Key points
- Providing a crypto-asset service in the Union requires MiCA authorisation (Article 59 of the Regulation).
- The authorised provider must have its registered office in a Member State and its effective management in the Union.
- It must hold prudential safeguards at all times: a minimum of €50,000, €125,000 or €150,000 depending on the services, or one quarter of its fixed overheads if that is higher.
- In France, the former regime for PSANs (digital asset service providers) ended on 1 July 2026.
Who needs CASP authorisation?
Under Article 59 of Regulation (EU) 2023/1114 (MiCA), a person may provide crypto-asset services in the Union only if it is authorised as a crypto-asset service provider (CASP), or if it is a financial entity permitted to provide those services under Article 60 of the Regulation. These include, in particular, credit institutions, investment firms, electronic money institutions and management companies.
The authorised provider has its registered office in a Member State where it provides at least part of its services. It has its place of effective management in the Union, and at least one of its directors is resident there.
Services that require authorisation
The Regulation covers ten services, listed in Article 3(1), point (16):
- providing custody and administration of crypto-assets on behalf of clients;
- operation of a trading platform for crypto-assets;
- exchange of crypto-assets for funds;
- exchange of crypto-assets for other crypto-assets;
- execution of orders for crypto-assets on behalf of clients;
- placing of crypto-assets;
- reception and transmission of orders for crypto-assets on behalf of clients;
- providing advice on crypto-assets;
- providing portfolio management on crypto-assets;
- providing transfer services for crypto-assets on behalf of clients.
Prudential requirements for CASPs
Article 67 of the Regulation requires the provider to hold prudential safeguards at all times. Their amount is at least equal to the higher of two amounts: the minimum capital set by Annex IV according to the services provided, or one quarter of the previous year’s fixed overheads, reviewed annually.
- Class 1 (execution of orders, placing, transfer, reception and transmission of orders, advice, portfolio management): €50,000.
- Class 2 (class 1 services, plus custody, exchange for funds or for other crypto-assets): €125,000.
- Class 3 (class 2 services, plus operation of a trading platform): €150,000.
The end of the PSAN regime in France
Regulation (EU) 2023/1114 (MiCA) has applied to crypto-asset service providers since 30 December 2024. Its Article 143(3) allowed providers already operating in accordance with national law to continue until 1 July 2026, or until their authorisation was granted or refused if that happened earlier. In France, Ordinance No. 2024-936 of 15 October 2024 (in French) repealed, with effect from 1 July 2026, Articles L. 54-10-2, L. 54-10-3, L. 54-10-5 and L. 54-10-6 of the French Monetary and Financial Code (Code monétaire et financier), which governed the registration and authorisation of PSANs (Articles 32 and 49 of the Ordinance).
To understand the difference between the former status and the new one, read our article PSAN: definition and transition to the MiCA regime.
How we assist you
- Classify your activities against the list of crypto-asset services and the exclusions in the Regulation.
- Prepare the application for authorisation to the competent authority and structure the required governance.
- Size your prudential safeguards and your contractual documentation with clients.
- Assist you in the event of an inspection or sanction proceedings.
Contact our crypto-asset lawyer in Paris for an initial discussion.
Every situation is different: the information on this page is general and does not replace legal advice tailored to your case. The firm makes no promise of outcome; it commits to the means it deploys.
