Key facts
- Banks now represent nearly 23% of crypto providers on the EU's MiCA register.
- The number of banks on the list doubled to approximately 80 between June 26 and Sept. 16.
- The total number of listed crypto-asset service providers grew to 349.
- Deutsche Bank plans to launch digital asset custody services in Europe.
- Banks can provide crypto services under MiCA via a notification procedure, not standard CASP authorization.
Banks are significantly increasing their participation in the European Union's regulated cryptocurrency market, now making up nearly a quarter of all providers listed under the Markets in Crypto-Assets (MiCA) framework. According to a Cointelegraph analysis of data from the European Securities and Markets Authority (ESMA), the number of banks on the MiCA register doubled from approximately 40 in late June to about 80 by September 16. This expansion occurred as the total number of listed crypto-asset service providers (CASPs) grew from 243 to 349. While non-bank providers still constitute the majority, their relative share decreased from about 84% to 77% as banks grew at a faster pace, increasing their share from around 17% to nearly 23%.
Much of this growth was driven by German banks, including numerous cooperative and commercial institutions. Deutsche Bank, Germany's largest lender, announced plans to offer digital asset custody services for institutional and corporate clients in Europe, expecting regulatory approval under MiCA in October. This trend indicates a broader adoption of regulated crypto services across Germany's regional cooperative banking network, not just among large international banks.
Under MiCA's Article 60, credit institutions can offer crypto-asset services by submitting a notification to their home regulator at least 40 working days in advance, a route that bypasses the standard CASP authorization process.