ClearBank Wins EU MiCA Approval to Offer Circle Stablecoin Services to Institutions

The European Union’s Markets in Crypto-Assets regulation, known as MiCA, created a common authorization and supervision regime for crypto-asset service providers across the bloc. A license can be passported into other EU markets, replacing a patchwork of national rules with standards covering governance, disclosures and client protection. The addition of a unit of BNY, one of the world’s largest custody banks, underscores how traditional financial institutions are moving regulated digital-asset services into their core European operations.

The European Securities and Markets Authority updated its interim MiCA register on July 24, adding 15 crypto-asset service providers and lifting the total to 309. The additions included Belgium-based BNY SA/NV, a subsidiary of The Bank of New York Mellon, authorized for crypto-asset custody and transfer services following notification by the National Bank of Belgium. It was ESMA’s third register update since the EU’s longest grandfathering period expired on July 1, when providers without MiCA authorization were required to stop serving EU clients.

The European Union’s Markets in Crypto-Assets Regulation, or MiCA, is the world’s first comprehensive cryptocurrency regulatory framework. It requires stablecoin issuers to obtain electronic money institution authorization to operate in Europe, with the aim of preventing systemic market risks. Tether, the issuer of USDT, the world’s largest stablecoin, has yet to secure authorization, and the new rules are having a major impact on liquidity and the trading ecosystem in Europe.

After MiCA’s stablecoin transition period ended on July 1, digital bank Revolut announced that it would delist USDT trading in the European Economic Area and Switzerland in August. Exchanges including Coinbase and Binance have also been gradually delisting non-compliant stablecoins. The shift has allowed Circle’s compliant stablecoins USDC and EURC to expand rapidly, while the EU is also considering bringing non-euro stablecoins and tokenized assets within the scope of future reviews.

The European Union’s Markets in Crypto-Assets Regulation (MiCA) establishes a unified authorization and cross-border operating framework for crypto-asset service providers. After the longest transition period expired on July 1, 2026, unlicensed operators face having to exit the market. Standard Chartered’s inclusion in the European Securities and Markets Authority (ESMA) register signals that traditional banks are accelerating efforts to bring digital-asset services into the regulated financial system.

ESMA updated the register on July 3, 2026, adding 37 crypto-asset service providers, including Standard Chartered, FalconX and Sygnum Europe. The total rose to 280 from 243 on June 26. Standard Chartered received MiCA authorization in Luxembourg on June 25, as well as an electronic money institution (EMI) license allowing it to issue electronic money and provide payment services.

The European Union’s Markets in Crypto-Assets Regulation, or MiCA, establishes uniform rules for stablecoin issuance, reserves and service providers. Circle’s USDC and EURC are pegged to the U.S. dollar and euro, respectively. In July 2024, the company became the first global stablecoin issuer to comply with MiCA after securing electronic money institution status in France. Its new crypto-asset service provider authorization completes the regulatory framework for offering custody and transfer services.

France’s Financial Markets Authority, or AMF, authorized Circle Internet Financial Europe SAS to provide crypto-asset services on April 20, 2026, and Circle announced the approval on May 4. Under Article 60 of MiCA, the company may provide custody and transfer services for USDC and EURC across the European Economic Area. The approval completes Circle’s preparations before the EU transition period fully expires on July 1.

European banks have accelerated their push into cross-border payments and treasury management with compliant stablecoins since MiCA took effect. Luxembourg-based Banking Circle launched its euro stablecoin, EURI, in August 2024. Competitors include Société Générale subsidiary SG-FORGE, Switzerland's Sygnum and Qivalis, a consortium of 12 banks that plans to issue a stablecoin in the second half of 2026.

Banking Circle obtained a CASP license from Luxembourg's regulator on April 15, 2026, and launched an institutional stablecoin settlement service on April 27. The service supports two-way conversions between fiat currencies and USDC, USDG and EURI. Banking Circle serves more than 750 payment companies and financial institutions, while its platform transfers and converts more than €1.5 trillion annually. The global stablecoin market capitalization stands at $293 billion.

The European Union’s Markets in Crypto-Assets Regulation, or MiCA, became fully applicable on December 30, 2024. Its single-authorization and passporting regime replaced fragmented national rules, lowering compliance barriers for banks offering trading, custody and payment services. BBVA, DZ Bank, Société Générale and KBC have consequently integrated crypto into their existing financial platforms, moving digital assets beyond standalone exchanges and into mainstream banking channels.

KBC announced on January 15, 2026, that it would allow Belgian retail customers to trade Bitcoin and Ether through Bolero beginning in the week of February 16, becoming the country’s first bank to offer the service under MiCA. About 60% of the platform’s customers are under 40, while roughly 45% of Belgians in their 30s have already invested in crypto. Reports estimate that EU ownership will rise from 9% in 2024 to 25% by 2030, when annual stablecoin payment volume could exceed $50 trillion.

The European Commission proposed its Market Integration Package on December 4, 2025, to integrate the bloc’s fragmented capital markets and strengthen supervision. The initiative is tied to the EU’s need for an additional €750 billion–€800 billion in annual investment through 2030. It will also help determine whether MiCA-compliant stablecoins can bridge traditional finance and blockchain-based settlement.

Circle submitted feedback to the European Commission on March 20, 2026, and made its reform proposals public on March 23. It called for flexible thresholds and a path to permanence for the DLT Pilot Regime, as well as permission for all MiCA-compliant e-money tokens, or EMTs, to participate in settlement. Circle said no euro-denominated EMT, including EURC, is close to the market-capitalization threshold for being deemed “significant.”