MiCA · CASP Licensing

The single EU licence
that unlocks
all 27 markets.

MiCA is the EU's first comprehensive crypto-asset regulation. A CASP licence gives you the legal right to operate across all 27 member states — issued once, valid everywhere.

27
EU markets

One CASP licence passports automatically to every member state — no per-country approvals.

12mo
Typical timeline

From initial assessment to full regulator approval, guided by our team at every step.

3
Licence classes

From advisory & order flow (Class 1) to trading-platform operator (Class 3) — we match your model.

Licence classes

How does one MiCA CASP licence cover all 27 EU markets?

MiCA creates a single regulatory passport. A CASP licence issued in any EU member state grants automatic rights to operate across the entire EU without additional national approvals. See how many licences each regulator has actually issued — the figures are recalculated from the ESMA register.

01

Advisory, order flow & transfer (Class 1)

Reception and transmission of orders, execution, placing, transfer services, advice and portfolio management. Share capital from €50,000.

02

Exchange & custody (Class 2)

Exchange of crypto-assets for funds or other crypto-assets, and custody and administration for clients, on top of every Class 1 service. Share capital from €125,000.

03

Trading platform (Class 3)

Operating a trading platform for crypto-assets, on top of every Class 1 and Class 2 service. Share capital from €150,000 under Annex IV of MiCA.

Our process

How does Protegra take you from business idea to licensed CASP?

We manage the entire licensing journey — from initial scoping to ongoing post-licence compliance — so your team stays focused on the product.

01

Business & legal assessment

We analyse your business model, identify the correct licence class, and select the optimal EU jurisdiction based on your timeline and capital.

02

Documentation & application

We prepare your full CASP application: governance framework, AML/KYC policies, DORA-compliant IT documentation, and capital plan.

03

Regulator dialogue

We manage all regulator communication, respond to queries and additional information requests, and navigate the approval process on your behalf.

04

Go-live & ongoing compliance

Licence in hand — we continue as your outsourced compliance team: AML monitoring, DORA obligations, regulatory reporting, and annual filings.

In short

What is a MiCA CASP licence, and how much capital does it need?

A MiCA CASP licence is an authorisation as a crypto-asset service provider under Regulation (EU) 2023/1114, issued by the national competent authority of one EU member state and passported to all 27 EU states and the EEA. Annex IV sets three classes of own funds: €50,000 for Class 1 (advice, order flow, transfers, portfolio management), €125,000 for Class 2 (adds exchange for funds or other crypto-assets and custody) and €150,000 for Class 3 (adds operating a trading platform). Article 63 allows 25 working days for the completeness check and 40 for assessment, extendable by 20; a typical file takes about 12 months from first assessment to approval. As of the ESMA interim register of 16 September 2026, 350 CASP authorisations are in force across the EU and EEA, led by Germany (94), France (35) and the Netherlands (29), while Greece, Hungary, Poland and Romania have issued none; see the register in numbers. Protegra selects the jurisdiction, prepares the application and manages the regulator dialogue.

ItemFigureDetail
Class 1€50,000Reception & transmission, execution, placing, transfer services, advice, portfolio management
Class 2€125,000Class 1 + exchange for funds or other crypto-assets + custody & administration
Class 3€150,000Class 2 + operating a trading platform
Statutory clock (Art. 63)25 + 40 working daysCompleteness check, then assessment; extendable by 20 working days
Authorisations in force350EU + EEA, ESMA interim register of 16 Sep 2026 (352 entries, 2 ended)
Top regulatorsBaFin 94 · AMF 35 · AFM 29Germany, France, Netherlands; then CySEC 25 and MFSA 22
Zero-licence EU states4Greece, Hungary, Poland, Romania

Sources: Annex IV and Art. 63 of Regulation (EU) 2023/1114; ESMA interim register, release 16 Sep 2026 (authorisations in force, ended entries excluded).

Licensing,
not guesswork.

Licence classes

Which MiCA CASP licence class fits your model?

MiCA defines three CASP licence classes by service scope and capital requirement. We help you identify the right class from the start — avoiding costly reclassification later.

CLASS 1

Advisory, Order Flow & Transfer

Share capital from €50,000
  • Reception, transmission & execution of orders
  • Placing & transfer services
  • Advice & portfolio management
CLASS 2

Exchange & Custody

Share capital from €125,000
  • All Class 1 services
  • Exchange of crypto-assets for funds
  • Exchange for other crypto-assets
  • Custody & administration for clients
CLASS 3

Trading Platform Operator

Share capital from €150,000
  • All Class 1 & 2 services
  • Operating a trading platform for crypto-assets
  • Every CASP service MiCA defines
  • Own funds per Annex IV, Regulation (EU) 2023/1114
FAQ

What are the most common questions about a CASP licence in the EU?

01What is a CASP licence and who needs one?
A Crypto-Asset Service Provider licence under MiCA is required for any company offering crypto services to EU clients — custody, exchange, transfer, portfolio management, or advice. Without it, you are operating illegally in the EU from 30 December 2024.
02Which EU jurisdiction should I choose?
Latvia and Malta offer the most efficient processing times, clear regulators (Latvijas Banka and MFSA), and reasonable capital requirements. We assess your business model, timeline, and team location and recommend the optimal jurisdiction — then manage the entire process there. Before choosing, look at which regulators have actually issued CASP licences, and how fast: the figures come straight from the ESMA register.
03What documentation is required for the application?
The full application package includes: business plan, AML/KYC framework, internal control procedures, IT and DORA-compliant cybersecurity policies, governance structure, CV and fitness assessments for key persons, and evidence of share capital. We prepare all of these.
04How long does the licensing process take?
Typically 12–18 months from initial assessment to approval, depending on the jurisdiction and completeness of the application. Latvia and Malta have legally defined review windows. Our average client receives approval within 14 months.
05Do I need physical presence in the EU?
Yes. Regulators require genuine operational substance: a registered legal entity, local registered office, and at least key persons (MLRO, Director) with real decision-making authority in the jurisdiction. We assist with entity formation, office setup, and role outsourcing.
06What happens after the licence is issued?
Post-licence, you have ongoing obligations: AML/KYC monitoring, suspicious transaction reporting, annual regulatory reporting, DORA compliance, and prudential requirements. We offer a full compliance outsourcing service so your team can focus on the product.

Reference: Crypto-asset service provider (MiCA CASP) licences compared in the Licensing Atlas.

Written by Anastasia Sidorenkova ·
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