ESMA Enlists 14 New CASPs in MiCA Register as Licensing Slows

Europe’s MiCA licensing pipeline added 14 more crypto-asset service providers to ESMA’s interim Markets in Crypto-Assets (MiCA) register in the second post-deadline update, bringing momentum down from the larger first wave after the transitional period ended.

According to an ESMA update published on Thursday, the total number of licensed crypto-asset service providers (CASPs) now stands at 294. The latest entries include Ripple Payments Europe (Ripple’s European payments business), Bison Bank based in Portugal, and Croatia’s state-owned Hrvatska poštanska banka (HPB).

Key takeaways

• ESMA added 14 CASPs in the latest MiCA register update, taking the licensed total to 294.
• Banking groups are prominent among new entrants, including institutions from Germany, Portugal, and Croatia.
• EMT and ART registers did not change: 21 EMT issuers remain unchanged, and ART still lists no approved issuers.
• ESMA also expanded its non-compliant list by two entities after actions by Italy’s CONSOB.

MiCA register slows after an initial surge

ESMA’s latest expansion arrives after a more aggressive update on July 3, when the regulator added 37 CASPs in its first major post-deadline roll-out following the end of MiCA’s transitional period. The difference in scale—37 entries the first time versus 14 this update—suggests a shift from the fastest initial licensing push into a steadier, slower cadence.

Still, the register’s upward trajectory remains important for firms planning market entry. For investors and market participants, the register functions as an on-the-record signal of which providers are operating under MiCA’s licensing umbrella, rather than relying only on voluntary or transitional arrangements.

Banks and payment providers extend regulated crypto services

The newest CASP entries underscore how established financial institutions continue to embed crypto services within regulated frameworks. Alongside Ripple Payments Europe and the banks already named, ESMA’s update includes German cooperative banks Volksbank Schwarzwald-Donau-Neckar and Raiffeisenbank Auerbach-Freihung.

ESMA also listed Kaiser Partner Privatbank, a Liechtenstein-based private banking group, further expanding the footprint of wealth and private banking providers offering crypto-related services under MiCA.

The latest additions build on a broader pattern already visible in ESMA’s interim register, which includes dozens of traditional finance firms—such as Spain’s BBVA and CaixaBank, Germany’s Commerzbank, France’s CACEIS Bank, and Standard Chartered Luxembourg.

EMT and ART issuance remains largely static

While CASP licensing activity continues to progress, ESMA reported no changes to two token-specific registers that track stable-value and reference-asset products.

For electronic money tokens (EMTs)—crypto-assets designed to maintain a stable value against a single official currency—ESMA’s register remains at 21 unique issuers. For asset-referenced tokens (ARTs), which are designed to track multiple assets such as currencies or commodities, the register continues to show no approved issuers.

That divergence matters because it points to uneven readiness across MiCA’s product categories. CASPs can continue onboarding under MiCA’s service rules, while token issuance—particularly ARTs—appears to be moving at a slower pace.

Non-compliant register adds two entities

Separately from the licensed CASP framework, ESMA also updated its non-compliant register by adding Reversal Investment Group and Kortex.

ESMA said the additions followed enforcement actions by Italy’s securities regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB). With these additions, the non-compliant list now totals 164 entries, including crypto exchange MEXC.

For market participants, non-compliant listings are a caution flag: they indicate entities that ESMA deems to be outside MiCA’s compliance expectations. Traders and users looking for regulatory clarity typically treat the contrast between the licensed register and the non-compliant register as a practical guide for due diligence.

What to watch next

With ESMA’s CASP register continuing to climb—while EMT and especially ART approvals remain comparatively constrained—investors should watch whether token issuance accelerates in the next updates and how quickly the gap between service-provider licensing and token product approvals narrows under MiCA.