Crypto Assets Service Provider (CASP) License with MiCA Regulations
Whether you already operate a crypto business or only plan to launch one, be sure about one thing: navigating the fast-paced world of today’s market regulation is no longer optional – it is essential. To enhance integrity in the digital asset landscape, the EU adopted the Markets in Cryptoassets Regulation (MiCA) in 2023. Under its oversight, all Virtual Asset Service Providers (VASPs) are required to obtain a Crypto-Asset Service Provider (CASP) license. That’s where we come in to guide you through every step of getting proper licensing for your venture and maintaining its compliance. From the initial assessment to getting your full CASP authorization, we are here to help you benefit from the new opportunities in the evolving crypto economy in the EU.
Documentation and Application Process
The process of obtaining your license under MiCA in Europe is complex and includes multiple key steps. Here is an overview of what your CASP licensing journey will look like:
- The process begins with proceeding with your initial consultation and compliance assessment. The purpose of this step is to analyze your company’s structure and its MiCA compliance, as well as to assess the necessary documentation you will need to prepare before applying for the permit. The consultation and assessment process usually takes between 2 weeks and 2 months.
- Next comes preparing the complete set of documents, according to the MiCA requirements. At this stage, you will need to form the company’s charter documents, internal policies on Anti-Money Laundering (AML), data protection, and other necessary documents, which may vary depending on the jurisdiction you aim to operate in.
Overall, the list of required policies and documentation includes the following:
- Resumes of directors and beneficiaries with proof of their qualifications.
- A program of activities describing the services the company plans to provide.
- A professional liability insurance policy.
- A description of the corporate governance structure.
- A policy on outsourcing management.
- Documentation related to IT systems and security measures.
- Confirmation of the company’s compliance with legal requirements.
- Policy on segregation of client crypto assets and funds.
- Documentation regarding relationships with subsidiary companies.
- Information on the provision of cross-border services.
- Notification of planned cross-border activities.
- Whistleblowing policy.
- The company’s pricing policy.
- Non-discriminatory commercial activities policy (for CASP classes 2 and 3).
It typically takes from 1 to 3 months to prepare a full package of documents for licensing.
- Once all documentation is prepared, you can submit your formal application to the relevant regulator for revision. Your application will be carefully examined, and the regulator may request additional information or clarification or process with the background checks, which must be provided within a specified timeframe. This step might take from a few weeks to a few months, depending on the authority processing.
The total estimated timeframe from the initial consultation to filing the CASP application is under 5 months. Yet, remember that the licensing process does not end when you receive your CASP permit. Rather, it is significant that you maintain ongoing communication with the relevant authority to ensure that your company remains fully compliant. Our legal experts will assist you through every step of obtaining your license and securing your venture’s proper authorization in the years to come.