The MiCA Crypto Alliance launched its MiCA CASP Tracker on August 5, 2026, transforming public authorisation data from the European Securities and Markets Authority into a searchable directory for crypto users, businesses and compliance teams. According to reports from crypto.news, the tool allows users to check whether a company appears in ESMA's Markets in Crypto-Assets register and review the services it may legally provide. However, the tracker's launch coincides with a dramatic industry transformation as only around 210 of approximately 1,200 crypto firms registered nationally before MiCA have received full CASP authorization — a mere 17%. As reported by Simplify Labs, this compliance reality has created a formal split in the crypto industry, with EU-regulated platforms facing binary choices between delisting non-compliant stablecoins or risking their own MiCA authorization. The stablecoin provisions made the stakes concrete, with Tether discontinuing its euro-pegged EURT stablecoin in 2024, Coinbase Europe delisting USDT in December 2024, and Crypto.com following in January 2025, while Binance restricted EU USDT trading pairs in March 2025.
The tracker enables users to filter records by company, country, regulator or authorised service, helping customers distinguish between firms approved for custody versus those permitted to operate trading platforms, exchange assets or execute client orders. As reported by crypto.news, the tool covers ten regulated crypto services defined under MiCA Regulation: custody, trading platform operation, crypto-to-fiat exchange, crypto-to-crypto exchange, order execution, token placement, order transmission, advice, portfolio management and asset transfers. A company's appearance in the register does not mean every product it offers falls under MiCA, as crypto lending and borrowing are not covered by the regulation's service list. The searchable format lets users filter records by company name, country, regulator, authorisation date, or the specific licensed service, providing granularity that was previously unavailable in ESMA's spreadsheet format.
The tracker arrives after MiCA's main transition period ended on July 1, 2026, when ESMA instructed unauthorised providers to stop accepting new EU clients, opening accounts and marketing covered services. According to crypto.news, firms winding down may only take actions needed to transfer assets or close customer positions. Under MiCA, CASP authorization requires tiered minimum capital: €50,000 for advisory services, €125,000 for exchange and custody, and €150,000 for operating a trading platform — plus own funds equal to at least one quarter of the previous year's fixed overheads. The compliance framework extends beyond capital requirements to include EU legal presence with resident directors, documented governance frameworks, DORA-aligned IT resilience from January 2025, segregated client custody, AML/KYC depth aligned with the EU Travel Rule, and machine-readable reporting in JSON and iXBRL formats — the latter mandatory from December 2025. ESMA republishes its interim register weekly after receiving updates from national competent authorities, with the latest version dated July 31, 2026.
Licensing activity has continued since the deadline, with ESMA adding 15 new providers in a late-July update, including BNY's Belgian unit alongside other banks, payment companies and crypto-native firms. As reported by crypto.news, this steady stream of additions underscores a broader shift where traditional financial institutions are now actively seeking the same crypto authorizations as native exchanges. The compliance cost compounds into a competitive moat, as authorization in one EU member state passports services across all 27 countries — the world's largest single regulated financial market by GDP. European pension funds, asset managers, and banks operating under their own regulatory obligations cannot route to unlicensed venues, making institutional capital increasingly gateway on licensing status. The retail segment demanding regulated custody is growing, with deep KYC/AML with travel rule enforcement on every transfer, segregated custody with documented safeguarding policies, stablecoin whitelists restricted to USDC and EURC for spot trading, and real-time reporting becoming standard infrastructure requirements for EU-regulated platforms.
