The European Union’s landmark Markets in Crypto Assets (MiCA) regulation was designed to harmonize rules and foster a single crypto market across the bloc. However, fresh data shows significant disparities between EU countries when it comes to licensing. Provisional registration figures released by the European Securities and Markets Authority (ESMA) on June 26 highlight Germany’s commanding lead in the new regime.
Germany and France take the lead
According to ESMA, Germany accounts for 57 registered crypto asset service providers, making up around 23% of the total 244 MiCA approvals to date. France follows as the second leading hub, with 26 companies securing licenses and capturing about 11% of the market alongside the Netherlands. ESMA, as the EU’s principal market watchdog, is closely monitoring MiCA registrations across member states.
While MiCA aims to establish a unified crypto market in Europe, variations in implementation remain among national regulators as the July 1 transition period approaches.
France has shown notable momentum recently, approving five new crypto asset service provider (CASP) registrations between June 18 and June 22. During the same interval, just 11 licenses were granted EU and European Economic Area-wide, with Malta following France’s count with two new approvals. The French companies receiving clearance during this period included Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod, and Meria.
| Country | MiCA License | Comment |
|---|---|---|
| Germany | 57 | About 23% of total |
| France | 26 | Roughly 11% of total |
| Malta | 2 new approvals between June 18 and 22 | Second most active recently |
The concentration of licenses in Germany, France, and the Netherlands mirrors broader trends within Europe’s financial system. 2024 EU data indicates these countries, along with Luxembourg and Ireland, collectively hold about 72% of the assets and liabilities known to the bloc’s financial institutions.
Countries still lagging and regulatory delays
On the other end of the spectrum, Greece, Hungary, Poland, Portugal, and Romania had not issued any MiCA licenses as of June 26. Greece, in particular, has drawn attention: Binance initially filed for a license there but later withdrew its application and shifted its focus to a different MiCA jurisdiction.
Poland’s tardiness is largely attributed to delays in enacting the necessary provisions for MiCA compliance. The legal framework was not finalized in time, and following three presidential vetoes, the country has yet to establish an operational licensing process as the EU’s deadline rapidly approaches.
Italy dominates the non-compliant registrations list
Meanwhile, ESMA’s June 26 records on non-compliant CASP registrations revealed a clear outlier: Italy. Of 162 total non-compliant listings, 160 originated from Italy. There was one each from the Netherlands and Slovakia, reportedly linked to MEXC and LWEX respectively.
ESMA’s provisional data underscores that, even as MiCA comes into effect, the pace and consistency of compliance vary significantly from country to country.
Germany’s financial regulator BaFin had not responded to requests for comment as of publication time. The figures suggest that, despite MiCA’s goal of harmonizing Europe’s crypto landscape, national priorities and regulatory readiness continue to shape the licensing environment just days before the law takes effect.
