What was the Kryptoverwahrgeschäft licence?

Germany's national crypto-custody licence under the Banking Act, introduced in January 2020 — one of Europe's earliest crypto regimes. MiCA's CASP authorisation has now superseded it as the EU-wide standard.

How do I check whether a crypto platform may serve Germany?

Search BaFin's company database or ESMA's register of authorised CASPs, and check which entity holds the authorisation and for which services.

Can a Danish-licensed platform serve German customers?

Yes. A CASP authorised in Denmark — like Penning, supervised by Finanstilsynet — can passport its services across the EU, including Germany. Verify it in the ESMA register.

MiCA in practice · June 2026

MiCA in Germany: rules, supervision and CASP licenses

In Germany, crypto-asset services are regulated under MiCA with BaFin as the supervisor. Germany regulated crypto custody nationally years before the EU did — the Kryptoverwahrgeschäft licence introduced in 2020 — and that early regime has been folded into the EU framework. Providers now need CASP authorisation, verifiable in BaFin's database and ESMA's register.

Supervisory authority

BaFin

MiCA has applied to crypto-asset service providers since 30 December 2024; national transitional arrangements vary and end no later than 1 July 2026.

bafin.de

Who regulates crypto in Germany

BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) is Germany's national competent authority under MiCA. The EU rules for crypto-asset service providers apply since 30 December 2024, with national transitional arrangements for firms that held German licences before — ending, at the latest, in mid-2026.

Germany came into MiCA with more regulatory history than most member states: crypto custody had required a BaFin licence since 2020, which means German supervision of crypto firms predates the EU framework by half a decade.

From Kryptoverwahrgeschäft to CASP

In January 2020 Germany made crypto custody a regulated financial service under the Banking Act (KWG) — the Kryptoverwahrgeschäft licence. Firms safeguarding private keys for German customers needed BaFin authorisation long before MiCA existed. That national regime is now superseded by the EU-wide CASP authorisation, which covers custody plus nine other services under one harmonised rulebook.

For users, the practical effect is continuity with broader scope: the custody discipline Germany pioneered is now the EU baseline, and a single authorisation can passport across all member states.

How to verify a provider in Germany

Check BaFin's company database (Unternehmensdatenbank) for the firm's authorisation, or ESMA's EU register of CASPs. Pay attention to which services the authorisation covers and which legal entity actually holds it — large international platforms often serve EU customers through a single licensed subsidiary.

A platform authorised elsewhere in the EU/EEA may legally serve German customers via passporting; the home-state entry in the ESMA register is the thing to verify.

Frequently asked questions

FAQ

Yes — legal and regulated. Providers serving German customers need CASP authorisation under MiCA, supervised by BaFin, and crypto gains can be taxable under German rules.

This page is educational and not legal advice. Always verify a provider’s authorisation in the national supervisor’s or ESMA’s official register.

Trade on a MiCA-licensed platform

Penning is Denmark’s first CASP-licensed crypto platform — fully MiCA-compliant across the EU.

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