MiCAR CASP Authorisation
Complete Guide to Crypto-Asset Service Provider Compliance
The Markets in Crypto-Assets Regulation (MiCAR) requires all crypto-asset service providers to hold EU authorisation by 1 July 2026. Navigate Article 63 requirements, capital thresholds, and conduct-of-business obligations with AI-powered analysis grounded in the actual regulatory text.
What Is MiCAR?
The Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114) is the EU's comprehensive framework for regulating crypto-assets that fall outside existing financial services legislation such as MiFID II and the E-Money Directive.
MiCAR establishes harmonised rules across all 27 EU Member States for three categories of crypto-assets: asset-referenced tokens (ARTs), e-money tokens (EMTs), and all other crypto-assets including utility tokens. It also creates a unified authorisation and supervisory framework for crypto-asset service providers (CASPs).
For the crypto industry, MiCAR replaces the patchwork of 27 different national regimes with a single EU-wide rulebook. Authorised CASPs gain an EU passport to serve clients in all Member States from a single authorisation.
Regulation (EU) 2023/1114
Published in the Official Journal on 9 June 2023. Entered into force on 29 June 2023. Title III/IV applicable from 30 June 2024. Fully applicable from 30 December 2024.
Who Must Comply
Crypto-asset issuers, crypto exchanges, custodians, trading platforms, advisers, portfolio managers, and any entity providing crypto-asset services to EU clients.
EU-Wide Passport
One authorisation, 27 Member States. CASPs authorised under Article 63 can provide services across the entire EU via the Article 65 notification procedure.
Who Needs MiCAR CASP Authorisation?
Under Article 59 of MiCAR, crypto-asset services may only be provided by entities that are authorised as CASPs under Article 63, or that benefit from an exemption. The services requiring authorisation are:
Exemptions
Credit institutions (CRD-authorised), MiFID investment firms, e-money institutions (for EMT-related services), and UCITS management companies / AIFMs may provide certain crypto-asset services without separate CASP authorisation, subject to notification requirements under Article 60. Verify your exemption status against the specific service you intend to provide.
Key CASP Obligations Under MiCAR
Title V of MiCAR (Articles 59–84) sets out the authorisation requirements and ongoing obligations for crypto-asset service providers.
CASP Authorisation
Apply to the competent authority of the home Member State with programme of operations, governance arrangements, own funds evidence, and AML/CFT policies.
Capital Requirements
Maintain minimum own funds (EUR 50k–150k based on services) or one quarter of fixed overheads, whichever is higher.
Governance & Organisation
Establish sound governance, effective risk management, internal controls, business continuity, and record-keeping procedures.
Client Asset Safeguarding
Segregate client crypto-assets and funds, use independent custodians, and implement custody policies that protect client assets.
Complaints Handling
Maintain effective complaints handling procedures, respond within prescribed timeframes, and keep records of all complaints and remedies.
Conflicts of Interest
Identify, prevent, manage, and disclose conflicts of interest that could impair client outcomes, including proprietary trading conflicts.
Outsourcing Controls
When outsourcing operational functions, ensure the outsourcing arrangement does not impair quality of internal controls or supervisory oversight.
Orderly Wind-Down
Prepare a plan for orderly wind-down of crypto-asset services, including return of client assets, within a reasonable timeframe.
MiCAR Capital Requirements for CASPs
Article 67 of MiCAR sets minimum own funds requirements. CASPs must maintain the higher of the applicable minimum below or one quarter of fixed overheads from the preceding year.
| Crypto-Asset Service | MiCAR Reference | Minimum Own Funds |
|---|---|---|
| Custody and administration of crypto-assets | Art. 67(1)(a) | EUR 50,000 |
| Providing advice on crypto-assets | Art. 67(1)(a) | EUR 50,000 |
| Providing transfer services for crypto-assets | Art. 67(1)(a) | EUR 50,000 |
| Reception and transmission of orders | Art. 67(1)(a) | EUR 50,000 |
| Exchange of crypto-assets for funds or other crypto-assets | Art. 67(1)(b) | EUR 125,000 |
| Execution of orders on behalf of clients | Art. 67(1)(b) | EUR 125,000 |
| Placing of crypto-assets | Art. 67(1)(a) | EUR 50,000 |
| Providing portfolio management on crypto-assets | Art. 67(1)(a) | EUR 50,000 |
| Operating a trading platform for crypto-assets | Art. 67(1)(c) | EUR 150,000 |
Note: Where a CASP provides multiple services, the highest applicable threshold applies. Additionally, own funds must at all times be at least equal to one quarter of the fixed overheads of the preceding year (Article 67(3)).
