MiCA Title V, Regulation (EU) 2023/1114
What does a CASP authorisation checklist have to cover?
Which services you offer decides three things at once: your Annex IV class, your minimum capital of EUR 50,000, EUR 125,000 or EUR 150,000, and which service-specific policies Article 62 makes you file. Answer a few questions to see your class and the document list the Regulation and its technical standards actually name.
Question 1
What is the applicant today?
MiCA has two doors. Firms already holding certain EU authorisations notify under Article 60; everyone else applies under Article 62.
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What this checks
- Which Annex IV class your combination of services falls into
- The permanent minimum capital and the fixed-overheads alternative in Article 67
- The service-specific documents named in Article 62(2), points (m) to (r)
- The Article 60 notification route for firms that already hold an EU licence
- The seat, management and directorship conditions in Article 59(2)
- The technical standards that expand the file: Delegated Regulations (EU) 2025/305, 2025/885, 2025/1140 and 2025/1142
CASP Checklist is an independent information site operated by Ellul Solutions Ltd. We are not a law firm and we are not authorised, registered by, affiliated with or endorsed by ESMA, the EBA, the European Commission or any national competent authority. Nothing here is legal or regulatory advice. The document list on this site is taken from Regulation (EU) 2023/1114 and its technical standards; your national competent authority publishes the forms that actually govern your application, and its requirements prevail.
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MiCA CASP authorisation: class, capital and documents by service
Last updated
The ten crypto-asset services in Article 3(1)(16), each mapped to its Annex IV class, its permanent minimum capital, and the service-specific item Article 62(2) requires in the application. Nothing here is inferred: every column comes from the Regulation's own text.
Compiled from Regulation (EU) 2023/1114 as published in the Official Journal, read on 15 August 2026: Article 3(1)(16) to (26) for the services, Article 62(2) for the application contents, Article 67 and Annex IV for capital, and Articles 75 to 82 for the conduct duties. Where a class is mixed, Annex IV applies the highest class in the authorisation. Capital is the higher of the Annex IV figure and one quarter of the preceding year's fixed overheads.
| Crypto-asset service | Annex IV class | Minimum capital | Service-specific item the application must contain |
|---|---|---|---|
| Providing custody and administration of crypto-assets on behalf of clients | Class 2 | EUR 125,000 | A description of the custody and administration policy, Article 62(2)(m) |
| Operation of a trading platform for crypto-assets | Class 3 | EUR 150,000 | Operating rules plus the procedure and system to detect market abuse, Article 62(2)(n) |
| Exchange of crypto-assets for funds | Class 2 | EUR 125,000 | A non-discriminatory commercial policy and the pricing methodology, Article 62(2)(o) |
| Exchange of crypto-assets for other crypto-assets | Class 2 | EUR 125,000 | A non-discriminatory commercial policy and the pricing methodology, Article 62(2)(o) |
| Execution of orders for crypto-assets on behalf of clients | Class 1 | EUR 50,000 | A description of the execution policy, Article 62(2)(p) |
| Placing of crypto-assets | Class 1 | EUR 50,000 | No extra item; the conduct duties sit in Article 79 |
| Reception and transmission of orders on behalf of clients | Class 1 | EUR 50,000 | No extra item; the conduct duties sit in Article 80 |
| Providing advice on crypto-assets | Class 1 | EUR 50,000 | Proof the individuals advising have the necessary knowledge and expertise, Article 62(2)(q) |
| Providing portfolio management of crypto-assets | Class 1 | EUR 50,000 | Proof the individuals managing portfolios have the necessary knowledge and expertise, Article 62(2)(q) |
| Providing transfer services for crypto-assets on behalf of clients | Class 1 | EUR 50,000 | Information on the manner in which the transfer services will be provided, Article 62(2)(r) |
- MiCA sets three capital classes for crypto-asset service providers: EUR 50,000 for class 1 services, EUR 125,000 once custody or exchange is added, and EUR 150,000 once a trading platform is operated (Annex IV to Regulation (EU) 2023/1114).
