Crypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63 (Cyprus)
The Crypto-Asset Service Provider (CASP) authorisation in Cyprus is issued by CySEC under EU Regulation 2023/1114 (MiCAR). Authorisation requires initial capital between EUR 50,000 and EUR 150,000 depending on services, local operational substance with resident directors and certified AML staff, and segregation of client assets. Applications take 40 working days following a 25-day completeness review. Authorised providers can passport services across the EEA.
At a glance
| Official name | Crypto-Asset Service Provider (CASP) authorisation under MiCAR Article 631 |
|---|---|
| Local name | Χορήγηση άδειας λειτουργίας παρόχου υπηρεσιών κρυπτοστοιχείων δυνάμει του Άρθρου 63 του Κανονισμού (ΕΕ) 2023/1114 (MiCAR) |
| Also known as | CASP · CASP authorisation (MiCAR Article 63) · Article 63 CASP authorisation · Cyprus CASP licence |
| Issued by | Cyprus Securities and Exchange Commission |
| Jurisdiction | Cyprus |
| Licence family | Crypto-asset service provider (MiCA CASP) |
| Legal basis | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), Art. 59, 62, 632 CySEC Directive DI 73-2009-04 on Markets in Crypto-Assets (Charges and Fees) of 2024 (R.A.D. 415/2024)3 |
| Passporting | EU/EEA passport available: Authorised CASPs can passport their crypto-asset services across all 30 EU/EEA member states under the freedom to provide services or freedom of establishment following notification to CySEC under MiCA Article 65, which communicates the file within 10 working days to ESMA and host competent authorities.2 |
| Minimum capital | EUR 50,0002 |
| Application fee | EUR 5,000 to EUR 30,000 per requested crypto-asset service (EUR 5,000 for exchange or transfer services; EUR 8,000 for RTO, execution, placing, advice, or portfolio management; EUR 10,000 for custody; EUR 30,000 for trading platform operation)3 |
| Annual fee | Fixed annual fee between EUR 5,000 and EUR 20,000 per authorized crypto-asset service (EUR 5,000 for exchange/execution/transfers; EUR 8,000 for advice/portfolio; EUR 10,000 for custody; EUR 20,000 for trading platform), plus turnover surcharge above EUR 500,000 (1% up to EUR 1M, scaling to 0.1% above EUR 10M, capped at EUR 500,000 total)3 |
| Statutory decision time | 40 working days from receipt of a complete application (following a 25 working days completeness assessment)2 |
| Public register | official register1 |
| Current holders | 161 |
What it lets you do, and where
What does a Cyprus MiCAR CASP licence let you do, and where can you serve clients?
It lets an authorised firm passport crypto-asset services across all EU/EEA member states by notification under Article 65. CySEC passes cross-border passport notifications to the host national competent authorities, ESMA and the EBA within 10 working days.202
Activities it covers
| Custody and administration of crypto-assets | Safekeeping or controlling crypto-assets, or the means of access to them such as private keys, on behalf of clients. |
|---|---|
| Operating a crypto-asset trading platform | Managing a multilateral system that brings together buying and selling interests in crypto-assets so that contracts are concluded. |
| Exchange of crypto-assets for funds | Buying or selling crypto-assets against fiat money using the provider's own capital. |
| Exchange of crypto-assets for other crypto-assets | Concluding contracts with clients to swap one crypto-asset for another using the provider's own capital. |
| Execution of orders for crypto-assets on behalf of clients | Concluding agreements to buy or sell crypto-assets on behalf of clients, including subscribing to offers. |
| Placing of crypto-assets | Marketing crypto-assets to purchasers on behalf of or for the account of the offeror or a related party. |
| Reception and transmission of orders for crypto-assets | Receiving a client's order to buy or sell crypto-assets and passing it to a third party for execution. |
| Advice on crypto-assets | Giving personalised recommendations to a client about transactions in crypto-assets or the use of crypto-asset services. |
| Portfolio management of crypto-assets | Managing portfolios that include crypto-assets on a discretionary, client-by-client basis under a mandate. |
| Transfer services for crypto-assets | Moving crypto-assets on behalf of a client from one distributed-ledger address or account to another. |
Where it is valid
Do you need it, and is Cyprus the right choice?
What is a Cyprus MiCAR CASP licence and do you actually need one?
Yes, unless you use another route that MiCAR allows. A Cyprus CASP licence is authorisation as a crypto-asset service provider under Article 63 MiCAR. Without it, or another permitted route, a person may not provide crypto-asset services in the Union. CySEC and the Central Bank of Cyprus are the competent authorities for applying MiCAR in Cyprus.1921
Is a Cyprus CASP licence right for your model, and when is Cyprus the wrong choice?
