The European Union's Markets in Crypto-Assets regulation took full effect on 1 July, and the numbers are already in. As of 26 July, 338 firms across 26 EEA states hold a CASP authorisation — the only way to legally offer crypto services to EU and EEA clients. Companies without it have to wind down.
The numbers so far
Germany leads the pack with 69 authorised CASPs, followed by France with 39 and the Netherlands with 38. That concentration isn't a surprise — those countries had the most developed licensing regimes before MiCA. But it does mean firms in smaller member states may face a thinner pool of local supervisors with crypto experience.
By June, exchanges with MiCA authorisation already handled about 83% of European trading volume. That suggests the market is consolidating around regulated players faster than some expected.
Buy vs. build
For firms still on the outside, the path to compliance isn't simple. Buying an already-licensed CASP can be faster than applying from scratch — you get time-to-market, passportability across the bloc, and an existing supervisory track record. But it comes with risks: change-of-control approvals, fit-and-proper checks on new owners, integration headaches, and the possibility of inheriting someone else's compliance mess.
Applying from scratch gives you a clean slate and a control framework tailored to your business. The trade-off is uncertain timelines and higher upfront costs. Regulators aren't rushing — they're doing their due diligence.
What a CASP is worth
Valuation of a licensed CASP depends on three things: the strength of its control stack, its supervisory history, and its relationship with the regulator. A clean record — no enforcement actions, no major compliance gaps — significantly boosts value. A dirty one can make the license nearly unsellable.
The next few months will show how many firms manage to secure authorisation or exit the market. For now, the 338 are the ones to watch.
