Traditional lenders are rapidly increasing their footprint in the European crypto market. According to data from the European Securities and Markets Authority, the number of banks registered under the MiCA framework doubled from approximately 40 to 80 between June 26 and September 16.
While the total count of crypto-asset service providers grew from 243 to 349, the relative share of non-bank entities declined from 84% to 77%. In contrast, the banking sector's share of the total register climbed from 17% to nearly 23% during the same period.
Germany has been a primary driver of this growth, with numerous regional cooperative and commercial institutions joining the register. Deutsche Bank, the country's largest lender, is among the new entrants and plans to launch digital asset custody services in October.
Banks benefit from a streamlined entry process compared to dedicated crypto firms. Under Article 60 of MiCA, credit institutions can provide crypto services by submitting a notification to their regulator 40 working days in advance, bypassing the standard authorization procedure.
