MiCA licensing in the EU: Czechia “catch-up”, Austria “hub”, and a fragmented single market

Reg Techer
Thu, 12 Feb 2026 17:48:17 +0000
CASP, Crypto Compliance, MiCA, AMINA Austria, Bidpanda, Bybit EU, Coinfinity, KuCoin EU Exchange

MiCA is now the legal gate for CASPs across the EU — but the licensing rollout is uneven, political, and increasingly competitive. Czech National Bank confirmed on 11 February 2026 that it issued the first six CASP authorisations, after receiving 248 applications. Meanwhile, Austrian FMA has already authorised multiple “EU hub” entities since spring 2025, reinforcing the perception of an emerging licensing race inside the single market.

MiCA is now the legal gate for crypto-asset service providers (CASPs) across the EU — but the licensing rollout is uneven, political, and increasingly competitive. Czech National Bank confirmed on 11 February 2026 that it issued the first six CASP authorisations, after receiving 248 applications. Meanwhile, Austrian Financial Market Authority (FMA) has already authorised multiple “EU hub” entities since spring 2025, reinforcing the perception of an emerging licensing race inside the single market.

Key points

MiCA timeline: rules for ART/EMT “stablecoins” have applied since 30 June 2024; CASP authorisation regime since 30 December 2024.

EU scoreboard exists: European Securities and Markets Authority (ESMA) publishes an Interim MiCA Register (updated weekly) including authorised CASPs and non-compliant entities (last update shown: 9 Feb 2026).

Czechia: first six authorisations issued 11 Feb 2026; 248 applications received; transitional regime runs no later than 1 July 2026 for timely applicants.

Austria: multiple Article 63 CASP authorisations already granted (examples below), feeding the “Vienna hub” narrative.

Regulatory concern is explicit: a joint paper by CONSOB, Autorité des marchés financiers (AMF), and the Austrian regulator warns of major supervisory differences and calls for direct ESMA supervision of major CASPs to prevent “opportunistic choices” for authorisation.

MiCA “marketing abuse” risk: ESMA has warned CASPs not to mislead customers by implying all platform products are regulated just because the firm is licensed.

What happened in Czechia (and why it matters)

Czech Republic has moved from “reportedly” to confirmed: the CNB says it issued the first six MiCA/CASP authorisations on 11 Feb 2026. It also disclosed an eye-catching pipeline: 248 applications, with most filed just before the end-July 2025 deadline for transitional treatment.

Two compliance takeaways:

1. This is not a boutique regime — the volume indicates a large legacy market migrating into MiCA.

2. Timing pressure is real: CNB states the transitional ability to operate ends no later than 1 July 2026 (for those relying on it).

The CNB also signals a “throughput” strategy (including internal AI tooling for document review) — exactly what you’d expect in a jurisdiction trying to avoid being seen as slow or hostile to licensing.

Austria’s FMA: Early Mover, Visible “MiCA Hub” Signals

Austria has produced a steady stream of published authorisation notices. Four concrete examples (all Article 63 MiCA authorisations):

KuCoin EU Exchange GmbH obtained a CASP authorisation from the FMA on 27 November 2025, under Article 63 MiCA, via its Vienna‑based entity (FN 641084x).

Bitpanda GmbH — decision dated 9 Apr 2025 (custody; crypto/fiat exchange; crypto/crypto exchange; execution; placing; RTO; transfers).

Bybit EU GmbH — decision dated 28 May 2025 (custody; exchange; placing; transfers).

AMINA (Austria) AG — decision dated 29 Oct 2025 (custody; exchange; portfolio management; transfers).

Coinfinity GmbH — decision dated 19 Dec 2025 (custody; exchange; advice; transfers).

Notably, the Austrian notices also show how MiCA authorisation replaces prior national AML-only “VASP registration” status (a regulatory step-up that many market participants still blur in their marketing).

EU-Wide Status: The “Single Licence” is Real — The Supervision is Not (Yet)

MiCA creates passporting: a CASP authorised in one Member State can serve others cross-border under MiCA notification mechanics. That’s why the licensing jurisdiction matters and why “hub competition” is not just PR — it is single-market gatekeeping.

Three data-backed signals that the EU is worried about fragmentation:

ESMA’s Interim MiCA Register exists specifically to centralise visibility (authorised CASPs + non-compliant entities), and is being updated weekly pending full IT integration by mid-2026.

ESMA peer review on Malta’s licensing found unresolved issues at authorisation time and warns all NCAs to focus on growth, conflicts, governance, intragroup arrangements, ICT architecture, and promotion of unregulated services.

Consob/AMF/FMA joint proposal (Sept 2025) explicitly calls out “major differences” and pushes the politically explosive fix: direct ESMA supervision of major CASPs to prevent jurisdiction shopping.

Meanwhile, Member States are still exercising transitional discretion differently (e.g., France communicating 1 July 2026 as the end of its transitional window; Spain reportedly extending to July 2026 due to pending files).

Actionable insight for compliance teams

1. Treat ESMA’s register as the source of truth for “licensed” claims (and screenshot it for audit files when onboarding high-risk CASPs).

2. Pressure-test scope creep: if a CASP advertises MiCA status, force product-by-product classification (MiCA vs non-MiCA) and document disclosures — ESMA is explicitly watching “MiCA-washing.”

3. Watch hub dynamics: Czechia’s sudden throughput (248 files) and Austria’s early approvals are exactly where cross-border business will cluster — and where supervisory capacity gets stressed first.

Call for Information

FinTelegram is tracking MiCA authorisation pipelines, “licence shopping” strategies, and cases where firms market unregulated products under a regulated halo. If you have internal information (application status, regulator correspondence, remediation plans, or evidence of misleading “MiCA licensed” claims), submit it via Whistle42.com.