Germany has emerged as the frontrunner in issuing licenses for crypto-asset service providers (CASPs) under the European Union’s Markets in Crypto-Assets Regulation (MiCA), holding the largest share of approvals ahead of the regulation’s enforcement date. According to the European Securities and Markets Authority (ESMA), Germany accounts for 57 out of 244 MiCA licenses issued across EU and European Economic Area (EEA) jurisdictions, representing about 23% of the total.

France trails as the second-largest licensing hub, with 26 CASP approvals. The country notably accelerated its license issuance in late June, granting several approvals within a few days—more than any other member state during that period. The Netherlands shares the position of a significant crypto licensing center alongside France. Yet, the broader implementation of MiCA shows fragmentation, with varying approval rates reflecting diverse national approaches despite the regulation’s intention to unify the European crypto market.

Germany’s Federal Financial Supervisory Authority (BaFin) attributed the country’s lead in licenses to its extensive financial sector and existing national regulatory framework that allowed certain CASPs to fast-track MiCA authorization through simplified procedures. BaFin also acknowledged that Germany’s dominance might shift as MiCA matures, with future approvals likely to correspond to the size and development of financial sectors in other EU nations.

While some member states have rapidly progressed, five EU countries—including Greece, Hungary, Poland, Portugal, and Romania—had not issued any MiCA licenses as of late June. Greece, in particular, drew attention when Binance initially sought authorization there but subsequently withdrew. This underlines disparities in crypto licensing across the bloc as regulators adapt to the new framework.

The current state of MiCA licensing reveals a regulatory landscape still in flux, with some jurisdictions advancing swiftly while others lag. This uneven pace highlights challenges in achieving a fully harmonized digital asset market across Europe as MiCA begins its transitional phase.