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LegalBison Decodes MiCA: 174 registered CASPs, but only 14 can operate a centralized exchange (CEX)?
If the EU has already issued 174 MiCA licenses, why are there only 14 actual crypto exchanges on the list? To demystify this, we need to decode what the public registers are really telling us about how crypto businesses are setting up in Europe.April 14, 2026