BNY’s Belgian Unit Gains MiCA Approval as European Crypto Register Hits 309

BNY’s Belgian Unit Secures MiCA Entry

The European Securities and Markets Authority (ESMA) has added 15 crypto-asset service providers (CASPs) to its interim Markets in Crypto-Assets (MiCA) register, bringing the total number of distinct providers in Europe to 309. Notably, BNY SA/NV, the Belgian subsidiary of BNY, has received approval for crypto custody and transfer services under the MiCA framework.

New Additions Across Europe

Germany contributed four new entries, while Denmark added three as licensing activities continued to progress post-deadline. The updates were published based on the latest register file dated July 23 and made available on ESMA’s MiCA page on July 24.

Details of BNY’s Approval

On July 20, the National Bank of Belgium authorized BNY SA/NV for crypto-asset custody and transfer services. This entry marks a significant expansion for traditional banks participating in the regulated digital asset space within Europe.

Regional Contributions to the Register

The new entries included traditional banks and specialized payment firms. Germany’s contributions featured three cooperative banks – Raiffeisenbank Falkenstein-Wörth, Spar- und Kreditbank Rheinstetten, and VR-Bank Augsburg-Ostallgäu. Additionally, Denmark introduced several companies, including BitPay B.V. and Coinify ApS, which focus on digital payment services.

Broader Implications of MiCA Registration

The inclusion of 15 new providers from eight European jurisdictions illustrates that licensing activities remain active, despite the end of the MiCA transition period on July 1. Companies previously operating under national registrations must now obtain CASP authorization.

Challenges Ahead for Licensed Firms

While the growth in the CASP count demonstrates the continued processing of applications, challenges remain. Some licensed firms may struggle to maintain the long-term costs associated with compliance. Concerns about the robustness of the regulated market persist, with experts noting that sustaining compliance could be difficult for smaller operators.

Conclusion

The addition of BNY and several other financial entities to the MiCA register not only highlights the increasing compliance landscape in the European crypto market but also indicates a shift towards more traditional financial institutions entering the digital asset arena.