EU supervisors publish first review of MiCA licensing, flagging uneven national practice

European supervisors have published their first thematic review of digital-asset licensing since the bloc's crypto framework took full effect, finding material differences in how national authorities apply the same rules.

The most visible gap is timing. Median authorisation in the fastest jurisdictions took a few months from complete application; in the slowest it approached a year, with much of the difference attributable to how supervisors treat outsourcing arrangements.

Because an authorisation in one member state can be passported across the bloc, timing differences translate directly into competitive advantage. The review stops short of alleging a race to the bottom but notes the incentive plainly.

Substantive divergence also appears in custody. Some authorities require legal segregation of client assets at the account level, others accept omnibus structures with reconciliation controls, and the review recommends converging on the stricter reading.

Industry groups welcomed the transparency while warning that harmonisation exercises tend to ratchet requirements upward rather than settle at the median.

Supervisors said they would issue common guidance next year and would run a follow-up review to test whether the timing gap narrows.