- ESMA's registry now includes 321 authorized crypto service providers across the EU.
- Regulators warn of a surge in scams impersonating official bodies during the MiCA transition.
- Spain is updating its financial laws to align with MiCA, while Blockchain.com secures additional licenses.
- Circle's USDC emerges as the main compliant stablecoin, while Tether's USDT loses ground in Europe.
After months of anticipation, the European Union’s Markets in Crypto-Assets (MiCA) regulation has finally taken full effect, and the landscape is already shifting. The latest update from the European Securities and Markets Authority (ESMA) shows 321 crypto service providers now hold authorization to operate across the bloc, a number that reflects both the progress and the challenges of this new regime.
But it’s not all smooth sailing. Regulators are warning about a surge in scams that impersonate official bodies as users scramble to find compliant platforms. Meanwhile, stablecoin issuers are feeling the heat, with Tether’s USDT losing ground to Circle’s USDC in Europe. Let’s break down what’s happening.
ESMA’s Registry: 321 Authorized Firms and Counting
On July 31, ESMA added 12 new companies to its MiCA registry, bringing the total to 321. This fourth update since the July 1 deadline includes three German cooperative banks, two Spanish firms, and four French companies like Finary and Woorton. The registry is crucial because only these firms can legally offer crypto services like custody, trading, or portfolio management to EU clients.
Interestingly, the growth is being driven by traditional banks, not just crypto exchanges. Eight of the nine new additions in July came from regional or cooperative banks, showing that established financial institutions are increasingly dipping their toes into digital assets. This trend aligns with MiCA authorisation for banking entities, which allows them to start offering crypto services after notifying their national supervisor.
However, the pace of new registrations is slowing down. Each round has been smaller than the last, and the total remains far below the number of firms that previously operated under national licenses. Over 1,700 companies are expected to cease operations, leaving a significant gap in the market.
Scam Surge: Impersonators Target Confused Investors
With so many firms exiting, scammers are having a field day. French regulator AMF has reported cases of fraudsters posing as its own staff to convince stranded clients to move their assets to fake websites. The European Securities and Markets Authority (ESMA) is also aware of fraudulent schemes using its logo.
These scams exploit the confusion around MiCA’s transition. Users whose platforms have shut down or restricted services are prime targets for fake “migration” offers. The scammers often create urgency, claiming that funds must be moved before a deadline. Regulators advise always checking the official ESMA list and never transferring assets to unknown wallets.
Binance, notably, hasn’t secured a MiCA license and has had to restrict services for EU users. This has made its customers particularly vulnerable to phishing attempts from individuals pretending to be Binance representatives. The message from authorities is clear: verify everything, and don’t trust unsolicited contact.
National Adaptations: Spain’s New Bill and Blockchain.com’s License
Meanwhile, individual countries are updating their laws to align with MiCA. Spain’s government has approved a draft bill to adapt its financial regulations to the EU framework, covering everything from crypto asset service providers to the European Single Access Point (ESAP). The bill, which is now in parliament, would give the CNMV more power over crypto advertising and require compliance with anti-money laundering rules.
On the corporate side, Blockchain.com has secured a VASP license from the Cayman Islands Monetary Authority, adding to its MiCA license in Europe. This dual licensing shows how companies are building a global compliance strategy to serve clients across different jurisdictions. The firm’s co-CEO emphasized that solid regulation is essential for long-term growth.
Stablecoin Shake-Up: USDT vs. USDC Under MiCA
Stablecoins are arguably the most affected by MiCA. Circle’s USDC is now the only major dollar-pegged stablecoin that fully complies with the EU rules, which require issuers to hold at least 60% of reserves in EU bank deposits and ensure redeemability. Tether’s USDT, on the other hand, has chosen not to adapt, and its euro-pegged EURT has been discontinued.
As a result, several European exchanges have started delisting USDT trading pairs for EU customers. This has given USDC a boost in the region, though its global market share remains relatively stable. New euro-backed stablecoins are also emerging, with a consortium of banks like BBVA, ING, and UniCredit working on a compliant version.
All in all, MiCA is reshaping Europe’s crypto landscape in real time. The registry of authorized firms is growing, but slowly, and the gap left by non-compliant players is attracting scammers. Countries are scrambling to update their laws, and stablecoin issuers are picking sides. For users, the takeaway is simple: stick to the official lists, stay skeptical of unsolicited help, and remember that regulation is a process, not an event.