A Cyprus CASP licence may suit models that need EU access. Cyprus requires at least one EU-resident director and Cyprus-based senior AML compliance officers (CCO or MLRO). For planning, MLRO costs are assumed at EUR 45,000 to 70,000 a year in Cyprus or Lithuania, against EUR 70,000 to 120,000 in Germany or the Netherlands. That is a planning assumption, not an average.2223
Can one Cyprus CASP licence cover the whole EU, and how does passporting work?
Yes. One CySEC CASP authorisation gives passporting rights across all 30 EEA states. The firm notifies CySEC of each target state and the services it will provide there. The host state has limited grounds to object and cannot require a separate authorisation or host-state capital. Operations may start within a defined period after notification. Marketing actively into the EEA brings a firm into MiCA scope.13231824
Yes, in two cases. Only authorised credit institutions and electronic money institutions may issue e-money tokens (Article 48 MiCA), and crypto derivatives and CFDs are financial instruments under MiFID II and Law 87(I)/2017. Existing investment firms and credit institutions can instead provide crypto-asset services by prior notification under Article 60 MiCA.225
Is Cyprus considered a fast track for MiCAR CASP authorisation, and is that a risk?
Cyprus CASP authorisation has been taking 8 to 10 months, against 14 to 16 months in Malta. ESMA published a fast-track peer review on CASP authorisation and supervision in Malta on 10 July 2025. CySEC, for its part, strictly enforces local executive residency and substance and rejects letterbox applications.262713
Recital 22 MiCA excludes crypto-asset services provided in a fully decentralised manner without any intermediary. For white papers, CySEC Directive DI73-2009-04 (R.A.D. 415/2024) charges offerors that notify a white paper under Article 8 MiCA an annual fee of €5,000.19
Under Article 75(8) MiCA the custodian is liable for loss of crypto-assets or means of access from an incident attributable to the provider, capped at market value at the time of loss. ESMA's Second Consultation Paper on MiCA (ESMA75-453128700-438) interprets Article 75(8) as exempting CASPs from liability on permissionless DLT they do not control or manage, where there is no contractual arrangement.1928
What it really takes
How much capital do you really need for a Cyprus MiCAR CASP licence?
Initial capital is €50,000, €125,000 or €150,000, depending on the services (Article 67 and Annex IV MiCA). Prudential own funds must at all times equal or exceed the initial capital or 25% of fixed overheads. Proof of capital is evidence that the minimum initial capital is deposited in an EU credit institution.242013
Who do you have to hire for a Cyprus CASP and do they have to be based in Cyprus?
CySEC requires at least one EU-resident director and Cyprus-based senior AML compliance officers, a chief compliance officer (CCO) or a money laundering reporting officer (MLRO). The AMLCO of a CySEC-regulated entity, CASPs included, must pass the CySEC AML certification exam and be entered in the Public Register of Certified Persons and AML Compliance Officers Register. That rests on CySEC's certification framework, not on Law 188(I)/2007. Plan for EUR 45,000 to 70,000 a year for the MLRO.222329
CySEC applications go through its online portal with an application form, business plan, proof of capital, AML/CTF policies, director details and technical and security protocols. The information to be included is set by Commission Delegated Regulation (EU) 2025/305, and Commission Implementing Regulation (EU) 2025/306 sets the standard forms, templates and procedures. One practitioner's description of the portal list does not mention DORA or 3-year projections.111222
Requirements
| Requirement | What is needed | Legal reference |
|---|---|---|
| Capital and people assessed | ||
| Minimum capital | EUR 50,0002 | |
| Ongoing own funds | Ongoing own funds must at all times equal or exceed the higher of the permanent minimum initial capital requirement (EUR 50,000, EUR 125,000, or EUR 150,000) or one quarter (25%) of the fixed overheads of the preceding year, calculated under MiCA Article 67. Prudential safeguards may be held as Common Equity Tier 1 own funds, an eligible professional indemnity insurance policy covering the European Union, or an equivalent bank guarantee.2 | MiCA Article 67 |
| Who is assessed | CySEC assesses the fitness, propriety, integrity, and professional competence of all members of the management body (executive and non-executive directors), shareholders and members holding qualifying holdings (direct or indirect holdings reaching or exceeding 10% of capital or voting rights, or significant influence) and their ultimate beneficial owners (UBOs), as well as key function holders including the Compliance Officer, Money Laundering Compliance Officer (AMLCO), Risk Manager, and Chief Information Security / Technology Officer.2 | |
| Substance and people | ||
| Registered office and local operational presence | The CASP must maintain its registered office and place of effective management in Cyprus, with dedicated leased premises, physical IT and record-keeping systems, and resident staff ensuring ongoing operational substance.2 | |
| Four-eyes governance and resident leadership | The management body must operate under the "four eyes" principle with at least two qualified executive directors directing the business, possessing collective knowledge of crypto-assets and financial markets, with at least one member resident in Cyprus / European Union.2 | |
