🇩🇪 Crypto licence in Germany

The regime

BaFin grants MiCA CASP authorisation in Germany, layered on the country's earlier national regime — the crypto-custody licence (Kryptoverwahrgeschäft) introduced in 2020, which made Germany one of the first major economies to license crypto custody at all.

Germany remains the EU's largest single market for authorised crypto custody and trading services, and BaFin's reviews are among the most demanding in the bloc: firms report heavier scrutiny of governance, outsourcing and IT-security than in most other member states.

Requirements

• CASP authorisation from BaFin under MiCA (Regulation (EU) 2023/1114) — one licence covering exchange, custody, brokerage, transfer and advisory services.
• Minimum own funds: €50,000 (Class 1 — reception/transmission of orders, advice, transfers), €125,000 (Class 2 — adds custody and exchange against funds) or €150,000 (Class 3 — operating a trading platform).
• Substance in Germany: a registered office, effective management in the EU and at least one EU-resident director.
• Safeguarding: segregation of client crypto-assets and client funds from the firm's own book, with a custody policy.
• AML/CTF: EU framework compliance including Travel Rule originator/beneficiary data under the Transfer of Funds Regulation.
• Operational resilience: governance, conflicts, complaints, outsourcing and ICT-risk (DORA) arrangements sized to the service classes sought.

Licensed firms

Firms authorised by BaFin under MiCA include:

• Bitpanda — among BaFin's first MiCA authorisations, January 2025
• Boerse Stuttgart Digital — exchange-group digital arm, first cohort
• Crypto Finance — Deutsche Börse's crypto unit, authorised January 2025

Snapshot, not the register: verify current status against BaFin company database before relying on it.

Is the old German crypto-custody licence still needed?

The national Kryptoverwahrgeschäft licence has been superseded by MiCA for crypto-asset services; incumbents transitioned onto CASP authorisation. Tokenized-securities activity can still trigger separate German securities-law permissions.

How do I verify a firm is BaFin-authorised?

Check BaFin's public register or ESMA's interim MiCA register. A CASP authorised anywhere in the EU may passport into Germany, so a firm serving Germany legally may hold its licence from another member state.