European Banks Speed Into Digital Assets as MiCA-Registered Lenders Double in Three Months

The number of banks registered under the European Union’s Markets in Crypto-Assets regulation, or MiCA, has doubled in about three months.

Cointelegraph reported on September 18 that its analysis of MiCA registration data from the European Securities and Markets Authority showed the number of registered banks rose to about 80 as of September 16 from roughly 40 on June 26. Over the same period, the total number of crypto-asset service providers, or CASPs, increased to 349 from 243.

The increase in banks outpaced that of non-bank firms. Banks accounted for about 23% of all registered entities this month, up from roughly 17% at the end of June. The number of non-bank providers also increased, but their share of the total fell to 77% from about 84% over the same period.

German banks were particularly prominent in the expansion. Deutsche Bank, along with Volksbank, Raiffeisenbank and VR Bank, was among the many regional cooperative and commercial lenders added to the MiCA register.

Unlike general digital-asset firms, banks can provide related services through a notification process without obtaining a separate CASP authorization. Under Article 60 of MiCA, credit institutions need only submit the required information to their national regulator at least 40 business days before first offering crypto-asset services.

Cointelegraph said the framework is serving as a channel that makes it easier for established banks to enter the digital-asset market.