| Certified AML Compliance Officer and compliance function | The CASP must appoint a CySEC-certified Anti-Money Laundering Compliance Officer (AMLCO) registered in CySEC's AML register, and an independent Compliance Officer with expertise in crypto-asset AML risks under Law 188(I)/2007.4 | |
| Client asset segregation and insolvency protection | Client fiat funds must be segregated promptly and deposited with a central bank or authorized credit institution; client crypto-assets must be held in segregated wallet addresses, legally ring-fenced from proprietary assets, and shielded from creditor claims in insolvency.2 | |
| ICT and operational resilience (DORA) | CASPs must deploy robust, audited ICT systems, cryptographic key management protocols, business continuity plans, and cyber incident management arrangements fully compliant with the Digital Operational Resilience Act (Regulation (EU) 2022/2554).5 | |
| Mandatory statutory audit | Annual financial statements and regulatory returns must be audited by an independent certified public auditor licensed by the Institute of Certified Public Accountants of Cyprus (ICPAC) and approved by CySEC.2 | |
| Conditions to keep the licence | ||
| Activity commencement deadline | The CASP must commence its authorized crypto-asset services within 12 months from the date of authorization; failure to begin operations within this period gives CySEC statutory grounds to withdraw the authorization.2 | |
| Dormancy revocation | CySEC may withdraw the CASP authorisation if the crypto-asset service provider has not provided crypto-asset services for nine consecutive months.2 | |
| No interest on asset-referenced or e-money tokens | A CASP must not grant interest, or any other benefit tied to how long a client holds the tokens, on asset-referenced tokens or e-money tokens (MiCA Articles 40(2) and 50(2)).2 | MiCA Articles 40(2) and 50(2)) |
| Client asset segregation and insolvency protection | Client crypto-assets and funds must be segregated from the provider's own corporate assets, placed in designated accounts or on-chain addresses, cannot be used for the provider's own account, and must be legally ring-fenced from creditor claims in insolvency.2 | |
| Market abuse detection and reporting | CASPs executing or arranging crypto transactions or operating trading platforms must implement effective systems to detect and prevent market abuse and insider dealing, and must report suspicious orders and transactions to CySEC without delay.2 | |
| Ongoing regulatory reporting via CySEC Portal and TRS | Licensees must submit periodic capital adequacy returns, annual audited financial statements, volume declarations, and notifications of material operational or structural changes through the CySEC Portal and Transaction Reporting System (TRS).6 | |
The legal framework
| Level | Document | What it does here |
|---|---|---|
| EU law | Markets in Crypto-Assets Regulation | Directly applicable EU regulation establishing the CASP authorisation regime, scope, operating conditions, capital, governance, conduct of business, and refusal grounds (Articles 59-75, 83-84, 94) |
| Act | The Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law of 2009 (Law 73(I)/2009 as amended) | Designates CySEC as national supervisory authority, grants inspection and administrative sanctioning powers, and provides Section 56(1) power to issue binding Directives |
| Procedure law | Constitution of the Republic of Cyprus (1960), Article 146 | Grants constitutional right of judicial review recourse before the Administrative Court against CySEC regulatory decisions or omissions within a strict 75-day deadline |
| Procedure law | The Establishment and Functioning of the Administrative Court Law of 2015 (Law 131(I)/2015 as amended) | Designates the Administrative Court of Cyprus as the exclusive court of first instance for Article 146 judicial review recourses against CySEC decisions |
| Procedure law | The General Principles of Administrative Law Law of 1999 (Law 158(I)/1999) | Binds CySEC to statutory administrative due process, duty to conduct proper inquiry, right to be heard prior to adverse decisions (s. 43), and duty to state reasons (s. 44) |
| Fee schedule | CySEC Directive DI 73-2009-04 on Markets in Crypto-Assets (Charges and Fees) of 2024 (R.A.D. 415/2024) | Sets non-refundable CASP authorisation application charges (€5,000 to €30,000 per requested service), annual supervisory fees, and change-of-management / qualifying holding notification charges |
| Technical standards | Commission Delegated Regulation (EU) 2025/305 of 31 October 2024 supplementing Regulation (EU) 2023/1114 with regard to regulatory technical standards specifying the information to be included in an application for authorisation as a crypto-asset service provider | Specifies the detailed information checklist required in a CASP authorisation application dossier (programme of operations, governance, prudential safeguards, ICT, AML) |
| Technical standards | Commission Implementing Regulation (EU) 2025/306 of 31 October 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 with regard to standard forms, templates and procedures for the information to be included in an application for the authorisation of crypto-asset service providers | Prescribes the mandatory standard forms, templates, and procedures for CASP authorisation applications and cross-border notifications |
