Six months after the gradual deployment of the Historical EU markets in the Crypto-Asets Regulation (MICA), 53 Cryptographic companies have received official authorization to operate in the European Economic Domain (EEE),
The list is notably absent from the list, two of the most renowned cryptographic companies in the industry.
The European crypto license race warms up when the mica milestone strikes
According to the newly shared data from the EU Policy of Circle, Patrick Hansen, 39 Crypto-Aset service providers (CASPS) and 14 Stablecoin issuers (officially classified as monhone token or EMT issuers) received Mica licenses.
These licenses allow companies to “pass the passport” in 30 countries of the EEA without needing separate approvals in each jurisdiction.
“Six months in the mica application for the casps – and 12 months for the stablecoins – here is the last instant in July,” wrote Hansen, offering a country failure.
France, Germany and the Netherlands lead the front of the Stablecoin program, collectively representing 9 of the 14 authorized transmitters.
Twenty stablescoins supported by the Fiat, mainly in euros and labeled in dollars, are now in accordance with EU Mica, covering seven countries of the European Union.
On the Casp side, Germany and the Netherlands are the main engines of the regulatory push. Together, they represent 23 of the 39 authorized suppliers.
Large names like Coinbase, Bitstamp, Kraken and OKX are among the crypto-native companies that obtain licenses.
Meanwhile, the actors of the FinTech and traditional finances (tradfi) such as Robinhood, Trade Republic and BBVA also made the list.
However, the absence of Giants of the Tether and Binance market raises questions. TETHER, the transmitter of the largest USDT in the Stablecoin in the world, is not yet among the 14 companies authorized by EMT.
Binance, who was faced with a meticulous examination of European regulators, is also absent from the CASP list.
Where are the giants? TETHER’s transparency problems can hinder Mica compliance
For Tether, the latest list of EU mica companies is not surprising in the middle of the company’s audit controversy and the regulatory position. Recently, consumer research has criticized Tether for having omitted to provide an independent audit of its reserves.
“Tether’s continuous failure to undergo an independent audit raises a painful red flag for the company and its USDT product. Tether promised that he would have a full audit since at least 2017 but that he has still not done. Years later, there is still no audit, ”read an extract in criticism.
However, Tether has long been based on certificates rather than complete audits to validate his reserves. In an interview in April 2025, CEO Paolo Ardoino acknowledged that the company still sought a high -level audit partner but highlighted obstacles.
“So, you are a Big Four audit company, and you have the entire banking sector that is your customer. Why would you risk 100,000 customers for a few stablescoins? Between the FTX disaster and hacks, burglaries and regulatory distributions in Crypto, said Ardoino.
Tether’s lack of audit clarity could remain a critical obstacle to the complete compliance of the mica.
Meanwhile, the omission of Binance probably arises from the exchange faced with regulatory opposite winds in Spain, among other legal challenges within the EU.
Throughout 2023 and early 2024, Binance withdrew license applications or ceased operations in several EU countriesincluding Germany, the Netherlands and Cyprus, In the midst of a meticulous exam.
He has Also restructured Certain European operations, deactivating the trading of copies and limiting non -regulated stable stables in the midst of mica misfortunes.
At the same time, the French authorities have launched surveys on the exchange concerning alleged violations of money laundering, further complicating its regional position.
The strict mica compliance requirements, including strong governance and transparency measures, can also contribute to the delay.
The next regulatory checkpoint will arrive in September, when an update of the 9 -month state is expected.
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