MiCA in DACH
As MiCA continues rolling out across Europe, the DACH region is moving quickly to align national laws, prepare local regulators, and open licensing channels for crypto-asset service providers (CASPs).
While the regulation is the same across the EU, each country is handling the transition in its own way.
Let's take a look at how Austria, France, and Germany are implementing MiCA.
AUSTRIA:
Austria wasted no time preparing for MiCA. In mid-2024, the Austrian government formally adopted national legislation to support MiCA enforcement, giving both regulators and firms a clear legal foundation.
A Quick Look at Austria’s Timeline
- 3 July 2024: Austria passed the MiCA Enforcement Act (MiCA-VVG).
- 20 July 2024: The law officially came into force.
- 1 October 2024: The Financial Market Authority (FMA) opened the CASP application window.
- 30 December 2024: Full MiCA rules became applicable across the EU.
Who’s in Charge? The FMA (Finanzmarktaufsicht) is Austria’s designated MiCA regulator. They have already published:
- CASP application guidance
- Checklists
- Documentation instructions
- Links to MiCA articles and ESMA technical standards
This level of detail makes Austria one of the more prepared member states.
By giving firms a structured roadmap months before the EU-wide deadline, Austria has positioned itself as a low-friction jurisdiction for early MiCA compliance, reducing uncertainty for companies that want to move fast.
FRANCE:
France has been ahead of the curve since its 2019 PACTE law, which introduced the first crypto licensing framework in Europe (PSAN). With MiCA, France is again among the most proactive countries.
France MiCA Timeline:
- June 29, 2023 MiCA entered into force at EU level.
- June 30, 2024: Stablecoin rules became mandatory.
- December 30, 2024: Full MiCA becomes applicable.
- Until June 2026: Transitional period to switch from PSAN to full CASP licences.
It is also important to note that France has achieved the following:
- Updated AMF rules as of 1 January 2024 to align with MiCA.
- Rolled out “enhanced” DASP requirements (client asset segregation, conflict-of-interest systems, transparency rules).
- Began accepting MiCA CASP authorisation applications on 1 July 2024.
However, despite opening the application process early, the AMF warned in May 2025 that very few firms had actually submitted full MiCA applications.
France built the regulatory foundation early, but market uptake is slow. Firms that delay too long risk scrambling to meet strict CASP requirements before the transitional period ends.
GERMANY:
Germany is known for its strong financial regulation, and its MiCA rollout is no exception. The country has been preparing for years and is now one of the most structured and advanced MiCA jurisdictions in the EU.
How MiCA Applies in Germany:
- June 30, 2024: Stablecoin (ART/EMT) rules began applying.
- December 30, 2024: Full MiCA rules took effect.
Germany has moved quickly to align its national rules with MiCA by drafting the Finanzmarktdigitalisierungsgesetz, which contains the new Crypto Markets Supervision Act (KMAG). This law gives BaFin clear authority to supervise and license crypto-asset service providers (CASPs) under the MiCA framework.
One major decision Germany made was to shorten the transitional period to 12 months (ending on 31 December 2025) rather than using the full 18 months available. This means that by the end of 2025, any CASP operating in Germany must either hold a valid MiCA authorisation or stop providing services in the country.
To ease the shift for existing players, KMAG introduces a simplified application route for firms already licensed under German financial laws. This reduces administrative friction and helps established institutions transition into the MiCA era more efficiently.
The legislation also clarifies several important points for the German market, including:
- The meaning of crypto-assets
- The introduction of “cryptographic instruments” for tokenised securities
- The exclusion of NFTs from MiCA
- A possible gap in regulating crypto lending
In conclusion
The DACH region is emerging as one of Europe’s most proactive regions in implementing MiCA.
Austria moved early by setting up its national enforcement framework and opening CASP application channels ahead of schedule, giving firms a clear runway into the new regulatory era.
France has also laid strong groundwork with updated rules and early application windows, though many providers still need to take the final step and submit their full MiCA applications. Meanwhile, Germany has built one of the most advanced supervisory regimes, combining clear legislation with a firm, shorter transition period that pushes providers to act quickly.
Together, these developments show how the region is driving forward MiCA adoption and setting the pace for the rest of Europe.
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