Scalable Capital

The interim MiCA register of ESMA lists Scalable Capital Bank GmbH, Seitzstraße 8e in Munich, with a notification to BaFin dated 2 March 2026 under Article 60. It names one service, the provision of advice on crypto assets, and one country, Germany. Custody, execution and exchange services, which brokers with a spot crypto offer notify, are not part of the entry.

Under MiCA Article 60 a credit institution may provide crypto services after notifying its supervisor, without a separate authorization as a crypto-asset service provider. The crypto page of Scalable Capital describes trading through ETPs only and offers no direct purchase of coins.

In the Scalable Broker, clients trade crypto ETPs during exchange hours, and the ETP issuer holds the underlying coins with specialized custodians. Clients need no wallet and no private key, and a savings plan can start from €1 with flexible adjustments.

An ETP is a bearer bond, so an investor holds a claim against the issuer, and in an insolvency the value of that claim depends on the collateral. If the keys at the custodian of the issuer are lost, access to the coins that back the product can be lost too, which Scalable Capital lists as custody risk next to issuer risk.

A crypto trade costs €0.99 in the FREE plan, while PRIME+ clients pay nothing for orders of €250 or more, and savings plan executions are free in all plans. Scalable Capital also adds a crypto spread surcharge of 0.99 percent in FREE and 0.69 percent in PRIME+, and every ETP carries its own annual costs.

Some ETPs in the broker stake the underlying coins and pass on rewards of between 3 and 5 percent a year, according to Scalable Capital. Crypto staking locks coins to secure a proof-of-stake network, and the ETP issuer collects the reward before it reaches the investor.

Scalable Capital offers no crypto wallet, and clients cannot send coins to an external address or receive them, because they hold ETP securities instead of coins. To move a position into a wallet of their own, clients sell the ETP in the broker and buy the coin with a provider that supports withdrawals. Each of these two trades has its own costs and its own tax consequences.

Scalable Capital gives no tax advice and states that tax treatment is individual and can change. As a German bank, it withholds the flat tax on capital income for gains in the securities account, the same procedure that applies to shares and ETFs. For coins held directly, German law has a one-year holding period after which gains are tax-free, a rule that crypto tax in Germany explains in detail.

Bitcoin is available in the Scalable Broker through physically backed bitcoin ETPs with an ISIN, which trade like a share during exchange hours. Their annual costs differ, and the cheapest bitcoin ETP among the popular products on the crypto page has a TER of 0.15 percent. A bitcoin savings plan can start from €1 and runs without an order fee in every plan.

Scalable Capital Bank GmbH has no authorization under Article 63 and relies on a notification under Article 60, which MiCA reserves for regulated financial firms. The entry of 2 March 2026 covers advice on crypto assets in Germany only. The ETP business needs no MiCA license at all, because the products are securities under MiFID II.

Crypto ETPs at Scalable Capital trade only while the exchange is open, unlike coins on a crypto exchange that trade around the clock. A price move over the weekend shows in the ETP price only when the exchange opens again on Monday. Scalable Capital itself names the limited trading hours as one of the disadvantages of crypto ETPs.