of the largest global crypto exchanges, is not yet on the MiCA-licensed list. The platform has faced increasing regulatory scrutiny across Europe in recent years, with operations being limited or suspended in several countries.
Although Binance has applied for licenses in select EU jurisdictions, its absence from the MiCA-approved list signals ongoing compliance challenges and may delay its ability to offer full services across the continent.
Tether’s Refusal
Tether’s absence, however, was expected. CEO Paolo Ardoino previously stated that the company would not seek a MiCA license, calling the rules too restrictive for stablecoin issuers. Tether, known for its USDT stablecoin, claims to serve over 400 million users and believes MiCA’s regulatory demands could limit innovation and user access.
Tether's refusal to comply with MiCA raises questions about the future of non-euro-backed stablecoins in Europe and how regulators will handle non-compliant foreign entities operating within the EU market.
Stablecoin Trends Under MiCA
Among the 14 stablecoin issuers that received MiCA licenses, a strong preference emerged for euro-backed stablecoins, reflecting the EU’s regulatory vision to strengthen its financial sovereignty.
According to the data:
2 stablecoins were pegged to the euro
7 stablecoins were dollar-pegged
1 stablecoin was linked to the Czech crown
This indicates a growing trend toward localized stablecoin ecosystems, where regional backing may lead to stronger compliance and acceptance within the EU’s regulatory framework.
Benefits of MiCA for Crypto Investors and Firms
MiCA offers multiple benefits for both crypto firms and users across Europe:
By introducing strict guidelines for transparency, disclosure, and fund security, MiCA protects investors from fraud, scams, and mismanagement.
2. Market Stability
MiCA’s rules help stabilize crypto markets by regulating stablecoin issuers, requiring capital reserves, and enforcing audit requirements.
3. Operational Efficiency
Firms no longer need to obtain licenses in each EU country separately. One license opens the door to the entire European market, enabling rapid scaling.
4. Regulatory Clarity
Clear rules reduce legal uncertainty and build investor confidence, potentially attracting more institutional players into the crypto space.
Challenges and Criticism of MiCA
While MiCA has made progress, it’s not without criticism:
Strict Requirements: Smaller or decentralized projects may find it difficult to meet the capital, audit, and reporting standards required for licensing.
Stablecoin Restrictions: Firms like Tether argue that MiCA’s approach to stablecoins stifles competition and favors euro-backed tokens.
Slow Adoption: With only 53 firms licensed so far, there is concern that more complex projects may delay entry or avoid the EU market altogether.
These challenges highlight the fine balance between protecting consumers and fostering innovation in a fast-moving industry.
What’s Next for Crypto Regulation in the EU?
As MiCA continues to roll out, several developments are expected in the near future:
More Firms Will Seek Licensing: As enforcement strengthens, crypto companies operating in the EU without a MiCA license may face penalties or be forced to shut down operations.
Tightening of Stablecoin Rules: The EU may further clarify rules around non-euro stablecoins and introduce stricter requirements for foreign issuers.
DeFi and NFTs: Currently outside MiCA’s scope, decentralized finance and non-fungible tokens may be targeted in future regulatory updates.
The European Union is likely to become one of the most heavily regulated but stable crypto markets globally. For firms that can meet MiCA standards, the EU offers significant growth potential.
Conclusion
One year into its implementation, the MiCA regulation has already begun reshaping the European crypto industry. With 53 licensed companies, including major players like Coinbase and Robinhood, the regulatory framework is gaining traction as the foundation for a unified crypto economy in Europe.
However, the absence of industry giants like Binance and Tether points to the ongoing tension between innovation and regulation. The success of MiCA will ultimately depend on how well it can adapt to future trends in DeFi, stablecoins, and emerging technologies.
For investors, users, and firms alike, MiCA represents both a challenge and an opportunity — a structured pathway into one of the world’s largest digital markets.
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