ESMA MiCA Register Adds BingX, YouHodler, Openbank; Total Hits 375 CASPs

Each new entry on the ESMA register narrows the gap between firms operating under MiCA and those still outside it, and the mix here is telling: a global exchange, a lending platform, and a bank subsidiary all landing on the same list suggests the authorisation route is becoming a baseline rather than a differentiator. The presence of a Santander entity alongside crypto-native names matters because it signals incumbents are treating the register as a distribution channel, not a compliance chore. Whether the register's growth translates into actual cross-border competition among these 375 providers, rather than a badge-collecting exercise, is the open question worth watching.