Reception and transmission of orders for crypto-assets
Taking a client's buy or sell order and passing it to a third party for execution needs a CASP authorisation under MiCA Article 3(1)(16)(g) and 3(1)(23). The introducing broker never touches client custody or settles the trade itself. The licence passports across the EEA once granted.
Definition
Receiving a client's order to buy or sell crypto-assets and passing it to a third party for execution.
- MiCA, Art. 3(1)(16)(g) and 3(1)(23): 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
- 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
Can an introducing broker receive payments or commissions from execution venues?
It can, but MiCA ties the practice to disclosure. Any fee, rebate or commission the broker receives from an execution venue must be disclosed to the client before the order goes in, and it cannot compromise the broker's duty to act in the client's best interest.
Does an order routing application require a CASP licence if it is non-custodial?
Yes, once the app routes or transmits client orders to particular counterparties or venues as a commercial service. A pure technology vendor that only licenses routing software, without acting as an intermediary or touching the order flow itself, can stay outside the rule.
Sources
- MiCA Art. 3(1)(16)(g) and 3(1)(23) · retrieved 2026-09-24
Planning reception and transmission of orders for crypto-assets? Get the licence right first
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