Reception and transmission of orders for crypto-assets
Receiving a client's order to purchase or sell crypto-assets and transmitting it to a third party for execution requires a crypto-asset service provider (CASP) authorisation under MiCA Article 3(1)(16)(g) and 3(1)(23). Authorised intermediaries can passport across the European Economic Area, providing introducing broker services without handling client custody or settling trades themselves.
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 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
- 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
Can an introducing broker receive payments or commissions from execution venues?
Under MiCA, firms receiving and transmitting orders must ensure that third-party inducements, rebates or commissions do not compromise their duty to act in the best interests of clients. Any fees or benefits received from execution venues must be clearly disclosed to the customer prior to order placement.
Does an order routing application require a CASP licence if it is non-custodial?
Yes, if the application actively routes or transmits client orders to specific counterparties or trading venues as a commercial service, it falls under reception and transmission rules. Pure technology providers that supply routing software without acting as intermediaries or touching order flows may remain exempt.
Sources
- MiCA Art. 3(1)(16)(g) and 3(1)(23) · retrieved 2026-09-24
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