| Technical standards | Commission Delegated Regulation (EU) 2025/414 of 18 December 2024 supplementing Regulation (EU) 2023/1114 with regard to regulatory technical standards specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in a crypto-asset service provider | Defines the detailed information content required for prior notification of qualifying holding acquisitions in a CASP under Article 83 MiCA |
| Forms | Standard Application Forms and Templates under Commission Implementing Regulation (EU) 2025/306 (Annex I) | Mandatory standard application template setting the structural sections and tables for CASP authorisation filings across all EU NCAs including CySEC |
8 related regimes and guidance documents
| Level | Document | What it does here |
|---|---|---|
| Guidance | EBA and ESMA Joint Guidelines on the suitability of members of the management body of issuers of ARTs and CASPs (EBA/GL/2024/09 & ESMA35-43-3760) | Provides supervisory assessment methodology and convergence criteria for fit-and-proper vetting of CASP directors and key function holders under MiCAR Articles 63(11) and 68 |
| Guidance | ESMA Supervisory Briefing on the Authorisation of Crypto-Asset Service Providers under MiCA (ESMA75-453128328-1116) | Sets common supervisory expectations across EU NCAs for assessing CASP business models, outsourcing, governance, and operational substance |
| Guidance | CySEC Policy Statement PS-03-2024 on Fees and Reporting under the Markets in Crypto-Assets Regulation (MiCAR) of 13 December 2024 | Outlines CySEC regulatory policy on MiCAR fees, periodic prudential reporting, and transitional grandfathering rules |
| Related regime | Digital Operational Resilience Act | Mandates ICT risk management, incident reporting, digital resilience testing, and third-party ICT service provider oversight directly binding on CASPs (Art. 2(1)(p); MiCA Art. 68(6)) |
| Related regime | Transfer of Funds Regulation (travel rule) | Obligates CASPs to obtain, verify, and transmit originator and beneficiary information accompanying crypto-asset transfers, including transfers to/from unhosted wallets |
| Related regime | Anti-Money Laundering Regulation (single rulebook) partly in force | Directly applicable EU single rulebook establishing AML/CFT customer due diligence and internal controls for CASPs as obliged entities (applies from 10 July 2027) |
| Related regime | Fourth Anti-Money Laundering Directive (as amended by the fifth, 2018/843) | Harmonised AML/CFT directive framework establishing CASPs as obliged entities, transposed in Cyprus via Law 188(I)/2007 |
| Related regime | The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (Law 188(I)/2007 as amended) | Designates CySEC as AML/CFT supervisor for CASPs (Section 59(1)(b)), mandates certified AMLCO, CDD procedures, ongoing monitoring, and STR reporting to MOKAS |
The procedure under the law
| Step | What the law says | Legal reference |
|---|---|---|
| How to file | CySEC requires certain forms to be submitted with a certified digital signature, under the electronic signatures law of 2004 (N.34(I)/2009 and N.86(I)/2012).896 | Law 73(I)/2009 s. 4(1), 56(1) and MiCAR Art. 62(1) read with Commission Implementing Regulation (EU) 2025/306 Art. 1 (no dedicated online portal is created by primary statute; CySEC mandates electronic submission via portal under supervisory powers) |
| Language | None of the governing texts held for this licence (Markets in Crypto-Assets Regulation; Markets in Crypto-Assets Regulation; The Alternative Investment Fund Managers Law of 2013; The Alternative Investment Fund Managers Law of 2013; The Law Regulating Companies Providing Administrative Services and Related Matters of 2012; The Law Regulating Companies Providing Administrative Services and Related Matters of 2012; Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law of 2009; Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law of 2009; Investment Services and Activities and Regulated Markets Law of 2017; Investment Services and Activities and Regulated Markets Law of 2017; The Open-Ended Undertakings for Collective Investment (UCI) Law of 2012; The Open-Ended Undertakings for Collective Investment (UCI) Law of 2012; EU AML Regulation 2024/1624 and the Cyprus AML/CFT legislation listed on the CySEC financial-crimes page (draft's source)) contains a provision on the language in which the application must be filed. | |
| What the application contains | The application must use the standard forms and templates set out in Commission Implementing Regulation (EU) 2025/306, which lays down implementing technical standards for the information to be included in an application for authorisation as a crypto-asset service provider. The information to be included is specified in Commission Delegated Regulation (EU) 2025/305, which supplements Regulation (EU) 2023/1114 with regulatory technical standards on that information.101112 | Regulation (EU) 2023/1114 (MiCA), Art. 62(1)-(3) and Commission Delegated Regulation (EU) 2025/305 Art. 1-17 |
| Decision clock | Once CySEC confirms the application is complete, it has 40 working days to decide, and it may request additional information, which stops the clock. Further requests for completion or clarification do not suspend the assessment period again.1314 | |
