DATA & FIGURES
The latest update from ESMA includes 37 new firms, bringing the total number of licensed crypto providers in the EU to 280. Notable firms included in the update are Standard Chartered, FalconX, and Sygnum Europe. The update also includes Circle, which has gained stablecoin ground in the EU following Tether's delistings. The crypto market has responded positively to the news, with Bitcoin (BTC) price increasing by +0.47% to $61,911.32, Ethereum (ETH) price increasing by +1.85% to $1,729.58, and XRP price increasing by +2.37% to $1.12.
THE SCENARIO
The MiCA license is a significant development for the crypto industry in Europe, as it provides a regulatory framework for crypto-asset service providers (CASPs) to operate in the EU. The license is expected to increase investor confidence and provide a more stable regulatory environment for the industry. The update from ESMA marks the first major licensing wave since MiCA's transitional period closed on July 1, and is expected to have a significant impact on the crypto industry in Europe.
DIRECT QUOTE
"We are delighted to have obtained our MiCA and EMI licences, which enables us to progressively expand services to clients across Europe. This landmark authorisation reflects our strategic choice of Luxembourg..." — Laurent Marochini, CEO of Standard Chartered Luxembourg
BBN INSIGHT
The MiCA license is a positive development for the crypto industry in Europe, as it provides a regulatory framework for CASPs to operate in the EU. The license is expected to increase investor confidence and provide a more stable regulatory environment for the industry. However, some users have expressed concerns about the banking industry's embrace of crypto, highlighting the contradiction in their treatment of crypto-earning customers. The Positive Side: The MiCA license is expected to increase investor confidence and provide a more stable regulatory environment for the industry. The Negative Side: The banking industry's treatment of crypto-earning customers may decide whether access to the industry's services reaches the industry's own participants.
MARKET REACTION
The crypto market has responded positively to the news, with Bitcoin (BTC) price increasing by +0.47% to $61,911.32, Ethereum (ETH) price increasing by +1.85% to $1,729.58, and XRP price increasing by +2.37% to $1.12.