MiCA Framework: EU Greenlights Crypto Firms, USDT Remains on Sidelines

MiCA Framework: EU Greenlights Crypto Firms, USDT Remains on Sidelines

The Markets in Crypto-Assets (MiCA) framework is here, and the EU is making moves. Let's dive into which crypto firms got the thumbs up, why Tether's USDT is still waiting, and what this all means for the future of crypto in Europe.

MiCA Approved: Who's In?

The EU has given the green light to 53 crypto firms under MiCA, letting them operate across 30 European Economic Area (EEA) countries without needing separate national licenses. This includes 39 crypto-asset service providers (CASPs) and 14 e-money token (EMT) issuers, according to Patrick Hansen at Circle.

Big names like Coinbase, Kraken, Bitstamp, and OKX are on the list. Fintech companies and traditional finance groups such as Robinhood, Trade Republic, and BBVA are also in the mix. Germany and the Netherlands are leading the charge, with 23 of the 39 CASPs based there. France, Germany, and the Netherlands account for 9 of the 14 EMT issuers, including 20 fiat-backed stablecoins, mostly tied to the euro or dollar.

USDT's MiCA Struggle

Tether's USDT isn't among the approved EMT issuers. Why? Transparency and audit-related issues. Tether hasn't had a full independent audit since 2017, despite promising to do so. As Consumers Research pointed out, Tether has been promising a full audit since 2017 but hasn't delivered.

Tether CEO Paolo Ardoino mentioned in an April 2025 interview that finding a suitable auditor has been tough, especially after incidents like FTX made auditors wary. MiCA demands higher levels of transparency and governance, which seems to be a hurdle for Tether.

Binance's Compliance Challenges

Binance also didn't get MiCA licenses, reflecting its ongoing struggle to comply with EU regulations. In 2023 and 2024, Binance pulled out of several EU countries, including Germany, Cyprus, and the Netherlands, due to increased regulatory pressure.

Binance has made operational changes, like disabling copy trading and restricting unregulated stablecoin activity within the EU. French authorities are also investigating Binance for alleged money laundering, further complicating its licensing status.

What's Next for MiCA?

MiCA came into force in 2024, with a phased rollout for CASPs starting in January 2025 and for EMT issuers in July 2024. The framework includes strict governance, audit, and transparency rules. A regulatory update is expected in September 2025, nine months after MiCA began applying to CASPs. Authorities will provide a progress report on licensing and compliance enforcement across the EEA.

MiCA and Global Stablecoins

MiCA is also opening doors for non-EU stablecoins like USDC and even Asia-backed tokens to operate legally in Europe, provided they meet registration and reserve requirements. This could be a game-changer, as the EU moves to regulate and integrate foreign stablecoins instead of banning them.

Lara Ronsin at Eurochain Labs noted that MiCA isn’t about keeping tokens out but about bringing structure and accountability in. This approach contrasts with the U.S., where stablecoin legislation is stalled.

Final Thoughts

MiCA is setting a new standard for crypto regulation. It's balancing legal compliance with technical neutrality and potentially becoming a global gold standard. The EU is signaling a shift from defensive regulation to proactive integration, redefining how nations engage with the future of money. It's gonna be interesting to watch how this all unfolds – grab your popcorn!