Germany holds 31% of the EU’s MiCA crypto licences, more than triple France

Germany now holds 122 of the 394 crypto-asset service providers on the EU’s MiCA register, more than triple France’s 36, according to the European Securities and Markets Authority (ESMA).

The count, about 31% of the bloc’s total, has grown as cooperative banks such as Raiffeisenbank Eifel eG and Volksbank Niederrhein eG won authorisation in October 2026, months after the transitional deadline expired on July 1, 2026.

Germany’s regulatory advantage drives licensing growth

Germany’s position is partly explained by its established financial infrastructure and the involvement of traditional banking institutions.

Unlike markets where cryptocurrency services have largely developed through independent exchanges and fintech businesses, Germany has a substantial network of banks and credit institutions capable of incorporating digital asset services into their existing operations.

The country’s early experience with domestic cryptocurrency regulation has also contributed to its advantage. Before MiCA became the EU-wide regulatory framework, Germany already operated a national authorisation system for crypto businesses.

According to information attributed to Germany’s Federal Financial Supervisory Authority (BaFin), the country’s large financial sector and the number of credit institutions eligible to provide crypto-related services are important factors behind its high licensing figures.

This background helps explain why MiCA-Licensed Crypto Firms have continued to increase in Germany throughout 2026.

An earlier snapshot of the European register published in April showed that Germany had 53 authorised entities, representing more than 26% of the EU total at that point.

By August, reports indicated that the number had climbed to 79 following the addition of six cooperative banks in a single update. The figure had previously stood at 57 at the end of June.

The expansion continued into October, when additional cooperative banks appeared among the newly authorised institutions. These included Raiffeisenbank Eifel eG, authorised on October 19, and Volksbank Niederrhein eG, authorised on October 22, 2026.

The participation of cooperative banks is particularly significant because it demonstrates that cryptocurrency services are no longer limited to specialised digital asset companies. Traditional financial institutions are increasingly seeking opportunities to participate in the regulated crypto economy.

MiCA licensing deadline raises compliance pressure

Germany’s growing lead comes as the EU’s transitional arrangements for cryptocurrency businesses reach their conclusion.

MiCA was introduced to establish consistent regulatory requirements for crypto-asset service providers operating within the European Union. Its framework covers areas such as authorisation, consumer protection, operational standards and the responsibilities of companies providing digital asset services.

The transitional period officially expired across the EU on July 1, 2026, according to an April 17 statement issued by ESMA.

The deadline has important implications for businesses that previously operated under national transitional arrangements. Companies that failed to secure the necessary authorisation are expected to discontinue affected services and implement orderly exit procedures.

ESMA also expects unauthorised providers to protect customers during the transition. This includes informing clients in advance and facilitating the transfer of digital assets to an authorised provider or a self-hosted wallet.

The regulator further expects authorised service providers to manage the migration of existing customers and ensure that their onboarding procedures meet applicable anti-money laundering and counter-terrorist financing requirements.

The consequences extend beyond European companies. Businesses headquartered outside the EU may also face restrictions when providing services covered by MiCA to European customers.

ESMA has clarified that limited exceptions, including reverse solicitation, do not provide a general route for overseas providers to actively target EU investors.

Different register figures highlight ongoing market expansion

Although Germany’s position is clear, the number of authorised businesses varies depending on the source and the criteria used to count them.

The ESMA register showed 394 providers across the European Union, including 122 in Germany. However, a separate assessment by Penning, which counts only authorisations that have already taken effect, recorded 387 providers across the bloc as of November 6, with Germany accounting for 117.

This difference is important when interpreting the available figures. Some authorisations have already appeared in the European register even though their effective dates fall later in November.

The European register is also updated periodically as national regulators approve additional applications. Germany’s figures could therefore increase further as more financial institutions complete the authorisation process.

However, regulatory authorisation should not automatically be interpreted as a guarantee of investment returns or protection against every form of cryptocurrency-related risk. Investors must still evaluate the financial position, operational security and services of individual providers.

ESMA has specifically cautioned consumers about assuming that every business operating under a familiar brand is covered by the same regulatory approval.

For MiCA-Licensed Crypto Firms, this means maintaining transparent corporate structures and clearly identifying the legal entities responsible for providing services will remain essential to building investor confidence.

What this means for the European crypto market

Germany’s growing share of the European licensing register highlights how traditional financial institutions are influencing the next phase of cryptocurrency adoption.

With 122 providers listed against an EU-wide total of 394, Germany has established a considerable advantage over France and the Netherlands. Its existing regulatory experience, extensive banking network and continued participation from cooperative banks have helped strengthen that position.

The implementation of MiCA is creating a more structured environment in which cryptocurrency businesses must demonstrate regulatory compliance before offering covered services to European customers.

The emergence of more MiCA-Licensed Crypto Firms provides an opportunity to assess the market through a stronger regulatory lens. However, checking individual authorisations remains essential, particularly when dealing with international cryptocurrency brands.

As the ESMA register continues to evolve, MiCA-Licensed Crypto Firms are likely to remain central to discussions about institutional participation, investor protection and the future of Europe’s digital asset industry.

Germany’s growing licensing advantage reflects a wider transformation in the European cryptocurrency market: the transition from a relatively fragmented industry towards a more regulated financial ecosystem.