The European financial landscape is undergoing a transformative shift as traditional e-money institutions (EMIs) increasingly integrate cryptocurrency services into their offerings. With the upcoming implementation of the Markets in Crypto-Assets (MiCA) regulation, a new wave of crypto-licensed EMIs is emerging—hybrid entities that bridge conventional finance and digital assets. These institutions are not only adapting to regulatory changes but are actively shaping the future of fintech in Europe.
This article explores the growing ecosystem of crypto-licensed e-money institutions across Europe, highlighting key players, their services, and the evolving regulatory environment. We’ll examine country-specific trends, spotlight major institutions leading innovation, and uncover how MiCA is accelerating compliance and market consolidation.
The Growing Role of EMI–VASP Hybrids
A defining trend in Europe’s financial sector is the rise of EMI–VASP hybrids—e-money institutions that also register as Virtual Asset Service Providers (VASPs). This dual authorization allows them to offer both fiat and crypto services under a single regulatory umbrella, enhancing trust, interoperability, and scalability.
Stablecoin issuance is another area gaining momentum, particularly as the EU moves toward full MiCA enforcement in 2025. While still limited in scope, stablecoin offerings from licensed EMIs are becoming critical infrastructure for cross-border payments, DeFi integration, and institutional adoption.
👉 Discover how top EMIs are integrating crypto services to meet evolving market demands.
Crypto-licensed EMIs by Country
Across Europe, 40 e-money institutions currently hold crypto-related authorizations. While regulatory frameworks vary by jurisdiction, countries like France, Lithuania, and the UK lead in both volume and innovation.
- France stands out with six crypto-licensed EMIs, including industry leaders like Circle and Société Générale - Forge.
- The United Kingdom, though outside the EU, maintains a robust ecosystem with 12 such institutions, including Revolut, Skrill, and Coinbase’s UK entity.
- Lithuania has become a fintech hub with 73 total EMIs, three of which are crypto-licensed.
- Ireland hosts major global players like Coinbase and Gemini, positioning itself as a gateway for U.S. crypto firms entering Europe.
Despite variations in national oversight, all are aligning with MiCA standards—a move expected to harmonize licensing, consumer protection, and transparency across borders.
Leading Crypto-licensed EMIs in Europe
Bitpanda Payments GmbH (Austria)
As part of the Bitpanda Group, this EMI offers e-money and payment services integrated with a popular investment platform. It supports trading in crypto, stocks, and precious metals and has strengthened its banking infrastructure through a partnership with Deutsche Bank.
- VASP License: Held by Bitpanda GmbH
- MiCA Status: Approved as a Crypto Asset Service Provider (CASP)
- Crypto Solutions: Crypto wallets, trading, exchange, and crypto indices
Bitpanda exemplifies the vertically integrated model—combining user-friendly retail access with institutional-grade security.
Circle Internet Financial Europe SAS (France)
Circle’s European EMI specializes in stablecoin infrastructure and global dollar access. It issues EURC (euro-backed stablecoin) alongside USDC and provides programmable wallets for enterprise use.
- VASP License: Self-registered
- MiCA Status: Licensed as an E-Money Token (EMT) issuer
- Crypto Solutions: Dollar and euro stablecoins, crypto capital markets
Circle’s presence underscores the strategic importance of France in the EU’s stablecoin ecosystem.
Société Générale - Forge SA (France)
A pioneer in institutional tokenization, this subsidiary of Société Générale issues euro-denominated stablecoins and tokenized financial products for professional investors.
- VASP License: Self-registered
- MiCA Status: EMT license approved
- Crypto Solutions: Institutional-grade EUR stablecoin
Its focus on capital markets bridges traditional banking with blockchain innovation.
Monerium ehf. (Iceland)
Monerium offers EURe, a regulated e-money token representing euros on-chain. Its platform enables seamless transfers between bank accounts and web3 wallets.
- VASP License: Self-registered
- MiCA Status: Not yet licensed
- Crypto Solutions: EURe e-money tokens
Monerium is at the forefront of programmable money, enabling real-time settlements across legacy and decentralized systems.
Coinbase Ireland Limited & Gemini Payments Europe Limited (Ireland)
Both U.S.-based giants operate licensed EMIs in Ireland to serve EU customers:
- Coinbase offers custody, trading, and index funds.
- Gemini provides secure trading platforms for institutions and retail users.
