That has been allowed to provide crypto-asset services in accordance with Article 59 MiCA

6 July 2023

CASPs are required to have their registered office within an EU Member State, where, at least partly, they carry out their crypto-asset services (Article 59-2 MiCA). The place of their effective management must also be in the EU, and at least one of the CASP directors must be resident in the EU (Article 59-2 MiCA).

Legal persons or other undertakings that intend to provide crypto-asset services must submit an application for a CASP authorisation to the competent authority of their home EU Member State, specifically the Member State where the CASP has its registered office (Article 62-1 MiCA). This application must inform the authority of the crypto-asset services that the applicant CASP intends to provide (Article 62-2(d) MiCA). Upon satisfying all necessary conditions for authorisation (in the authority opinion), the competent authority will then grant an authorisation specifying the crypto-asset services the CASP is authorised to provide (Article 59-6 MiCA). For more information on each crypto-asset service that a CASP may provide, please refer to the end of the previous page on “What is a Crypto-asset service provider (CASP)?”.

CASPs must at all times meet the conditions for their authorisation (Article 59-4 MiCA).

CASPs are allowed to provide crypto-asset services throughout the EU, either through the right of establishment, including through a branch, or through the freedom to provide service (Article 59-7 MiCA). CASPs that provide crypto-asset services on a cross-border basis are not required to have a physical presence in the territory of a host EU Member State (Article 59-7 MiCA).

Any extension of their CASP authorisation to additional crypto-asset services must be requested from the competent authorities that granted the initial authorisation (Article 59-8 MiCA).

The foregoing paragraphs concern specifically crypto-asset services provided by legal persons or other undertakings. Credit institutions, central securities depositories, investment firms, electronic money institutions, UCITS management companies, alternative fund investment managers, and market operators, are also allowed to provide some crypto-asset services, without the need to request a CASP authorisation, provided they notify their respective competent authority with certain information, prior to providing those services for the first time (Article 60 MiCA). Thus, they may provide crypto-asset services if they notify the competent authority of the home EU Member State, at least 40 working days before providing those services for the first time (Article 60 MiCA).

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