Since the implementation of the EU regulation on the crypto assets market ( MiCA ), 53 crypto companies have obtained licenses, including 14 stablecoin issuance institutions and 39 crypto asset service providers ( CASP ). This progress marks the gradual establishment of the EU's crypto regulatory framework.

In the stablecoin sector, 14 licensed institutions are distributed across 7 EU countries, with France accounting for 3, while other countries have between 1 to 3 each. These institutions have collectively issued 20 types of electronic currency tokens or single fiat currency stablecoins, of which 12 are denominated in euros, 7 in US dollars, and 1 in Czech koruna. This distribution reflects the dominant position of the euro in the EU stablecoin market, while also showing that the dollar still maintains a certain influence.

In terms of CASP, 39 institutions with MiCA licenses are distributed across 9 EU or European Economic Area countries. These institutions are diverse, covering traditional financial institutions such as BBVA, Clearstream, and CACEIS, fintech companies like N26, Trade Republic, and eToro, as well as native encryption enterprises such as Coinbase, Kraken, and Bitpanda. This diverse participant structure indicates that crypto asset services are gradually integrating into the mainstream financial system.

It is worth noting that, currently, no asset-backed token (ART) issuer has obtained permission, which may reflect a lack of market demand for such products. On the other hand, approximately 30 cryptocurrency whitepapers have been notified, indicating that some projects are actively seeking compliance.

However, regulatory enforcement still faces challenges. While the Dutch Authority for the Financial Markets has been proactive in issuance, Italian regulators have listed over 35 companies as non-compliant CASPs, indicating that there may be differences in the enforcement standards among countries.

Overall, the implementation of MiCA is reshaping the landscape of the EU encryption market. It not only provides clear guidelines for compliant operations but also creates opportunities for traditional financial institutions to enter the encryption field. However, the uniform enforcement of regulations and the market's acceptance of new types of encryption assets remain issues that need attention. As more enterprises adapt to the new regulations, the EU encryption market is expected to find a balance between compliance and innovation, providing a reference for global encryption regulation.