# Reception and transmission of orders for crypto-assets

Source page: https://protegra.io/licensing/activities/crypto-order-reception-transmission/

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](https://eur-lex.europa.eu/eli/reg/2023/1114/oj)

## Which licence you need

Licence families that typically permit this activity:

- [Crypto-asset service provider (MiCA CASP)](https://protegra.io/licensing/licences/casp-mica/)

- [CASP · CyprusNotification by financial entities providing crypto-asset services under MiCAR Article 60CySEC](https://protegra.io/licensing/licences/casp-mica/cyprus-art60/)
- [CASP · CyprusCrypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63CySEC](https://protegra.io/licensing/licences/casp-mica/cyprus/)
- [CASP · Czech RepublicCrypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll. (povolení k činnosti poskytovatele služeb souvisejících s kryptoaktivy)CNB](https://protegra.io/licensing/licences/casp-mica/czech-republic/)
- [CASP · EstoniaAuthorisation to operate as a crypto-asset service provider under MiCAFI](https://protegra.io/licensing/licences/casp-mica/estonia/)
- [CASP · FrancePrestataire de services sur crypto-actifs (PSCA) / Crypto-asset service provider authorization under EU MiCA RegulationAMF](https://protegra.io/licensing/licences/casp-mica/france/)
- [CASP · GermanyCrypto-asset service provider licence (Zulassung als Anbieter von Kryptowerte-Dienstleistungen nach Art. 59 MiCAR / KMAG)BaFin](https://protegra.io/licensing/licences/casp-mica/germany/)
- [CASP · IrelandCrypto-Asset Service Provider AuthorisationCBI](https://protegra.io/licensing/licences/casp-mica/ireland/)
- [CASP · ItalyFornitore di servizi per le cripto-attività / Crypto-asset service provider (CASP) authorizationCONSOB](https://protegra.io/licensing/licences/casp-mica/italy/)
- [CASP · LatviaCrypto-asset service provider licence under MiCALB](https://protegra.io/licensing/licences/casp-mica/latvia/)
- [CASP · LithuaniaCrypto-asset service provider licenceLB](https://protegra.io/licensing/licences/casp-mica/lithuania/)
- [CASP · LuxembourgCrypto-asset service provider authorisation under MiCA RegulationCSSF](https://protegra.io/licensing/licences/casp-mica/luxembourg/)
- [CASP · MaltaCrypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114MFSA](https://protegra.io/licensing/licences/casp-mica/malta/)
- [CASP · NetherlandsCrypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)AFM](https://protegra.io/licensing/licences/casp-mica/netherlands/)
- [CASP · PolandCrypto-Asset Service Provider authorization under MiCA (zezwolenie na świadczenie usług w zakresie kryptoaktywów)KNF](https://protegra.io/licensing/licences/casp-mica/poland/)
- [CASP · SlovakiaCrypto-asset service provider licence under MiCA (povolenie na činnosť poskytovateľa služieb kryptoaktív)NBS](https://protegra.io/licensing/licences/casp-mica/slovakia/)
- [CASP · SpainProveedor de servicios de criptoactivos (PSC) / Crypto-asset service provider authorizationCNMV](https://protegra.io/licensing/licences/casp-mica/spain/)

## Where it can be licensed

| | EU/EEA passport | Domestic |
| --- | --- | --- |
| [Cyprus: Notification by financial entities providing crypto-asset services under MiCAR Article 60](https://protegra.io/licensing/licences/casp-mica/cyprus-art60/) | ✓ | |
| [Cyprus: Crypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63](https://protegra.io/licensing/licences/casp-mica/cyprus/) | ✓ | |
| [Czech Republic: Crypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll. (povolení k činnosti poskytovatele služeb souvisejících s kryptoaktivy)](https://protegra.io/licensing/licences/casp-mica/czech-republic/) | ✓ | |
| [Estonia: Authorisation to operate as a crypto-asset service provider under MiCA](https://protegra.io/licensing/licences/casp-mica/estonia/) | ✓ | |
| [France: Prestataire de services sur crypto-actifs (PSCA) / Crypto-asset service provider authorization under EU MiCA Regulation](https://protegra.io/licensing/licences/casp-mica/france/) | ✓ | |
| [Germany: Crypto-asset service provider licence (Zulassung als Anbieter von Kryptowerte-Dienstleistungen nach Art. 59 MiCAR / KMAG)](https://protegra.io/licensing/licences/casp-mica/germany/) | ✓ | |
| [Ireland: Crypto-Asset Service Provider Authorisation](https://protegra.io/licensing/licences/casp-mica/ireland/) | ✓ | |
| [Italy: Fornitore di servizi per le cripto-attività / Crypto-asset service provider (CASP) authorization](https://protegra.io/licensing/licences/casp-mica/italy/) | ✓ | |
| [Latvia: Crypto-asset service provider licence under MiCA](https://protegra.io/licensing/licences/casp-mica/latvia/) | ✓ | |
| [Lithuania: Crypto-asset service provider licence](https://protegra.io/licensing/licences/casp-mica/lithuania/) | ✓ | |
| [Luxembourg: Crypto-asset service provider authorisation under MiCA Regulation](https://protegra.io/licensing/licences/casp-mica/luxembourg/) | ✓ | |
| [Malta: Crypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114](https://protegra.io/licensing/licences/casp-mica/malta/) | ✓ | |
| [Netherlands: Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)](https://protegra.io/licensing/licences/casp-mica/netherlands/) | ✓ | |
| [Poland: Crypto-Asset Service Provider authorization under MiCA (zezwolenie na świadczenie usług w zakresie kryptoaktywów)](https://protegra.io/licensing/licences/casp-mica/poland/) | ✓ | |
| [Slovakia: Crypto-asset service provider licence under MiCA (povolenie na činnosť poskytovateľa služieb kryptoaktív)](https://protegra.io/licensing/licences/casp-mica/slovakia/) | ✓ | |
| [Spain: Proveedor de servicios de criptoactivos (PSC) / Crypto-asset service provider authorization](https://protegra.io/licensing/licences/casp-mica/spain/) | ✓ | |

## 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

1. [MiCA Art. 3(1)(16)(g) and 3(1)(23)](https://eur-lex.europa.eu/eli/reg/2023/1114/oj): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.