Germany leads MiCA crypto authorization race as Europe’s deadline looms

MiCA crypto licensing data shows 244 approved companies across EU and EEA jurisdictions, led by Germany with France and the Netherlands also among top hubs ahead of July 1 cliff.

The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is producing uneven crypto licensing across member states and European Economic Area (EEA) jurisdictions, with Germany leading approvals under the new regime that takes effect on Wednesday.

Data from the European Securities and Markets Authority (ESMA) interim register, compiled on Friday, shows Germany has 57 MiCA-authorized crypto-asset service providers (CASPs), accounting for about 23% of the 244 total licenses issued.

France follows with 26 companies, or roughly 11% of all approvals, placing it alongside the Netherlands as the bloc’s second-largest hub for MiCA licensing.

The pattern suggests that although MiCA is designed to create a single European crypto market, implementation remains fragmented across national regulators ahead of the July 1 transitional deadline.

While Germany leads overall MiCA licensing, France has recently accelerated approvals, accounting for the largest share of last-minute authorizations.

According to ESMA interim data, France issued five CASP approvals between June 18 and June 22, the most during that window. In total, 11 approvals were issued across EU and EEA jurisdictions during the period, with Malta following France with two authorizations.

MiCA CASP licenses issued during the period from June 18-25, 2026. Source: ESMA

France’s authorizations include CASPs such as Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod and Meria.

The concentration of MiCA approvals in Germany, France and the Netherlands reflects broader patterns in Europe’s financial system. According to 2024 EU data, Germany, France, Luxembourg, the Netherlands and Ireland collectively accounted for around 72% of the financial assets and liabilities of financial corporations in the bloc.

Related: Binance faces EU service limits next week as MiCA rules take effect

Cointelegraph approached Germany’s Federal Financial Supervisory Authority (BaFin) for comment on the matter but did not receive a response by the time of publication.