# Portfolio management of crypto-assets

Source page: https://protegra.io/licensing/activities/crypto-portfolio-management/

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](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/)
- [VASP · Dubai (VARA)Virtual Asset Management and Investment Services LicenceVARA](https://protegra.io/licensing/licences/vasp/dubai-management-investment/)
- [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/) | ✓ | |
| [Dubai (VARA): Virtual Asset Management and Investment Services Licence](https://protegra.io/licensing/licences/vasp/dubai-management-investment/) | | ✓ |
| [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 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

1. [MiCA Art. 3(1)(16)(i) and 3(1)(25)](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.