| Fees set by law | Application charge for service: custody and administration of crypto-assets on behalf of clients (MiCA Art. 62 / Annex II Part III item 2(1)): EUR 10,000; Application charge for service: operating a trading platform for crypto-assets (MiCA Art. 62 / Annex II Part III item 2(2)): EUR 30,000; Application charge for service: exchanging crypto-assets for funds (MiCA Art. 62 / Annex II Part III item 2(3)): EUR 5,000; Application charge for service: exchanging crypto-assets for other crypto-assets (MiCA Art. 62 / Annex II Part III item 2(4)): EUR 5,000; Application charge for service: execution of orders for crypto-assets on behalf of clients (MiCA Art. 62 / Annex II Part III item 2(5)): EUR 8,000; Application charge for service: placing of crypto-assets (MiCA Art. 62 / Annex II Part III item 2(6)): EUR 8,000; Application charge for service: reception or transmission of orders for crypto-assets on behalf of clients (MiCA Art. 62 / Annex II Part III item 2(7)): EUR 8,000; Application charge for service: provision of advice on crypto-assets (MiCA Art. 62 / Annex II Part III item 2(8)): EUR 8,000; Application charge for service: portfolio management of crypto-assets (MiCA Art. 62 / Annex II Part III item 2(9)): EUR 8,000; Application charge for service: provision of transfer services for crypto-assets on behalf of clients (MiCA Art. 62 / Annex II Part III item 2(10)): EUR 5,000; Notification charge for change to the management body (MiCA Art. 69 / Annex II Part III item 3): EUR 2,000; Notification charge for proposed acquisition of qualifying holding in CASP (MiCA Art. 83(1) / Annex II Part III item 4): EUR 8,000; Annual supervisory fee: fixed component per authorized service (Annex I item 1(a): trading platform €20,000; custody €10,000; advice €8,000; portfolio €8,000; exchange/execution/placing/RTO/transfers €5,000 each) plus turnover surcharge on crypto-asset turnover exceeding €500,000 (1% on €500,001-€1M, 0.4% on €1M-€5M, 0.3% on €5M-€10M, 0.1% over €10M), capped at €500,000 total: EUR 5000-5000003 | CySEC Directive DI 73-2009-04 on Markets in Crypto-Assets (Charges and Fees) of 2024 (R.A.D. 415/2024), issued under Section 56(1) of Law 73(I)/2009 |
| Grounds for refusal | Competent authorities must refuse CASP authorisation under MiCAR where there are objective and demonstrable grounds that: (a) the management body threatens effective, sound and prudent management, business continuity, client interests or market integrity, or exposes the applicant to serious money laundering or terrorist financing risk; (b) management body members fail Article 68(1) criteria; (c) qualifying shareholders or members lack sufficiently good repute (Art. 68(2)); or (d) the applicant fails or is likely to fail any requirement of this Title. These sit at paragraph 10; no article number is given.14 | |
| Appeal | Under Article 146 of the Constitution of Cyprus, an applicant whose authorisation is declined may file an appeal at the Supreme Court; there is no appeal procedure with CySEC. They also note that decisions of the Commission imposing an administrative fine are subject to an appeal before the relevant Court under Article 146.151617 | Article 146 of the Constitution of the Republic of Cyprus read with the Establishment and Functioning of the Administrative Court Law of 2015 (Law 131(I)/2015); second-instance appeal on questions of law lies to the Court of Appeal within 42 days. |
| Validity | Term: indefinite. Authorisation is valid indefinitely across all EU/EEA Member States and does not require periodic renewal. CySEC may withdraw authorisation under MiCAR Art. 64(1) if the CASP: (a) does not use the authorisation within 12 months; (b) expressly renounces it; (c) has not provided crypto-asset services for 9 consecutive months; (d) obtained authorisation by false statements or irregular means; (e) no longer meets authorisation conditions; (f) seriously infringes MiCAR Title V or AML/CFT law; or (g) falls under national law grounds for withdrawal.14 | |
| Change of control | An intended disposal of a qualifying holding is notified to the competent authority in writing beforehand. The authority assesses the acquisition within 60 working days of its written acknowledgement of receipt. It may request more information until the 50th working day, which suspends the period for up to 20 working days (extendable by up to 30 working days in certain cases). Further requests do not suspend it again.142 | |
| Reapplying after a refusal | None of the governing texts held for this licence (Markets in Crypto-Assets Regulation; Markets in Crypto-Assets Regulation; The Alternative Investment Fund Managers Law of 2013; The Alternative Investment Fund Managers Law of 2013; The Law Regulating Companies Providing Administrative Services and Related Matters of 2012; The Law Regulating Companies Providing Administrative Services and Related Matters of 2012; Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law of 2009; Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law of 2009; Investment Services and Activities and Regulated Markets Law of 2017; Investment Services and Activities and Regulated Markets Law of 2017; The Open-Ended Undertakings for Collective Investment (UCI) Law of 2012; The Open-Ended Undertakings for Collective Investment (UCI) Law of 2012; EU AML Regulation 2024/1624 and the Cyprus AML/CFT legislation listed on the CySEC financial-crimes page (draft's source)) contains a provision on a waiting period before a new application after refusal or withdrawal. | |
| Serving other countries | Yes. A Cyprus CASP licence is an EU passport, and no separate national licence is needed in each country. Under MiCA Art. 65 the firm notifies CySEC of the target Member States, the services and the start date; CySEC passes this to the host authorities, ESMA and EBA within 10 working days. Services may start once CySEC's communication is received, or at the latest on the 15th calendar day after submission. The firm may use a branch or cross-border provision.181319 |
How long it takes
How long does getting a Cyprus MiCAR CASP licence really take?
