REGULATION | Germany Leads EU Crypto Licensing as MiCA Approvals Close

Germany has strengthened its position as Europe’s leading hub for crypto regulation, accounting for nearly a quarter of all licenses issued under the European Union’s Markets in Crypto-Assets (MiCA) framework as the bloc completes its transition to a single regulatory regime.

The country’s financial regulator, BaFin, has granted 57 crypto-asset service provider (CASP) licenses, according to the latest register from the European Securities and Markets Authority (ESMA), bringing the total number of MiCA authorizations across Europe to 244.

France follows with 26 licensed firms, while the Netherlands is among the other leading jurisdictions.

The figures underscore how licensing activity has become concentrated in a handful of financial centres despite MiCA’s goal of creating a harmonized market for crypto services across the European Union. A company licensed in one member state can “passport” its services throughout the bloc without seeking additional national approvals.

The licensing drive accelerated ahead of the July 1 2026 deadline marking the end of transitional arrangements after which crypto firms operating without MiCA authorization risk enforcement action, including being ordered to halt services for EU customers.

While Germany has emerged as the clear leader in approvals, industry observers note that differences in how national regulators interpret and process MiCA applications continue to shape where firms choose to establish their European operations, even under a common rulebook.

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