While non-bank providers still dominate the register and grew in absolute numbers, banks expanded much faster, increasing their share from around 17% in late June to nearly 23% in September.
German banks pile into crypto
Germany drove much of the banking expansion, with dozens of cooperative and commercial banks appearing on ESMA’s MiCA register.
New names include Deutsche Bank, Germany’s largest lender, which on Wednesday announced plans to launch digital asset custody services for institutional and corporate clients in Europe. A Deutsche Bank spokesperson told Cointelegraph that the bank expects to receive regulatory approval for the offering under MiCA in October.
The trend extends beyond Europe’s biggest banking groups. Germany’s additions include numerous Volksbank, Raiffeisenbank and VR Bank institutions, showing that regulated crypto services are spreading into the country’s regional cooperative banking network rather than remaining limited to large international banks.
Banks have a different route into MiCA
Unlike crypto companies that must apply for CASP authorization, banks can provide crypto services under MiCA through a separate notification procedure.
Under Article 60 of MiCA, a credit institution may provide crypto-asset services if it submits the required information to its home regulator at least 40 working days before providing those services for the first time.
The notification route gives banks a way to expand into crypto without going through the standard CASP authorization process.
