🏦 Banks are taking over Europe's crypto register

MiCA is the EU's first comprehensive crypto rulebook, in full force this year. While crypto firms queued for authorization, banks found a shortcut.

Between June 26 and September 16, the bank count on ESMA's register nearly doubled — from ~40 to ~80 — pushing their share from 17% to almost 23%. One in four providers is now a bank.

Germany led the charge: Deutsche Bank plus dozens of regional Volksbank and Raiffeisenbank institutions. Under Article 60 of MiCA, banks skip full CASP authorization — a 40-working-day notice to the home regulator is enough. Crypto startups who spent months on licensing paperwork might have feelings about that.

Via Cointelegraph.