Execution of orders for crypto-assets on behalf of clients
Concluding agreements to buy or sell crypto-assets on behalf of clients requires a crypto-asset service provider (CASP) authorisation in the EU under MiCA Article 3(1)(16)(e) and 3(1)(21). Authorised firms can passport services throughout the EEA. Non-EU jurisdictions regulate client order execution under virtual asset service provider (VASP) regimes or national broker-dealer and securities laws.
Definition
Concluding agreements to buy or sell crypto-assets on behalf of clients, including subscribing to offers.
- MiCA, Art. 3(1)(16)(e) and 3(1)(21): 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
What best execution obligations apply to crypto order execution?
Under MiCA, authorised brokers must take all necessary steps to obtain the best possible result for clients, considering price, costs, speed, likelihood of execution and settlement size. Firms must establish and implement an order execution policy and disclose the venues where client orders are regularly routed.
Can a firm execute client crypto orders against its own inventory?
Firms executing orders on behalf of clients must manage structural conflicts of interest. While internalisation is permitted in certain jurisdictions under strict disclosure, MiCA mandates that client orders be handled fairly, without front-running, prioritising client interests over the broker's proprietary inventory or affiliate trading desks.
Sources
- MiCA Art. 3(1)(16)(e) and 3(1)(21) · retrieved 2026-09-24
Planning execution of orders for crypto-assets on behalf of clients? Get the licence right first
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