Germany Leads MiCA Crypto Licenses as Europe’s Deadline Approaches

The EU’s Markets in Crypto-Assets Regulation (MiCA) is now shaping crypto licensing across Europe—but the rollout is uneven, with some jurisdictions moving quickly while others are still absent from the authorization map. According to an ESMA interim register compiled on Friday, Germany has issued the largest number of MiCA authorizations so far, even as the new EU framework begins to take effect this Wednesday.

ESMA’s data shows Germany has approved 57 crypto-asset service providers (CASPs) under MiCA. That figure represents about 23% of the 244 total MiCA licenses issued across the EU and EEA jurisdictions tracked in the register. France is next, with 26 CASP authorizations (around 11% of the total), placing it alongside the Netherlands as one of the bloc’s leading hubs for late-June licensing.

Key takeaways

• Germany leads MiCA authorizations: 57 CASPs approved—roughly 23% of all licenses reported in ESMA’s interim register.
• France accelerated late-June: five CASP approvals between June 18 and June 22, the highest in that specific window among the jurisdictions listed.
• Several EU states have yet to issue any MiCA licenses: ESMA interim data indicates Greece, Hungary, Poland, Portugal, and Romania reported zero authorizations as of June 26.
• Fragmentation persists before the July 1 transition deadline: implementation speed varies, despite MiCA’s aim to standardize rules across the EU.
• Regulator expectations differ: Germany’s BaFin said it is difficult to predict whether Germany’s dominance will hold as other countries’ processes mature.

Germany’s licensing lead—and what BaFin says explains it

Germany’s dominant share of MiCA-approved CASPs comes at a time when the market is preparing for MiCA’s July 1 transitional deadline. BaFin, Germany’s financial regulator, told Cointelegraph that the country’s comparatively high number of authorizations is influenced by the size of its financial sector. BaFin specifically pointed to the presence of many credit institutions, which can provide crypto-asset services under MiCA.

BaFin also highlighted a second factor: Germany’s earlier national licensing regime. Under MiCA transition rules, some providers were able to rely on simplified authorization pathways, which may have helped accelerate approvals compared with jurisdictions without the same pre-existing structures.

However, BaFin cautioned against assuming Germany will keep leading indefinitely. The regulator said it is difficult to forecast whether Germany’s dominant share will remain as MiCA implementation progresses. BaFin noted that outcomes will depend on broader market developments, innovation patterns, and the number of pending applications in each member state. It added that authorizations in other EU countries are expected to rise over time, generally tracking the size of their national financial sectors.

France pushes a late-June approval wave

While Germany leads overall, France’s recent behavior stands out for speed. ESMA interim data indicates France issued five CASP approvals between June 18 and June 22—more than any other jurisdiction in that window. In total, 11 approvals were reported across EU and EEA jurisdictions during the June 18 to June 22 period, with Malta following France with two authorizations.

Among the CASPs included among France’s approvals were Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod, and Meria.

The late-cycle rush in France matters because MiCA’s enforcement timeline is compressing the window for firms that want a fully authorized operating environment under the new regime. Even where the rules are harmonized at EU level, differences in how quickly regulators process applications can translate into real competitive advantages for providers that secure approvals earlier.

Not all jurisdictions are moving at the same pace

ESMA interim register data also shows that MiCA licensing has not yet reached every part of the EU. Five EU member states—Greece, Hungary, Poland, Portugal, and Romania—had issued no MiCA licenses as of June 26, according to ESMA.

Greece is particularly notable because Binance had applied for authorization in the country but later withdrew its application, shifting its licensing plans to another MiCA jurisdiction. (Earlier coverage from Cointelegraph reported both the application and the subsequent withdrawal.)

Poland presents a different dynamic. ESMA’s data leaves the country without a MiCA licensing framework by the time of the EU deadline, and Cointelegraph previously reported that delays in MiCA implementation legislation were followed by three reported presidential vetoes—contributing to uncertainty around the timing of regulatory readiness.

This kind of patchwork rollout underscores an important point for market participants: MiCA is intended to create a single EU-wide market framework, but regulatory capacity, domestic legislative timing, and transitional mechanics are still producing uneven outcomes. That mismatch is likely to remain a meaningful factor for businesses choosing where to seek authorization and for traders assessing which platforms may have smoother compliance paths in the run-up to full application of the rules.

Italy’s non-compliant register dominates—while others show sparse entries

Alongside the list of approved CASPs, ESMA also maintains a separate view of CASPs that are considered non-compliant. In that register, Italy dominates by far, accounting for 160 out of 162 entries as of Friday. By comparison, the Netherlands and Slovakia recorded one entry each, linked to MEXC and LWEX, respectively.

While the approved-license figures show where regulators are actively issuing authorizations, the composition of the non-compliant register hints at how unevenly firms are positioned to meet MiCA requirements—either because they are still in process, facing compliance gaps, or operating under different transitional assumptions. For providers, the practical question becomes how quickly regulators can move from non-compliant listings to approvals—and what guidance will narrow compliance uncertainty.

As MiCA’s effects roll in, the main uncertainty is whether Germany and France’s early momentum will persist or whether the authorization map will broaden as other regulators scale their processes. Readers should watch for changes in ESMA’s interim register in the days following the regime’s effective date, particularly which of the currently inactive jurisdictions begin issuing CASP licenses and whether the volume of pending applications reshapes the regional ranking.