# Regulated activities

Source page: https://protegra.io/licensing/activities/

A licence is defined by the activities it permits. The Atlas maps 46 regulated activities from the official EU lists (MiCA, PSD2, the E-Money Directive, MiFID II, AIFMD and UCITS) and the FATF definitions used outside the EU to the licences that allow them, so you can start from what your business does.

## MiCA

- [Art. 3(1)(16)(a) and 3(1)(17) · 20 licencesCustody and administration of crypto-assetsSafekeeping or controlling crypto-assets, or the means of access to them such as private keys, on behalf of clients.](https://protegra.io/licensing/activities/crypto-custody/)
- [Art. 3(1)(16)(b) and 3(1)(18) · 17 licencesOperating a crypto-asset trading platformManaging a multilateral system that brings together buying and selling interests in crypto-assets so that contracts are concluded.](https://protegra.io/licensing/activities/crypto-trading-platform/)
- [Art. 3(1)(16)(c) and 3(1)(19) · 17 licencesExchange of crypto-assets for fundsBuying or selling crypto-assets against fiat money using the provider's own capital.](https://protegra.io/licensing/activities/crypto-fiat-exchange/)
- [Art. 3(1)(16)(d) and 3(1)(20) · 17 licencesExchange of crypto-assets for other crypto-assetsConcluding contracts with clients to swap one crypto-asset for another using the provider's own capital.](https://protegra.io/licensing/activities/crypto-crypto-exchange/)
- [Art. 3(1)(16)(e) and 3(1)(21) · 17 licencesExecution of orders for crypto-assets on behalf of clientsConcluding agreements to buy or sell crypto-assets on behalf of clients, including subscribing to offers.](https://protegra.io/licensing/activities/crypto-order-execution/)
- [Art. 3(1)(16)(f) and 3(1)(22) · 16 licencesPlacing of crypto-assetsMarketing crypto-assets to purchasers on behalf of or for the account of the offeror or a related party.](https://protegra.io/licensing/activities/crypto-placing/)
- [Art. 3(1)(16)(g) and 3(1)(23) · 16 licencesReception and transmission of orders for crypto-assetsReceiving a client's order to buy or sell crypto-assets and passing it to a third party for execution.](https://protegra.io/licensing/activities/crypto-order-reception-transmission/)
- [Art. 3(1)(16)(h) and 3(1)(24) · 17 licencesAdvice on crypto-assetsGiving personalised recommendations to a client about transactions in crypto-assets or the use of crypto-asset services.](https://protegra.io/licensing/activities/crypto-advice/)
- [Art. 3(1)(16)(i) and 3(1)(25) · 17 licencesPortfolio management of crypto-assetsManaging portfolios that include crypto-assets on a discretionary, client-by-client basis under a mandate.](https://protegra.io/licensing/activities/crypto-portfolio-management/)
- [Art. 3(1)(16)(j) and 3(1)(26) · 17 licencesTransfer services for crypto-assetsMoving crypto-assets on behalf of a client from one distributed-ledger address or account to another.](https://protegra.io/licensing/activities/crypto-transfer/)
- [Title III, Art. 16 · 5 licencesIssuing asset-referenced tokensOffering to the public, or seeking admission to trading of, a token that stabilises its value by referencing other assets or a basket of currencies.](https://protegra.io/licensing/activities/art-issuance/)
- [Title IV, Art. 48 · 6 licencesIssuing e-money tokensOffering to the public, or seeking admission to trading of, a token that references the value of a single official currency.](https://protegra.io/licensing/activities/emt-issuance/)

## PSD2

- [Annex I (1) · 1 licencesCash placement on a payment accountServices enabling cash to be placed on a payment account, and the operations required to run that account.](https://protegra.io/licensing/activities/cash-placement/)
- [Annex I (2) · 1 licencesCash withdrawal from a payment accountServices enabling cash to be withdrawn from a payment account, and the operations required to run that account.](https://protegra.io/licensing/activities/cash-withdrawal/)
- [Annex I (3) · 66 licencesExecution of payment transactionsExecuting direct debits, card payments and credit transfers, including standing orders, from a payment account.](https://protegra.io/licensing/activities/payment-execution/)
- [Annex I (4) and Art. 18(4) · 1 licencesExecution of payment transactions covered by a credit lineExecuting payment transactions where the funds are covered by a credit line granted to the user, within the limits PSD2 allows.](https://protegra.io/licensing/activities/payment-execution-credit-line/)
- [Annex I (5) · 44 licencesIssuing payment instruments and acquiring payment transactionsIssuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants.](https://protegra.io/licensing/activities/card-issuing-acquiring/)
- [Annex I (6) · 49 licencesMoney remittanceReceiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts.](https://protegra.io/licensing/activities/money-remittance/)
- [Annex I (7) · 44 licencesPayment initiation servicesInitiating a payment order at the user's request from an account held with another provider, as in open banking.](https://protegra.io/licensing/activities/payment-initiation/)
- [Annex I (8) · 50 licencesAccount information servicesProviding consolidated online information on one or more payment accounts the user holds with other providers.](https://protegra.io/licensing/activities/account-information/)

## EMD2

- [Art. 2(2) · 20 licencesIssuing electronic moneyIssuing monetary value stored electronically against funds received, redeemable at par and accepted by third parties as payment.](https://protegra.io/licensing/activities/e-money-issuance/)

