Portfolio management of crypto-assets
Managing client portfolios containing crypto-assets on a discretionary, client-by-client basis under mandate requires a crypto-asset service provider (CASP) authorisation under MiCA Article 3(1)(16)(i) and 3(1)(25). Authorised managers can passport across the European Economic Area. The regime mandates periodic client valuation statements, strict investment limits, suitability evaluations and continuous risk management.
Definition
Managing portfolios that include crypto-assets on a discretionary, client-by-client basis under a mandate.
- MiCA, Art. 3(1)(16)(i) and 3(1)(25): 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 Management and Investment 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
Can an investment fund manager handle crypto portfolios under an existing AIFM licence?
Alternative investment fund managers may manage funds investing in crypto-assets within the scope of their AIFMD authorisation, subject to national investment rules. However, managing individual segregated discretionary client accounts containing crypto-assets requires specific CASP portfolio management authorisation under MiCA.
What reporting disclosures must crypto portfolio managers provide to clients?
Managers must supply regular periodic statements detailing portfolio performance, asset valuations, trading costs and any depreciation exceeding agreed thresholds. Reports must reflect fair market valuations and highlight the volatility and liquidity risks associated with the underlying distributed-ledger holdings.
Sources
- MiCA Art. 3(1)(16)(i) and 3(1)(25) · retrieved 2026-09-24
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