The European Union's Markets in Crypto-Assets (MiCA) regulation came into full effect on 30 December 2024, requiring all Crypto Asset Service Providers (CASPs) to obtain a MiCA license to operate legally across EU member states. This harmonized licensing framework replaces fragmented national regulations, creating a unified standard for the crypto industry.
Existing Virtual Asset Service Providers (VASPs) can continue operations under national licenses until 31 December 2025 (extendable to 1 July 2026 in select jurisdictions), allowing ample time for compliance transitions.
Key Considerations Under MiCA
- Consumer Protection: CASPs must provide transparent risk disclosures and clear information about crypto-assets.
- Environmental Sustainability: Mandates disclosure of energy usage and promotes eco-friendly practices.
- Regulatory Oversight: The European Securities and Markets Authority (ESMA) ensures adherence to MiCA standards.
Approved CASPs (December 2024 – January 2025)
Bitpanda
- License Granted: Germany (BaFin).
- Services: Crypto custody & proprietary trading.
- User Base: 6M+ (as of December 2024).
- CEO Statement: “This unlocks growth potential across 450M Europeans.”
OKX
- Pre-Authorization: Malta (MFSA).
- Headquarters Choice: Malta for its clear blockchain regulations.
- CEO Quote: “OKX will be the reference platform for regulated digital assets.”
Crypto.com
- First Global MiCA License: Issued on 17 January 2025.
- COO Statement: “MiCA brings clarity and confidence to the EU crypto sector.”
Boerse Stuttgart Digital
- First German Licensee.
- Services: Institutional crypto solutions.
- CEO Note: “Germany’s swift licensing demonstrates crypto-market competitiveness.”
Standard Chartered
- Luxembourg License: Digital asset custody services.
- Global Strategy: Expands EU footprint under MiCA.
👉 Explore more about MiCA-compliant exchanges
Bullish
- German Licenses: Custody, trading, brokerage (BaFin).
- Upcoming: Ripple USD (RLUSD) integration.
Hidden Road
- Dutch AFM License: Combines MiFID and MiCA compliance.
- CEO Emphasis: “Clarity for European clients.”
HashKey (Ireland)
- First EU License: Broad service offerings.
- Global Expansion: Leverages single license for 27 EU nations.
BitStaete & MoonPay
- Netherlands Licenses: AFM-approved.
- MoonPay CEO: “Pivotal for crypto’s role in the global economy.”
ZBD
- Dutch AFM License: Enables EU-wide payments platform.
Pending Applications
- Gemini: Malta-based application (MFSA).
- LCX: Liechtenstein pre-filed (FMA).
ESMA’s Stablecoin Warning
ESMA urged CASPs to restrict non-compliant stablecoins (17 January 2025), though it didn’t specify tokens.
Compliance Efforts
- Binance: Updated Poland’s transfer rules (info required for €1,000+ transactions).
- Coinbase: Delisted USDT, DAI, etc., favoring USDC/EURC.
FAQ
Q1: What’s the deadline for MiCA compliance?
A: Existing VASPs must transition by 31 December 2025 (or July 2026 in some cases).
Q2: Which stablecoins are MiCA-compliant?
A: USDC and EURC; USDT was delisted by Coinbase for non-compliance.
Q3: How does MiCA benefit consumers?
A: Enhances transparency, risk disclosures, and investor protections.
Q4: Can a single MiCA license cover all EU states?
A: Yes—HashKey’s Ireland license applies across 27 nations.
Q5: Which major exchanges are pending approval?
A: Gemini (Malta) and LCX (Liechtenstein).