Every crypto-asset service provider serving EU clients now needs a MiCA authorisation: the Dutch transition ended in June 2025 and all others by 1 July 2026. Capital is EUR 50,000, 125,000 or 150,000 by service class. The firm needs an EU registered office, effective management in the EU and an EU-resident director. The AFM licensed the first CASPs in Europe and suits retail; Luxembourg's CSSF suits institutional and custody business. Plan six to twelve months.
MiCA in 2026: no licence, no business
The Markets in Crypto-Assets Regulation applies in full since 30 December 2024. The transitional periods that let existing firms keep operating under national registrations have now ended everywhere: the Netherlands closed its window on 30 June 2025, Luxembourg and the rest of the EU by 1 July 2026. A crypto business serving EU clients today either holds a CASP authorisation or is out of the market.
One licence, 27 countries
An authorisation in one member state lets you serve clients across the EU.
Real EU presence
Registered office, effective management and a resident director in the EU.
EUR 50,000 to 150,000
By class of service, or a quarter of fixed overheads.
DAC8 from 2026
Client transactions reported to tax authorities from 2027.
Services and capital classes
| Class | Services | Minimum capital |
|---|---|---|
| Class 1 | Advice, receiving and transmitting orders, executing orders, placing, transfers, portfolio management | EUR 50,000 |
| Class 2 | Class 1 plus custody and administration, exchange for funds or other crypto | EUR 125,000 |
| Class 3 | Class 2 plus operating a trading platform | EUR 150,000 |
Capital must be held in cash or eligible instruments, and a quarter of last year's fixed overheads applies if higher. Custody also needs segregation of client assets and a liability regime for losses.
Luxembourg or the Netherlands?
| Luxembourg | Netherlands | |
|---|---|---|
| Regulator | CSSF | AFM, with DNB for stablecoins and integrity checks |
| Transitional period | Ended 1 July 2026 | Ended 30 June 2025 |
| Track record | Institutional, custody, funds and tokenisation | First EU CASP licences on 30 December 2024; broad retail and payment players |
| Typical client base | Banks, funds, professional investors | Retail and professional |
| Corporate tax | About 23.87% | 19% up to EUR 200,000, 25.8% above |
| Talent and language | International, multilingual | Large English-speaking tech market |
Choose the regulator that understands your clients. The passport does the rest.
What the regulator wants to see
- A precise business plan. Services, clients, countries, revenue model and three years of financials; generic plans are the first reason for refusal.
- Fit and proper management. Directors with crypto and financial services experience, at least one resident in the EU, and real time in the business.
- Financial crime controls. AML and sanctions framework, travel rule for transfers, transaction monitoring.
- ICT and DORA. Operational resilience, outsourcing and third-party risk under DORA.
- Custody and conflicts. Segregation, reconciliation and complaint handling, with policies that match what you really do.
- Local substance. Office, people and decisions in the licensing country.
Check your MiCA readiness
The result updates with each answer.
MiCA readiness check
Tick your services and answer four questions. You get your capital class, the regulator and the gaps to close.
Every CASP needs authorisation since 1 July 2026.
EUR 50,000, 125,000 or 150,000.
Office, management and a resident director.
Client transactions reported from 2027.
MiCA licences in Luxembourg and the Netherlands: frequent questions
Do I need a MiCA licence in 2026?
Yes, if you provide crypto-asset services in the EU. All national transitional periods ended by 1 July 2026; the Dutch one ended on 30 June 2025. Since then every crypto-asset service provider needs a CASP authorisation.
How much capital does a CASP need?
EUR 50,000 for advice, order handling, placing, transfers and portfolio management; EUR 125,000 if you also hold client assets or exchange crypto; EUR 150,000 for a trading platform; or a quarter of last year's fixed overheads if higher.
How long does a MiCA licence take?
The regulation gives 25 working days to check completeness and 40 to decide, but with questions and preparation most firms should plan six to twelve months.
Luxembourg or the Netherlands for a MiCA licence?
The AFM issued the first MiCA licences in the EU and has a track record with crypto firms. Luxembourg's CSSF is slower but strong for institutional, custody and fund-related business. Both give an EU passport.
Can a non-EU company get a MiCA licence?
Only through an EU company with its registered office and place of effective management in the EU and at least one director resident in the EU.
What is DAC8?
The EU directive that makes crypto-asset service providers report their clients' transactions to tax authorities. It applies from 1 January 2026, with first reports in 2027.