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EU MiCA Expansion: 244 CASPs, Tokenization in Focus
The EU's MiCA framework now covers 244 authorized CASPs. With feedback due Sept 30, tokenization and global stablecoins are the next regulatory frontier.
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The European Commission will collect feedback from technology firms and institutional players until September 30, 2026, on expanding the Markets in Crypto-Assets regulation to cover tokenization and global stablecoins. The call comes after 244 companies secured formal authorization as Crypto-Asset Service Providers before the transitional grace period ended.
The number of licensed CASPs gives a rough measure of the market's scale under the current MiCA framework. Most are exchanges, custodians, and wallet providers that met the capital, governance, and disclosure rules set by the European Securities and Markets Authority. The feedback request signals the Commission sees tokenized securities and non-EU stablecoins as the next pieces of the puzzle.
Tokenization of real-world assets – bonds, funds, real estate – sits in a regulatory grey area under the existing rules. MiCA covers crypto-assets and stablecoins but does not explicitly address tokens that represent ownership of traditional securities. Several EU member states have pushed for clarity, arguing that tokenized assets should fall under the same investor-protection standards as their paper equivalents. The feedback period is the first step toward a formal legislative proposal.