The implementation of the EU's Markets in Crypto-Assets (MiCA) regulation in 2025 has led to the emergence of 68 newly licensed crypto entities across Europe. This development marks a significant shift in the European crypto landscape, as the regulation provides a unified framework for crypto-asset service providers (CASPs) across 27 countries. The transition period for MiCA ended in late 2025, prompting a wave of compliance applications and conversions from traditional Virtual Asset Service Providers (VASPs) to CASPs. The new licenses are concentrated in Western Europe, with Germany, France, and the Netherlands leading the charge. Notably, the Nordic region has also seen growth, with Finland and Sweden increasing their licensed entities. The MiCA regulation allows licensed entities to operate across the EU through a "passport" mechanism, although the scope of services varies. The majority of new licenses focus on custody, transfer, and exchange services, with fewer entities offering full-service capabilities. This regulatory shift has attracted both industry giants and new entrants, each adapting to the new compliance landscape. Major players like Revolut and KuCoin have secured licenses to expand their services, while smaller entities focus on niche markets. The MiCA framework is expected to drive further integration and stratification within the European crypto market, as institutions navigate the evolving regulatory environment.