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.
France leads late-June approval wave
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.
Five EU states have not issued any MiCA licenses
Five EU member states, including Greece, Hungary, Poland, Portugal and Romania, have not issued any MiCA licenses as of June 26, according to ESMA interim register data.
Greece stands out after Binance applied for authorization in the country but later withdrew its application, shifting its eventually licensing plans to another MiCA jurisdiction.
European jurisdictions ranked by the number of approved CASPs under MiCA as of June 26, 2026. Source: ESMA
Poland is also notable, with delays in MiCA implementation legislation followed by three reported presidential vetoes, leaving the country without an active licensing framework by the time of the EU deadline.
In contrast, Italy dominated ESMA’s non-compliant CASP register as of June 26, accounting for an overwhelming majority of entries with 160 out of 162, while the Netherlands and Slovakia recorded one each, linked to MEXC and LWEX, respectively.
Additional reporting by Yohan Yun.
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