BNY Mellon Unit Joins MiCA Register as ESMA Adds 15 Providers
Vexoda Newsroom
ESMA added BNY Mellon's European subsidiary and 14 other companies to the MiCA framework register, bringing the total number of licensed crypto-asset service providers (CASPs) to 309. The move signals
BNY Mellon’s European subsidiary has joined the Markets in Crypto-Assets (MiCA) framework register as part of a recent update by ESMA, which also added 14 other crypto companies to the list. This brings the total number of licensed crypto asset service providers (CASPs) under MiCA to 309.
The new additions include four banking institutions such as BNY SA/NV and three German banks like Spar-und Kreditbank Rheinstetten, along with digital asset platforms BitPay, Coinify, and Bleap. This update reflects the ongoing development of MiCA, which aims to establish unified rules for crypto service providers in Europe.
The MiCA framework was introduced as part of efforts by European authorities to bring more oversight to the cryptocurrency sector. The latest additions come from Germany (three new CASPs), Denmark (two each), Bulgaria and Latvia (one each). These countries are leading the way with these recent registrations, signaling a growing interest in regulated crypto services.
The addition of BNY Mellon’s unit underscores the increasing involvement of traditional financial institutions in the cryptocurrency space. This move is significant as it brings more institutional credibility to the sector while also highlighting potential challenges such as compliance costs that could affect smaller firms.
While ESMA has continued adding new providers, there have been no changes in other related MiCA registers for asset-referenced tokens (ARTs), e-money tokens (EMTs), and crypto assets. This suggests a steady but evolving process of implementation across European markets.
The ongoing updates to the MiCA register indicate that the regulatory framework is still developing, with more companies likely to be added as they complete licensing procedures. However, some industry experts warn that maintaining compliance could become costly for smaller firms, potentially pushing them out of the market.
Traders and investors should monitor future additions to the MiCA register closely, as this will continue shaping the regulatory landscape in Europe's crypto space. The inclusion of major financial institutions like BNY Mellon also suggests a growing acceptance of cryptocurrencies within traditional finance.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.