​We appreciate when people and companies use the information we produce. Thank you.  What we ask is that when doing so, you ensure that we are credited in a prominent part of your post or visual (not in a comment or at the end of the post). 

​Yesterday we blogged about the release by Fintech Ireland of its Regulated Fintechs (EMoney, Payments & AISPs) in EEA Visual (repeated below).  That Visual presented the top 10 EEA jurisdictions for regulated payment services as at 30 September 2025 and comprised of authorised emoney institutions, authorised payments institutions and registered account information services providers (but not CASPs/VASPs).

In yesterday's post we promised to publish more information including data on the number of crypto-asset service providers authorised in the EU (& EEA) and also a combination of the two datasets to give a clear picture of the Top 10 EU Jurisdictions for the licensing of these innovative firms.

Firstly, here is a reminder of yesterday's Visual to set the context:

From the Visual above we see that the top 10 jurisdictions for Regulated Fintech (being authorised emoney, authorised payments and registered AISPs) are: Lithuania (106), France (102), Germany (94), The Netherlands (88), Spain (80), Sweden (78), Malta (58), Ireland (57), Poland (56) and Italy (55).

You can find yesterday's blog here and the associated Linkedin Post here.

The total number of authorised crypto-asset services providers in the EU (and the EEA) is 64 as at 29 September 2025 spread across 12 member states. The eagle-eyed amongst you may note that ESMA's register contains 65 entries.  However on closer inspection, when one looks at the data recorded for German CASPs, one will note the name and LEI of one entity being repeated (i.e. Crypto Finance (Deutschland) GmbH). When stripped out that means that Germany (BaFIN) has authorised 19 entities as CASPs (not 20). 

In the next Visual immediately below one will see the EU (and EEA) jurisdictions where a CASP is authorised. Germany sets the pace with 19 CASP authorisations and is immediately followed by The Netherlands with 14.  These two countries are the only ones where there are more than 10 CASPs authorised and they represent more than 50% of total authorised CASPs. Thereafter we have France with 7, Malta with 6 and 3 each in Spain, Cyprus Luxembourg and Finland.  The final 4 countries making up list are Ireland and Austria with 2 CASPs each and Lithuania and Slovenia with 1 each.  

Since the last time we examined the number of authorised CASPs in the EU - back on 1 April - the number of authorisations reported to ESMA by NCAs increased 400% (albeit from a low base 😉 ). And Ireland authorised two CASPs in that period - both being entities within the Kraken crypto group (not a duplication!).

A special blog is needed to examine the present position in Lithuania.  Lithuania is home to literally hundreds of virtual asset services providers (VASPs). Is it not thus surprising that only one CASP has been authorised in Lithuania despite a massive VASP base?

​If we combined the number of CASP authorisations with Payments authorisations (i.e. authorised emoney, authorised payments and AISP registrations) we land at the following table.

​From the table above, by combining both payments and CASPs into one dataset produces a new Top 10 of EU Jurisdictions. 

Germany comes out as the clear leader with a combined number of 113.  Lithuania, which is in No. 1 for payments & emoney drops to 3rd place with a combined tally of 107.  France comes in at No. 2 with 109. The larger number of authorised CASPs in Germany and France, 19 and 7 respectively, far exceeding the single CASP authorisation in Lithuania. The Netherlands has also accelerated its authorisation of CASPs, hitting 15 such authorisations bringing its combined total up to 103. Spain and Sweden come in at 5th and 6th place with 83 and 78 respectively. As we head down the chart, we find that Malta continues to cement its place as a leading fintech hub with a combined total of 64.  Since the last time we examined in detail ESMA's CASP authorisation data back on 1 April 2025, Malta has only increased by (net) one authorisation. After Malta we find Ireland in 8th place at 59, then Poland with 56 in  9th place and closing the Top 10 with a respectable figure of 55 is Italy.  You probably noted that Sweden, Poland and Italy make-up the Top 10 without a single CASP between them.

In the past 6 months (from 1 April to 30 September 2025) ESMA's records of authorised CASPs jumped 400% from 16 to 64.  Back on 1 April the only countries that had notified ESMA of having authorised a CASP were Malta, the Netherlands, Cyprus, Luxembourg, Spain and Germany.  In the past 6 months the following countries commenced authorising CASPs France, Lithuania, Ireland, Finland, Austria, Slovenia. As we head closer to the end of transitional periods in Europe through which VASPs seek to become authorised CASPs, we should expect to see dozens of new CASPs being authorised in Europe.

​If you found this information useful, you know what to do.  Please go visit the Likedin Post and like the post, reshare the post and/or comment.

​​

• Sign up to our Newsletter here.
• Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html. 

We appreciate when people and companies use the information we produce. Thank you.  What we ask is that when doing so, you ensure that we are credited in a prominent part of your post or visual (not in a comment or at the end of the post). 

​Introduction
Fintech Ireland is delighted to present the top ten EEA for regulated payment services (“Regulated Fintech”) as at 30 September 2025. To be more specific, this definition captures authorised emoney institutions, authorised payments institutions and registered account information services providers (but not CASPs/VASPs).  Over the coming days we will be releasing more data on fintech authorisations/licences in the EEA, but for today we concentrate on the traditional payment services market.

