MiCA register now shows 270+ authorized crypto-asset service providers in the EU, but no asset-referenced token issuers have been approved yet.
DeFi & Yields ·
One week after the Markets in Crypto-Assets Regulation (MiCA) became fully applicable across the European Union, more than 270 crypto-asset service providers had registered under the framework, according to the European Securities and Markets Authority's interim MiCA register. However, no asset-referenced token (ART) issuers have received authorization during the same period.
Under MiCA's regulatory structure, two main token categories are distinguished: euro-money tokens (EMTs) are stablecoins pegged to a single official currency like EUR or USD, while ARTs are designed to maintain stable value by referencing a basket of assets, rights, or currencies rather than a single denomination. The rapid uptake of service provider registrations contrasts sharply with the absence of approved ART issuers.
The reasons for the gap between CASP registrations and ART approvals remain unclear. It is not yet known whether the lack of authorized ART issuers reflects stricter authorization criteria, extended review timelines, or limited market demand for this token category in the initial weeks of enforcement.