New MiCA licenses in the EU

The Markets in Cryptoassets Regulation (MiCA) applies to crypto-asset service providers in the European Union from 30 December 2024, requiring all cryptoassets service providers (CASPs) to obtain licenses to operate in the EU.

Crypto companies could keep operating during a transition period while their applications were processed. That period is over: 1 July 2026 was the hard outer limit, several member states closed their windows earlier, and no extension was granted. Serving EU clients now requires a full CASP authorisation, and ESMA has told firms that never obtained one to wind down in an orderly way.

The introduction of MiCA may lead to the phenomenon of "license shopping" - choosing the most favorable country for licensing, taking into account regulatory flexibility, taxes and market access.

Factors influencing the choice of jurisdiction by crypto companies:

• Regulatory environment

The rigidity or flexibility of regulation affects the attractiveness of a country.

• Operating costs

The cost of labor, taxes and fees determine the availability of licensing.

• Government Support

Some countries actively encourage crypto companies through tax incentives.

Top 5 jurisdictions for MiCA license:

Netherlands MoonPay, BitStaete, ZBD, and Hidden Road chose this jurisdiction for its friendly business environment and developed infrastructure

Luxembourg Standard Chartered began providing crypto custody services due to its stable financial system

Ireland HashKey Europe offers a variety of crypto services, including fiat-to-crypto exchange

France Hexarq, a subsidiary of Groupe BPCE, confirms the growth of the crypto market in France: in February 2026, a year after this article was published, it obtained an AMF authorisation covering digital asset custody and euro trading

Malta Crypto.com received a full MiCA license through the Malta Financial Services Authority (MFSA)

Where the licences actually went

The market has answered the question since. By early August 2026 more than 320 providers were authorised across the EEA, and the leaderboard looks different from the early forecasts: Germany is well ahead with around 69 authorisations, followed by France with 35, the Netherlands with 29, Cyprus with 25 and Malta with 22. Speed came at a price for the early movers — in July 2025 ESMA published a fast-track peer review finding that the MFSA had authorised a CASP with material issues left unresolved, among them the applicant's ICT architecture and its approach to Web3 and decentralised products. ESMA did not name the provider concerned, and nothing in the review points to any of the companies mentioned above. Choosing a jurisdiction by how quickly it says yes is no longer a safe strategy.

"It is essential for crypto companies to have access to clear regulatory guidance on the CASP application process, including a detailed procedure and review timeline, as implemented in the Netherlands and Ireland. It is also critical for companies to be able to interact with regulators. In this regard, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) stands out, organizing industry events and holding face-to-face meetings with industry representatives."

By contacting us, you will receive:

• Advice on MiCA licensing in different EU countries.
• Analysis of regulatory risks and recommendations on choosing the optimal jurisdiction.
• Support for the application process and interaction with regulators.
• Tax planning to optimize the costs of operating in the EU.
• Compliance strategies to meet MiCA requirements and prevent sanctions.