Exchange of crypto-assets for funds
Buying or selling crypto-assets against official currency using proprietary capital requires a crypto-asset service provider (CASP) authorisation in the European Union under MiCA Article 3(1)(16)(c) and 3(1)(19). A CASP licence allows passporting across the EEA. Outside the EU, this on-and-off-ramp service requires a virtual asset service provider (VASP) licence or registration with national anti-money-laundering authorities.
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 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 a crypto-to-fiat exchange need a separate payment institution licence?
A CASP exchanging crypto for fiat does not automatically require a payment institution licence if it merely receives and pays funds for its own trades. However, holding customer fiat balances long term or providing standalone remittance services triggers payment services regulation under PSD2 or equivalent national regimes.
What anti-money-laundering rules apply to fiat-to-crypto exchanges?
Operators must enforce customer due diligence, source of funds verification, transaction monitoring and travel rule compliance. Regulators require exchanges to verify user identity, screen counterparties against sanctions lists, and retain audit logs to prevent illicit finance when converting sovereign currencies into distributed-ledger tokens.
Sources
- MiCA Art. 3(1)(16)(c) and 3(1)(19) · retrieved 2026-09-24
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