Exchange of crypto-assets for other crypto-assets
Exchanging one crypto-asset for another against proprietary capital requires a crypto-asset service provider (CASP) authorisation in the EU under MiCA Article 3(1)(16)(d) and 3(1)(20). In the EEA, authorised providers can passport their swap services across borders. In jurisdictions outside Europe, this dealer activity is regulated under virtual asset service provider (VASP) or money services business frameworks.
Definition
Concluding contracts with clients to swap one crypto-asset for another using the provider's own capital.
- MiCA, Art. 3(1)(16)(d) and 3(1)(20): official text
Which licence you need
Licence families that typically permit this activity:
- CASP · Cyprus
Notification by financial entities providing crypto-asset services under MiCAR Article 60
CySEC
- CASP · Cyprus
Crypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63
CySEC
- CASP · Czech Republic
Crypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll. (povolení k činnosti poskytovatele služeb souvisejících s kryptoaktivy)
CNB
- VASP · Dubai (VARA)
Virtual Asset Broker-Dealer Services Licence
VARA
- CASP · Estonia
Authorisation to operate as a crypto-asset service provider under MiCA
FI
- CASP · France
Prestataire de services sur crypto-actifs (PSCA) / Crypto-asset service provider authorization under EU MiCA Regulation
AMF
- CASP · Germany
Crypto-asset service provider licence (Zulassung als Anbieter von Kryptowerte-Dienstleistungen nach Art. 59 MiCAR / KMAG)
BaFin
- CASP · Ireland
Crypto-Asset Service Provider Authorisation
CBI
- CASP · Italy
Fornitore di servizi per le cripto-attività / Crypto-asset service provider (CASP) authorization
CONSOB
- CASP · Latvia
Crypto-asset service provider licence under MiCA
LB
- CASP · Lithuania
Crypto-asset service provider licence
LB
- CASP · Luxembourg
Crypto-asset service provider authorisation under MiCA Regulation
CSSF
- CASP · Malta
Crypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114
MFSA
- CASP · Netherlands
Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)
AFM
- CASP · Poland
Crypto-Asset Service Provider authorization under MiCA (zezwolenie na świadczenie usług w zakresie kryptoaktywów)
KNF
- CASP · Slovakia
Crypto-asset service provider licence under MiCA (povolenie na činnosť poskytovateľa služieb kryptoaktív)
NBS
- CASP · Spain
Proveedor de servicios de criptoactivos (PSC) / Crypto-asset service provider authorization
CNMV
Where it can be licensed
Frequently asked questions
Does an automated market maker or decentralised exchange protocol require a licence?
Purely decentralised protocols with no identifiable operator or intermediary typically fall outside traditional licensing frameworks. However, if a centralised entity, foundation or development team deploys front ends, maintains administrative keys, routes transactions or extracts fees, regulators treat the enterprise as an exchange intermediary requiring authorisation.
Are crypto-to-crypto swaps subject to the FATF travel rule?
Yes, the FATF travel rule applies to crypto-to-crypto transfers and exchanges executed by regulated providers. Intermediaries must obtain, hold, and securely transmit originator and beneficiary information alongside qualifying token transfers, ensuring traceability between counterparty institutions across different blockchain networks and private wallet endpoints.
Sources
- MiCA Art. 3(1)(16)(d) and 3(1)(20) · retrieved 2026-09-24
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