European banks are quickly taking their place in the regulated crypto market. Their number in ESMA’s MiCA register increased from around 40 at the end of June to almost 80 as of September 16. At the same time, the complete register increased from 243 to 349 providers. Banks now represent nearly 23% of the players identified, compared to around 17% three months earlier.
In brief
- Nearly 80 banks now appear in the MiCA register.
- Their share has increased from around 17% to 23% since the end of June.
- Germany supplies a large part of the new banking establishments.
Nearly 80 banks are now under MiCA
Progress is rapid. On June 26, around forty banks appeared in the European register. As of September 16, there were nearly 80, according to an analysis of data published by ESMA. Over the same period, the total number of crypto-asset service providers increased from 243 to 349
This increase comes at a time when Germany already has 89 crypto players approved under MiCA. The country has moved to the top of the European register and banks are taking an increasingly visible place there.
Non-bank players remain in the majority. Their number has even continued to increase. Their relative weight has simply declined: around 84% of the register at the end of June, compared to 77% in September.
Banks are therefore moving faster. MiCA covers in particular the custody of digital assets, the execution of orders, the exchange of crypto-assets for traditional currencies and even certain advisory services. The ESMA register allows you to see which establishments can provide these services and in which European countries.
As of July, the registry still had only 280 authorized crypto companies. It now shows 349. The arrival of banking establishments explains part of the difference.
Germany supplies a large part of the new entrants
Much of the increase comes from German banks. Deutsche Bank is among the new names. The country’s leading bank plans to launch its Bitcoin, ether, USDC and EURC custody service for European businesses and institutional clients. It hopes to obtain the necessary regulatory approval in October.
Furthermore, the crypto custody service that Deutsche Bank wants to launch before the end of 2026. The movement, however, goes much further than a single large bank.
The register now includes several Volksbank, Raiffeisenbank and VR Bank. These are often cooperative or regional establishments, far from the profile of the large international banks which had started testing Bitcoin several years earlier.
This changes the picture of the European crypto sector a little. Services linked to digital assets no longer only go through specialized exchanges. They also appear in banking networks already used daily by individuals and businesses.
Germany had 58 MiCA providers at the beginning of July. It now has 89. The banking movement therefore comes amid a broader increase in authorizations in the country.
Banks have a different MiCA path than crypto companies
However, there is an important difference behind these figures. A traditional crypto business must obtain a crypto-asset service provider authorization, or CASP. A bank already approved as a credit institution does not start from scratch.
Section 60 of MiCA provides for a notification procedure. A bank wishing to offer crypto-asset services must transmit the required information to its national authority at least 40 business days before commencing this activity.
This facilitates the entry of already regulated banks. They remain subject to the rules applicable to the services they offer, particularly with regard to the conservation of customer assets. MiCA, for example, imposes measures intended to protect the property rights of clients when crypto-assets are held on their behalf.
The change is recent. At the beginning of July, the MiCA register had only 280 approved crypto companies. Two and a half months later, it has 349, with nearly 80 banks. The numbers don’t tell how many customers will actually use their new offerings. On the other hand, they show that traditional establishments are now taking a much larger place in the European crypto infrastructure. Nearly one in four entries on the MiCA register is now a bank. At the end of June, it was about one in six.
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