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ESMA's interim MiCA register now lists more than 270 authorised crypto-asset service providers one week after MiCA became fully applicable across the EU, according to Circle's EU Strategy and Policy Director Patrick Hansen. No asset-referenced token (ART) issuers have been authorised in the same window.
The split is the story. CASPs are racing to convert existing national registrations into the new pan-EU licence; the service-provider half of MiCA is operational almost on day one. ART issuance, by contrast, requires a separate authorisation track with stricter reserve and redemption rules, and the first applicants have not yet cleared it.
Why it matters
ART is the technical category under MiCA that captures fiat-backed stablecoins, the volume of which runs almost entirely through Tether and Circle's USDC. Until an ART issuer wins authorisation, EU-distributed versions of those tokens sit in a regulatory grey zone, and exchanges serving EU clients face a clock on which products they can keep listing under the new framework.
Market impact
The CASP count signals that the compliance layer underneath Europe's crypto market is being stood up faster than the token-issuance layer above it. Watch for the first ART authorisation as the next milestone: it will set the template every subsequent issuer gets measured against, including how reserves are audited, how redemption is guaranteed, and which non-EU issuers can credibly serve EU users.
Frequently asked questions
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What is the ESMA MiCA register showing?
The register lists more than 270 authorised crypto-asset service providers one week after MiCA became fully applicable across the EU. No asset-referenced token issuers have been authorised in the same window.
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What is an ART under MiCA?
ART stands for asset-referenced token, the MiCA category that captures fiat-backed stablecoins. It is distinct from the broader crypto-asset and e-money token categories and carries its own authorisation track.
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Why are CASP registrations outpacing ART authorisations?
CASPs are converting existing national registrations into the new pan-EU licence, a process already in motion. ART issuance requires a separate authorisation with stricter reserve and redemption rules, and the first applicants have not yet cleared it.
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Which stablecoin issuers are most affected by the ART delay?
Tether and Circle's USDC dominate the fiat-backed stablecoin segment. Until an ART issuer wins authorisation, EU-distributed versions of those tokens sit in a regulatory grey zone under MiCA.
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What does the first ART authorisation set for the rest of the market?
The first approval will define the template every subsequent issuer is measured against, including how reserves are audited, how redemption is guaranteed, and which non-EU issuers can credibly serve EU users.
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