EU MiCA Register Reveals Surprising Patterns in Crypto Licensing

The European Union's Markets in Crypto Assets (MiCA) regulation has issued 174 licenses to various entities, but only 14 are authorized to operate a centralized crypto exchange (CEX). This disparity is due to the differences in regulator familiarity with specific business models.

According to an analysis by LegalBison, traditional financial institutions such as Commerzbank and DZ BANK dominate the German CASP register, while Malta and Cyprus host major CEXes like OKX, Crypto.com, Gemini, Blockchain.com, eToro, and Revolut. These exchanges applied for broad service code sets covering trading platform operation, exchange activity, and order execution.

The study suggests that regulators in Valletta and Nicosia have processed applications from globally recognized exchange brands at scale. In contrast, German banks applying for narrower services such as custody and administration of crypto-assets face a queue alongside traditional banks.