40 Days After MiCA: What Europe’s Crypto Market Looks Like

BeInCrypto's review of Europe's licensing register finds a market led by custody firms and banks. Trading-venue permissions remain rare, Circle dominates compliant stablecoin supply, and enforcement is concentrated in one country.

Europe's crypto transition period ended on 1 July 2026. Roughly forty days later, the licensed market is still taking shape.

The European Securities and Markets Authority register, updated on 12 August, contains 329 authorization rows. They represent 324 identifiable legal entities because several firms appear more than once when permissions are added, or records are duplicated.

That distinction changes how the market should be read. Europe has created a sizeable regulated perimeter. The practical market inside it is much narrower. Only 21 entities can operate a trading venue, while custody and transfer permissions dominate.

The later register also confirms the larger finding from BeInCrypto's original research. Banks secured a meaningful share of the licenses.

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