Under MiCA (Regulation (EU) 2023/1114), any legal person or undertaking that provides one or more crypto-asset services to clients in the EU on a professional basis must be authorised as a crypto-asset service provider (CASP) under art. 59, or be an already regulated financial entity using the notification route of art. 60. The services include custody, operating a trading platform, exchange against funds or other crypto, order execution, placing, reception and transmission of orders, advice, portfolio management and transfer services. The transitional regimes of art. 143 have now ended, so national registrations alone are no longer enough.
The ten crypto-asset services
MiCA defines the regulated services in art. 3(1)(16). If you perform any of them for clients, professionally, you are in scope:
- custody and administration of crypto-assets on behalf of clients;
- operation of a trading platform for crypto-assets;
- exchange of crypto-assets for funds, and exchange of crypto-assets for other crypto-assets;
- execution of orders, placing, and reception and transmission of orders for clients;
- advice on crypto-assets and portfolio management;
- transfer services for crypto-assets on behalf of clients.
Who is outside the CASP regime
Services provided in a fully decentralised manner without an intermediary are excluded (recital 22), although ESMA and national authorities look at substance, not labels. Crypto-assets that qualify as financial instruments fall under MiFID II instead. Unique, non-fungible tokens are generally excluded, but large series or fractions may not be. Credit institutions, investment firms, e-money and payment institutions, UCITS and AIF managers and some others can provide certain services after notifying their regulator under art. 60, without a separate CASP authorisation.
What authorisation requires
A CASP must have its registered office in an EU Member State, with place of effective management and at least one director resident in the EU. The application covers programme of operations, governance and fit and proper management, minimum capital (which depends on the services), ICT and business continuity, AML/CFT procedures, complaints handling, conflicts of interest, safeguarding of client assets and, where relevant, custody and trading rules. Once authorised, the CASP can passport its services across the EU (art. 65).
Transitional period and reverse solicitation
Art. 143(3) allowed providers already operating under national law before 30 December 2024 to continue until 1 July 2026 at the latest, with many Member States choosing a shorter period. That window has closed. The reverse solicitation exemption (art. 61) only covers services provided at the client's own exclusive initiative and is read narrowly: any marketing towards EU clients defeats it.
Why it matters elsewhere
MiCA is the most complete regime for crypto-asset services in force today and a common point of reference for regulators and businesses outside the EU. Its list of services and its requirements on governance, capital, safeguarding of client assets, complaints and AML give any provider a practical checklist, wherever it is based. A firm in a less-regulated jurisdiction that already works to these standards finds it easier to open bank accounts, deal with EU counterparties and apply for a licence if it later enters the EU.
How Advisorn helps
Advisorn maps your services to MiCA categories, helps you choose the home Member State and prepares the authorisation file, with particular focus on the AML, Travel Rule and transaction monitoring sections.
Regulation (EU) 2023/1114 (MiCA), art. 3(1)(16), art. 59, 60, 61, 62, 65, 67, 143; ESMA guidelines on reverse solicitation; Regulation (EU) 2023/1113.
Updated November 2026 · General information, not legal or tax advice on your specific case.