Tracked Cyprus CASP applications averaged 8 to 10 months, and 7 of 11 completed within 12 months. Article 63 MiCA sets statutory deadlines of 25 working days for the completeness check and 40 working days for the decision.272
Article 63(2) MiCA allows 25 working days for the completeness check, and Article 63(9) allows 40 working days for the decision. The clock stops under Article 20(3): a request for missing information suspends the assessment period for no more than 20 working days. Further requests do not suspend it again.192
Statutory: 40 working days from receipt of a complete application (following a 25 working days completeness assessment)2. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
What it costs
What does a Cyprus MiCAR CASP licence cost in total, first year and ongoing?
CySEC publishes its fees by service type. Application fees are €5,000 for exchange, €8,000 for execution, placing, reception and transmission, advice or portfolio management, €10,000 for custody and €30,000 for operating a trading platform. Annual supervision adds a variable fee once turnover from crypto-asset services exceeds €500,000, in bands of 1%, 0.4%, 0.3% and 0.1%. A notification by a regulated financial entity under Article 60 MiCA costs €10,000.23
Approval odds and who can own it
What are the real approval odds for a Cyprus CASP licence and why do applications fail?
Roughly 17% of pre-MiCA VASP entities (about 210 of more than 1,200) converted to full CASP authorisation across the EU. For Cyprus, the ESMA interim MiCA register lists 25 CASPs authorised by CySEC under Article 63 as of 28 September 2026 (data downloaded 2026-09-28). The one failure on record is inactivity: CySEC deleted Binance Cyprus Ltd in August 2023 after six months of inactivity.3031
How many MiCAR CASP licences has CySEC actually granted in Cyprus?
The ESMA interim MiCA register (rows downloaded 28 September 2026) lists 25 CASPs authorised under MiCA Article 63 for Cyprus, with CySEC as competent authority. Each register row equals one CASP authorised under Article 63. Article 60 notifications by Cyprus investment firms are not part of that count.18
After you get the licence
Three further regimes apply. Electronic money tokens may only be issued by authorised credit institutions or electronic money institutions (Article 48 MiCA). DORA, Regulation (EU) 2022/2554, applies directly to CASPs from 17 January 2025. Crypto derivatives and CFDs are financial instruments that need a MiFID II CIF authorisation under Law 87(I)/2017.2525
Will a Cyprus MiCAR CASP get a bank account and payment processing?
A CASP must keep client fiat funds segregated. Article 70 MiCA requires them to be deposited with a central bank or an authorised credit institution.2
Use the licence: under Article 64 MiCA, authorisation can be withdrawn if it is not used within 12 months or if no services are provided for nine consecutive months. Annual fees are due within four months of the financial year-end under CySEC Directive DI 73-2009-04. The transitional grandfathering under Article 143(3) MiCA ended across the EU on 1 July 2026.2330
Yes, by judicial review. A CySEC refusal can be challenged before the Supreme Court by reason of Article 146 of the Constitution. Article 146(3) of the Cyprus Constitution sets a non-extendable 75-day deadline to challenge executory administrative acts before the Administrative Court.2532
Under Article 64 MiCA, authorisation may be withdrawn if it is not used within 12 months or if no services are provided for nine consecutive months. Acquiring or increasing a qualifying holding requires prior notification to the competent authority under Article 83, which does not cover board appointments.219
Is an old Cyprus national CASP registration still valid, what happened after 1 July 2026?
