Germany leads EU crypto-asset licensing under MiCA

The European Union’s Markets in Crypto-Assets (MiCA) regulation is entering a mature phase of full application. As of 2026, the framework focuses on authorization, governance, prudential safeguards, and the issuance of crypto-assets and e-money tokens to ensure market integrity and investor protection.

Germany has emerged as the leader in MiCA licensing within the EU. According to the European Securities and Markets Authority (ESMA), Germany has authorized 79 firms, more than double the amount of any other nation. France follows with 35 authorized firms, and the Netherlands has 29. Recent licensing activity in Germany has been driven by cooperative banks, with 10 new authorizations recorded in August.

In conjunction with these regulatory developments, the European Central Bank (ECB) continues to advocate for the development of a digital euro, addressing privacy concerns as the institution moves forward with its central bank digital currency (CBDC) initiatives.