Neither currently holds MiCA licenses but are expected to apply upon full regulation rollout.
👉 Explore how global crypto platforms are establishing EU footholds through local EMI licensing.
Ambr Payments & NexPay (Lithuania)
Lithuania’s regulatory clarity has attracted innovators:
- Ambr Payments issues e-money tokens and offers white-label solutions.
- NexPay runs an OTC crypto desk for institutional clients.
Both serve niche markets with scalable infrastructure.
Stable Mint Ltd (Malta)
Focused on euro-denominated stablecoins, Stable Mint issues regulated e-money tokens under Maltese supervision.
- MiCA Status: EMT license approved
- Crypto Solutions: EUR stablecoins
Malta continues to support stablecoin innovation despite increased EU scrutiny.
Fiat Republic Netherlands B.V. (Netherlands)
This EMI provides fiat-crypto rail infrastructure for fintechs and marketplaces.
- MiCA Status: EMT license approved
- Crypto Solutions: Cryptocurrency exchange
Its real-time FX and virtual IBAN services make it a key enabler for embedded finance.
Emerging Players and Niche Innovators
Beyond headline names, dozens of smaller EMIs contribute to Europe’s digital asset ecosystem:
| Country | Institution | Key Crypto Offering |
|---|---|---|
| Denmark | Eurodollar ApS | USD-, EUR-, GBP-pegged stablecoins |
| Finland | Paxos Issuance Europe Oy | EU-regulated stablecoins |
| France | BCB Payments Europe | Crypto custody & trading |
| Luxembourg | CPS Europe S.A. | Crypto payment acceptance |
| Norway | Firi AS | Crypto staking & savings |
| UK | Revolut Ltd | In-app crypto exchange |
These entities often target specific verticals—OTC desks, payment gateways, or savings products—demonstrating the diversification of crypto-enabled financial services.
Regulatory Outlook: MiCA’s Impact on EMIs
The MiCA regulation, set for full application in 2025, will standardize licensing for stablecoin issuers and CASPs across the EU. Early adopters like Bitpanda, Circle, and Ambr Payments have already secured preliminary approvals.
Key implications:
- Stricter capital requirements for stablecoin issuers
- Enhanced transparency for reserve assets
- Harmonized passporting rights across member states
- Mandatory consumer disclosures
EMIs with existing VASP registrations are best positioned to transition smoothly under MiCA.
Frequently Asked Questions (FAQ)
Q: What is a crypto-licensed EMI?
A: A crypto-licensed EMI is an e-money institution authorized to offer cryptocurrency-related services such as wallets, trading, or stablecoin issuance, often alongside traditional payment services.
Q: How does MiCA affect EMIs in Europe?
A: MiCA introduces uniform rules for crypto asset issuance and service provision. EMIs issuing stablecoins or offering crypto trading must comply with enhanced reporting, capitalization, and consumer protection standards.
Q: Which country has the most crypto-licensed EMIs?
A: The United Kingdom leads with 12 crypto-licensed EMIs, followed by France with 6.
Q: Can non-EU companies operate as EMIs in Europe?
A: Yes, through subsidiaries in EU member states—for example, Coinbase (U.S.) operates via its Irish entity.
Q: Are all EMIs required to register as VASPs?
A: Only if they provide virtual asset services like crypto exchange or custody. Pure fiat-focused EMIs do not need VASP registration.
Q: What’s the difference between an EMT and CASP license under MiCA?
A: An E-Money Token (EMT) license applies to stablecoins pegged 1:1 to fiat currencies. A Crypto Asset Service Provider (CASP) license covers exchanges, custody, and trading platforms.
👉 Stay ahead of MiCA compliance with insights from leading crypto-fintech adopters.
Conclusion
Europe’s crypto-licensed EMI sector is rapidly maturing, driven by regulatory clarity, technological innovation, and rising demand for integrated financial services. From stablecoin pioneers like Circle to hybrid platforms like Revolut and Bitpanda, these institutions are redefining how digital value moves across borders.
As MiCA takes effect in 2025, expect consolidation among smaller players and accelerated growth among those already licensed. For fintech innovators, investors, and consumers alike, the convergence of e-money and crypto services represents a pivotal moment in the evolution of European finance.
Core Keywords: crypto-licensed EMI, MiCA regulation, e-money institution, VASP registration, stablecoin issuance, crypto trading, EU fintech, digital asset services