1. Market in numbers
| Category | Count |
|---|---|
| Licensed crypto-asset service providers (CASP) | 199 |
| Countries with registered CASPs | 23 |
| EMT (e-money token) issuers | 20 |
| ART (asset-referenced token) issuers | 0 |
| Other crypto-assets with published white papers | 519 |
2. Geographic distribution of CASPs
| Country | Number of CASPs |
|---|---|
| 🇩🇪 Germany | 53 |
| 🇳🇱 Netherlands | 25 |
| 🇫🇷 France | 13 |
| 🇳🇴 Norway | 13 |
| 🇲🇹 Malta | 12 |
| 🇪🇸 Spain | 11 |
| 🇱🇹 Lithuania | 10 |
| 🇦🇹 Austria | 9 |
| Other 15 countries | 53 |
Germany leads decisively with 53 licensed entities, accounting for over 26% of all CASPs in the EU. This stems from a mature financial market, a strong institutional base, and BaFin's prior regulatory experience with crypto-assets.
3. Crypto-asset services - what do CASPs offer?
| Service | Number of providers |
|---|---|
| Custody and administration of crypto-assets | 117 |
| Exchange of crypto for fiat currency | 100 |
| Exchange of crypto for crypto | 96 |
| Execution of orders on behalf of clients | 94 |
| Reception and transmission of orders | 84 |
| Advice on crypto-assets | 53 |
| Placing of crypto-assets | 51 |
| Transfer of crypto-assets | 50 |
| Portfolio management of crypto-assets | 46 |
| Operating a trading platform | 46 |
Custody - holding and administering crypto-assets - is by far the most popular service, offered by 117 out of 199 CASPs (59%).
4. Passporting - cross-border freedom
This confirms that the vast majority of crypto-asset firms treat a MiCA license as a passport to the entire European market, not merely a local regulatory requirement.
5. EMT and ART tokens
EMT (E-Money Tokens)
20 EMT issuers have been registered - crypto-assets pegged to a single fiat currency (e.g. EUR). This segment is developing steadily, though significantly slower than the CASP market.
ART (Asset-Referenced Tokens)
The absence of any registered ART issuer is one of the most telling statistics in this report. ART tokens - linked to a basket of assets or currencies - are subject to the strictest capital and operational requirements under MiCA. Reserve requirements, governance, and stress test obligations create an exceptionally high barrier to entry.
Other crypto-assets
The ESMA register lists 519 crypto-assets with published white papers that are not classified as EMT or ART. These include utility tokens and other instruments subject to notification obligations.
6. Growth dynamics
| Month | New CASP licenses |
|---|---|
| February 2026 | 13 |
| March 2026 | 10 |
| April 2026 (to 12.04) | 2 |
This growth reflects the maturation of regulatory processes in individual countries and the increasing readiness of firms to formally enter the market under the new regime.
7. Conclusions and outlook
1. Germany dominates
With over ¼ of all licensed CASPs, Germany is solidifying its position as the leader of the European crypto-asset market.
2. Passporting is the standard
86% of CASPs use cross-border capabilities, proving that MiCA is effectively creating a single market.
3. ART remains a challenge
Zero ART issuers signals that regulatory requirements may be too restrictive or that the market doesn't yet see a business case for this type of token.
4. EMT is growing slowly
20 issuers is a moderate result, but this segment has growth potential as stablecoins become more popular in payments.
5. The market is accelerating
The rising number of new licenses in 2026 points to a continuation of the growth trend.
8. About MiCA SCAN
Source: micascan.eu - Data based on ESMA registers and national supervisory authorities, as of 12 April 2026.