MiCA’s Masquerade: Europe’s Regulation or Global Carnival?

Imagine, if you will, a white paper-that sacred document-filed not from the heart of Europe, but from the sun-drenched shores of the British Virgin Islands or the alpine serenity of Switzerland. For the European Securities and Market Authority (ESMA) public registers reveal a truth as stark as a winter’s dawn: of 441 token project filings in the MiCA registers as of March 12th, 2026, a mere 73 hail from the EU or EEA. The rest? A motley crew of 275 entities, primarily from the British Virgin Islands, Switzerland, and the Cayman Islands. Ah, the irony! A European regulation, yet the players are global, their addresses as exotic as the tokens they trade.


