Europe Reshapes Crypto Landscape as MiCA Turns Six Months

Europe’s Markets in Crypto-Assets (MiCA) framework has been fully in effect for six months, driving major shifts across the continent’s digital asset ecosystem. The regulation has opened the door for firms to offer crypto services seamlessly across the European Economic Area, pushing a wave of new licensing and regulatory alignment.

To date, 14 stablecoin issuers across seven EU countries have gained authorization, with 20 e-money tokens approved—mostly in euros and US dollars. Meanwhile, 39 crypto asset service providers (CASPs) have secured licenses in nine jurisdictions, with Germany and the Netherlands leading the way.

No asset-referenced tokens have been approved yet, indicating minimal interest in that segment despite clear rules. Around 30 compliant token whitepapers have been filed under MiCA, reflecting growing institutional interest in regulated offerings.

Several countries—including the Netherlands, Hungary, and Finland—have completed their transition periods. Others continue to identify and flag non-compliant entities as enforcement picks up.

MiCA is expected to impact over 10,000 crypto businesses in the EU. Compliance upgrades, increased operational costs, and the appointment of dedicated compliance staff are becoming standard as the market adjusts. Regulated stablecoins are forecasted to see strong growth, and overall market confidence is rising.

The European crypto sector is now on a clear path toward greater regulatory clarity, transparency, and cross-border scale.