EU supervisors publish the first MiCA enforcement statistics

European supervisors have published aggregate enforcement and authorisation statistics covering the first full year of the bloc's markets-in-crypto-assets framework, offering the clearest picture yet of how unevenly it is being applied.

The figures show a wide dispersion in approval rates between member states, with a handful of jurisdictions accounting for the large majority of authorisations granted.

Refusals cluster around two deficiencies: inadequate governance documentation and weak segregation of client assets. Withdrawals remain rare and, where they occurred, followed firms exiting the market voluntarily.

Supervisors acknowledge the dispersion and attribute part of it to sequencing — some national regulators opened their application windows months before others, and early applicants were disproportionately large firms with existing compliance functions.

A convergence review is expected next year, and several national authorities have already signalled they will tighten expectations on outsourced compliance arrangements.