MiCA and the CASP licence: one authorisation for 27 markets
- CAPITAL
- €50k+
- STATUTORY
- ~65 days
- ISSUED
- 361
In short. MiCA replaced twenty-seven national crypto regimes with one. A firm authorised in any member state may serve clients in all of them without applying again, which is why the choice of home regulator became a business decision rather than a formality. The transition closed on 1 July 2026, and from that date serving EU clients without the authorisation breaks EU law.
- MINIMUM CAPITAL
- €50–150kby class of service
- CLASS 1
- €50,000advice, orders, portfolios
- CLASS 2
- €125,000adds custody and exchange
- CLASS 3
- €150,000operating a trading platform
- AUTHORISED IN THE EEA
- 361across 30 markets
- TRANSITION
- Closedsince 1 July 2026
What MiCA is, in one line
Regulation (EU) 2023/1114 was adopted on 31 May 2023 and published in the Official Journal on 9 June. It took effect on 29 June 2023, the stablecoin titles started applying on 30 June 2024, and the rest, including the rules for service providers, on 30 December 2024.
It is a regulation rather than a directive, and that distinction is the whole point. A directive tells member states what result to legislate and leaves them to write their own text, which is how Europe ended up with twenty-seven different crypto regimes in the first place. A regulation needs no national text at all: the same words apply in every member state at once.
One licence, twenty-seven markets
An authorised provider may serve clients across the union by notifying the other regulators, not by applying to them. The licence travels; the firm does not.
That turned the choice of home regulator into a decision with consequences. Malta licensed crypto firms from 2018 and had six years of supervisory practice when MiCA arrived, which is why it now hosts twenty-three authorised providers. Germany holds ninety-six, around a quarter of the union's total. Finland allowed six months to transition where most states allowed eighteen, and holds five.
Three hundred and sixty-one providers are authorised across thirty EU and EEA markets.
Capital, in three classes
The minimum capital depends on what the firm does, not on how large it is. Fifty thousand euros covers advice, order execution, portfolio management and placement. A hundred and twenty-five thousand adds custody and exchange. A hundred and fifty thousand is needed to run a trading platform.
A firm must hold the greater of that figure and one quarter of its previous year's fixed overheads. For anything beyond a small operation, the second number is the binding one.
The transition, and what ended with it
Firms already operating under a national regime before 30 December 2024 could keep going while they pursued authorisation. Each member state set the length of that window, which is why the deadlines differ: six months in Finland, twelve in Ireland and Lithuania, eighteen in Malta, Denmark and Luxembourg.
ESMA confirmed in April 2026 that the window would close on 1 July 2026 with no extension, and it did. A firm without the authorisation may no longer take on new clients, open accounts or advertise in the EU; it may only help existing clients leave.
How to check a provider
ESMA keeps the register of authorised providers, and each national regulator keeps its own. The register names the home state and the services the firm may provide, which matters: an authorisation for advice is not an authorisation for custody.
Watch for reverse solicitation. The exemption lets a firm outside the EU serve a client who approached it on their own initiative, and the CSSF warned in July 2026 that some providers stretch it to keep serving European customers without a licence.
What it costs
| Class | Minimum capital | What it covers |
|---|---|---|
| Class 1 | €50,000 | Advice, order execution, portfolio management, placement |
| Class 2 | €125,000 | Class 1 plus custody, exchange for funds and for other crypto |
| Class 3 | €150,000 | Class 2 plus operating a trading platform |
How an application runs
- 1Choose the home regulator. One authorisation serves all twenty-seven markets, so this choice is about supervision and timing, not about reach.
- 2Hold the capital for your class, or a quarter of last year's fixed overheads, whichever is greater.
- 3File the application with the national authority: governance, custody, complaints handling, white papers where tokens are issued.
- 4Wait out the statutory clock. In Cyprus it is 25 working days to confirm the file is complete and 40 to decide.
- 5Passport into the other member states by notification, without a second application.
Timeline
The European Parliament and Council adopt Regulation (EU) 2023/1114.
MiCA enters into force.
The stablecoin titles start to apply.
The rules for crypto-asset service providers start to apply.
The transition closes across the union, with no extension.
Questions
Does one licence cover the whole EU?
Yes. An authorisation from any member state passports to the other twenty-six by notification.
How much capital do I need?
€50,000, €125,000 or €150,000 by class, or a quarter of last year's fixed overheads if that is greater.
Which regulator should I apply to?
They apply the same rules, so the difference is supervisory practice, queue length and local requirements rather than reach.
What happened on 1 July 2026?
The transitional period ended everywhere. Serving EU clients without authorisation has broken EU law since that date.
Can I use a platform licensed outside the EU?
Only if it reaches you under the reverse-solicitation exemption, which regulators say is being misused.
Sources
Updated 08.10.2026 · this is reference material, not legal advice