Europe’s MiCA Did Not Approve a Single Asset Under This Category
Stablecoins
Two years after the implementation of the Markets in Crypto-Assets (MiCA) regulation, the European Union has failed to approve a single Asset-Referenced Token (ART) issuer. While the broader regulatory framework has successfully licensed 280 crypto firms, the specific category for ARTs remains entirely dormant. Industry experts, including Hansen, are now calling for a comprehensive review of the MiCA framework to either rectify the restrictive requirements or eliminate the category entirely. This stagnation highlights a significant friction point for stablecoin and RWA issuers attempting to operate within the EU legal perimeter. The lack of progress suggests that current compliance burdens may be prohibitively high for entities seeking to tokenize assets under this specific classification. Consequently, the absence of approved issuers creates a competitive disadvantage for European firms compared to global counterparts. Addressing these regulatory bottlenecks is essential for the EU to maintain its relevance in the evolving landscape of digital asset tokenization.
Key points
- ▸Zero ART issuers approved under MiCA two years post-implementation.
- ▸280 crypto firms successfully licensed under broader MiCA provisions.
- ▸Industry stakeholders advocate for regulatory reform or removal of the ART category.
- ▸Regulatory friction hinders European stablecoin and RWA tokenization efforts.
Background
Asset-Referenced Tokens (ARTs) under MiCA are digital assets that aim to maintain a stable value by referencing multiple currencies, commodities, or other crypto-assets. They are distinct from E-Money Tokens (EMTs) which reference a single fiat currency. Issuers must obtain authorization from national competent authorities and adhere to strict capital and reserve requirements.
Relevance
6.5/10