The EU’s Markets in Crypto-Assets Regulation (MiCA) introduces a unified licensing regime for crypto businesses operating in or serving the European Union. At the heart of this regime is the concept of the Crypto-Asset Service Provider (CASP).

But what exactly does a CASP license cover? MiCA defines 10 specific crypto-asset services that are subject to regulation. This article outlines each service, explains what it means in practice, and helps you determine whether your business needs to apply for authorization.

What Is a CASP?

A CASP is any legal person that provides crypto-asset services to third parties on a professional basis within the EU. To do so lawfully under MiCA, the entity must:

• Be established in an EU Member State
• Apply for authorization with the relevant national authority
• Specify the crypto-asset services it intends to provide
  
  

MiCA does not assign categories or tiers to CASPs. Instead, the license is activity-based: firms are authorized only for the services they apply for.

The 10 Regulated Crypto-Asset Services Under MiCA

These services are listed in Article 3(1), point 15 of MiCA. Each comes with its own compliance obligations, capital requirements, and operational rules.

1. Custody and Administration of Crypto-Assets on Behalf of Clients
   
   

This includes safeguarding private cryptographic keys and ensuring the safe storage of crypto-assets.

Common examples: Custodial wallets, institutional custody providers, platforms offering built-in wallets with access control.

2. Operation of a Trading Platform for Crypto-Assets
   
   

Operating systems that allow multiple users to buy and sell crypto-assets through matching or other mechanisms.

Common examples: Centralized exchanges (CEXs), matching engines, order book platforms.

3. Exchange of Crypto-Assets for Funds
   
   

Providing services that allow clients to buy or sell crypto-assets in exchange for fiat currency.

Common examples: Fiat on-ramps/off-ramps, crypto-fiat trading desks, OTC platforms.

4. Exchange of Crypto-Assets for Other Crypto-Assets
   
   

Allowing users to swap one crypto-asset for another without involving fiat currencies.

Common examples: Swap platforms, decentralized interfaces that facilitate token-to-token trades, multi-asset wallets with swap functions.

5. Execution of Orders for Crypto-Assets on Behalf of Clients
   
   

Executing client orders to purchase or sell crypto-assets — similar to traditional brokerage.

Common examples: Trading platforms offering order routing, market execution on behalf of users.

6. Placing of Crypto-Assets
   
   

Marketing crypto-assets to investors on behalf of the issuer, with or without underwriting.

Common examples: Token sale arrangers, IEO (Initial Exchange Offering) platforms, fundraising platforms promoting third-party projects.

7. Reception and Transmission of Orders for Crypto-Assets
   
   

Receiving and forwarding client orders related to crypto-assets.

Common examples: Intermediary platforms, brokers or aggregators that route client orders to external exchanges or service providers.

8. Providing Advice on Crypto-Assets
   
   

Giving personal recommendations to clients regarding crypto-asset transactions.

Common examples: Crypto investment advisors, DeFi strategy consultants, portfolio review platforms offering personalized suggestions.

9. Portfolio Management of Crypto-Assets
   
   

Managing portfolios of crypto-assets on a discretionary client-by-client basis.

Common examples: Crypto asset managers, robo-advisors, fund managers offering tailored crypto exposure.

10. Transfer Services for Crypto-Assets
    
    

Providing services for the direct transfer of crypto-assets from one address or wallet to another.

Common examples: Remittance services, wallet-to-wallet transfer providers, custodians offering internal asset movements.

Why It Matters

Each of these services is regulated under MiCA. If your company performs any one of them in the EU — or targets EU-based clients — you must apply for a CASP license covering those specific activities.

Firms may choose to apply for one or multiple services, depending on their business model. However, they must demonstrate the ability to meet the operational, governance, AML/CFT, and risk management standards for each service selected.

Conclusion

MiCA offers a harmonized licensing regime for crypto service providers across the EU, but it also introduces clear boundaries. Knowing exactly which services your business performs — and how they align with MiCA’s definitions — is the first step toward compliance.

Whether you’re an exchange, wallet provider, broker, or investment advisor, the scope of your activity determines your licensing obligations under MiCA. The earlier you start preparing, the smoother your transition into regulated operations will be.