16-4-2025 – A hundred days since the European Union’s ambitious Markets in Crypto-Assets (MiCA) regulation came into full force across its 27 member states, the cryptocurrency landscape is undergoing a profound transformation. This landmark framework, designed to harmonise rules for exchanges, stablecoin issuers, and crypto platforms, has set a high bar with stringent licensing and transparency requirements. According to Cryptopolitan, only 11 stablecoin issuers have so far earned the coveted approval to operate under MiCA’s rigorous standards, a testament to the regulation’s exacting demands.
𝐌𝐢𝐂𝐀 100-𝐃𝐚𝐲 𝐒𝐭𝐚𝐭𝐮𝐬 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐅𝐮𝐥𝐥 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐞𝐝 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐂𝐫𝐲𝐩𝐭𝐨-𝐀𝐬𝐬𝐞𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 🇪🇺
100 days after MiCA’s full application kicked in, it’s time for another update. Here’s… pic.twitter.com/UWGQVu6ITA
— Patrick Hansen (@paddi_hansen) April 14, 2025
The stablecoin sector, a critical pillar of the crypto economy, reveals a mixed picture. Patrick Hansen, Circle’s Senior Director of EU Strategy, notes that these 11 issuers, spread across six nations, have secured licences to issue e-money tokens—primarily fiat-backed stablecoins. To date, 16 such tokens have emerged: 10 pegged to the euro and six to the U.S. dollar. Germany has surged ahead, boasting six authorised crypto-asset service providers (CASPs), while Malta trails closely with five. Beyond stablecoins, 15 firms from six countries have gained approval to offer services like trading, custody, and exchange operations, though notable absences, such as Dutch players MoonPay and Hidden Road, have raised eyebrows.
MiCA’s influence extends beyond licensing, casting a shadow over market practices. From April 23, Google will enforce compliance by requiring crypto platforms advertising in the EU to hold a MiCA licence or CASP registration. Non-compliant ads face removal after a week’s grace, tightening the screws on unregulated operators. Yet, the broader crypto market remains resilient, with its total capitalisation recently soaring past $2.7 trillion, propelled by Bitcoin’s robust 8% weekly climb. In the stablecoin arena, Tether continues its dominance with a $145 billion market cap, far outpacing Circle’s $60 billion.
