The 10 CASP Services Under MiCA and What Each One Requires
The 10 MiCA crypto-asset services explained: custody, trading platform, exchange, execution, placing, advice, portfolio management and transfer services, with capital classes and the software each needs.
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MiCA does not grant a single crypto licence. 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 | Personalised 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 organisation
- 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. We are not a law firm: authorisation scope must be confirmed by qualified counsel.
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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.
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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.
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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.
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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.
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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.
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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.
Role: Founder and CTO, Pharos Production
Focus: Architecture, Web3 products, smart contract security, high-load systems
Experience: 23 years in production delivery
