How many firms have MiCA authorisation?

Roughly 210 of approximately 1,200 pre-MiCA firms, about one in six. What happened to the rest.

Roughly 210 firms hold MiCA CASP authorisation, out of approximately 1,200 that operated under national regimes before MiCA applied. That is about one in six. The remainder either exited, were acquired, moved outside the EU, or continue under expiring national grandfathering. The official position is the ESMA register.

Data as of 28 July 2026. COSIMO Digital analysis of regulator registers and market data; reviewed monthly.

How many firms have MiCA authorisation?

Roughly 210, as of 28 July 2026. The figure is an approximation from regulator registers and market data, and it moves as authorisations are granted and as transitional arrangements end. For a specific firm or member state, read the register rather than this page.

MiCA authorisation, as of 28 July 2026.

Measure	Figure	Basis
Firms holding MiCA CASP authorisation	~210	Regulator registers and market data
Firms operating under pre-MiCA national regimes	~1,200	Market data for the period before MiCA applied
Authorisation ratio	~1 in 6	Derived
MiCA fully applicable since	30 December 2024	Regulation (EU) 2023/1114

How does that compare to the pre-MiCA population?

It is a reduction of roughly five-sixths in the population of firms permitted to provide crypto-asset services to EU clients. The pre-MiCA population was supervised under national regimes of very different depth — some prudential, most anti-money-laundering only — so the comparison is between a low bar applied unevenly and a single high bar applied across the Union.

The reduction is therefore not evidence of market decline. It is the difference between registration and authorisation. Read what a CASP authorisation actually requires.

Which member states have authorised the most?

No single official source publishes a consolidated league table by member state, so we do not publish one either. Authorisations are recorded firm by firm on ESMA’s registers and on each national authority’s register, and the count for any member state should be taken from there on the day you need it.

Where to verify, by member state. Registers are the authoritative source; counts change weekly.

Member state	Competent authority	Verify at
Ireland	Central Bank of Ireland	centralbank.ie
Luxembourg	CSSF	cssf.lu
Germany	BaFin	bafin.de
Malta	MFSA	mfsa.mt
Lithuania	Bank of Lithuania	lb.lt
Netherlands	AFM	afm.nl
All member states	ESMA	ESMA registers and data

What can be said without inventing numbers: authorisations are concentrated in the member states with the largest pre-MiCA registered populations and the most established supervisory capacity, and several small member states that hosted large registered populations before MiCA now host materially fewer authorised firms.

What happened to the firms that did not get authorised?

Four outcomes. Exit from the EU market, serving non-EU clients only. Narrowing of activity so that no in-scope service is provided. Acquisition by, or becoming an agent or distributor of, an authorised firm. Or continuation under expiring national grandfathering while an application is pending.

The common factor is capability rather than intent: authorisation requires governance, client-asset controls, resilience, AML systems and evidenced own funds — an operating firm, not a document. Read the alternatives to applying yourself.

Where can I check the official register?

ESMA registers and data at EU level, and each national competent authority for firm-level entries. Read three fields: which legal entity holds the authorisation, which services it covers, and from what date. Treat anything not on a register as not authorised.

One caution that catches counterparties regularly. A firm appearing on a national anti-money-laundering register of virtual asset service providers holds an AML supervision status, not a MiCA authorisation. Our own position is stated on the same terms: Fortuna’s status and what it permits today.

Related

What is a MiCA CASP authorisation and who needs one?

What the ~210 firms actually hold.

Who can custody tokenized securities in Europe?

Why an authorisation for custody is a separate question.

EU digital asset regulation tracker

Dated record of what is in force and who is authorised.