Which EU countries issue the most CASP licences? ESMA register data for July 2026 shows Germany on top with 59 authorisations, a French regulatory surge, and a twenty-fold rise in Cypriot licences in just one year.
Published: July 2026 · Data as of 16 July 2026 · Reading time: ~7 minutes
Key Takeaways
- Germany is the EU's CASP capital: 59 authorised providers (20.1% of the register), supervised by BaFin — more than the next two countries combined a year ago.
- France jumped from 5 to 31 licences, overtaking the Netherlands to claim second place.
- Cyprus recorded the most dramatic relative growth: from a single CASP in July 2025 to 21 in July 2026.
- Licensing is spreading: CASPs are now authorised in 26 EEA jurisdictions, up from 11 a year earlier.
- Despite the broadening map, concentration persists — the top five jurisdictions still account for 55% of all licences.
The New European Licence Map
One year ago, MiCA licensing looked like a two-horse race between Germany and the Netherlands, which together held more than half of the 44 authorisations then in existence. The July 2026 register — now 294 entities strong — tells a far richer story.
| Rank | Country | CASPs (Jul 2026) | Share | CASPs (Jul 2025) |
|---|---|---|---|---|
| 1 | Germany (DE) | 59 | 20.1% | 12 |
| 2 | France (FR) | 31 | 10.5% | 5 |
| 3 | Netherlands (NL) | 28 | 9.5% | 11 |
| 4 | Malta (MT) | 22 | 7.5% | 5 |
| 5 | Cyprus (CY) | 21 | 7.1% | 1 |
| 6 | Luxembourg (LU) | 13 | 4.4% | 3 |
| 6 | Spain (ES) | 13 | 4.4% | 1 |
| 8 | Ireland (IE) | 12 | 4.1% | 2 |
| 9 | Austria (AT) | 11 | 3.7% | 2 |
| 9 | Liechtenstein (LI) | 11 | 3.7% | 0 |
| 9 | Czechia (CZ) | 11 | 3.7% | 0 |
Germany: Scale Through Its Banking Sector
Germany's 59 authorisations — issued by the Federal Financial Supervisory Authority (BaFin) — reflect two distinct dynamics. First, the country's crypto-native sector converted en masse when the German transitional regime expired at the end of 2025 (16 German authorisations landed in December 2025 alone). Second, and more distinctively, German credit institutions are entering crypto custody and trading directly: the register now includes savings-bank and cooperative-bank group entities such as DekaBank and regional Volksbanken alongside fintech names. No other Member State shows a comparable pattern of traditional banks taking CASP licences at scale.
France: From Cautious to Second Place
France's AMF issued 31 CASP authorisations by July 2026 — a six-fold increase in one year, with 12 arriving in June 2026 as the French transitional period closed. The French cohort spans market makers (Keyrock FR, Flowdesk), exchanges (Paymium, Meria), custody and asset-management specialists, and even the state investment bank's vehicle Bpifrance Investissement. After a slow start under its pre-MiCA PACTE framework, France has become the register's fastest-growing large jurisdiction.
Cyprus and Malta: The Mediterranean Passporting Hubs
Cyprus is the register's biggest surprise: from one authorisation (eToro) in July 2025 to 21 in July 2026. CySEC's experience licensing investment firms under MiFID translated naturally to MiCA, and the island's ecosystem of brokers and trading platforms converted rapidly.
Malta grew from 5 to 22 authorisations, consolidating the position it built with its early Virtual Financial Assets framework. Between them, the two Mediterranean jurisdictions now supervise nearly 15% of all European CASPs — a share far out of proportion to their economic size, and clear evidence that regulatory specialisation attracts passporting-oriented business.
The Long Tail: 26 Jurisdictions and Counting
Perhaps the most under-reported finding is geographic spread. In July 2025, CASP authorisations existed in only 11 countries. Twelve months later, 26 EEA jurisdictions have issued at least one licence, including EEA-EFTA states Liechtenstein (11), Norway (6) and Iceland (1). Central and Eastern Europe is on the map: Czechia (11), Latvia (8), Slovakia (6), Lithuania (6), Croatia (6), Slovenia (3), Estonia (3) and Bulgaria (2).
Still, concentration remains the rule. The top five jurisdictions hold 55% of licences, and the top ten hold about 75%. For a regulation designed to harmonise a single market, the choice of home Member State clearly still matters — for supervisory relationships, processing speed and ecosystem depth.
What This Means for Firms Choosing a Home State
- Passporting equalises market access, not supervision. All 294 CASPs can passport across the EEA, but day-to-day supervision styles differ meaningfully between BaFin, AMF, AFM, MFSA and CySEC.
- Deadline waves reveal regulator capacity. Jurisdictions that processed large end-of-window volumes (Germany in December 2025; France, Cyprus, Malta in June 2026) demonstrated significant authorisation throughput — a practical datapoint for future applicants.
- Banking-sector entry is a German phenomenon so far. Firms seeking bank-grade counterparties or custody partners will find the deepest regulated pool in Frankfurt.
Frequently Asked Questions
Which country has issued the most MiCA CASP licences? Germany, with 59 authorised CASPs as of 16 July 2026 — 20.1% of the EU total.
Which EU country grew fastest in CASP licensing? In relative terms, Cyprus (from 1 to 21 licences in twelve months). In absolute terms, Germany (+47).
Does it matter in which EU country a CASP is licensed? For market access, no — a MiCA licence can be passported across the entire EEA. For supervision, application timelines and local ecosystem, the choice of home Member State remains strategically significant.
Are banks becoming CASPs? Yes. The register now includes multiple credit institutions, particularly in Germany (e.g. DekaBank and cooperative banks) and Luxembourg (Standard Chartered Luxembourg).
Sources
- ESMA — Markets in Crypto-Assets Regulation (MiCA), interim register
- Regulation (EU) 2023/1114 (MiCA) — EUR-Lex
- BaFin — Federal Financial Supervisory Authority
- AMF — Autorité des marchés financiers
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Analysis based on ESMA's interim MiCA register (CASP file), 16 July 2026 snapshot compared with the 11 July 2025 snapshot. Counts are unique legal entities per home Member State.
Disclaimer: This article is provided for general information and analytical purposes only. It does not constitute legal, regulatory, investment, tax or any other form of professional advice, and it should not be relied upon as such. While we strive for accuracy, the underlying registers are updated frequently and figures may have changed since the stated data date. Always verify current information directly with official sources (ESMA, the European Commission, and national competent authorities) before making any decision. MICA Watch accepts no liability for any loss or damage arising from the use of this content.