Germany Leads MiCA Register With 22% of CASP Entities

Germany accounts for 22% of active legal entities in the European Securities and Markets Authority's (ESMA) MiCA crypto-provider register, FM Intelligence research showed today (Tuesday). Those entities generate only 7% of declared cross-border host links.

The FM Intelligence study of the MiCA passporting map identified 323 active legal entities in ESMA's August 18 file. The calculation removed withdrawn and future-dated records, then combined duplicate Legal Entity Identifiers (LEIs).

A home regulator remains the first-line supervisor when a crypto-asset service provider uses its MiCA authorization across the European Economic Area.

A large entity count can increase one authority's supervisory workload. It does not show where the provider has customers or generates revenue.

Five States Hold 55% of MiCA Entities

Germany has 71 of the 323 active entities. France follows with 34, the Netherlands with 28, Cyprus with 24 and Malta with 22. Together, the five jurisdictions account for 179 entities, or 55.4% of the total.

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