Germany Rises Above EU Crypto Licensure Rivals with MiCA Dominance

Germany has solidified its position as a leader in EU crypto-asset service provider (CASP) licensing under MiCA, according to an update from ESMA. The country added six new cooperative banks to the register, bringing the total number of authorized CASPs to 331.

The latest additions include Raiffeisenbank Aidlingen, Ihre Volksbank, VR-Bank Mittelfranken Mitte, Volksbank Euskirchen, VR Bank Ried-Überwald and Volksbank Backnang. These German banks now join the existing 73 CASPs in Germany, which has taken over from France as the leading country for MiCA authorizations.

Germany's Federal Financial Supervisory Authority (BaFin) previously attributed the high number of MiCA authorizations to its large financial sector and pre-existing national licensing regime. This regime allowed some CASPs to access simplified authorization procedures during the transition to MiCA, giving them a head start on their European counterparts.