EU MiCA CASP (Crypto-Asset Service Provider) regime

1. Regime overview

MiCA (Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114) was adopted 2023-06 → the ART/EMT (Asset-Referenced Token / E-Money Token) stablecoin-regulation portion came into force 2024-06 → full CASP enforcement 2024-12-30. It is the world’s first comprehensive crypto-asset regulatory framework unifying the EU’s 27 member states. A two-tier structure in which existing NCAs (National Competent Authorities — each country’s regulator, e.g. Germany’s BaFin / France’s AMF / the Netherlands’ AFM / Ireland’s Central Bank) issue CASP authorizations, and ESMA (the European Securities and Markets Authority) handles EU-wide supervision and coordination. That authorization in 1 country enables passporting across the entire EU is the decisive difference from the 50 -state MTL of the US.

2. The 10 CASP license categories (MiCA Article 60)

A CASP applies for the categories it seeks to obtain from the following 10 services:

• Custody and administration of crypto-assets (custody)
• Operation of a trading platform for crypto-assets (exchange operation)
• Exchange of crypto-assets for funds (fiat exchange)
• Exchange of crypto-assets for other crypto-assets (crypto-to-crypto exchange)
• Execution of orders on behalf of clients (order execution)
• Placing of crypto-assets (issuance underwriting / placement)
• Reception and transmission of orders (order transmission)
• Advice on crypto-assets (investment advice)
• Portfolio management of crypto-assets (portfolio management)
• Transfer services for crypto-assets (transfer services)

3. Major licensed operators (2025-2026)

• Coinbase EU — EU passporting via Luxembourg CSSF (applied 2024-04 → authorized 2025-02 )
• Kraken EU — via the Central Bank of Ireland
• Crypto.com EU — via Malta MFSA
• Bitstamp — Luxembourg CSSF (a long-established European base)
• Bitpanda — Austria FMA (retail-oriented)
• Binance — obtained France AMF + multi-country EU rollout (a cautious strategy under the CZ regime; rebuilding after the US Department of Justice settlement)

Hub countries center on Luxembourg / Ireland / France / Malta / Austria, a major shift from the past Estonia-centered structure.

4. Key regulatory requirements

• Capital: a 3 -tier scheme of €50K (order transmission / advice) / €125K (exchange / execution) / €150K (trading platform / custody)
• Client-asset segregation: a trust or segregation obligation; no hot/cold ratio prescribed (at NCA discretion)
• AML/CFT: 5 AMLD + the EU Travel Rule (linked to Regulation 2023/1113, Article 73 ) imposes a KYC-data-transmission obligation on transfers exceeding €1,000
• Stablecoin (ART/EMT): separate authorization is mandatory (MiCA Title III/IV). The issuer must hold a credit-institution or EMI authorization
• DORA linkage: in linkage with the Digital Operational Resilience Act, obligations for ICT third-party audit and cyber resilience

5. International comparison

Against the US’s SEC/CFTC fragmentation + the 50 -state-MTL fragmented form, the EU is overwhelmingly superior in uniformity through a single passport. Japan (FSA + JVCEA dual) and Korea (FSC + DAUC) have federal single supervision but are domestically limited. The EU’s NCA + ESMA unification has broader coverage than Hong Kong’s SFC or Singapore’s MAS, creating an incentive for global CEXs to compete to obtain an EU base. In the competitive relationship with UAE VARA, a division of labor forms in which the EU is superior in “regulatory clarity” and the UAE is superior in “taxation and speed.”

---

Cross-links

• us-crypto-licensing-multi-layer-system — comparison with the US fragmented form
• hk-sfc-vasp-licensing-overview — comparison with the Hong Kong regime
• sg-mas-dpt-licensing-overview — comparison with the Singapore regime
• fsa-vasp-registration-system — comparison with the Japanese regime
• global-cex-top10-comparison — the global positioning of Coinbase / Kraken / Crypto.com
• jp-vasp-aml-travel-rule-implementation — comparison of domestic Travel Rule implementations
• mica-overview — the overall structure of MiCA
• mica-emt-art-subcategories-deep-dive — the ART/EMT stablecoin authorization framework
• global-vasp-regulatory-comparison-matrix — global VASP regulatory comparison matrix
• global-stablecoin-regulatory-five-pole-matrix — comparison of the 5 poles of global stablecoin regulation
• mica-cross-border-implications — MiCA cross-border impact analysis