## MiFID II

- [Annex I, Section A(1) · 31 licencesReception and transmission of ordersReceiving client orders in financial instruments and passing them to another firm for execution.](https://protegra.io/licensing/activities/order-reception-transmission/)
- [Annex I, Section A(2) · 30 licencesExecution of orders on behalf of clientsConcluding agreements to buy or sell financial instruments on behalf of clients.](https://protegra.io/licensing/activities/order-execution/)
- [Annex I, Section A(3) · 28 licencesDealing on own accountTrading financial instruments against proprietary capital, which includes acting as counterparty to client trades.](https://protegra.io/licensing/activities/dealing-own-account/)
- [Annex I, Section A(4) · 36 licencesPortfolio managementManaging client portfolios that include financial instruments on a discretionary, client-by-client basis.](https://protegra.io/licensing/activities/portfolio-management/)
- [Annex I, Section A(5) · 32 licencesInvestment adviceGiving personal recommendations to a client about one or more transactions in financial instruments.](https://protegra.io/licensing/activities/investment-advice/)
- [Annex I, Section A(6) · 13 licencesUnderwriting or placing on a firm commitment basisGuaranteeing the sale of an issue of financial instruments by committing to buy what is not sold to investors.](https://protegra.io/licensing/activities/underwriting-firm-commitment/)
- [Annex I, Section A(7) · 14 licencesPlacing without a firm commitmentPlacing financial instruments with investors on a best-efforts basis, without guaranteeing the sale.](https://protegra.io/licensing/activities/placing-without-commitment/)
- [Annex I, Section A(8) · 16 licencesOperating a multilateral trading facility (MTF)Running a multilateral system, other than a regulated market, that matches third-party interests in financial instruments under non-discretionary rules.](https://protegra.io/licensing/activities/operating-mtf/)
- [Annex I, Section A(9) · 14 licencesOperating an organised trading facility (OTF)Running a multilateral system for non-equity instruments where the operator exercises discretion over order execution.](https://protegra.io/licensing/activities/operating-otf/)
- [Annex I, Section B(1) · 14 licencesSafekeeping and administration of financial instrumentsHolding financial instruments for clients and related services such as cash and collateral management, as an ancillary service.](https://protegra.io/licensing/activities/safekeeping-financial-instruments/)
- [Annex I, Section C(4) and C(9) instruments · 14 licencesCFD and forex brokerageOffering retail and professional clients contracts for difference and rolling spot forex, usually as dealing on own account or order execution.](https://protegra.io/licensing/activities/cfd-fx-brokerage/)

## AIFMD

- [Art. 4(1)(w) and Annex I · 24 licencesManaging alternative investment fundsPerforming portfolio management and risk management for funds that are not UCITS, such as hedge, private equity and real estate funds.](https://protegra.io/licensing/activities/aif-management/)

## UCITS

- [Art. 6 and Annex II · 15 licencesManaging UCITS fundsManaging undertakings for collective investment in transferable securities, the EU's retail fund format.](https://protegra.io/licensing/activities/ucits-management/)

## CRD

- [Art. 9 and Annex I (1) · 22 licencesTaking deposits from the publicAccepting deposits or other repayable funds from the public, the activity reserved to credit institutions.](https://protegra.io/licensing/activities/deposit-taking/)
- [Annex I (2) · 33 licencesLendingGranting loans, including consumer credit, mortgage credit, factoring and financing of commercial transactions.](https://protegra.io/licensing/activities/credit-granting/)

## CCD2

- [Art. 2-3 · 9 licencesConsumer creditGranting or promising credit to consumers, including buy-now-pay-later, subject to consumer protection rules on information, creditworthiness and withdrawal.](https://protegra.io/licensing/activities/consumer-credit/)

## ECSPR

- [Art. 2(1)(a) · 15 licencesCrowdfunding servicesMatching business funding interests of investors and project owners through a platform, by facilitating loans or placing securities.](https://protegra.io/licensing/activities/crowdfunding/)

## FATF

- [Glossary: virtual asset service provider (i), (ii) · 17 licencesVirtual asset exchange (FATF)Exchanging virtual assets for fiat currency or for other virtual assets as a business, as defined in the FATF glossary.](https://protegra.io/licensing/activities/vasp-exchange/)
- [Glossary: virtual asset service provider (iii) · 16 licencesVirtual asset transfer (FATF)Conducting transactions that move virtual assets between addresses or accounts on behalf of another person.](https://protegra.io/licensing/activities/vasp-transfer/)
- [Glossary: virtual asset service provider (iv) · 17 licencesVirtual asset safekeeping (FATF)Safekeeping or administering virtual assets, or instruments enabling control over them, for another person.](https://protegra.io/licensing/activities/vasp-custody/)
- [Glossary: virtual asset service provider (v) · 2 licencesServices related to token offerings (FATF)Participating in and providing financial services related to an issuer's offer or sale of a virtual asset.](https://protegra.io/licensing/activities/vasp-issuer-services/)
- [Recommendation 14: money or value transfer services · 5 licencesCurrency exchangeBuying and selling foreign currency for customers, in cash or electronically, as a bureau de change or FX service.](https://protegra.io/licensing/activities/currency-exchange/)
- [Recommendations 22-23 and Glossary: TCSP · 8 licencesTrust and company servicesForming companies, acting as or arranging directors, nominee shareholders and trustees, and providing a registered office.](https://protegra.io/licensing/activities/trust-corporate-services/)

## Malta Gaming Act

- [Cap. 583 · 3 licencesOnline gaming and betting for players (B2C)Offering casino games, sports betting, poker or lotteries directly to players over the internet.](https://protegra.io/licensing/activities/online-gaming-b2c/)
- [Cap. 583 · 2 licencesSupplying games and platforms to operators (B2B)Providing game content, platforms or critical gaming supplies to licensed operators rather than to players.](https://protegra.io/licensing/activities/gaming-supply-b2b/)

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