CASP & MiCAR : Essential Conditions for Launching Legally
- BECTRA
- Feb 7
- 2 min read
Are you a Crypto-Asset Service Provider (CASP) ?
Discover the key conditions for operating in full compliance.
The crypto-asset market is booming, but to fully benefit from it, it is crucial to meet the current legal requirements. Here is a practical guide to address your concerns and secure your business.
1. Obtaining a PSCA License: A Legal Requirement
To offer crypto-asset services, obtaining a CASP license is mandatory. This framework ensures the reliability of market players and the protection of investors.
Some of the Key criterias for licensing:
Clean criminal record:
Directors and shareholders (direct or indirect) must present a clean criminal record, with no convictions related to:
Commercial law,
Financial sector,
Insolvency,
Money laundering,
Terrorist financing,
Fraud or professional misconduct.
Solid skills:
Directors must demonstrate proven expertise in business management, crypto-finance, and regulatory compliance. They must show that they devote sufficient time to their roles to ensure the company's stability.
2. Alternatives to PSCA Licensing
Certain structures can provide crypto-asset services without a CASP license, under specific conditions :
Credit institutions
Central securities depositories (e.g., CDC)
Investment firms
Market operators
Electronic money institutions
UCITS or alternative fund managers
These entities must:
Be based within the European Union,
Have at least one director residing in the EU.
3. Advertising Prohibited Without a License
Without a license, any promotion of crypto-asset services is strictly prohibited. It is illegal to imply, through advertising campaigns or marketing materials, that you are authorized to operate.
Caution : Attempts to circumvent MiCA regulations, such as using entities based outside the EU, are closely monitored by the relevant authorities.
4. Freedom to Operate Across the European Union
With a CASP license, you benefit from the freedom to provide services throughout the European Union. No physical presence is required in each member state.
Example:
A CASP licensed in France can offer services in Spain, the Netherlands, or Portugal without opening a local branch.
5. Adding New Services: The Procedure
Looking to expand your business? Adding new services requires a specific application to the authority that issued your initial license.
Case studies:
French CASP: A company wishing to add crypto portfolio management services for clients in Belgium, the Netherlands, and Spain must submit its request to the AMF.
Italian CASP: A provider operating in France must contact its national authority in Italy for any modification of its license.
6. Multinationals and MiCA Implementation Challenges
Some large companies bypass regulations by using EU-licensed subsidiaries to access European markets. This strategy complicates regulatory oversight and poses challenges for authorities implementing the MiCA framework.
Conclusion: Secure Your Business, Ensure Compliance !
Legal compliance is not optional but a necessity for any CASP aiming to build a sustainable business. By understanding MiCA requirements, you not only ensure your company's compliance but also gain the trust of your clients.
Do you have questions about obtaining a CASP license or MiCA regulations ?
Contact our accounting firm specializing in crypto-assets for personalized support.
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