Europe's main securities watchdog, ESMA, added 14 new Crypto Asset Service Providers to its MiCA register this week — including several banks and Ripple Payments Europe. The update brings the total number of registered CASPs under the EU's Markets in Crypto-Assets framework to 294. But the data also shows a clear slowdown in the pace of new licenses being issued, a sign that the initial rush to comply with MiCA is fading.
Who’s on the list
Among the 14 newcomers are traditional banks alongside Ripple Payments Europe, the company's European payments arm. The inclusion of banks signals that established financial institutions are gradually moving into the crypto space under MiCA's unified rules. ESMA's register, which went live late last year, now covers a broad mix of exchanges, custodians, and payment processors.
Why the slowdown matters
The pace of licensing under MiCA is slowing. Fewer applications are being approved in each batch compared to the flurry of registrations seen earlier this year. That could reflect a maturing market — most of the big players already got their licenses — or it could mean that the remaining applicants are struggling to meet MiCA's tough requirements on capital reserves, governance, and anti-money laundering controls. Either way, the slowdown is a concrete shift from the breakneck onboarding of 2025.
What’s next for the register
ESMA hasn't indicated when the next batch of approvals will come. With 294 CASPs now registered, the EU's crypto licensing regime is the largest in the world by number of approved firms. The open question is whether the slower pace will squeeze out smaller players or simply reflect the natural end of the initial wave. For now, the register is still growing — just not as fast.
