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ARTICLE · 24 FEBRUARY 2025

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MiCA Insights: Must-Know Rules For CASPs

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The European Securities and Markets Authority ("ESMA") has recently issued a ‘Supervisory Briefing – Authorisation of CASPs under MiCA' to guide National Competent Authorities ("NCA"s) on the authorization.

MaltaTechnology
Joseph F. Borg
Joseph F. Borg
Gaby Zammit
Gaby Zammit
Galyna Podoprikhina
Galyna Podoprikhina
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The European Securities and Markets Authority ("ESMA") has recently issued a 'Supervisory Briefing – Authorisation of CASPs under MiCA' to guide National Competent Authorities ("NCA"s) on the authorization of Crypto Asset Service Providers ("CASP"s) under the Markets in Crypto-Assets Regulation ("MiCA"). This briefing sheds lights on the most critical aspects, including risk management, governance, outsourcing, and compliance requirements, offering essential insights into what CASPs need to meet MiCA's standards and navigate the evolving regulatory landscape in the EU.

MiCA's Risk-Based Approach

ESMA applies risk-based approach for CASP authorization. Unlike traditional finance, no CASP is considered 'low-risk' due to the evolving nature of the crypto industry and the direct engagement with retail investors. Factors influencing risk levels include:

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