First select the scope of services, then determine the content of the application
MiCA is not a single "European crypto licence" that applies regardless of business line. Article 59 requires the authorisation to specify the crypto-asset services that have been approved; if services are added later, an application to extend the authorisation must be made to the original competent authority. For payment projects, at least the roles of custody on behalf of clients, exchange of funds with clients using own funds, execution or transmission of orders, and transfer on behalf of clients should be verified separately. The classification and issuance eligibility of stablecoins under MiCA must also be checked separately; CASP authorisation does not mean that any token issued by the platform is already compliant.
Whether a stablecoin can be used depends not only on whether the platform has CASP authorisation
On 8 October 2026, ESMA published a supervisory opinion requiring competent authorities to supervise CASPs to cease providing services involving stablecoins that do not meet MiCA requirements to EU clients, including transfer and custody, and not only trading. Existing assets may only be subject to necessary, time-limited exit arrangements under supervision, and new business may not be conducted on that basis. This is a supervisory expectation addressed to competent authorities, not a redefinition of every service as a public offering; new projects should treat token compliance review and platform licensing as parallel matters.
Legacy registration and "the application has been submitted" do not equal authorisation to operate
The maximum CASP transitional period under Article 143(3) of MiCA ended on 1 July 2026; before that, different Member States could adopt shorter periods. As of October 2026, new entrants cannot rely on the historical transitional treatment of legacy virtual asset registration. Assume an intermediary sells a company that holds a legacy registration, but the company has not completed MiCA authorisation; the buyer cannot directly resume token receipt and settlement business on that basis. Acquisition due diligence should examine the current authorisation, the specific services and the attached conditions, and not only the past registration date.
EU entities need genuine operational arrangements
Under Article 59, an entity applying for CASP authorisation must generally have a registered office in the Member State in which it carries out at least part of its services, have an actual place of management in the EU, and have at least one director resident in the EU. What the regulation requires is a supervisable operating structure, not the purchase of a mailing address. It is advisable, when choosing a location, to determine at the same time who is responsible for client assets, risk-management decisions and outsourcing management; where all core functions are undertaken by an overseas team, the plan should be explained in advance to the competent authority of the intended applicant country, rather than supplementing the structure after obtaining the licence.
Cross-border expansion after authorisation still involves procedures, and fiat payment still requires separate checks
Article 65 of MiCA establishes a cross-border notification mechanism, requiring submission of information such as the Member States in which services are to be provided, the services, the start date and other non-MiCA activities. It can reduce the burden of applying repeatedly in each country for the same CASP authorisation, but it should not be promoted as unconditional clearance of the entire product in all countries. If merchant settlement also involves euro accounts or e-money token payments, the payment regime should be checked separately; client contracts, complaints and locally applicable rules should also be included in the launch plan.
Recommended actions
- Map MiCA service categories according to each product function, and clarify who separately bears issuer issues and payment issues.
- Verify the current authorization, entity status and scope of permissions of the proposed acquisition target or cooperating company against the registers of the competent authorities and ESMA.
- Choose a jurisdiction of application that can support actual management, local governance and service capabilities, rather than merely comparing agency quotations.
- Set CASP authorization, cross-border notifications and fiat/EMT payment access as separate go-live milestones.
Information note: This article provides general information and does not replace legal advice based on specific facts.
References
- MiCA Article 59—Authorisation — ESMA / European Union
- MiCA Article 143—Transitional measures, paragraph 3 — ESMA / European Union
- MiCA Article 65—Cross-border provision of crypto-asset services — ESMA / European Union
- EBA publishes No Action letter on the interplay between PSD2/3 and MiCA — European Banking Authority
- Opinion on services in relation to non-MiCA-compliant ARTs and EMTs, ESMA75-113276571-1742, 8 October 2026 — ESMA
