MiCA: New Authorisations for BingX and YouHodler

Inclusion in the MiCA Register

The European Securities and Markets Authority (ESMA) has published an update to its register of digital asset services under the MiCA regulation. This update includes nine new providers, raising the total number of authorised entities to 375. Among the additions are BingX, with its Austrian subsidiary MEGE zweite, and YouHodler, whose Italian subsidiary received authorisation for custody, exchange, order execution and transfers.

Both entities announced their authorisation the previous week. The chief executive of BingX Europe highlighted that this approval would allow the company to operate within a harmonised regulatory framework, in preparation for the launch of regulated services in the European Economic Area.

ESMA also added Prakma Markets, linked to the Goin app, which offers a savings and investment platform. In Germany, Openbank Deutschland, a subsidiary of the Spanish banking group Banco Santander, was added to the register, alongside credit cooperatives VR-Bank Alb‑Blau‑Donau and VR Bank im südlichen Franken. The electronic money token (EMT) register remains unchanged with 50 entries representing 25 unique entities, while the asset‑referenced token (ART) register remains empty. The register of non‑compliant providers increased by five entries to reach 178. For authorised providers, each entry identifies a legal entity and the services covered by its authorisation.

Explanation of Key Concepts

The MiCA regulation, or Markets in Crypto‑Assets, is a European Union legal framework aimed at governing digital asset services. It seeks to protect investors and ensure market stability by imposing transparency and compliance requirements on service providers. ESMA’s register serves as the official list of entities authorised to offer these services in the EU, allowing consumers to verify the legality of operators. The registration of BingX and YouHodler concerns identified subsidiaries, within the European regulatory framework.

Crypto‑asset service providers, or CASPs, can carry out various activities, including cryptocurrency exchange, asset custody and order execution. These services require explicit authorisation and must meet strict standards for risk management and anti‑money‑laundering measures. The MiCA register distinguishes compliant from non‑compliant providers, offering users an indication of trust. The inclusion of banking subsidiaries such as Openbank Deutschland illustrates the convergence between traditional banking and the cryptocurrency world under MiCA supervision.

Outlook and Limitations

The rise in the number of authorised providers under MiCA suggests a maturation of the cryptocurrency market in Europe. However, the register of non‑compliant providers continues to grow, indicating that some entities struggle to meet the new standards. ESMA and national authorities keep monitoring the market to ensure providers fulfil their obligations. Statements from ESMA and the newly added providers give insight into compliance status, but specific requirement details may vary from one Member State to another. Full implementation of MiCA requires ongoing coordination between national authorities and ESMA.

The EMT and ART token registers must be read separately from the provider register. The cited data do not explain the absence of entries in the ART category, nor do they allow a conclusion about a precise technical obstacle. For each service, readers should identify the authorised entity and the scope of its authorisation.