ESMA Register Reveals Italy Dominates Non-Compliant Crypto Providers
The European Securities and Markets Authority (ESMA) has maintained a register of non-compliant firms since February 2025, as per Article 110 of MiCA regulation.
The register is meant to collect providers that supply crypto-asset services without the required permission across Europe. Our analysis on August 16, 2026, revealed an imbalance in contributions from member states, with 165 entries coming from Italy and none from Germany's BaFin.
Out of 167 entries, only three supervisory authorities have ever filled the shared European register: CONSOB (Italy), AFM (Netherlands), and Národná banka Slovenska (Slovakia). The imbalance raises questions about why some countries contribute while others do not, and whether fewer unauthorised offerings are simply identified elsewhere.
The findings also highlight that an entry in the register is a solid warning signal, but its absence does not necessarily mean a provider is authorised or has been examined by any authority. Investors seeking information on a provider's authorisation should look at positive lists instead.