No transitional cover runs past 1 July 2026. Under Article 143(3) MiCA the CASP transitional period could last until 1 July 2026 at the latest, and Member States could shorten it or not apply it. CySEC stopped accepting new national CASP applications on 17 October 2024 and cross-border notifications on 30 October 2024. It set 27 February 2026 as the final internal cut-off for grandfathered CASPs to submit complete MiCAR applications.33182
Buying a company that already holds it
The CASP authorisation is granted exclusively to the specific legal entity that applied and cannot be assigned, transferred, or sold directly to another entity. Any commercial acquisition of the regulated business must be executed through a share deal (transfer of corporate equity) of the licensed Cypriot company, subject to prior change-of-control notification and assessment by CySEC under MiCA Article 83 and Law 87(I)/2017. An asset deal requires the acquiring entity to submit its own separate CASP authorisation application.2
Prior notification with an objection period. Any natural or legal person proposing to acquire or increase, directly or indirectly, a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% in a CIF, AIFM, or CASP, or to achieve control making it a subsidiary, must submit prior written notification to CySEC under Sections 12 and 13 of Law 87(I)/2017 and MiCA Article 83. CySEC acknowledges receipt within two working days and has a statutory assessment period of 60 working days to oppose the acquisition based on reputation, financial soundness, AML risks, and fit-and-proper criteria. The assessment period may be interrupted once by up to 20 working days (or 30 working days for non-EU entities) to request additional information. If CySEC does not object in writing before expiry, the transaction is deemed approved. Closing without CySEC non-opposition suspends voting rights and risks statutory penalties.7
Ready-made companies holding this licence: see verified positions.
CASP in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Cyprus | Notification by financial entities providing crypto-asset servicesNotification by financial entities providing crypto-asset services under MiCAR Article 60 | CySEC | n/a | EUR 10,000 | ~1.8 mo |
| Cyprus | Crypto-Asset Service Provider (CASP) authorisationCrypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63 | CySEC | EUR 50,000 | EUR 5,000 | ~1.8 mo |
| Czech Republic | Crypto-Asset Service Provider authorisationCrypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll. | CNB | EUR 50,000 | CZK 20,000 | ~3 mo |
| Estonia | Authorisation to operate as a crypto-asset service providerAuthorisation to operate as a crypto-asset service provider under MiCA | FI | n/a | EUR 3,000 | ~3.9 mo |
| France | Crypto-asset service provider authorizationCrypto-asset service provider authorization under EU MiCA Regulation | AMF | n/a | n/a | ~1.8 mo |
| Germany | Crypto-asset service provider licence | BaFin | n/a | n/a | ~1.8 mo |
| Ireland | Crypto-Asset Service Provider Authorisation | CBI | n/a | n/a | ~1.8 mo |
| Italy | Crypto-asset service provider (CASP) authorization | CONSOB | n/a | EUR 20,000 | ~1.8 mo |
| Latvia | Crypto-asset service provider licenceCrypto-asset service provider licence under MiCA | LB | EUR 50,000 | EUR 2,500 | ~3 mo |
| Lithuania | Crypto-asset service provider licence | LB | EUR 50,000 | EUR 2,425 | ~3 mo |
| Luxembourg | Crypto-asset service provider authorisationCrypto-asset service provider authorisation under MiCA Regulation | CSSF | n/a | EUR 30,000 | ~1.8 mo |
| Malta | Crypto-Asset Service Provider authorisationCrypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114 | MFSA | EUR 50,000 | EUR 10,000 | ~1.8 mo |
| Netherlands | Crypto-Asset Service Provider (CASP) authorisationCrypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA) | AFM | EUR 50,000 | EUR 200 | ~3 mo |
| Poland | Crypto-Asset Service Provider authorizationCrypto-Asset Service Provider authorization under MiCA | KNF | EUR 50,000 | n/a | ~3 mo |
| Slovakia | Crypto-asset service provider licenceCrypto-asset service provider licence under MiCA | NBS | EUR 50,000 | EUR 1,700 | ~3 mo |
| Spain | Crypto-asset service provider authorization | CNMV | n/a | n/a | ~1.8 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
- Markets in Crypto-Assets Regulation: Regulation (EU) 2023/1114
Getting this licence
Protegra handles this licence end to end: CASP license in Cyprus: process, timeline and our fee.
Frequently asked questions
What is a Cyprus MiCAR CASP licence and do you actually need one?
Yes, unless you use another route that MiCAR allows. A Cyprus CASP licence is authorisation as a crypto-asset service provider under Article 63 MiCAR. Without it, or another permitted route, a person may not provide crypto-asset services in the Union. CySEC and the Central Bank of Cyprus are the competent authorities for applying MiCAR in Cyprus.
How much capital do you really need for a Cyprus MiCAR CASP licence?
Initial capital is €50,000, €125,000 or €150,000, depending on the services (Article 67 and Annex IV MiCA).
How long does getting a Cyprus MiCAR CASP licence really take?
Tracked Cyprus CASP applications averaged 8 to 10 months, and 7 of 11 completed within 12 months.
What does a Cyprus MiCAR CASP licence cost in total, first year and ongoing?
CySEC publishes its fees by service type. Application fees are €5,000 for exchange, €8,000 for execution, placing, reception and transmission, advice or portfolio management, €10,000 for custody and €30,000 for operating a trading platform. Annual supervision adds a variable fee once turnover from crypto-asset services exceeds €500,000, in bands of 1%, 0.4%, 0.3% and 0.1%. A notification by a regulated financial entity under Article 60 MiCA costs €10,000.
