MICA adoption

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Crypto firms such as OKX, BitGo Europe, MoonPay, Hidden Road, Socios.com, BitStaete, and Trade Republic have acquired MiCA licenses

Austria, besides approving Bybit's MiCA license in May 2025, had earlier approved Bitpanda's, reflecting its growing regulatory footprint in crypto

MiCA adoption across the European Union has been sluggish, with only 25 crypto firms licensed as of May 17, despite the framework taking full effect in December 2024

Circle is the only global stablecoin issuer to have obtained a MiCA license, authorized by France’s ACPR to issue USDC and EURC as an electronic money institution

Crypto firms such as Binance, Kraken, and Robinhood have not yet secured MiCA licenses, though many are in the application process

Tether has publicly opted out of obtaining a MiCA license for its USDT stablecoin, citing the framework’s requirements as a threat to stablecoin viability, which has led some MiCA-compliant platforms to delist USDT

Germany leads the EU in MiCA licensinsg, having 36% of all licenses issued under the framework

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