Since June, the number of banks in Europe offering cryptocurrency services has doubled, now accounting for 23% of all approved crypto-asset service providers (CASPs) under the new European Mica (Market in Crypto-Assets) regulation. This regulation, which became mandatory on July 1st, sets strict standards for companies dealing in digital assets. According to Cointelegraph, the number of banks with Mica approval rose from 40 to 80 between June and September, out of a total of 349 CASPs across Europe. These include major international players like Coinbase and the French crypto exchange Paymium. Germany and France are leading in the number of banks that have received this approval. The process for banks to obtain Mica approval has become simpler compared to crypto companies. Banks can now offer crypto services if they submit the necessary information to their national regulator at least 40 business days before starting these services. In contrast, crypto companies face a more rigorous approval process with requirements similar to those of traditional banks, including financial and prudential standards. According to a 2023 report by the European Securities and Markets Authority (ESMA), over 5,000 companies had national licenses to operate in Europe before Mica came into effect. The Mica regulation, set to be fully implemented by the end of 2024, imposes rules similar to those in traditional finance. These include requirements for investor protection, data security, anti-money laundering measures, and capital adequacy. As a result, more cryptocurrency users are choosing banks over traditional crypto exchanges, citing greater security and financial stability. This shift has made traditional banks formidable competitors to established crypto firms. Some banks are not only complying with Mica but also expanding their influence in the crypto space. A few have launched their own stablecoins—cryptocurrencies pegged to the value of the euro—while others are leveraging their regulatory compliance to attract users seeking a more secure and regulated environment. This growing presence of banks in the crypto sector could reshape the landscape of digital asset services in Europe.