Germany Leads MiCA Authorization Race In Europe As Deadline Nears

Key Takeaways:

• Germany leads MiCA approvals with 57 licensed CASPs (about 23% of total).
• France has accelerated approvals, including a late-June surge.
• Five EU states, including Greece and Poland, have issued zero MiCA licenses so far.

Data from the European Securities and Markets Authority interim register shows Germany leading the European Union’s Markets in Crypto-Assets Regulation (MiCA) rollout with 57 crypto-asset service providers (CASPs), around 23% of 244 total approvals. France follows with 26 licensed firms, while the Netherlands also remains a key hub. Although MiCA aims to create a unified crypto market across Europe, the early data highlights uneven implementation across member states.

France Accelerates Late-June Approvals

France has recently intensified its licensing activity, issuing five CASP approvals between June 18 and June 22, the highest during that period. Across the EU and EEA, 11 approvals were recorded in the same window, with Malta contributing two. French-approved entities include Bpifrance Investissement, RCUBE Asset Management, Paymium, Leonod, and Meria, reflecting growing institutional participation ahead of the July 1 transitional deadline.

Fragmented Rollout Across EU states

Despite MiCA’s harmonization goals, several jurisdictions remain behind. Greece, Hungary, Poland, Portugal, and Romania have not issued any licenses. Greece notably saw Binance withdraw its application, while Poland faces legislative delays. Meanwhile, Italy dominates ESMA’s non-compliant CASP register with 160 of 162 entries. The Netherlands and Slovakia each recorded a single entry linked to MEXC and LWEX, underscoring regulatory fragmentation across the bloc.