Crypto: London Falls Behind as Adoption Surges Across Germany

Germany now has 89 authorized providers under MiCA, representing 25.5% of the ESMA European registry. At the beginning of July, there were only 58. In just over two months, the country has added 31 more, an increase of over 50%. Banks, wealth managers, and players already specialized in crypto are part of this movement. Deutsche Bank is also preparing its own custody service for the end of the year.

89 Crypto Licenses, Compared to 58 at the Start of July

The number is rising fast. On July 3, the MiCA registry listed 280 authorized companies in Europe. Germany had 58, ahead of France with 31 and the Netherlands with 26. Cointribune had then detailed this first wave of MiCA licenses. Today, the German count has risen to 89.

This number represents 25.5% of the providers listed in the ESMA registry, according to data cited by CoinShares. MiCA requires authorized companies to declare the services they offer, the European countries in which they intend to operate, and the authority that granted their license. The registry is public and regularly updated.

Previous transitional periods have also ended. Companies operating under certain national regimes could continue until July 1, 2026 at the latest, unless they obtained their MiCA authorization earlier.

The increase from 58 to 89 German actors comes just after this deadline. Luke Nolan, a researcher at CoinShares, notes similar progress beyond exchanges. He specifically mentions family offices, wealth managers, and financial advisors. Young German investors are also reportedly more interested in exposure to digital assets.

Major German Banks Arrive in Turn

Deutsche Bank provides the most recent example. Germany’s largest bank has confirmed plans to launch a digital asset custody service by the end of 2026, subject to completion of regulatory checks. Bitcoin, ether, USDC, and EURC are expected to make up the initial selection offered to institutional clients and European businesses.

Other institutions started earlier. DZ Bank has already developed an offer integrated into its banking app, while DekaBank works with the German savings banks network. The aim is less to create new exchanges than to add bitcoin and other assets to the services these banks already provide.

The contrast with public adoption is interesting. A YouGov survey conducted in June among 4,000 people placed cryptocurrency usage at 11% in Germany, compared to 23% in Switzerland and 18% in Austria. Only 23% of Germans surveyed considered crypto a valid investment, versus 37% of Swiss.

Germany is therefore not necessarily leading in terms of users. Its figures are especially impressive on the side of authorized companies and banks beginning to offer these services.

London Is Still Preparing Its New Framework

Luke Nolan compares this German acceleration with the British situation. According to him, the retail market remains “nascent” in the UK, notably due to delays in establishing a comprehensive regulatory framework.

The FCA has just published its final guidance. Authorization applications will open on September 30, 2026. The window will remain open until February 28, 2027. The new regime will then come into effect on October 25, 2027. It will cover trading platforms, asset custody, certain stablecoins, and staking-related activities.

The gap with Germany partly comes from this: MiCA is already operational in the European Union while London is still preparing the entry into force of its own system. This does not mean the British are shunning crypto. A Gemini survey published in 2025 even placed holdings in the UK at 24%, compared to 18% a year earlier.

Even in Germany, the 89 licenses tell only part of the story. Switzerland remains well ahead when directly surveying users. A recent survey placed 23% of Swiss among cryptocurrency users, compared to 11% of Germans. For Germany, the current movement mainly comes from institutions. 89 authorized providers. 31 more than at the beginning of July. Deutsche Bank is still awaiting its green light. The German market is far from having completed its setup under MiCA.