MiCA-Approved Crypto Service Providers Pass 375 in EU

More than 375 virtual asset service providers now hold authorization under the EU's Markets in Crypto-Assets regulation (MiCA), according to a regulatory tally reported by crypto news outlet BitKE. The same count identifies approximately 180 firms operating in the bloc without full compliance with the framework.

The figures mark the clearest quantitative snapshot yet of how Europe's licensing regime has consolidated since MiCA's transitional provisions took effect. Under the regulation, CASPs — crypto-asset service providers, in MiCA's terminology — must obtain authorization from a national competent authority in one member state to passport services across the European Economic Area.

What do the numbers signal about the authorization pipeline?

A base of over 375 authorized firms, set against roughly 180 non-compliant operators, implies that about two-thirds of tracked entities have cleared national licensing. The gap of close to 200 firms represents the enforcement perimeter European regulators must now close.

The composition of the authorized cohort remains concentrated in jurisdictions that moved early on MiCA implementation. National authorities such as France's AMF, Germany's BaFin and Italy's Banca d'Italia and CONSOB process the bulk of applications, and firms authorized in one member state can serve the entire single market under passporting rights.

For the non-compliant population, the operational consequences are structural. Firms without authorization face restrictions on serving EU clients, and national regulators retain powers to order cessation of services and escalate to sanctions under their transposed MiCA statutes.

How does MiCA compliance reshape the European market?

MiCA, which entered into application for CASP provisions at the end of December 2024, replaced a patchwork of national regimes with a single rulebook covering custody, exchange, transfer services and issuance of asset-referenced and e-money tokens. The authorization count above 375 indicates the industry has moved past the early wave of applications into a broader licensed base.

The roughly 180 non-compliant firms fall into two practical categories: those still inside grandfathering windows at national level, where member states opted for transitional periods of up to 18 months, and those operating outside any licensing track entirely. The first group faces hard authorization deadlines; the second faces enforcement.

For compliant firms, the licensed base of 375-plus changes the competitive picture. Passporting lets a firm authorized in one member state compete across the EEA, which rewards jurisdictions with faster processing times and pushes volume toward operators that cleared the bar early.

What happens to the non-compliant cohort?

Regulators have signalled that the grandfathering phase is a bridge, not a permanent status. As transitional windows close through 2025 and into 2026, firms in the non-compliant pool must either complete authorization, consolidate into licensed operators, or exit the EU market.

The enforcement math is straightforward: closing a gap of roughly 180 firms requires coordinated action across national competent authorities, with the European Securities and Markets Authority and the European Banking Authority overseeing consistency of the regime. Enforcement prioritization will likely focus on firms serving retail clients without any authorization track.

The next measurable checkpoint comes as member-state transitional periods expire, when the non-compliant figure should either shrink toward applications in process or harden into a caseload for national enforcement teams.