Germany crypto licensing: MiCA and KMAG

In force / passed In force / passed: 30 Dec 2025 (transition ends) · our calculation

Regulator: BaFin
Legal basis: MiCA · Kryptomärkteaufsichtsgesetz (KMAG)
EUR-Lex · Regulation (EU) 2023/1114 (MiCA)
gesetze-im-internet.de · KMAG § 50
Official register: ESMA interim MiCA register (CASPS.csv) · Format: CSV

What is changing

Germany chose a 12-month MiCA transitional period, so firms relying on national authorisations had to hold a MiCA authorisation by the end of December 2025. Germany is the largest home member state in ESMA's interim MiCA register: many banks and securities firms notified crypto services under Article 60 rather than applying for a new CASP licence.

ESMA interim MiCA register: entries by home member state

379 entries (376 unique LEIs) in ESMA's CASP register
109 entries with Germany as home member state
302 entries list Germany among the countries where services are provided

Source: ESMA interim MiCA register, CASPS.csv (file last updated 15 Oct 2026; downloaded 21 Oct 2026). Counts are rows: one row per entity (Article 63 authorisation or Article 60 notification). CASPS.csv

Timeline

30 Dec 2024in force
MiCA applies in full. The KMAG provides the German supervisory framework, with BaFin as competent authority.
Sources: EUR-Lex · Regulation (EU) 2023/1114 (MiCA) official · KMAG official
30 Dec 2025transition ends · our calculation
Germany's 12-month transitional period ends (KMAG § 50; 12 months as notified to ESMA, end date by VASP Tracker calculation).
Sources: ESMA · List of grandfathering periods (Art. 143(3) MiCA) official · KMAG § 50 official

A company-level tracker for Germany is in preparation. This page covers the rules and dates only. CSV

Cite this

VASP Tracker, “Germany crypto licensing: MiCA and KMAG”, https://vasptracker.com/en/de/ (20 Oct 2026), CC BY 4.0.