- A CASP application must contain the 19 information items in Article 62(2), and prove the absence of criminal convictions and financial services, insolvency, AML, fraud or professional liability penalties for the management body and every qualifying shareholder (Article 62(3)).
- Prudential safeguards are the higher of the Annex IV minimum and one quarter of the preceding year's fixed overheads, held as Common Equity Tier 1 items, a qualifying insurance policy, or a combination of the two (Article 67).
Cite this page
“MiCA CASP authorisation: class, capital and documents by service”, CASP Checklist, https://caspchecklist.com/ (updated 2026-08-15). Compiled from Regulation (EU) 2023/1114 as published in the Official Journal, read on 15 August 2026: Article 3(1)(16) to (26) for the services, Article 62(2) for the application contents, Article 67 and Annex IV for capital, and Articles 75 to 82 for the conduct duties. Where a class is mixed, Annex IV applies the highest class in the authorisation. Capital is the higher of the Annex IV figure and one quarter of the preceding year's fixed overheads.
Worth knowing
Every figure sourced and dated.
CASP authorisation requirements: the document list, from the Regulation
What a MiCA CASP application must contain: the 19 items in Article 62(2), the proofs in Article 62(3), and the detail added by Delegated Regulation (EU) 2025/305.
CASP licence in the EU: one authorisation, twenty-seven markets
A MiCA CASP authorisation is valid across the Union under Article 59(7), by establishment or freedom to provide services, with no physical presence needed in host states.
CASP capital requirements: Annex IV, fixed overheads and insurance
MiCA Article 67 requires the higher of the Annex IV minimum (EUR 50,000, EUR 125,000 or EUR 150,000) and a quarter of last year's fixed overheads, in CET1 or insurance.
Questions, answered directly
What is a CASP under MiCA?
A crypto-asset service provider: a legal person or other undertaking whose business is providing one or more of the ten crypto-asset services in Article 3(1)(16) to clients on a professional basis, and which is allowed to do so under Article 59 of Regulation (EU) 2023/1114.
What does a CASP need to get authorised?
An EU registered office with effective management in the Union and a Union-resident director, prudential safeguards meeting Article 67, a fit and proper management body and qualifying shareholders, and an application containing the 19 items in Article 62(2) plus the service-specific policies for the services it will provide.
How long does CASP authorisation take?
The competent authority acknowledges receipt within 5 working days, tests completeness within 25 working days, and decides within 40 working days of a complete application, with one permitted suspension of up to 20 working days for further information (Article 63).
Which crypto-asset services need the highest capital?
Operating a trading platform. It puts the authorisation in class 3 of Annex IV at EUR 150,000. Custody and exchange sit in class 2 at EUR 125,000, and the brokerage, advisory and transfer services in class 1 at EUR 50,000.
Do I need a separate licence in each EU country?
No. One authorisation covers the Union under Article 59(7), through establishment or the freedom to provide services, with no physical presence required in a host member state. Article 65 handles the cross-border notification between authorities.
Is there a simplified route for firms that already hold an EU licence?
Yes, but it is a notification rather than an authorisation. Article 60 lets banks, investment firms, market operators, CSDs, e-money institutions, UCITS management companies and AIFMs notify 40 working days ahead, for services equivalent to their existing permissions only.
Sources
- Regulation (EU) 2023/1114 (MiCA), Title V and Annex IV
- Commission Delegated Regulation (EU) 2025/305, RTS on the CASP application for authorisation
- Commission Delegated Regulation (EU) 2025/885, RTS on preventing, detecting and reporting market abuse
- Commission Delegated Regulation (EU) 2025/1140, RTS on records of services, activities, orders and transactions
- Commission Delegated Regulation (EU) 2025/1142, RTS on conflicts of interest for CASPs
- ESMA, MiCA Level 2 and Level 3 measures and the MiCA register
- European Commission, delegated and implementing acts under MiCA
Know your class before you draft anything
Four questions gives you the Annex IV class, the capital and the document list.
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