Direct answer
If you provide crypto-asset services such as custody, exchange, trading platform, transfer or advice, or issue asset-referenced or e-money tokens in the EU, you likely fall under MiCA. Authorisation as a Crypto-Asset Service Provider (CASP) in one Member State enables passporting across the EU, subject to transitional national arrangements.
Who this applies to
- Crypto exchanges and trading platforms
- Custodial wallet and custody providers
- Token issuers (asset-referenced and e-money tokens)
- Non-EU crypto firms serving EU users
Regulated activities
- Custody and administration of crypto-assets
- Operation of a trading platform for crypto-assets
- Exchange of crypto-assets for funds or other crypto-assets
- Transfer, placing, reception/transmission and advice
Routes to market
Own CASP authorisation
Full MiCA licence with EU passporting once authorised in one Member State.
Acquisition
Acquire an authorised or transitioning CASP to accelerate entry.
Redesign
Adjust the model where a token or service may sit outside or across regulatory perimeters.
Capital and substance
- Minimum capital by class (€50k, €125k or €150k) depending on services.
- Governance, custody segregation, complaints and conflicts frameworks.
- ICT and operational resilience aligned with DORA.
Authorisation stages
- 1
Classification
Map services and any token issuance to MiCA categories.
- 2
Pre-application
Prepare governance, custody, prudential and ICT evidence.
- 3
Submission and review
File with the competent authority and manage questions.
- 4
Passporting and launch
Notify host states and complete operational readiness.
Where applications commonly fail
- Treating MiCA and DORA readiness as separate late-stage tasks
- Weak custody segregation and safeguarding controls
- Underestimating transitional-period national variation
Frequently asked questions
MiCA introduces a harmonised EU authorisation for crypto-asset service providers and token issuers, replacing fragmented national regimes and enabling passporting.
Official regulatory sources
Verified external references. Always confirm against the current official text.
RenIQ provides regulatory strategy and programme delivery. It is not a law firm and this content is illustrative guidance, not legal advice. Regime details are summaries that may change, so always verify against current rules and official sources, and take formal advice before acting.