BaFin MiCAR authorization decisions in Germany

The German Federal Financial Supervisory Authority (BaFin) has issued divergent decisions regarding MiCAR authorization for crypto-asset services.

dwpbank (Deutsche Wertpapier Service Bank) successfully received authorization from BaFin to provide cryptocurrency custody, management, and transfer services. This allows the bank to expand its wpNex digital asset platform, providing regulated infrastructure for affiliated banks to offer integrated crypto trading and storage to their customers.

In contrast, BaFin denied an application from futurum bank AG, a subsidiary of Bitcoin Group SE, for authorization as a crypto-asset service provider under MiCAR. This rejection follows a period where trading on the Bitcoin.de platform had been largely suspended since June 2026 while awaiting authorization.

Bitcoin Group SE described the decision as a setback, noting that the company had prepared for the possibility of a refusal. To mitigate the impact, the company plans to pursue an alternative operating model by working with regulated partners to enable trading through a technologically renewed Bitcoin.de app. This model may split functions between partners for trading and custody, with implementation expected within the coming weeks. The company stated that customer assets remain secure and is currently reviewing whether to lodge an objection or submit a new application.