EU Crypto Market Sorts Itself as 230 Firms Get MiCA Licenses

The European Union has issued around 230 MiCA licenses to crypto firms as the bloc's new rulebook moves from transition into enforcement. This allows approved firms to offer services across the 27-country market with one authorized entity, while unapproved firms face pressure and potential shutdown.

The passport is the main commercial prize, but smaller firms are struggling to meet the high costs of compliance. Germany has issued 56 licenses, followed by the Netherlands (26) and France (21). Malta, Cyprus, and Ireland are also among the more active licensing hubs.

Firms without authorization risk being blacklisted or facing enforcement action if they continue seeking EU customers. The ESMA MiCA register is becoming a central checkpoint for users to verify whether a legal entity is approved under the new regime.