German lenders push banks to nearly a quarter of Europe's MiCA-registered crypto firms
The number of credit institutions on ESMA's register doubled to about 80 in under three months, with cooperative banks from Germany joining Deutsche Bank in seeking a foothold.
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Traditional banks now account for almost one in four crypto-asset service providers authorized to operate across the European Union, according to Cointelegraph's analysis of the European Securities and Markets Authority's register under the Markets in Crypto-Assets framework, known as MiCA.
The register counted roughly 80 credit institutions as of Sept. 16, up from about 40 on June 26. Over the same period, the total number of listed providers climbed from 243 to 349. Non-bank firms still grew in absolute terms, but their share of the register dropped from around 84% to 77% as banks expanded far more quickly.
Germany supplied much of the new banking presence. Alongside Deutsche Bank, the country's largest lender, dozens of cooperative and commercial banks joined the register — including numerous Volksbank, Raiffeisenbank and VR Bank institutions. That detail matters because it shows regulated crypto activity spreading into regional cooperative banking networks rather than concentrating among large international groups.
A fast track for regulated lenders
MiCA, the EU's 2024 framework for crypto markets, requires most firms to obtain authorization as crypto-asset service providers before offering services. Credit institutions can take a different route: under Article 60 of the regulation, a bank notifies its home-country regulator with the required information at least 40 working days before it first offers crypto services, bypassing the standard application process.
Deutsche Bank announced on Wednesday that it plans to launch digital asset custody services for institutional and corporate clients in Europe. A bank spokesperson told Cointelegraph that regulatory approval under MiCA is expected in October.
The doubling of bank registrations in roughly under three months signals that established lenders are moving from exploration to execution as the EU regulatory regime settles into place. Non-bank firms nonetheless remain the majority of the register, and their numbers continued to rise even as banks grew faster.
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