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Exchanges, brokers, custodians and trading platforms serving EU clients need MiCA authorisation in one home Member State, and the choice of that state shapes fees, pace and supervision.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission to decision.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
We assemble your team: an EU-resident director and managers.
The licence, the requirements, the cost and the timing for your business.
You will need a management team that runs the business from the EU, with at least one director living in the EU.
One programme, from scoping to launch. Speak to an expert about this licence.
Requirements, capital, timing, fees and common questions, drawn from the regulator’s own publications.
Any legal person providing a crypto-asset service in the EU: exchanges and brokers executing or placing orders, custodians, operators of trading platforms, providers of transfer, advice and portfolio management services. Firms that were authorised under national regimes before MiCA applied had until 1 July 2026 at the latest to obtain authorisation; that period has ended. Non-EU firms may serve EU clients only where the client approaches them unsolicited.
| Class | Services | Minimum capital |
|---|---|---|
| Class 1 | Execution of orders, placing, transfer, reception and transmission, advice, portfolio management | €50,000 |
| Class 2 | Class 1 plus custody and administration, exchange for funds or other crypto-assets | €125,000 |
| Class 3 | Class 2 plus operating a trading platform | €150,000 |
Prudential safeguards must at all times equal the higher of the class minimum and one quarter of the preceding year’s fixed overheads, held as common equity or as an insurance policy or comparable guarantee covering the EU territories served.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | 40 working days, about 2 months, from a complete application, after a 25-working-day completeness check | MiCA, Articles 62 and 63 |
| Regulator’s published figure | Acknowledgement within 5 working days; passport notifications transmitted within 10 working days | MiCA, Articles 62 and 65 |
| Application preparation | 8 to 12 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 3 to 5 months after submission | Our own figure, from the regulator’s published data and our applications |
Regulator figures are quoted as published and converted to months. Our realistic timeline assumes a complete, well-prepared application.
| Stage | Duration | Notes |
|---|---|---|
| Scoping and home state | 2 weeks | Class, services and the home Member State chosen |
| Application pack | 8–12 weeks | In the authority’s format |
| Acknowledgement | 5 working days | From receipt |
| Completeness check | 25 working days | The authority may suspend the clock for up to 20 working days for missing information |
| Decision | 40 working days | From a complete application; notified within 5 working days |
| Passporting | 10 working days | The home authority transmits the notification; services may start on receipt or 15 calendar days after submission |
We plan for three to five months after submission, with the choice of home state the first decision: fees, supervisory approach and the authority’s capacity differ across the Union.
| Item | Amount | Notes |
|---|---|---|
| Application and annual fees | Set by each national authority | MiCA sets no EU-level fee |
| Capital | €50,000 to €150,000 | Or a quarter of fixed overheads if higher |
| Professional fees | Fixed | Quoted after scoping |
A provider needs accounts for client funds with a credit institution and operating accounts in the markets it serves. We open these alongside the application. See banking and payment processing.
The state where you have, or will build, real operations: the registered office must be there, with effective management in the EU and an EU-resident director. Fees, timelines and supervisory approach differ; MiCA sets no EU-level fee, so each national authority sets its own.
Forty working days from a complete application, after a 25-working-day completeness check. We plan for three to five months after submission.
Only with an EU authorisation held by an EU entity. For groups serving both markets, we obtain both the EU authorisation and the UK FSMA permissions.
It ended on 1 July 2026 across the EU. Providers without authorisation must have wound down; national authorities are enforcing.
Issuers of asset-referenced and e-money tokens are covered by separate MiCA titles with their own requirements; we advise on both.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm builds licensed payment, e-money, crypto and stablecoin businesses: the licence, the team, the technology, the bank accounts and card issuing.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The licence, your team, banking and technology, delivered as one programme.