About forty days after MiCA came into force, the European Securities and Markets Authority register lists 324 authorized legal entities. Custody dominates with 218 licenses, while only 21 entities can operate a trading venue, representing 6.5% of the authorized market. Circle controls approximately 92% of MiCA-compliant stablecoin supply with USDC and EURC. Germany, France, and the Netherlands hold 41% of all licenses, and Binance remains absent from the European register despite its major global presence.
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