Germany leads EU in MiCA crypto licenses

Traders Union
All News
Crypto
MiCA crypto licenses

France gains momentum

Although Germany remains the overall leader in MiCA licenses, France has noticeably accelerated the approval process in recent days.

According to ESMA’s interim register, France issued five CASP licenses between June 18 and June 22. This was the highest figure among European jurisdictions during that period. In total, 11 approvals were issued across EU and European Economic Area countries between June 18 and June 25. Malta ranked second with two licenses.

Companies that received approvals in France include Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod and Meria.

The concentration of MiCA licenses in Germany, France and the Netherlands reflects the broader structure of Europe’s financial sector. According to EU data for 2024, Germany, France, Luxembourg, the Netherlands and Ireland together accounted for about 72% of the financial assets and liabilities of financial corporations in the bloc.

Which countries have yet to start issuing MiCA licenses

At the same time, some EU countries have not yet issued a single license under MiCA. According to ESMA’s interim register as of June 26, this list includes Greece, Hungary, Poland, Portugal and Romania.

Greece stands out in particular. Binance previously applied for authorization in the country but later withdrew its application and moved its licensing plans to another MiCA jurisdiction.

Poland also remains a notable exception. The country has faced delays in adopting legislation to implement MiCA, while media reports said the president vetoed the relevant initiatives three times. As a result, Poland reached the EU-wide deadline without an active licensing framework.

Separately, ESMA maintains a register of non-compliant crypto service providers. As of Friday, Italy dominated that list, accounting for 160 of the 162 entries. One entry each was linked to the Netherlands and Slovakia, where MEXC and LWEX were mentioned, respectively.

What will change after July 1

After July 1, crypto service providers in the EU will effectively enter a new regulatory reality. Companies that have obtained MiCA licenses will be able to operate under unified rules and serve clients across different countries in the bloc through the passporting mechanism. For the market, this should reduce legal uncertainty and make crypto services more similar to traditional financial services, with clear requirements for capital, client protection, risk management and disclosure.

However, the transition is unlikely to be equally smooth for all participants. In countries where licenses have not yet been issued or legislation has been delayed, crypto companies may face restrictions, delays or the need to move their operations to better-prepared jurisdictions.

As a reminder, the EU has proposed introducing fines of up to 12.5% of annual revenue for MiCA violations.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.