Cryptocurrency Adoption in Germany Grows, UK Lags Behind
Cryptocurrency adoption in Germany is accelerating, particularly among younger investors, according to cryptocurrency market analyst Luke Nolan from CoinShares. There are 89 licensed digital asset service providers operating in Germany, accounting for 25.5% of firms registered with ESMA. Berlin has the highest number of MiCA-licensed companies, totaling 57. Deutsche Bank is awaiting approval to launch cryptocurrency custody services for institutional clients, while Landesbank Baden-Württemberg began offering such services in April 2024. In contrast to Germany, the UK is lagging behind, which Nolan attributes to actions by the FCA, which lifted the ban on cryptocurrency products listed on exchanges. The FCA announced new guidelines for cryptocurrency business licensing, with applications being accepted from September 30. The FCA also issued warnings to three London entities suspected of illegal cryptocurrency trading.
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