If you hold crypto with a virtual asset provider in Europe right now, there’s a decent chance you’ve had a moment of doubt in the last few weeks. Maybe your preferred crypto asset platform quietly paused certain services. Maybe a service you relied on is no longer available.
This is a result of where the market stands post-MiCA transitioning. Of the roughly 3,000+ virtual asset service providers that once operated under national regimes across the EU, ESMA’s public register listed 300+ authorised CASPs across 25 EU/EEA countries as of late July 2026. The rest may be operating under restricted terms or no longer serving EU clients at all.
For investors in the EU, that means the old ways of crypto asset holding don’t work anymore. The real question is no longer just “is this platform licensed?” It’s “what actually separates a strong MiCA-regulated provider from the others?”
Here are five things worth considering on your checklist when assessing service providers.
1. Authorisation you can actually verify
Acquiring a CASP license follows a full regulatory review covering governance, capital adequacy, management suitability, IT security, and AML infrastructure. That’s a meaningfully higher bar than the old VASP registrations it replaced.
It’s also not one-size-fits-all. MiCA defines ten distinct categories of crypto-asset service, and a provider’s authorisation only covers the specific ones it applied for. When evaluating a CASP, consider checking:
- That the provider appears in ESMA’s public CASP register
- Which national regulator issued the license, and for which services. For example, a firm authorised by Luxembourg’s CSSF for custody and trading execution isn’t automatically authorised for portfolio management or advice; those would need to appear on the license.
- Whether the license is passported to the country you’re in.
Capital requirements for a firm to acquire the license scale with what the firm is authorised to do — roughly €150,000 for operating a trading platform, €125,000 for custody or exchange services, and €50,000 for the remaining service categories — so the scope of a license tells you almost as much about the firm and the authorised services.
2. Custody that's built for institutions
Crypto asset custody appears to be the most common authorisation CASPs hold. Custody is where your assets actually sit, and it’s the area where custody infrastructure built with institutions in mind and the highest-grade of security matter the most.
Industry-wide crypto hacks and exploits took a heavy toll in 2026, with billions lost across the sector, underscoring why safeguarding standards have become non-negotiable.
Consider these factors when evaluating providers (among other things):
- Segregated client asset arrangements
- A documented security architecture behind wallets and key management
- Formal safeguarding controls and operational procedures
- Custody infrastructure built to institutional investors
3. A service offering that goes beyond "buy and hold"
Institutional appetite for digital assets has grown quickly alongside the regulatory clarity MiCA provides. According to an industry survey, 59% of institutional investors plan to allocate over 5% of their assets under management to digital assets. That demand is pulling the market beyond simple buy-and-hold products as per these surveys.
Consider a MiCA-regulated partner, if your provider offers these additional facilities:
- Trading execution and settlement
- Staking and token services (with clear disclosures on lock-up periods and associated risks)
- Treasury and liquidity solutions
- Support for institutional-scale order flow i.e. block trades or bulk transfers — without the trade itself moving the market price against you
4. Governance that holds up to scrutiny
Governance is harder to market than a slick app, but it’s what determines how a firm behaves when something goes wrong.
Providers backed by established banking or financial-institutions may often bring an extra layer of discipline here — particularly around financial controls and long-term stability. It should also show up in the small things: clear communication, transparent documentation, and a smooth onboarding process rather than a frustrating one.
Consider:
- Clear organisational structure and independent oversight
- A defined risk management framework
- Genuine, demonstrable compliance expertise
- Transparent policies, not just a policy document
5. Proof of security and operational resilience
The post-MiCA environment puts real weight on security, not just prevention on paper. Regulators are already signalling that cross-border enforcement and supervision will remain a work in progress even after the transition deadline, which makes a provider’s own resilience posture more important. Ask about:
- Cybersecurity controls and penetration testing
- Business continuity and disaster recovery planning
- Incident response procedures, and how they’re tested
- Internal controls around access, approvals, and reconciliation
A provider that can clearly explain what happens when something goes wrong is usually one that has actually thought it through.
The bigger picture
A license without strong custody may not always be enough. Custody without governance isn’t enough. The strongest providers in this next phase of the European market are likely the ones where authorisation, custody, service breadth, governance, and resilience all reinforce each other — much the way you’d evaluate a traditional financial institution, not just an app.
MiCA doesn’t remove market risk or investment risk. What it does is raise the floor on transparency, safeguarding, and accountability, and increasingly, that floor is the baseline investors should expect from any EU crypto partner.
Frequently Asked Questions
Q. What is a CASP under MiCA?
A CASP (Crypto-Asset Service Provider) is a firm authorised under the EU’s Markets in Crypto-Assets Regulation to offer regulated crypto services — such as custody, trading, or exchange (depending on the exact licensing authorisations and conditions) — to clients across the EU and EEA.
Q. What’s the difference between a VASP and a MiCA-regulated CASP?
A VASP (Virtual Asset Service Provider) typically refers to the Financial Action Task Force (FATF) regulatory framework for crypto-asset service providers, focused on AML/CFT compliance, customer due diligence, and transaction monitoring.
A CASP (Crypto-Asset Service Provider) is authorised under the EU’s harmonised regulatory framework, MiCA, which includes broader requirements relating to governance, operational resilience, transparency, and investor protection.
Q. How many CASPs are licensed in the EU as of 2026?
ESMA’s public register listed 300+ authorised CASPs across 25 EU/EEA countries as of late July 2026, with new authorisations being added on an ongoing basis.
Q. How do I check if a crypto exchange is MiCA-licensed?
Search the provider’s name in ESMA’s public CASP register, which lists the issuing national regulator and the specific services each firm is authorised to offer.
Q. Is my crypto safe with a provider that isn’t MiCA-authorised yet?
It depends on the provider’s regulatory status, jurisdiction, and communications to clients. Investors should follow direct updates from their provider and confirm what services remain available.
Q. Does MiCA authorisation guarantee my assets are risk-free?
No. MiCA does not eliminate market or investment risk. It raises standards around governance, safeguarding, transparency, and operational resilience, which can improve investor protection but doesn’t remove the risks inherent to crypto-assets and investments generally.
Q. Can a MiCA-licensed CASP operate across all of Europe?
Yes. Authorisation in one EU or EEA member state can be “passported,” allowing a CASP to offer its licensed services across the whole bloc without separate national approvals in each country subject to the provider’s exact MICA authorisation conditions.
Q. What should I do if my current provider hasn’t obtained MiCA authorisation?
Monitor communications from your provider, confirm what services are available, and evaluate alternative MiCA-authorised providers using criteria like authorisation scope, custody standards, governance, and operational resilience.
Disclaimer – Research and Educational Content
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