EU banks expand crypto services under MiCA as share of listed providers reaches 23%

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EU banks expand crypto services

Highlights

By September 16, the number of banks on the ESMA MiCA register rises to around 80 from about 40 on June 26, increasing banks’ share of listed providers to 23%.
Germany leads the growth as dozens of cooperative and commercial banks, including Deutsche Bank, join the register and plan to launch digital asset custody services for institutional and corporate clients.
Banks leverage Article 60 to offer crypto-asset services after a 40 working day notice to home regulators, bypassing the standard CASP authorization process used by crypto-native firms.

Bank registrations accelerate under MiCA

As reported by Cointelegraph, the number of banks on the European Securities and Markets Authority’s MiCA register rises to about 80 by Sept. 16 from roughly 40 on June 26, based on the outlet’s analysis of ESMA data.

Over the same period, the total number of listed crypto-asset service providers increases to 349 from 243. Non-bank providers still make up the majority of the register, but their share falls to about 77% from roughly 84% as banks expand more quickly.

That shift lifts banks’ share of listed providers to nearly 23% in September from around 17% in late June, showing that regulated financial institutions are gaining ground in the EU crypto market even as non-bank firms continue to grow in absolute terms.

Germany drives growth and banks use separate route

Germany accounts for much of the increase, with dozens of cooperative and commercial banks appearing on the ESMA register. New additions include Deutsche Bank, which announces plans to launch digital asset custody services for institutional and corporate clients in Europe.

A Deutsche Bank spokesperson tells Cointelegraph the lender expects to receive regulatory approval under MiCA in October. The expansion also includes multiple Volksbank, Raiffeisenbank and VR Bank institutions, suggesting crypto services are spreading through Germany’s regional cooperative banking network rather than remaining concentrated among large international lenders.

Banks enter the MiCA framework through a different process from crypto-native firms. Under Article 60, a credit institution may provide crypto-asset services after submitting the required information to its home regulator at least 40 working days before offering those services for the first time, allowing banks to expand without going through the standard CASP authorization process.

In our earlier report on growing institutional demand for bitcoin and the stablecoin regulatory debate, we noted VanEck’s view that fiscal pressures and improving market conditions could support BTC’s path toward $100,000 by 2025. The piece also highlighted how uncertainty around U.S. crypto legislation and rulemaking continues to influence adoption, even as large investors increasingly treat digital assets as a strategic allocation.

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