Four months after the full implementation of MiCAR, we take a closer look — together with compliance expert Mauro Halve — at which crypto service providers are leading the way in EU regulatory compliance.
In this article, you'll discover which crypto platforms declared themselves MiCAR-compliant as of April 2025 and why this matters for users. With the digital asset landscape evolving rapidly, regulatory clarity has become a cornerstone of trust. The MiCAR framework is reshaping how crypto businesses operate across Europe — and users are starting to feel the impact.
👉 Discover which platforms meet strict EU crypto standards and how to stay protected in 2025.
What Is the MiCAR Register?
MiCAR, short for Markets in Crypto-Assets Regulation, became fully effective at the end of 2024. It’s the European Union’s comprehensive regulatory framework for crypto-asset service providers (CASPs). Any company offering services such as custody, trading, or brokerage of crypto assets within the EU must now register with a national competent authority.
Once approved, these providers gain the right to operate across all EU member states through a "passporting" mechanism — streamlining cross-border access while ensuring consistent oversight.
The MiCAR register is publicly accessible and maintained by national regulators and the European Securities and Markets Authority (ESMA). Its purpose is transparency: users should be able to verify whether a crypto platform complies with EU rules or operates in a regulatory gray zone.
This register isn't just bureaucratic paperwork — it's a signal of legitimacy. For users, it’s becoming an essential tool to assess platform credibility in an industry historically marked by volatility and opacity.
Who’s Currently on the MiCAR Register?
As of April 28, 2025, there are 21 registered crypto service providers in the EU, according to analysis by Mauro Halve, Head of Compliance at Amdax, who regularly reviews the latest register updates and shares insights on LinkedIn.
Here’s the breakdown:
- 5 fully registered providers in the Netherlands
- 16 authorized entities across the rest of the EU
While the total number may seem modest, it reflects a significant shift toward structured compliance. Among them, one name stands out: OKX.
OKX holds 9 out of 10 possible MiCAR licenses, positioning itself as a front-runner in regulatory preparedness across Europe. Their strategy — starting early, building robust compliance processes, and leveraging favorable jurisdictions like Malta — has paid off. This level of commitment sets a benchmark for others in the industry.
Other notable players include:
- Bitvavo: Actively operating in the Netherlands and working on expanding its licensing scope.
- Binance: Still awaiting final approvals in multiple EU countries, indicating ongoing regulatory negotiations.
Several major global platforms are still absent from the register. This absence raises important questions: Is MiCAR proving too challenging for less-prepared firms? Or are some choosing to delay entry rather than adapt?
👉 See how top-tier platforms are navigating MiCAR compliance and what it means for your investments.
Why MiCAR Compliance Matters for Users
Holding a MiCAR license doesn’t mean a platform is risk-free — but it does mean it operates under stricter accountability. Here’s what users gain when choosing a MiCAR-compliant provider:
- Accountability: Providers must take responsibility if something goes wrong.
- Stronger safeguards: Compliance with rules like the Travel Rule and DORA (Digital Operational Resilience Act) enhances security.
- Financial transparency: Regular audits and disclosures are required.
- Consumer recourse: Regulated entities are legally answerable to both users and supervisory bodies.
- Clear disclosures: Platforms must provide accurate, fair, and complete product information — including approved whitepapers.
- Liability for harm: Providers can be held responsible for damages caused by faulty services.
- Asset protection: Strict separation between company funds and customer assets is mandatory.
For users, the MiCAR register serves as a reliable starting point for due diligence. Choosing a non-compliant platform may mean forgoing these protections — a trade-off between convenience and security.
How Is MiCAR Reshaping the Crypto Market?
MiCAR is raising the bar for transparency, reliability, and consumer protection in the crypto space. Not every player will meet these standards — some will adapt, others may merge or exit the market entirely.
We’ve already seen early signs of this shake-up. Companies like Bitcoin Meester (BCM) have stepped back, unable or unwilling to meet the new requirements. This kind of consolidation isn't necessarily negative — it can lead to a healthier, more trustworthy ecosystem.
For users, MiCAR encourages more conscious decision-making. Are you prioritizing ease of access — or do you prefer platforms that have done their homework?
Regulation isn’t a silver bullet against fraud or market crashes. But it does create a framework where trust can grow organically. Ultimately, the choice lies with you: what level of risk aligns with your goals and values?
Frequently Asked Questions (FAQ)
Q: Can I fully trust a crypto platform just because it’s MiCAR-registered?
A: Not entirely. While registration indicates compliance with EU standards, it doesn’t eliminate investment risks. Always research the platform’s track record, security practices, and user reviews.
Q: Does MiCAR apply to all types of crypto assets?
A: MiCAR covers most crypto assets, including utility tokens, asset-referenced tokens (ARTs), and e-money tokens (EMTs). However, it excludes NFTs and unhosted wallets from its core scope.
Q: What happens if a crypto company fails to comply with MiCAR?
A: Non-compliant firms may face fines, operational restrictions, or forced exit from EU markets. National regulators have enforcement powers to ensure adherence.
Q: Can non-EU crypto platforms serve EU customers without MiCAR registration?
A: No. Any provider targeting EU users must be MiCAR-compliant. Offering services without authorization could result in legal action.
Q: How often is the MiCAR register updated?
A: Updates occur continuously as national regulators approve new applications. ESMA consolidates this data regularly on its official portal.
Q: Does MiCAR affect decentralized finance (DeFi) platforms?
A: Indirectly. While DeFi protocols themselves may not be directly regulated, centralized interfaces or service providers interacting with them must comply if they operate in the EU.
Final Thoughts: Trust Through Transparency
MiCAR is more than just regulation — it’s a cultural shift toward accountability in the crypto world. As more platforms join the register, users gain better tools to distinguish between credible services and high-risk alternatives.
The presence of leaders like OKX shows that proactive compliance is not only possible but strategically advantageous. Meanwhile, the absence of others underscores the challenges ahead.
As we move deeper into 2025, one thing is clear: compliance is becoming a competitive edge. Whether you're a casual investor or a seasoned trader, understanding MiCAR helps you make smarter, safer choices.
👉 Stay ahead of the curve — explore compliant platforms and protect your digital assets today.
Core Keywords: MiCAR register, crypto compliance, EU crypto regulation, MiCAR-compliant platforms, cryptocurrency regulation 2025, ESMA crypto, crypto licensing, regulated crypto services