Although MiCA, the European Union’s Crypto Asset Markets regulation, aims to create a single crypto market throughout the union, license distribution was not balanced among member countries. Provisional registration data of the European Securities and Markets Authority dated June 26 showed that Germany stands out by far in the new regime.
Germany and France came to the fore
According to ESMA data, Germany received around 23% of the total 244 approvals, with 57 crypto asset service provider licences. France reached a share of approximately 11% with 26 companies and became the second largest center in Europe for MiCA licenses, together with the Netherlands. ESMA, as the main institution of the European Union overseeing capital markets, also monitors registrations under MiCA.
Although MiCA aims to establish a common market across Europe, implementation differences between national regulators remain as the July 1 transition period approaches.
The country that has gained momentum in recent days has been France. Between June 18 and June 22, France granted five CASP approvals. While a total of 11 approvals were made across the EU and the European Economic Area in the same period, Malta followed France with two licenses. Among the companies that received approval in this process in France were Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod and Meria.
| Country | MiCA license | Notes |
|---|---|---|
| Germany | 57 | Approximately 23% of total |
| France | 26 | About 11% of the total |
| Malta | 2 new approvals between June 18 and June 22 | Second place recently |
The concentration in Germany, France and the Netherlands also coincides with the general picture in the European financial system. EU data from 2024 revealed that Germany, France, Luxembourg, the Netherlands and Ireland together account for around 72% of the assets and liabilities of financial institutions in the union.
Countries that cannot issue licenses and delayed legislation
Greece, Hungary, Poland, Portugal and Romania did not issue any MiCA licenses as of June 26. Greece in particular attracted attention; Binance had applied for a license in this country, but later withdrew its application and shifted its plan to another MiCA jurisdiction.
In Poland, the delay in implementation legislation lies behind the delay. The legal framework required to comply with MiCA could not be completed in time, and after three reported presidential vetoes, the country was unable to achieve an operational licensing scheme as the EU deadline approached.
Italy’s weight in discordant records
On the other hand, Italy stood out significantly in ESMA’s non-compliant CASP records dated 26 June. While 160 of the total 162 records originated from Italy, one record was found each in the Netherlands and Slovakia. These two records appear to be linked to MEXC and LWEX respectively.
ESMA’s provisional records reveal that common rules will apply in Europe with the entry into force of MiCA, but the tempo of implementation varies from country to country.
Germany’s Federal Financial Supervisory Authority BaFin did not respond to questions on the matter until publication. Data indicate that the licensing process in Europe, before MiCA comes into effect on Wednesday, is shaped according to national priorities despite the common goal.