We like to thank CompliReg a leading provider of advice to firms seeking emoney, payments and MiCAR authorisations for helping pull this information together.  Its extensive experience working across Europe and the UK is a big help in finding people to discuss our reports before they are released.  Read the full blog at https://complireg.com/blogs--insights.html

The last occasion we looked at the top 10 Regulated Fintechs was back on the 1 April this year.  It was very interesting to look at developments in the EEA market over the past six months.  What we have seen is static growth - just a 1% increase from 1,169 in April to 1,181 in September.  The net difference of 12 Regulated Fintechs comprises of a net increase of 3 x emoney, 12 x payments and decrease of 3 x AISPs.  This leaves us with 337 authorised emoney firms, 747 authorised payments firms and 97 registered AISPs.

Who makes up the top 10?
The top 10 jurisdictions based on the number of Regulated Fintech in order are: Lithuania (106), France (102), Germany (94), The Netherlands (88), Spain (80), Sweden (78), Malta (58), Ireland (57), Poland (56) and Italy (55). 

These countries comprise circa 65.5% of the total number of Regulated Fintechs in the EEA.
While the countries comprising the top 10 remains the same, the rankings within the 10 has changed. Lithuania, France and Germany stay at #1, #2 and #3 respectively.  The Netherlands has leapfrogged Spain taking the #4 position.  The biggest mover within the top 10 is Malta, which rose from #10 position to #7.  If you are reading this post and saying to yourself that you know you read of certain countries announcing new authorisations/registrations in the past 6 months, don’t forget that some firms also have their authorisations revoked or voluntarily withdrawn.  Without analysing too much detail, one reason why Poland slipped from 7th to 9th is because of the large number of AISPs which were de-registered there in the past half year.

Is there any threat to the current status quo of the Top 10?
Sitting outside the top 10 and not quite within striking distance are Finland #11 (44), Cyprus #12 (41), Norway #13 (38), Belgium #14 (37) and in equal 15th both Czech Republic and Denmark with 33 each.
We like to thank CompliReg a leading provider of advice to firms seeking emoney, payments and MiCAR authorisations for helping pull this information together and our friends at our Family of Fintech Nations for supporting this initiative (FintechLithuania.com, FrenchFintech.com, NetherlandsFintech.com, FintechEspana.com, FintechMalta.com, FintechIreland.com, FintechCyprus.com, FintechLatvia.com.  No doubt over the coming days each of these will promote their own jurisdictions based on this report and again when we release some new MiCAR Authorisation facts and figures.

If you found this useful, you know what to do.  Please go https://www.linkedin.com/posts/peteroakes_fintech-micar-activity-7379541156264566784-mdPy and like the post, reshare the post and/or comment.

The spread of emoney versus payments institutions
Of Lithuania’s total of 106 Regulated Fintechs 70% (71) comprises emoney firms, with 32 payments firms and just 3 AISPs.  In the past 6 months Lithuania’s population of emoney firms and payments firms has decreased by (net) 3 and 1 respectively.  Meanwhile France’s bevy of Regulated Fintechs is skewered towards payments institutions.  These make up 67% (68) of its total of 102.  While Lithuania has the largest number of emoney firms authorised, Germany has the largest number of payments firms at 83, representing 88% of its total of 94.

It is difficult to see the logic of why there is a somewhat less evenness of the emoney and payments firm split across all member states.  There appears to be a lack of consistency across the EEA on defining when a company should be an emoney firm versus a payments firms.

Malta
Malta certainly stands out as a jurisdiction growing its Regulated Fintech base.  It now sits at position #7.  Yet while jumping three places from number 10 in the past 6 months it did so by merely increasing the number of net emoney firms from 34 to 37 – that’s right, by authorising 3 firms.   When one throws in the number of MiCAR authorised firms into the definition of ‘Regulated Fintech’ expect to see Malta reach far loftier heights.  Fintech Malta is working on a new Map for issue shortly. See www.FintechMalta.com and check out the event planned for 23 October 2025!

Cyprus
Cyprus saw a net increase of one firm.  Fintech Cyprus is working on a new Map for issue shortly. www.FintechCyprus.com

The Netherlands
The Netherlands increase the number of Regulated Fintech by a net increase of 4 x emoney firms and 5 payments firms. Its website will be updated shortly with its first Fintech Map.  Keep an eye on it.  www.NetherlandsFintech.com

Luxembourg
Luxembourg’s overall net number of Regulated Fintech stayed steady 25.  However it has commenced to authorise crypto-asset service providers.  It is updating it Fintech Luxembourg Map, so keep an eye on www.FintechLuxembourg.com

Ireland
Ireland has arguably been viewed as one of the toughest jurisdictions within the EEA to obtain a fintech licence. Its regulator makes no apology for that and is arguably concerned about regulatory arbitrage across the EEA and in the past a race to the bottom by certain Member States in their approach to authorisations. Fintech Ireland recently released its Map of 88 fintechs which have a licence in Ireland.  That Map includes emoney, payments, crowdfunding, VASPs and CASPs.  Find that Map at https://fintechireland.com/news-insights/irelands-central-bank-has-issued-88-fintechs-licences-new-map-released-thanks-to-compliregcom.  And don’t forget Fintech Ireland is hosting its 2nd Annual Fintech Ireland Summit on Thursday 27th November 2025.  It is a great opportunity for the indigenous and international fintechs to gather under one roof. Get your tickets at www.fintechirelandsummit.com