Germany Dominates MiCA Crypto-Provider Register, But Lags in Cross-Border Reach

Germany leads the European Securities and Markets Authority's (ESMA) MiCA crypto-provider register, accounting for 22% of active legal entities, according to a recent study by FM Intelligence. This comes despite German entities generating only 7% of declared cross-border host links.

The study analyzed ESMA's August 18 file and found that the top five jurisdictions account for 55.4% of all entities in the register: Germany (22%), France (34), the Netherlands (28), Cyprus (24), and Malta (22).

It is worth noting that having a large entity count can increase one authority's supervisory workload, but it does not necessarily indicate where the provider has customers or generates revenue.