MiCA Decoded: 174 Registered CASPs, but Only 14 Can Operate a Centralized Crypto 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. MiCA Decoded is a 12-article weekly series for Bitcoin