The implementation of the MiCA regulation in the European Union has brought about a significant shift in the way cryptocurrency businesses operate within the region. The ESMA Interim MiCA Register now lists 204 authorized Cryptographic Asset Service Providers (CASP), providing valuable insights into where these companies are choosing to incorporate.
Among the EU jurisdictions, Malta stands out as a popular choice for crypto-native exchanges, with the MFSA having authorized several prominent players in the space. The island nation's edge lies in its institutional memory and understanding of exchange models, making it an attractive option for funded exchanges looking to sit alongside major players.
Lithuania, on the other hand, remains a go-to destination for startups seeking speed, cost-effectiveness, and a deep fintech ecosystem. With English accepted and a relatively fast process (3-5 months), it's no wonder that Robinhood and CoinGate have chosen to incorporate there.