Germany Leads Uneven EU Crypto Licensing Under MiCA Framework

The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is producing uneven crypto licensing across member states and European Economic Area (EEA) jurisdictions, with Germany leading approvals under the new regime that takes effect on Wednesday.

Data from the European Securities and Markets Authority (ESMA) interim register, compiled on Friday, shows Germany has 57 MiCA-authorized crypto-asset service providers (CASPs), accounting for about 23% of the 244 total licenses issued.

France follows with 26 companies, or roughly 11% of all approvals, placing it alongside the Netherlands as the bloc’s second-largest hub for MiCA licensing.

The pattern suggests that although MiCA is designed to create a single European crypto market, implementation remains fragmented across national regulators ahead of the July 1 transitional deadline.

While Germany leads overall MiCA licensing, France has recently accelerated approvals, accounting for the largest share of last-minute authorizations.

According to ESMA interim data, France issued five CASP approvals between June 18 and June 22, the most during that window. In total, 11 approvals were issued across EU and EEA jurisdictions during the period, with Malta following France with two authorizations.

France’s authorizations include CASPs such as Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod and Meria.

Germany’s Federal Financial Supervisory Authority (BaFin) told Cointelegraph that the relatively high number of MiCA authorizations is partly driven by the country’s large financial sector, including a high number of credit institutions that can provide crypto asset services under MiCA.

It also pointed to Germany’s pre-existing national licensing regime, which allowed some CASPs to use simplified authorization pathways under MiCA transition rules, potentially accelerating approvals.

A spokesperson at BaFin also said it is difficult to predict whether Germany will maintain its dominant share of CASP authorizations as MiCA implementation progresses, noting that outcomes will depend on market developments, innovation trends and the volume of pending applications across member states. The representative added that approvals in other EU countries are expected to increase over time and broadly align with the size of national financial sectors.

Five EU member states, including Greece, Hungary, Poland, Portugal and Romania, have not issued any MiCA licenses as of June 26, according to ESMA interim register data.

Greece stands out after Binance applied for authorization in the country but later withdrew its application, shifting its eventually licensing plans to another MiCA jurisdiction.

Poland is also notable, with delays in MiCA implementation legislation followed by three reported presidential vetoes, leaving the country without an active licensing framework by the time of the EU deadline.

In contrast, Italy dominated ESMA’s non-compliant CASP register as of Friday, accounting for an overwhelming majority of entries with 160 out of 162, while the Netherlands and Slovakia recorded one each, linked to MEXC and LWEX, respectively.