The 10 CASP Services Under MiCA and What Each One Requires

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Updated July 13, 2026

• MiCA defines exactly ten CASP services MiCA Article 3 lists 10 crypto-asset services and authorises a CASP only for the specific ones it provides.
• One authorisation covers all 27 EU states A single CASP authorisation passports across all 27 EU member states under one national competent authority.
• Three capital classes with defined floors Class 1 requires 50,000 euro minimum own funds, Class 2 requires 125,000 euro and Class 3 requires 150,000 euro.
• Each service maps to a distinct software module Every CASP service requires specific software such as order books, KYC, Travel Rule compliance or suitability checks.
• All CASPs share a mandatory compliance baseline Every CASP must implement KYC/AML controls, client asset segregation, an audit trail and a conflicts-of-interest policy regardless of service scope.

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MiCA does not grant a single crypto license. It authorises a crypto-asset service provider (CASP) for specific services, and it defines exactly ten of them. Which services you provide decides your capital requirement, your obligations and the software you need to build. This article lists all ten and what each one requires.

It is an engineering explainer, not legal advice. For the obligation checklist see our MiCA compliance checklist, and for the build see our MiCA compliance software development.

What is a crypto-asset service provider (CASP)?

A CASP is a legal person authorised under MiCA to provide one or more crypto-asset services on a professional basis. Exchanges, custodians, brokers, wallet providers and portfolio managers are all CASPs for the services they offer. One authorisation passports across all 27 EU member states, so you apply once and operate EU-wide, under one national competent authority that supervises you.

The 10 CASP services under MiCA

MiCA Article 3 defines ten crypto-asset services. You are authorised only for the ones you provide, and each maps to a clear software module.

Crypto-asset service	What it is	Software you need
Custody and administration of crypto-assets	Holding or controlling clients' crypto-assets or the means of access	Custody integration, proof of reserves, client asset segregation
Operation of a trading platform	Running a venue that brings together buying and selling interests	Order book, market-abuse surveillance, listing controls
Exchange of crypto-assets for funds	Buying or selling crypto-assets for fiat as counterparty	On and off-ramp, KYC, sanctions screening
Exchange of crypto-assets for other crypto-assets	Swapping one crypto-asset for another as counterparty	Swap engine, KYT, transaction monitoring
Execution of orders on behalf of clients	Concluding agreements to buy or sell on clients' behalf	Best-execution logging, audit trail
Placing of crypto-assets	Marketing crypto-assets to buyers on behalf of an offeror	Allocation, disclosure, conflicts-of-interest controls
Reception and transmission of orders	Taking client orders and passing them to another party	Order routing, record keeping
Advice on crypto-assets	Personalized recommendations to clients	Suitability checks, disclosures, record keeping
Portfolio management of crypto-assets	Managing client portfolios on a discretionary basis	Mandate controls, valuation, client reporting
Transfer services for crypto-assets	Moving crypto-assets between addresses or accounts for clients	Travel Rule, wallet screening, transfer logging

Authorisation classes and capital

MiCA groups the services into three authorisation classes, each with a minimum own-funds floor (MiCA Annex IV). You must hold the higher of the class floor or 25% of your prior-year fixed overheads.

Class	Services	Minimum own funds
Class 1	Reception and transmission, execution, placing, advice, portfolio management, transfer services	50,000 euro
Class 2	Class 1 plus custody and administration, and exchange for funds or other crypto-assets	125,000 euro
Class 3	Class 2 plus operating a trading platform	150,000 euro

Obligations every CASP shares

Whatever services you run, MiCA expects a baseline you can evidence on demand:

• Sound governance, fit-and-proper management and clear organization
• Safeguarding and segregation of clients' crypto-assets and funds
• A complaints-handling procedure and a conflicts-of-interest policy and register
• An outsourcing policy and register for critical functions
• KYC and AML controls, plus the Travel Rule for transfers
• An immutable audit trail and record keeping behind every client action

How the services map to software

Scope your build to the services in your authorisation, then add the shared baseline once. The pattern that survives a regulatory review is a single immutable audit trail under every module, so authorisation evidence and regulatory reports are a query rather than a manual project.

Pharos Production builds MiCA compliance software for every CASP service. See the services in context on the MiCA page, the ART vs EMT explainer if you also issue tokens, the cost breakdown or request a gap assessment. See it in practice in our Ludera.io case study. We are not a law firm: authorisation scope must be confirmed by qualified counsel.

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• ★ Featured question. What are the 10 CASP services under MiCA?

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  Custody and administration, operation of a trading platform, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, execution of orders, placing, reception and transmission of orders, advice, portfolio management and transfer services. You are authorised only for the services you provide.

• ★ Featured question. Do I need authorisation for each crypto-asset service?

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  You apply once and your authorisation lists the specific services you are allowed to provide. Adding a new service later generally means extending your authorisation. One MiCA authorisation passports across all 27 EU member states.

• ★ Featured question. How much capital does a CASP need?

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  MiCA Annex IV sets minimum own funds at 50,000 euro for Class 1 services, 125,000 euro for Class 2 (adds custody and exchange) and 150,000 euro for Class 3 (adds operating a trading platform). You hold the higher of that floor or 25% of prior-year fixed overheads.

• What is the difference between a trading platform and an exchange?

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  Operating a trading platform means running a venue that matches third-party buying and selling interests. Exchange of crypto-assets means you act as counterparty, buying or selling crypto-assets for funds or other crypto-assets yourself. They are separate MiCA services with different obligations.

• Does a crypto wallet provider need a CASP license?

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  If the wallet provider holds or controls clients' crypto-assets or the means of access, that is custody and administration, a CASP service requiring authorisation. Purely non-custodial software where the user alone controls the keys may fall outside scope. Confirm with counsel.

• Can one authorisation cover multiple services?

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  Yes. A single CASP authorisation can cover several of the ten services, which sets your authorisation class and capital requirement. Many exchanges hold custody, trading-platform, exchange and transfer permissions under one authorisation.

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MiCA and CASP glossary 5

Updated July 13, 2026

CASP

Crypto-Asset Service Provider - a legal person authorised under MiCA to provide one or more crypto-asset services on a professional basis.

MiCA

Markets in Crypto-Assets Regulation - the EU framework that defines the 10 CASP service types and their authorisation and capital requirements.

Travel Rule

An AML obligation requiring CASPs providing transfer services to pass originator and beneficiary information alongside each crypto-asset transfer.

KYT

Know Your Transaction - on-chain transaction monitoring used in crypto-to-crypto exchange services to detect suspicious activity.

Own funds

Regulatory capital a CASP must hold as a buffer, set at the higher of the class floor (50,000-150,000 euro) or 25 percent of prior-year fixed overheads.

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