From Policy to Practice: How MiCA Is Reshaping Europe’s Digital Asset Landscape

At the core of MiCA’s framework are Electronic Money Tokens (EMTs), designed to bridge traditional finance and blockchain-based value transfer. EMTs are single-currency stablecoins fully backed by fiat reserves and redeemable at par value. Their issuers must hold an e-money licence, maintain transparent reserve audits, and comply with capital and redemption requirements defined by the European Banking Authority (EBA). 

As of October 2025, eleven entities have been authorised to issue EMTs across the European Economic Area. These firms range from regulated fintechs to established banking institutions, marking a significant shift from speculative token issuance to institution-grade digital money infrastructure. 

Figure 1: MiCA Authorised Electronic Money Token (EMT) Issuers

Source: MiCA – EMT Issuers List 

France, Malta, and the Netherlands have emerged as preferred hubs for MiCA-compliant stablecoin issuers, reflecting their early regulatory alignment and robust digital-asset licensing frameworks. Circle’s authorisation of both EURC and USDC within France exemplifies MiCA’s global resonance, while Société Générale – Forge’s EURCV stablecoin anchors the banking sector’s direct participation in tokenised payment instruments. 

Beyond token issuance, MiCA’s second pillar governs Crypto-Asset Service Providers (CASPs). These include exchanges, custodians, brokers, trading venues, and portfolio managers. CASPs are required to maintain capital adequacy, ensure customer-asset segregation, and establish internal governance controls aligned with EU AML and KYC rules. 

By September 2025, a growing cohort of firms had obtained CASP authorisation, transforming Europe into a unified market for compliant digital-asset services. The current distribution demonstrates a blend of traditional financial institutions and native crypto companies, signalling increasing convergence between the two worlds. 

Figure 2: MiCA Authorised Crypto-Asset Service Providers (CASPs) 

Source: MiCA – Crypto-assets service providers list  

Germany and Malta have established themselves as the dominant jurisdictions for CASP licensing, accounting for more than half of all active authorisations. The presence of both traditional exchanges such as Boerse Stuttgart and crypto-native platforms like OKX and Bitpanda underscores MiCA’s capacity to integrate legacy and Web3 finance within a single regulatory perimeter. 

Observations and Market Dynamics 

The structure of authorisations reveals three key dynamics: 

1. Institutional Convergence:  Traditional financial institutions such as Société Générale, BBVA, and Clearstream are now operating alongside crypto incumbents under the same rulebook. This signals a shift from parallel financial systems to an interoperable digital asset economy. 
2. Jurisdictional Leadership:  Germany and Malta’s proactive supervisory approaches have accelerated approvals, giving them first-mover advantages in establishing digital-asset clusters. France, meanwhile, continues to lead in fiat-backed stablecoin issuance. 
3. Strategic Maturity:  Entities obtaining early authorisation are positioning themselves as liquidity providers and market infrastructure enablers ahead of the 2026 transition deadline. This early compliance not only secures regulatory certainty but also opens cross-border passporting rights throughout the EU. 

MiCA’s early registry paints a picture of consolidation rather than fragmentation. A handful of well-capitalised and compliance-ready firms now dominate issuance and service provision, while smaller or non-EU entities face higher barriers to entry. 

In parallel, France has recently called on the European Union to give the European Securities and Markets Authority (ESMA) direct oversight of major crypto firms and stablecoin issuers. The proposal, supported by the Bank of France, highlights growing momentum toward centralised supervision to reduce regulatory arbitrage among member states. If adopted, this change could transform MiCA’s current passport-based model into a more unified EU-level supervisory framework, reinforcing consistency and systemic stability across the bloc. 

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) are scheduled to deliver a joint supervisory review by December 2025. This review is expected to address operational resilience, cross-border supervision, and the treatment of algorithmic or decentralised stablecoins. By 2027, the legislative review will likely expand MiCA’s scope to DeFi protocols, tokenised securities, and NFTs, completing Europe’s digital-asset rulebook. 

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