MiCAR Token Classification
MiCAR classifies crypto-assets into three categories, each with different issuance requirements, supervisory arrangements, and obligations. Correct classification is the first step in any MiCAR compliance assessment.
Asset-Referenced Tokens (ARTs)
Title III · Articles 16-47
Tokens that maintain a stable value by referencing multiple currencies, commodities, crypto-assets, or a combination. Issuers must be authorised and maintain a reserve of assets.
- Issuer authorisation by NCA (EBA for significant ARTs)
- Reserve of assets with custody and investment restrictions
- Minimum own funds: EUR 350,000 or 2% of reserve
- White paper with prescribed content
- Prohibition on interest payments to holders
E-Money Tokens (EMTs)
Title IV · Articles 48-58
Tokens that maintain a stable value by referencing a single official currency. Issuers must be authorised as a credit institution or e-money institution.
- Issuer must be a credit institution or authorised EMI
- Holders have a redemption right at par value at any time
- Funds received must be safeguarded per E-Money Directive
- White paper notification and publication required
- Prohibition on granting interest to EMT holders
Other Crypto-Assets (incl. Utility Tokens)
Title II · Articles 4-15
All crypto-assets that are not ARTs or EMTs, including utility tokens. Subject to lighter requirements: primarily a white paper obligation and marketing rules.
- White paper must be notified to NCA and published
- Fair, clear, and not misleading marketing
- 14-day right of withdrawal for retail holders
- No authorisation required for issuers (notification only)
- Exemptions for small offerings (<EUR 1M) and QIs
MiCAR Implementation Timeline
30 Jun 2024
MiCAR Title III (ARTs) and Title IV (EMTs) applicable
30 Dec 2024
MiCAR fully applicable — Title V (CASPs) in force
Q1–Q2 2025
ESMA publishes final RTS/ITS packages
H1 2026
National competent authorities processing applications
1 Jul 2026
Transitional period expires — full MiCAR authorisation required for all CASPs
H2 2026
Full enforcement — unlicensed CASPs barred from serving EU clients
AI-Powered MiCAR Compliance Analysis
financialregulations.eu covers the full text of MiCAR, including all Level 2 RTS and ITS published to date. Ask any question and get an answer with article-level citations from the actual regulation.
- What are the capital requirements for a CASP operating a trading platform?
- Can an AIFM provide crypto-asset custody services without CASP authorisation?
- What whitepaper requirements apply to asset-referenced tokens under Title III?
- How does the MiCAR passporting mechanism work for cross-border services?
- What are the specific AML/CFT obligations for CASPs under Article 68?
- When does a tokenised security fall under MiFID II instead of MiCAR?
- What organisational requirements apply to a CASP under Articles 68–69?
- How do the MiCAR market abuse rules differ from MAR?
How It Works
1. Ask a question
Type any MiCAR-related question in plain language. Choose from Q&A, legal opinion, compliance checklist, gap analysis, or obligation extraction.
2. Get a cited answer
Our system retrieves relevant provisions from the MiCAR regulatory text and generates an answer with article-level citations you can verify.
3. Verify and act
Review the cited sources, export your analysis as PDF or DOCX, and consult qualified counsel for your specific situation.
MiCAR CASP Compliance Checklist
Use this checklist as a starting point for your CASP authorisation application. Each item should be verified against the full regulatory text with qualified legal counsel.
Frequently Asked Questions About MiCAR
What is MiCAR?
MiCAR (Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114) is the EU’s comprehensive regulatory framework for crypto-assets that are not covered by existing financial services legislation. It establishes rules for issuers of crypto-assets and crypto-asset service providers (CASPs), covering authorisation, conduct of business, market abuse, and consumer protection across all 27 EU Member States.
