MiCA Register Expands with 14 New CASPs Amid Slower Crypto Licensing Growth

The European Securities and Markets Authority (ESMA) has added 14 new crypto companies to its Markets in Crypto-Assets (MiCA) register, marking the second update since the end of the framework's transitional period. The latest additions bring the total number of licensed Crypto-Asset Service Providers (CASPs) across Europe to 294.

While the number of new approvals remains significant, the latest update suggests that the pace of licensing has slowed compared to the initial wave of registrations that followed MiCA's implementation.

Ripple and Traditional Banks Join Europe's Licensed Crypto Market

Among the newly approved firms is Ripple Payments Europe, the European payments subsidiary of Ripple, alongside Portugal's Bison Bank and Croatia's state-owned Hrvatska poštanska banka (HPB).

The latest expansion also includes Germany's cooperative banks Volksbank Schwarzwald-Donau-Neckar and Raiffeisenbank Auerbach-Freihung, as well as Liechtenstein-based Kaiser Partner Privatbank.

These additions reinforce the growing participation of traditional financial institutions in Europe's regulated digital asset market as banks increasingly seek to offer crypto-related services under MiCA.

Traditional Finance Continues Expanding Under MiCA

The MiCA register now features a broad range of established financial institutions operating within the regulated crypto sector.

Major banking groups already listed include BBVA and CaixaBank from Spain, Commerzbank from Germany, CACEIS Bank from France, and Standard Chartered Luxembourg, highlighting the continued convergence between traditional finance and digital assets.

Stablecoin Registers See No New Approvals

Unlike the CASP register, ESMA made no changes to its lists covering stablecoin issuers.

The register for Electronic Money Tokens (EMTs), which tracks stablecoins backed by a single fiat currency, remains unchanged with 21 approved issuers.

Meanwhile, the register for Asset-Referenced Tokens (ARTs), digital assets backed by multiple assets such as currencies or commodities, continues to show no approved issuers, indicating that this segment of the market remains in its early stages under MiCA.

ESMA Expands Its Non-Compliant Crypto List

Alongside new approvals, ESMA also updated its register of non-compliant crypto firms.

Following enforcement actions by Italy's securities regulator CONSOB, the authority added Reversal Investment Group and Kortex to the list.

As a result, the number of entities identified as non-compliant under MiCA has risen to 164, with crypto exchange MEXC remaining among the firms included.

MiCA Is Entering a More Selective Phase

The latest ESMA update suggests that MiCA is moving beyond its initial implementation phase toward a more mature regulatory environment. Rather than rapidly expanding the number of licensed firms, regulators now appear to be focusing on thorough reviews while simultaneously strengthening enforcement against companies operating outside the framework.

The continued entry of major banks into the licensed crypto market also signals that MiCA is becoming more than a compliance requirement, it is increasingly serving as a gateway for traditional financial institutions looking to expand into digital assets. At the same time, the absence of new stablecoin approvals indicates that certain areas of the market remain subject to stricter regulatory scrutiny, reflecting Europe's cautious approach to balancing innovation with investor protection.