Exchange of crypto-assets for funds
Buying or selling crypto-assets against euros or other official currency, using the firm's own capital, needs a CASP authorisation under MiCA Article 3(1)(16)(c) and 3(1)(19). That licence carries an EEA-wide passport. The same on-and-off-ramp business sits outside the EU under a VASP licence, or simple registration with the national anti-money-laundering authority.
Definition
Buying or selling crypto-assets against fiat money using the provider's own capital.
- MiCA, Art. 3(1)(16)(c) and 3(1)(19): official text
Which licence you need
Licence families that typically permit this activity:
- CASP · Cyprus
Notification by financial entities providing crypto-asset services
Notification by financial entities providing crypto-asset services under MiCAR Article 60CySEC
- CASP · Cyprus
Crypto-Asset Service Provider (CASP) authorisation
Crypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63CySEC · capital EUR 50,000
- CASP · Czech Republic
Crypto-Asset Service Provider authorisation
Crypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll.CNB · capital EUR 50,000
- VASP · Dubai (VARA)
Virtual Asset Broker-Dealer Services Licence
VARA · capital AED 600,000
- CASP · Estonia
Authorisation to operate as a crypto-asset service provider
Authorisation to operate as a crypto-asset service provider under MiCAFI
- CASP · France
Crypto-asset service provider authorization
Crypto-asset service provider authorization under EU MiCA RegulationAMF
- CASP · Germany
Crypto-asset service provider licence
BaFin
- CASP · Ireland
Crypto-Asset Service Provider Authorisation
CBI
- CASP · Italy
Crypto-asset service provider (CASP) authorization
CONSOB
- CASP · Latvia
Crypto-asset service provider licence
Crypto-asset service provider licence under MiCALB · capital EUR 50,000
- CASP · Lithuania
Crypto-asset service provider licence
LB · capital EUR 50,000
- CASP · Luxembourg
Crypto-asset service provider authorisation
Crypto-asset service provider authorisation under MiCA RegulationCSSF
- CASP · Malta
Crypto-Asset Service Provider authorisation
Crypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114MFSA · capital EUR 50,000
- CASP · Netherlands
Crypto-Asset Service Provider (CASP) authorisation
Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)AFM · capital EUR 50,000
- CASP · Poland
Crypto-Asset Service Provider authorization
Crypto-Asset Service Provider authorization under MiCAKNF · capital EUR 50,000
- CASP · Slovakia
Crypto-asset service provider licence
Crypto-asset service provider licence under MiCANBS · capital EUR 50,000
- CASP · Spain
Crypto-asset service provider authorization
CNMV
Where it can be licensed
Frequently asked questions
Does a crypto-to-fiat exchange need a separate payment institution licence?
Not automatically. A CASP that only receives and pays out funds for its own trades can operate on the CASP licence alone. Holding client fiat balances for any length of time, or offering remittance as a separate service, pulls the firm into PSD2 or an equivalent national payment regime.
What anti-money-laundering rules apply to fiat-to-crypto exchanges?
Exchanges must run customer due diligence, check the source of funds and monitor transactions on an ongoing basis, plus comply with the travel rule. Regulators expect identity checks on every user, sanctions screening on counterparties, and audit logs kept long enough to trace a conversion between currency and tokens.
Sources
- MiCA Art. 3(1)(16)(c) and 3(1)(19) · retrieved 2026-09-24
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