Out of the 23 European issuers of electronic money tokens (EMTs) authorized under ESMA’s interim register, only nine have obtained full authorization covering both EMT issuance and CASP (Crypto Asset Service Provider) services. The remaining 14 issuers cannot provide custody of their own tokens on behalf of clients, severely limiting the range of services they can offer. Circle, the issuer of USDC and EURC, together with Société Générale-Forge, has emerged as the main beneficiary of this regulatory fragmentation. Completing the compliance process under Article 60 of MiCA in major European jurisdictions takes anywhere from several months to a year, which guarantees these two players a long-term competitive advantage in the competition for institutional capital within the EEA.
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