Banks have doubled their presence on the European Union’s MiCA register in less than three months, rising from roughly 40 institutions on 26 June to about 80 on 16 September.
That lifted their share of listed crypto-asset service providers from about one in six to almost one in four. The overall register grew from 243 providers to 349 during the same period, meaning banks accounted for around 40 of the 106 net additions.
Non-bank firms still form the majority, increasing from about 203 to 269. However, their share fell from roughly 84% to 77% because they expanded more slowly than banks. Their declining percentage does not indicate a net departure of firms from the register.
The figures come from an analysis of European Securities and Markets Authority (ESMA) register data. The interim register, updated on 16 September, contains authorised or notified providers submitted by national regulators. ESMA publishes a new version each week, so recent entries may not appear immediately.
Germany accounted for many of the new banking listings. They included commercial lenders and institutions from the country’s Volksbank, Raiffeisenbank and VR Bank networks.
Deutsche Bank was among the latest major lenders preparing regulated digital-asset services. It announced plans on Wednesday to offer crypto custody to institutional and corporate clients in Europe, while a spokesperson told Cointelegraph it expected MiCA approval in October.
Six German cooperative banks added in August were Raiffeisenbank Aidlingen, Ihre Volksbank, VR Bank Mittelfranken Mitte, Volksbank Euskirchen, VR Bank Ried Uberwald and Volksbank Backnang. Earlier entries included Raiffeisenbank Falkenstein Worth, Spar und Kreditbank Rheinstetten, VR Bank Augsburg Ostallgau and JT Technologies.
Germany had 79 authorised crypto-asset service providers at that stage, compared with 35 in France and 29 in the Netherlands. The six additions took the EU-wide total to 331 before a further 18 providers brought it to 349 on 16 September. BNY’s Belgian banking subsidiary also joined the register with permission to provide crypto custody and transfer services.
Being listed does not give every institution identical powers. MiCA separately covers custody, transfers, trading platforms, order execution, portfolio management and exchanges between crypto assets and funds.
Banks can enter the market through a notification procedure under Article 60 of MiCA. An EU credit institution must provide its home regulator with details of its intended services at least 40 working days before starting. A crypto-native company must instead seek authorisation as a crypto-asset service provider under Article 62.
The notification must cover governance, internal controls, risk management, security and client-asset protection. Existing banking authorisation does not remove the operational obligations associated with crypto services, but banks already have compliance, customer-verification, capital and reporting systems in place.
A July report warned that continuing MiCA duties covering governance, capital, market conduct, complaints, cybersecurity and anti-money laundering could put pressure on smaller providers, prompting some to consider partnerships, acquisitions or sales. On comparable rules planned in Britain, Morgan Lewis partner Steven Lightstone said crypto firms would be “treated like any normal traditional financial institution.”
MiCA’s passporting system allows an authorised provider to serve customers across the EU after approval in one member state. Full enforcement followed the end of the transition period on 1 July, with unauthorised providers told to stop covered services, follow wind-down plans and help customers transfer assets.
More than 3,000 businesses had operated under earlier national systems, but only 194 had MiCA approval by May. The register reached 309 providers on 23 July, 331 in August and 349 on 16 September.
The United States has no equivalent single authorisation and passporting system. In May 2025, the Office of the Comptroller of the Currency confirmed that national banks and federal savings associations could execute customer-directed purchases and sales of crypto held in custody. Banks may outsource permitted activities, including custody and execution, if they maintain suitable third-party risk controls.
US oversight remains divided between federal and state agencies, unlike MiCA’s common EU rulebook and its 40-working-day notification route for regulated credit institutions.