What are the real approval odds for a Cyprus CASP licence and why do applications fail?
Roughly 17% of pre-MiCA VASP entities (about 210 of more than 1,200) converted to full CASP authorisation across the EU.
What does a Cyprus MiCAR CASP licence let you do, and where can you serve clients?
It lets an authorised firm passport crypto-asset services across all EU/EEA member states by notification under Article 65.
Will a Cyprus MiCAR CASP get a bank account and payment processing?
A CASP must keep client fiat funds segregated. Article 70 MiCA requires them to be deposited with a central bank or an authorised credit institution.
Who do you have to hire for a Cyprus CASP and do they have to be based in Cyprus?
CySEC requires at least one EU-resident director and Cyprus-based senior AML compliance officers, a chief compliance officer (CCO) or a money laundering reporting officer (MLRO).
Is a Cyprus CASP licence right for your model, and when is Cyprus the wrong choice?
A Cyprus CASP licence may suit models that need EU access. Cyprus requires at least one EU-resident director and Cyprus-based senior AML compliance officers (CCO or MLRO). For planning, MLRO costs are assumed at EUR 45,000 to 70,000 a year in Cyprus or Lithuania, against EUR 70,000 to 120,000 in Germany or the Netherlands. That is a planning assumption, not an average.
Is an old Cyprus national CASP registration still valid, what happened after 1 July 2026?
No transitional cover runs past 1 July 2026. Under Article 143(3) MiCA the CASP transitional period could last until 1 July 2026 at the latest, and Member States could shorten it or not apply it. CySEC stopped accepting new national CASP applications on 17 October 2024 and cross-border notifications on 30 October 2024. It set 27 February 2026 as the final internal cut-off for grandfathered CASPs to submit complete MiCAR applications.
Sources
- cysec.gov.cy: Licensees (Article 63) · retrieved 2026-09-24
- EUR-Lex: CELEX 32023R1114 · retrieved 2026-09-24
- cysec.gov.cy · retrieved 2026-09-24
- cysec.gov.cy: financial crimes · retrieved 2026-09-24
- EUR-Lex: CELEX 32022R2554 · retrieved 2026-09-24
- cysec.gov.cy: digital signature · retrieved 2026-09-24
- cylaw.org: full · secondary · retrieved 2026-09-24
- cysec.gov.cy: and · retrieved 2026-10-01
- portal.cysec.gov.cy · retrieved 2026-10-01
- EUR-Lex: oj and · retrieved 2026-10-01
- EUR-Lex: oj · retrieved 2026-10-01
- EUR-Lex: oj · retrieved 2026-10-01
- zitadelleag.com: cyprus mica casp · retrieved 2026-10-01
- EUR-Lex: oj · retrieved 2026-10-01
- cysec.gov.cy: asp · retrieved 2026-10-01
- cysec.gov.cy · retrieved 2026-10-01
- cysec.gov.cy · retrieved 2026-10-01
- connorlegalllc.com: cyprus casp licence under mica the 2026 authorisation guide · retrieved 2026-10-01
- Markets in Crypto-Assets Regulation · retrieved 2026-10-01
- cysec.gov.cy · retrieved 2023-06-09
- cysec.gov.cy: Markets in crypto assets · retrieved 2025-07-04
- company.com.cy: mica casp license cyprus requirements and process · secondary · retrieved 2026-01-15
- chainscreen.io: crypto compliance cost small casp · secondary · retrieved 2026-02-10
- finconduit.com: mica compliance guide casps · secondary · retrieved
- cysec.gov.cy · retrieved 2024-05-15
- esma.europa.eu: ESMA42 2004696504 8164 Fast track peer review on a CASP auth (PDF) · retrieved 2025-07-10
- obtained.com: mica casp license mfsa cysec comparison · secondary · retrieved 2025-11-12
- esma.europa.eu: ESMA75 453128700 438 MiCA Consultation Paper 2nd package (PDF) · retrieved 2024-10-21
- salvusfunds.com: cysec basic advanced aml certification · retrieved 2007
- finance.yahoo.com: july 1 mica deadline looms 103215096 · secondary · retrieved 2026-06-28
- fxnewsgroup.com: cysec deletes binance cyprus from register of crypto asset s · secondary · retrieved 2023-09-11
- law.gov.cy: The Constitution of the Republic of Cyprus (PDF) · secondary · retrieved 2025-03-12
- cbn.com.cy: cysec is no longer accepting new applications for crypto ass · secondary · retrieved 2024-10-18
Want the CASP licence in Cyprus?
Tell us your business model and target markets. We check the fit before you spend on an application, then handle the licence end to end.
A free preliminary assessment: we check your business model against the licence before you spend on an application. We handle this licence and any other fintech licence, including jurisdictions the Atlas does not cover yet.