CASP authorisation under Title V.
As a general rule, a person providing crypto-asset services as a business in the Union must be authorised as a crypto-asset service provider by the national competent authority of its home Member State (Art. 59), unless an Article 60 route or another narrow exception applies. Once authorised, a CASP can provide services across the Union, with EEA coverage where MiCA has been incorporated.
PRIMARY SOURCE: MICA, TITLE V (ART. 59–85) ↗ · LIVE REGISTER: MICA RADAR
The ten crypto-asset services (Art. 3(1)(16))
Authorisation is granted per service — a CASP’s licence lists exactly which of the ten it may provide. These are the letters shown against each provider on the Radar:
| Code | Service |
|---|---|
| A | Custody and administration of crypto-assets on behalf of clients |
| B | Operation of a trading platform for crypto-assets |
| C | Exchange of crypto-assets for funds |
| D | Exchange of crypto-assets for other crypto-assets |
| E | Execution of orders for crypto-assets on behalf of clients |
| F | Placing of crypto-assets |
| G | Reception and transmission of orders on behalf of clients |
| H | Providing advice on crypto-assets |
| I | Providing portfolio management on crypto-assets |
| J | Providing transfer services for crypto-assets on behalf of clients |
Own-funds requirements (Art. 67 & Annex IV)
A CASP must hold own funds of at least the higher of (a) the class minimum below, or (b) one quarter of the previous year’s fixed overheads. Article 67(4) allows qualifying insurance or a comparable guarantee to substitute for part of that requirement:
| Class | Services covered · minimum |
|---|---|
| 1 | Execution, placing, reception & transmission, advice, portfolio management, transfer services — €50,000 |
| 2 | Class 1 services plus custody and/or exchange (for funds or other crypto-assets) — €125,000 |
| 3 | Class 2 services plus operation of a trading platform — €150,000 |
The application, in outline (Art. 62–63)
The application goes to the NCA of the home Member State and covers, among other things: a programme of operations for each service; governance and fit-and-proper evidence for management and qualifying shareholders; ICT and security arrangements (aligned with DORA); custody and safeguarding policy; complaints handling; conflicts of interest; and AML/CTF arrangements. The NCA acknowledges receipt within 5 working days, assesses completeness within 25 working days, and decides within 40 working days of a complete file (clock stops for information requests). In practice, end-to-end timelines run months, driven by completeness rounds.
Passporting (Art. 65): once authorised, a CASP notifies its NCA of the Member States where it intends to provide services; cross-border provision may begin after the notification information is communicated — at the latest 15 calendar days after submitting it. The passported countries for each provider are visible in ESMA’s register data.
Financial entities (Art. 60): credit institutions, investment firms, e-money institutions and certain others may provide equivalent crypto-asset services under a simplified notification rather than a fresh authorisation — one reason banks appear on the register alongside crypto-native firms.
Grandfathering — the transitional regime (Art. 143)
Firms that lawfully provided crypto-asset services under national law before 30 December 2024 could continue during a transitional period of up to 18 months — until 1 July 2026 at the latest — while seeking MiCA authorisation. Member states were free to shorten this window, and many did (windows from ~6 to 18 months). Since that deadline, providing crypto-asset services in the EU without MiCA authorisation (or an Art. 60 route) is unlawful; ESMA separately publishes a list of non-compliant entities reported by NCAs. Note that certain financial entities (for example credit institutions and investment firms) that notified their intention under Article 60 may provide equivalent crypto-asset services under that notification route — they are not “unauthorised CASPs”.
The result of this process is visible live on the MiCA Radar — every authorised CASP, its home state, services, and authorisation date.
Educational summary of public sources. Last checked 25 October 2026. This guide condenses the text of Regulation (EU) 2023/1114 (MiCA) and official ESMA/EBA materials for general information. It is not legal advice; obligations depend on your specific facts and Member State. Verify against the official sources linked below before relying on any point.