Quick answer Geographic availability of crypto cards and payment services is determined almost entirely by regulatory authorisation, not technical capability. In the EU, a single CASP or EMI
Geographic availability of crypto cards and payment services is determined almost entirely by regulatory authorisation, not technical capability. In the EU, a single CASP or EMI licence passports across the entire single market, which is why a small number of authorised firms serve the whole region — and why unlicensed providers disappeared from the EEA after MiCA's transitional periods closed on July 1, 2026.
MiCA — the EU's Markets in Crypto-Assets Regulation — did not take effect all at once. Its rollout ran in stages, and national transitional periods varied significantly: France and Germany permitted up to 18 months, while the Netherlands and Lithuania set considerably shorter windows. This patchwork created genuine confusion about when firms actually needed authorisation.
ESMA's April 2026 statement on the end of transitional periods removed the ambiguity, confirming July 1 as final with no extensions available under the regulation's text.
The visible consequence for EEA users was straightforward: unlicensed platforms went dark. Firms holding authorisation continued operating; those without it stopped serving the region.
The mechanism that makes EU authorisation strategically valuable is passporting.
A CASP licence granted by one member state's national competent authority extends across all 27 EU member states. The home regulator notifies each host regulator the firm intends to serve — there is no second authorisation and no second fee. An EMI licence extends further, covering all 30 EEA states (the 27 EU members plus Iceland, Liechtenstein, and Norway).
This is the key commercial distinction between EU authorisation and most offshore payment licences: a single approval unlocks the entire single market.
The passporting structure explains the industry's incorporation map. Coinbase operates its EEA business from Ireland, Kraken from Ireland and Luxembourg, Bitvavo from the Netherlands, and Bitpanda from Austria and Germany.
The number of authorised firms remains relatively small. As of early 2026, roughly 60 CASPs had been authorised across the EU, distributed as follows:
Member stateAuthorised CASPsGermany18Netherlands14France6Malta6Finland1
Jurisdiction choice involves real trade-offs. Lithuania historically offered faster processing for fintech entrants, though increased scrutiny from the Bank of Lithuania has lengthened timelines. Ireland is generally slower but produces a highly credible authorisation. Regulators across jurisdictions expect genuine decision-making within the EU — place of effective management and at least one EU-resident director — rather than letterbox arrangements.
MiCA classifies stablecoins referencing a single fiat currency as e-money tokens (EMTs). Only credit institutions or authorised EMIs may issue them within the EU.
USDC and EURC qualify under this framework — Circle obtained an EMI licence from France's ACPR on July 1, 2024, making both compliant from the start of the stablecoin regime. Several other stablecoins withdrew from the EU market rather than pursue authorisation.
For payments specifically, two conditions now apply in the EEA: the service provider must be an authorised CASP, and the stablecoin used must be a regulated EMT or ART.
Does accepting crypto make a merchant a CASP? No, provided the merchant does not custody or transfer crypto on behalf of other parties. Simply accepting crypto as payment does not trigger CASP obligations.
Why do crypto cards have such different country lists? Because each provider's list reflects the jurisdictions where it holds or has passported authorisation, plus the coverage of its card-issuing partner. These are licensing perimeters, not technical limitations.
What is the difference between an EMI and a PI licence? Firms that only process payments typically use a payment institution (PI) licence. Firms offering stored-value accounts, digital wallets, or prepaid products generally require the full EMI licence.
Is the current framework settled? Not entirely. PSD3 and the Payment Services Regulation are expected to enter into force in late 2026 or early 2027, with existing EMI authorisations remaining valid for 24 months afterward before re-authorisation is required.
