The European Securities and Markets Authority added 14 crypto asset service providers to its MiCA register, bringing the total to 294 licensed operators under the EU's Markets in Crypto-Assets Regulation. Banks and Ripple Payments Europe feature among the new entrants.
The pace of licensing has decelerated compared to earlier phases of MiCA implementation. The register now includes custodians, exchanges, wallet providers, and staking service operators operating across the bloc under unified rules that took effect in December 2023.
Ripple's inclusion marks a strategic move for the company in Europe as it seeks formal regulatory recognition. Banks entering the register signals traditional finance institutions integrating crypto services into standard operations, a trend that accelerated following MiCA's passage.
MiCA establishes baseline requirements for customer due diligence, operational resilience, and asset segregation. The regulation applies to any entity offering services tied to crypto assets or stablecoins within EU borders, creating a licensing bottleneck that has slowed market entry compared to pre-MiCA conditions.
The slowdown in new additions reflects two dynamics. First, many providers have completed initial applications and onboarding. Second, stricter compliance standards under MiCA deter marginal players while creating higher barriers to entry than existed previously. Regulators across member states now coordinate oversight through ESMA, centralizing enforcement decisions.
The 294 registered CASPs cover major European crypto operations alongside smaller regional players. The register serves as the source of truth for compliant service providers, pushing underground or unregistered operators toward regulatory pressure.
MiCA's registration model differs from full licensing regimes in some jurisdictions. Providers register rather than obtain discretionary licenses, creating a more formulaic pathway once compliance documentation passes muster. However, ESMA retains power to suspend or revoke registrations for rule violations.