A hundred days have passed since the markets in the crypto assets’ framework appeared. Till now, the majority of the digital assets industry, including crypto, is racing to catch up. Today, Circle’s CEO, Patrick Hansen, reported something that can set the investors’ community on their toes.
Showing data from the European Securities and Markets Authority, he highlighted that only 11 stablecoin issuing bodies and 15 crypto asset service providers have been licensed.
As low as the figures are, the industry seems to be reeling under struggle to meet the compliance requirements of miCA.
On that note, Hansen noted something strategic. He said that without a genuine MiCA license, it would be impossible for crypto launchers or platforms to vend their coin services across all 30 countries of the EEA.
Due to this restriction, most coins are now maneuvering the licensing process. However, there are some major gaps, such as Hansen projects. So far, the MiCA has not yet listed any asset reference tokens.
At the same time, the CEO points out that around 25 white papers have reached the regulators. That includes the mainstream coins like Bitcoin or ETH. None of them have ART or EMT tags.
Now the question is- are there any gestures of increasing enforcement?
According to the data received from CONSOB, the Italian fiscal authority, around 15 names have been added to the list that cites non-compliant entities. It shows that the level of security faced by digital assets has increased manifold.
MiCA Compliant Service Providers
According to the ESMA, there are around 15 legalized providers. Some of them are the big names like Crypto.com, BitPanda, eToro, Crypto Finance, and others. Meanwhile, there are other conventional fiscal bodies like Flatex, ClearStream, and BBVA.
The current leader of the European region remains Germany, with 6 crucial CASPs, all listed. The next is Malta, having 5 registered CASPs. Where would you invest your money?
