The Markets in Crypto-Assets (MICA) regulation represents a significant step in the evolution of the digital asset economy within the European Union (EU). By establishing a comprehensive legal framework, MICA ensures compliance, stability, and consumer protection for crypto businesses.
At Estrella, we connect buyers and sellers with MICA-compliant Crypto Asset Service Providers (CASPs), helping clients navigate this evolving landscape. Whether you’re acquiring a MICA-compliant business or selling your CASP to capitalize on its value, Estrella provides expert support at every stage.
Under the MICA regulation, a Crypto Asset Service Provider (CASP) must comply with standards that:
MICA compliance is essential for businesses seeking long-term growth and credibility in the regulated EU crypto market.
Licensed CASPs hold significant value due to their:
MICA compliance ensures legal operations and builds trust with consumers and investors.
Passporting rights enable operations across all EU member states without additional licensing.
MICA-compliant models support rapid scaling into multiple asset classes and markets.
Licensed businesses are viewed as credible and secure, attracting more users and partners.
Estrella connects buyers with MICA-compliant CASPs offering:
Our tailored approach ensures buyers find CASPs that align with their strategic goals and growth objectives.
For sellers, Estrella provides:
A buyer acquired a MICA-compliant CASP to launch crypto payment solutions across multiple EU member states.
A seller exited a token issuance business, securing a premium valuation through Estrella’s global network.
A MICA-compliant CASP leveraged its license to attract investment and expand into DeFi services across the EU.
These success stories highlight Estrella’s ability to deliver tailored solutions and maximize value for clients in the regulated crypto market.
A Crypto Asset Service Provider (CASP) license is the EU’s harmonised regulatory authorisation for crypto-asset services under the Markets in Crypto-Assets Regulation (MiCA). MiCA establishes a single EU-wide regime replacing the previous patchwork of national VASP frameworks. CASPs may provide services including crypto exchange, custody, transfer, advisory, portfolio management, and placement — across all 27 EU member states with single authorisation.
CASP authorisation is available across all 27 EU member states under the harmonised MiCA framework. Estrella offers ready-made CASP licensed companies in Czech Republic, Poland, and Slovakia, with additional jurisdictions becoming available as more VASPs complete their MiCA transition. CASP authorisation in any EU member state provides full EU-wide passporting.
VASP frameworks were national (Czech VASP, Lithuanian VASP, Georgian VASP, etc.) without EU passporting. CASP under MiCA is the EU-harmonised replacement with full EU passporting and standardised requirements. Existing EU VASPs can transition to CASP under MiCA’s transitional provisions, providing a significant first-mover advantage.
MiCA entered into force on 30 December 2024 with phased implementation. Stablecoin provisions applied from June 2024; CASP-specific provisions from December 2024. Existing EU VASPs benefit from transitional provisions allowing continued operations under national authorisation while preparing for full CASP licensing — the deadline varies by member state but typically extends through 2025–2026.
MiCA establishes capital requirements based on services provided: €50,000 for advisory and order reception/transmission, €125,000 for exchange and execution services, €150,000 for custody and trading platform operations. Higher requirements apply for combinations of services and based on operational complexity.
Fresh CASP authorisation under MiCA typically takes 6–12 months from initial submission, depending on the member state and applicant readiness. Acquisition of an existing CASP-authorised entity (or a transitioning VASP) completes in 4–6 months including regulatory change-of-control approval — significantly faster.
Yes, EU CASPs may have foreign ownership subject to regulator fit-and-proper assessment of qualifying shareholders. The MiCA regime requires source-of-funds verification, regulatory history checks, beneficial ownership transparency, and demonstrated commitment to EU-based substance.
CASP pricing reflects the MiCA-compliant status, EU passporting rights, and any active customer book. Czech, Polish, and Slovak CASPs are competitively priced; CASPs in larger Western European jurisdictions command premiums. Contact Estrella for current availability and indicative pricing.
Six months into MiCA enforcement, a useful data point: by mid-2025, roughly 40 CASP authorisations had been issued across the entire EU. The first two issuances landed on day one of MiCA — in the Netherlands and Malta — followed by Germany’s first authorisation in mid-January 2025. The geographic concentration of approvals tells you which national regulators have actually staffed up to process applications: BaFin in Germany, the AFM in the Netherlands, and the MFSA in Malta lead the pack.
For acquirers, this geographic skew has real implications. Buying a CASP application that’s pending at a regulator with a deep backlog (most of Southern Europe currently) means a different timeline than buying one pending at a more responsive regulator. We track regulator throughput closely — for any deal involving a CASP-application-in-progress, the question of which regulator and what the application docket looks like is more important than the headline jurisdiction.
The capital requirements themselves are tiered by service category: €50,000 for Class 1 services (advice, order reception/transmission), €125,000 for Class 2 (exchange, execution, transfer, portfolio management), and €150,000 for Class 3 (custody, trading platform operation). Most operating CASPs need Class 2 or Class 3, so €125,000–€150,000 is the realistic floor.
A practical diligence point: MiCA’s Article 81 prudential requirements specify that own funds must be maintained as the higher of the initial capital floor OR one-quarter of the previous year’s fixed overheads. For CASPs that scaled significantly during 2024, the fixed-overhead test is now binding — meaning the actual ongoing capital requirement may be 2-4× the headline initial capital. Buyers need to verify which of the two thresholds is currently driving the entity’s capital position.
A separate observation from our practice: the most attractive CASP acquisitions right now are entities that filed under their national VASP regime BEFORE 30 December 2024 and are currently operating under transitional provisions while the CASP application processes. These entities typically retain customers, have established banking relationships, and benefit from the regulator’s familiarity from prior VASP supervision. Pure-shell CASP applicants without operating history are a different proposition entirely — typically priced 30–50% below VASP-transitioning equivalents.
MICA-compliant CASPs represent the future of regulated digital asset businesses in the EU. Whether you’re acquiring a licensed CASP to expand your services or selling your business to realize its full value, Estrella is your trusted partner in navigating this transformative market.
Contact Us Today to explore opportunities in CASP acquisitions or sales.
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