EU Banks Surge onto MiCA Crypto Register
The European Union's MiCA crypto provider register has seen a significant increase in banks joining the platform, with their share rising to 23% by September 16th. The number of banks on the register doubled from around 40 to 80 between late June and mid-September, driven largely by Germany's expansion onto the platform.
Germany's Volksbank, Raiffeisenbank, and VR Bank institutions have all appeared on ESMA's list over the summer, spreading regulated crypto services into the country's regional banking network. Deutsche Bank, Germany's largest lender, has announced plans to launch digital asset custody services for institutional and corporate clients in Europe, with a spokesperson stating that MiCA approval is expected in October.
The notification route under Article 60 of MiCA allows banks to provide crypto-asset services without going through the standard CASP authorisation process. This has contributed to the faster growth of bank participation on the register, which now stands at 80 institutions with a 23% share.