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Germany has issued the most MiCA crypto authorizations in Europe as the bloc enters the final days of its transition period for crypto-asset service providers.
Data compiled from ESMA’s interim MiCA register puts the EU total at about 230 authorizations. Germany leads with 56, followed by the Netherlands with 26 and France with 21.
Germany Leads MiCA Register With 56 Approvals
Germany’s lead gives BaFin a central role in Europe’s new crypto market structure, where one national authorization can be used to serve clients across the EU.
The gap also shows how uneven the licensing race has become. Malta, Cyprus and Ireland are among the other active hubs, but Germany has moved ahead of other EU markets that had large national crypto registration regimes before MiCA.
The numbers matter because MiCA turns national approval into EU market access. A firm licensed in one member state can passport services across the bloc if it meets the regulation’s rules on governance, capital, custody and client protection.
July 1 Starts Unlicensed Firm Restrictions
MiCA’s transition period ends at the end of June, with restrictions applying from July 1 for firms that have not secured authorization. After that date, firms offering crypto-asset services to EU clients without a MiCA license will be breaching EU law.
The rule applies to exchanges, brokers, wallet providers and other crypto-asset service providers covered by MiCA. Firms that do not secure approval must stop regulated activity or carry out orderly wind-down plans.
ESMA Says Firms Must Offboard Safely
ESMA has also told national regulators to check whether unlicensed firms can offboard clients safely. That may include transfers to an authorized provider or to a self-hosted wallet.
The guidance is meant to protect users while preventing unlicensed firms from continuing normal crypto services after the transition period ends.
1,200 Old Registrations Face MiCA Test
The licensing total remains far below the number of firms that previously operated under national crypto regimes. More than 1,200 crypto businesses were registered across EU member states before MiCA replaced the old patchwork of national rules.
By late June, only a fraction had moved into the new authorization system. France shows the pressure on smaller firms. Industry data cited by market participants says about 40% of previously registered French crypto service providers had not applied for a MiCA license.
Licensed Firms Gain EU Passporting Advantage
The cutoff is likely to push more users and counterparties toward authorized platforms. For licensed firms, the benefit is access to a single EU market as unlicensed rivals lose the right to keep offering regulated services.
For unlicensed firms, the next step is narrower: stop onboarding, limit services and give customers a safe route out. Germany’s lead gives its licensed firms an early advantage as MiCA moves from transition to enforcement.
