New Crypto Licensing Wave Sweeps Across Europe

With the conclusion of the European Union’s transition period for its MiCA legislation, a significant uptick in regulatory activities has emerged. The European Securities and Markets Authority (ESMA) recently approved 37 licenses, bringing the total number of Crypto Asset Service Providers in its registry to 280 entities.

Why Did Standard Chartered Secure New Licenses?

After acquiring its MiCA license in June, Standard Chartered Bank announced enhancements to its digital asset services across Europe. The bank chose to proactively expand by obtaining both MiCA and Electronic Money Institution (EMI) licenses. The EMI license empowers organizations to issue electronic money, thereby complementing its crypto endeavors.

This dual-license acquisition is pivotal for Standard Chartered as it plans to broaden its digital asset services, building on existing operations in Asia and the Middle East. The bank shared that these licenses will fulfill the increasing demand from its European client base.

Who Else Benefited from the MiCA Expansion?

ESMA’s latest registry update included high-profile crypto entrants such as FalconX and Sygnum Europe, alongside other firms like Ronin EM. On the EMI side, CACEIS, Crédit Agricole’s subsidiary, has been listed among the new additions.

Countries like Cyprus, France, Italy, and Malta have been leading the race with six new approvals each, while the Czech Republic and Spain followed close behind, adding four firms. Germany, Liechtenstein, and Latvia each introduced a new crypto company to their roster.

Here’s what this wave of crypto regulations signifies for Europe:

• Cyprus now hosts 21 registered Crypto Asset Service Providers, signaling its growing role in the EU crypto space.
• Germany remains the most licensed, boasting 58 MiCA authorizations.
• No registered issuers have emerged for asset-referenced tokens, despite regulatory advancements.

ESMA’s announcement revealed a steady increase in licensed entities, indicating regulatory acceptance, but the authority also noted no shifts concerning issuers of asset-referenced tokens. As of now, its non-compliance list holds steady at 162 companies, highlighting the ongoing challenges within the industry.