Germany Dominates EU Crypto Licenses Amid Transaction Ban and Digital Euro Push
Germany has taken the lead in issuing licenses under the EU's Markets in Crypto-Assets (MiCA) regulation, with 79 firms authorized and more than double any other nation. France has authorized 35 firms, while the Netherlands is next with 29.
On August 21, the European Securities and Markets Authority (ESMA) updated its register of MiCA-authorized crypto-asset service providers (CASPs), bringing the total to 331. Germany's cooperative banks have been at the forefront of this effort, with 10 firms added in the last month alone.
The list includes Deutsche WertpapierService Bank AG, VR Bank Ried-Überwald eG, Volksbank Backnang eG, and several others. The MiCA regulation requires CASPs to apply for a license and obtain authorization from the national competent authority (NCA).
However, not all crypto-related developments in the EU have been positive. A transaction ban has been imposed on 14 non-EU digital asset firms, including HTX, a major international crypto-asset exchange. The ban aims to prevent Russia from accessing alternative financial and crypto channels that could undermine the effectiveness of EU restrictions.
Additionally, the European Central Bank (ECB) is pushing ahead with its central bank digital currency (CBDC), known as the 'digital euro.' ECB Executive Board member Piero Cipollone has sought to assuage privacy concerns surrounding the CBDC, which have been a common refrain among anti-CBDC campaigners.