What is a CASP under MiCAR?
A Crypto-Asset Service Provider (CASP) is a legal person or undertaking that provides crypto-asset services professionally. Under Article 3(1)(15) of MiCAR, crypto-asset services include custody and administration, operation of a trading platform, exchange of crypto-assets for funds or other crypto-assets, execution of orders, placing, reception and transmission of orders, providing advice, providing portfolio management, and providing transfer services for crypto-assets.
When is the MiCAR CASP authorisation deadline?
The transitional period for existing crypto-asset service providers expires on 1 July 2026. After this date, entities must hold a MiCAR authorisation under Article 63 or fall within an exemption (e.g., credit institutions under CRD or MiFID investment firms that have notified their competent authority) to provide crypto-asset services in the EU. Member States could set earlier transitional deadlines, so check your home Member State’s implementation.
What capital is required for CASP authorisation?
Article 67 of MiCAR sets minimum own funds requirements based on the services provided: EUR 50,000 for custody and administration, advice, and transfer services; EUR 125,000 for exchange and order execution services; EUR 150,000 for operating a trading platform. CASPs must maintain the higher of the applicable minimum or one quarter of fixed overheads from the preceding year.
Can a MiCAR-authorised CASP passport across the EU?
Yes. Under Article 65 of MiCAR, once authorised in one Member State, a CASP may provide services across the entire EU through a notification procedure to host state competent authorities. The home state NCA notifies the host state NCA, and the CASP may commence services after a specified period. This EU passporting right is one of the key advantages of MiCAR authorisation over fragmented national regimes.
What is the difference between MiCAR and MiFID II for crypto?
MiCAR regulates crypto-assets that are NOT financial instruments — utility tokens, asset-referenced tokens (ARTs), and e-money tokens (EMTs). MiFID II continues to apply to tokenised securities and DLT-based financial instruments. The classification depends on whether the token meets the definition of a transferable security or other financial instrument under Annex I, Section C of MiFID II. This boundary is critical: getting the classification wrong means operating under the wrong regulatory regime.
Do I need a whitepaper under MiCAR?
Under Articles 6 and 16 of MiCAR, any person making a public offer of crypto-assets or seeking admission to trading must publish a crypto-asset whitepaper. The content requirements differ by token type: basic crypto-assets (Article 6), asset-referenced tokens (Article 19), and e-money tokens (Article 51). Exemptions exist for small offerings (under EUR 1 million in 12 months), offers to fewer than 150 persons per Member State, and certain mining rewards.
Which national authorities handle MiCAR CASP applications?
Each EU Member State designates its own National Competent Authority (NCA) to process CASP applications. Key NCAs include: AFM (Netherlands), BaFin (Germany), CSSF (Luxembourg), AMF (France), CBI (Ireland), CNMV (Spain), and CONSOB (Italy). The application is submitted to the NCA of the Member State where the CASP has its registered office. Processing times vary — most NCAs indicate 3–6 months for a complete application.
MiCAR Guides & Resources
In-depth analysis covering every aspect of MiCAR compliance, from CASP authorisation to whitepaper requirements and the MiFID II boundary.
MiCAR CASP Authorisation & Compliance Checklist 2026
Complete Article 63 guide and article-by-article checklist of every obligation for CASP authorisation under MiCAR.
MiCAR Whitepaper Requirements Checklist
Mandatory whitepaper content by token type: crypto-assets, ARTs, and EMTs.
MiCAR vs MiFID II: Crypto Classification Guide
How to determine whether your token falls under MiCAR or MiFID II — the critical boundary question.
MiCAR Reverse Solicitation: ESMA Guidelines Explained
What counts as reverse solicitation under MiCAR, when the exemption applies, and how ESMA's final guidelines change enforcement.
EU Financial Regulation Deadlines 2026
Complete compliance calendar including MiCAR, DORA, AIFMD II, and all major EU regulatory deadlines.
Start Your MiCAR Application Now
National competent authorities are already processing applications. With processing times of 3–6 months, firms that have not yet submitted their application face real risk of missing the 1 July 2026 deadline. Start your regulatory analysis today.
Free tier includes 5 queries per month. No credit card required.