SKN | Banks Double Their Presence on EU MiCA Crypto Provider Register

• Banks accounted for nearly 23% of providers on the European Union’s MiCA crypto-asset register as of Sept. 16, up from approximately 17% in late June.
• The number of banks listed under the framework roughly doubled from around 40 to about 80, while total registered crypto-asset service providers increased from 243 to 349.
• Germany drove much of the expansion, with major lenders and regional cooperative banks increasingly appearing on the EU’s regulated crypto-services register.

Banks Gain Ground in Europe’s Regulated Crypto Market

Traditional banks are expanding their presence in Europe’s regulated cryptocurrency market, with lenders now representing nearly one in four providers listed under the European Union’s Markets in Crypto-Assets framework.

An analysis of data from the European Securities and Markets Authority shows that the number of banks on the MiCA register increased from roughly 40 on June 26 to about 80 by Sept. 16.

Over the same period, the total number of listed crypto-asset service providers, or CASPs, increased from 243 to 349.

While non-bank providers continued to represent the majority of registered entities and increased in absolute terms, their share of the register declined from approximately 84% to 77%.

Banks therefore increased their relative share from around 17% to nearly 23% in less than three months.

Germany Leads Banking Expansion

Germany has accounted for a significant portion of the growth, with numerous commercial and cooperative banks appearing on the MiCA register.

Deutsche Bank, Germany’s largest lender, is among the latest major institutions to expand into digital assets. The bank announced plans to launch digital-asset custody services for institutional and corporate customers in Europe.

A Deutsche Bank spokesperson said the bank expects regulatory approval for the offering under MiCA in October.

The expansion is not limited to Germany’s largest financial institutions. Numerous Volksbank, Raiffeisenbank and VR Bank entities have also appeared on the register.

The development suggests that crypto services are increasingly being incorporated into regional banking networks rather than remaining concentrated among major international financial institutions and specialist crypto companies.

Banks Follow a Different MiCA Route

The regulatory process for banks differs from the authorization procedure applicable to dedicated crypto companies.

Under MiCA, crypto-asset service providers generally need to apply for authorization to provide regulated services.

Credit institutions, however, can use a notification procedure under Article 60 of the regulation.

A bank seeking to provide crypto-asset services must submit the required information to its home regulator at least 40 working days before offering the relevant services for the first time.

This mechanism allows established banks to enter the crypto market without following the standard CASP authorization process applicable to non-bank firms.

Traditional Finance Moves Deeper Into Digital Assets

The growing number of banks on the MiCA register reflects a broader shift in Europe’s digital-asset market as regulatory frameworks become operational.

For banks, the framework provides a structured pathway for developing services such as digital-asset custody and potentially other regulated crypto offerings.

For the wider market, the increasing participation of traditional financial institutions could bring additional connections between established banking infrastructure and cryptocurrency markets.

The changing composition of the MiCA register also shows that the regulated European crypto sector is becoming more diverse, with banks increasing their presence alongside dedicated digital-asset companies.

Outlook

The rapid increase in bank registrations under MiCA points to expanding institutional participation in Europe’s regulated digital-asset market. Germany’s large and regional banking networks have played a significant role in the growth, while the notification procedure available to credit institutions provides an alternative route into regulated crypto services. As more banks develop custody and other digital-asset offerings, the composition of Europe’s crypto-services market could continue shifting toward greater integration between traditional banking and blockchain-based financial infrastructure.