EU Crypto Register Falls Short of Ambition, Italy Dominates Unauthorised Providers

The European Securities and Markets Authority (ESMA) maintains a register of non-compliant firms that provide crypto-asset services without permission. The register, required by Article 110 of MiCA, is supposed to collect data on unauthorised providers across the EU.

An analysis of the ESMA register found 167 entries, with 165 coming from Italy and only two from other countries, including the Netherlands and Slovakia. Notably, Germany's BaFin has contributed no entries, despite issuing warnings about crypto platforms throughout the year.

The register is described as 'non-exhaustive', meaning it does not claim to capture every unauthorised provider. An entry in the register is considered a solid warning signal, but its absence does not necessarily mean a provider is authorised or that no authority has examined it.