Italy, France, Spain, Estonia, the Netherlands, Bulgaria, and Slovenia complete the list of the top 10 countries with the most crypto companies.
DL News reports that in 2023, around 1,000 crypto companies within the European Union (EU) successfully acquired a Virtual Asset Service Provider (VASP) license. Based on new analytical data, it is projected that the total count of these organizations will reach 11,597 by the close of 2023.
The Czech Republic tops the list of the most registered crypto companies, possibly due to the option for both individuals and entities to register as Virtual Asset Service Providers. According to DL News data, around 83% of providers in the country are individuals rather than companies.
The Czech Republic leads with a total of 9,372 registered VASPs, securing the top spot. Poland follows in second place with 1,067 registrations, while Lithuania takes the third position with 546 registered VASPs.
Italy, France, Spain, Estonia, the Netherlands, Bulgaria, and Slovenia round out the top 10 countries with the highest number of crypto companies.
New regulation in the EU
In May, the European Union passed the Markets in Crypto-Assets Regulation (MiCA), a new set of laws aimed at regulating the crypto sector. MiCA has more stringent requirements in comparison to the VASP. In particular, cryptocurrency companies will be required to choose a specific country in which they will obtain a license as part of this new regulation.
The rules came into effect in June, along with an 8th Amendment – the Directive on Administrative Cooperation (DAC8). According to this document, countries must share information. For example, if a resident of one EU country has set up a crypto wallet in another.Â
The new regulation aims to prevent money laundering and assist. Also, it is anticipated to aid in identifying and addressing tax evasion.
Certain MiCA requirements will be implemented next year, allowing companies the necessary time to adjust to the new regulations.
