Germany Leads EU Crypto Regulation with Highest Number of MiCA Licenses - 18-05-2025
Germany has emerged as the frontrunner in crypto regulation across Europe, accounting for 36% of all licenses issued under the Markets in Crypto-Assets (MiCA) framework.
This leadership was further solidified with BaFin’s recent approval of a full MiCA license for Trade Republic, one of the continent’s leading fintech platforms.
Trade Republic Secures Full MiCA License as Germany Strengthens Its Crypto Edge
The license allows Trade Republic to offer crypto custody services and facilitate transfers. It also authorizes the company to execute or transmit client orders across all 30 countries in the European Economic Area (EEA).
Trade Republic currently manages over €100 billion in client assets and serves more than four million customers across 17 markets, with 2.5 million based in Germany.
Circle executive Patrick Hansen noted that this license enables Trade Republic to internalize the majority of its crypto operations. The only exceptions are trade executions, which still require partnerships with external market makers like Bankhaus Scheich and B2C2.
“Trade Republic can now handle almost all of its crypto services internally across the 30 EEA countries, relying only on external market makers or trading platforms like Bankhaus Scheich and B2C2 for execution,” Hansen explained.
MiCA, which took effect earlier this year, aims to unify crypto regulation across the EU through a single licensing regime for all member states. Companies approved in one country can now operate across the entire EEA without needing separate authorizations.
This marks a major shift from the previously fragmented regulatory landscape, where firms had to comply with diverse national frameworks. As a result, major crypto platforms such as Coinbase, Crypto.com, Kraken, and OKX have begun aligning with the new standards.
Despite the framework's significance, adoption has been slower than anticipated. In the first 100 days after implementation, only 15 Crypto Asset Service Providers (CASPs) registered under MiCA. According to Hansen, that number had increased to 25 as of May 17, with the majority of licenses granted in Germany.
