What is it about?
MiCAR gives crypto token issuers and service providers (CASPs) an EU-wide passport, but that activity does not spread evenly. Using ESMA’s interim MiCA register, we show that authorisations and token filings cluster—often in Member States that already host large fund industries—yet different MiCA functions peak in different places. We also find that planned passporting is “all-or-nothing”: many CASPs stay home-only, while many declare near pan-EEA reach. The early MiCAR map is therefore not one hub, but an emerging split between gateway jurisdictions and token-filing venues.
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Why is it important?
The work allows to understand the actual trend of geo-economc location choices of crypto companies across Europe. Those locations will determine furher talent and skill specialisation, as well as likely cluster formation and policies that enhance them.
Perspectives
Luxembourg is a key financial center. There are others. Where do crypto companies tend to locate? This is to our best of knowledge the first attempt to gain an understanding of the crypto geography that is emerging in the EU. Luxembourg School of Business: i4i - insights for impact.
Patrick VANHOUDT
Luxembourg School of Business
Read the Original
This page is a summary of: Licence to mint: the geography of MiCAR passporting and emerging specialisations evidence from ESMA’s interim register, Journal of Financial Regulation and Compliance, October 2026, Emerald,
DOI: 10.1108/jfrc-12-2025-0447.
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