Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the regulator's decision, including banking and payment rails.
Get a MiCA license (CASP) in the EU.
A MiCA license is CASP authorisation under Regulation (EU) 2023/1114: ten services in three capital classes of €50,000, €125,000 and €150,000, a statutory clock of 25 working days to completeness and 40 to a decision (an information request can pause it for up to 20 more), and a passport to all 27 member states. The grandfathering era ended on 1 July 2026, and ESMA's register shows who is authorised; the question left is which home desk to file at, which we optimise.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
MiCA in brief
MiCA license: one rulebook, 27 markets, one strategic choice.
The Markets in Crypto-Assets Regulation - Regulation (EU) 2023/1114 - replaced two dozen national regimes with a single European licence: the CASP authorisation. Ten defined crypto-asset services sit in three capital classes (€50,000, €125,000, €150,000), every national regulator works the same statutory clock - 25 working days to completeness, 40 to a decision, which an information request can pause for up to 20 more, and an authorisation granted anywhere passports to all 27 member states by simple notification. The transition is over: grandfathering under Article 143 ended on 1 July 2026, ESMA's register - updated weekly - lists the authorised CASPs, and the final ESMA guidelines apply from 28 July 2026. The rulebook is complete and the market is licence-only.
Which leaves one genuinely strategic decision: the home desk. The rulebook is identical everywhere; the experience is not. Desks differ in speed, precedent, supervisory culture, language, cost of substance - and the tax systems around them differ enormously, from Bulgaria's flat 10% to Estonia's 0% on retained profits to Portugal's 0% on founders' long-held crypto. We have filed across the Union and run our own offices from Vilnius to Madeira; matching your model to the right desk is the first thing we do, in writing, before any file is built.
One authorisation covers all 27 states: MiCA is fully in force, grandfathering ended 1 July 2026, and ESMA's weekly register shows who is authorised.
The strategic question left is the home desk - speed, culture, tax and cost differ enormously. We score it against your model first, in writing.
Licence classes
Ten services, three classes - everywhere.
MiCA's service list and capital classes are identical in every member state. What you choose is scope, and where to file. We fix both first, then build once.
Ten services, three capital classes. Identical everywhere. Scope and desk are the choices.
01 - CASP · CLASS 1-2
Core crypto services
For brokers, exchangers and custodians. Execution, exchange and safekeeping of client crypto-assets under one authorisation. Minimum capital €50,000-€125,000 depending on scope.
For brokers, exchangers and custodians. Execution, exchange and safekeeping of client crypto-assets under one authorisation. Minimum capital €50,000-€125,000 depending on scope.
- ✓Exchange of crypto ↔ fiat and crypto ↔ crypto
- ✓Execution, reception and transmission of orders
- ✓Custody and administration of client crypto-assets
- ✓Transfer services for crypto-assets
- ✓Advice and portfolio management on crypto-assets
- ✓Placing of crypto-assets
02 - CASP · CLASS 3
One licence - EU and EEATrading platform
The highest MiCA tier. Operation of a crypto trading venue with €150,000 minimum capital, listing rules and market-abuse controls, passportable across the EU from whichever home desk fits your model best.
The highest MiCA tier. A trading venue with €150,000 capital, from whichever desk fits best.
- ✓Operation of a crypto-asset trading platform
- ✓Matching of buyers and sellers in the venue
- ✓Admission-to-trading (listing) framework
- ✓Market-abuse monitoring under MiCA Title VI
- ✓Combines with custody and exchange services
- ✓One home authorisation - for all 27 EU states
Costs and timelines are confirmed for your case before any work begins. National fees vary by desk; capital classes and the statutory clock do not. Desk selection. Speed, culture, tax, substance cost. Is the first deliverable in your quote.
Why MiCA
The passport is the product.
The framework is Regulation (EU) 2023/1114, supervised by national competent authorities with ESMA coordination. One standard, everywhere.
✓
27 markets from one file
A CASP authorisation from any member state passports to the entire Union by notification - no re-licensing, no local capital, no second review. One file, four hundred million consumers.Passport by notification - no re-licensing.
✓
A clean, licence-only market
Grandfathering ended on 1 July 2026 across the EU. Since then, serving European clients without authorisation breaches EU law, and ESMA expects unauthorised firms to wind down. The grey-zone era that made compliance a disadvantage is over.Grandfathering over since 1 July 2026.
✓
Harmonised, knowable standards
The same ten services, three capital classes and 25+40-day clock in every state. With the final ESMA guidelines in force since 28 July 2026. What the file must contain is public and settled.Final ESMA guidelines since 28 Jul 2026.
✓
ESMA's public register
Authorised CASPs, stablecoin issuers and white papers sit on ESMA's weekly-updated register. Banks, partners and clients verify your status in one place. Being on that list is the credential.Weekly-updated proof of your status.
✓
Desks compete for you
Identical rules, different experiences: Lithuania and Czechia on speed, the Netherlands on precedent, Germany on institutional weight, Bulgaria on cost, Cyprus and Portugal on founder tax. The choice carries real weight. We quantify it.Speed vs weight vs tax - a real choice.
✓
Stablecoins in the same system
E-money tokens and asset-referenced tokens run through MiCA's issuer regimes alongside the CASP licence. One legal architecture for the whole product roadmap.EMT and ART in the same architecture.
How it compares
Choosing your home desk.
The rulebook is identical. The desks are not. Below, four archetypes we file at most, and how MiCA stacks against the non-EU routes.
MiCA vs non-EU routes
| Feature |  MiCA (any EU desk) | Non-EU routes |
|---|---|---|
| Market access | 27 states, one authorisation | One jurisdiction at a time |
| Standards | Harmonised, ESMA-coordinated | Bespoke per country |
| Capital | €50k / €125k / €150k | Varies - HK$5M to none |
| Status (2026) | Licence-only since 1 July | Mixed transition states |
Market access
MiCA (any EU desk)27 states, one authorisation
Non-EU routesOne jurisdiction at a time
Standards
MiCA (any EU desk)Harmonised, ESMA-coordinated
Non-EU routesBespoke per country
Capital
MiCA (any EU desk)€50k / €125k / €150k
Non-EU routesVaries - HK$5M to none
Status (2026)
MiCA (any EU desk)Licence-only since 1 July
Non-EU routesMixed transition states
Four desks, four strategies
| Country | License type | Taxation | Requirements |
|---|---|---|---|
 Czech Republic | MiCA CASP (ČNB) | 21% CIT | The speed play - fast, technical |
 Germany | MiCA CASP (BaFin) | ~30% effective | The weight play - benchmark stamp |
 Cyprus | MiCA CASP (CySEC) | 15% CIT · 8% founder gains | The founder play - tax stack |
 Bulgaria | MiCA CASP (FSC) | 10% CIT · 10% personal | The cost play - lowest base |
Czech RepublicLicense typeMiCA CASP (ČNB)
Taxation21% CIT
RequirementsThe speed play - fast, technical
GermanyLicense typeMiCA CASP (BaFin)
Taxation~30% effective
RequirementsThe weight play - benchmark stamp
CyprusLicense typeMiCA CASP (CySEC)
Taxation15% CIT · 8% founder gains
RequirementsThe founder play - tax stack
BulgariaLicense typeMiCA CASP (FSC)
Taxation10% CIT · 10% personal
RequirementsThe cost play - lowest base
Before you apply
MiCA license requirements: what every CASP file contains.MiCA license requirements.
Article 62 and the ESMA technical standards define the application everywhere. The checklist below is the invariant core. The desk adds flavour, not substance.
01
An EU entity. Registered office in the home state, where it provides at least part of its services, with effective management in the Union and at least one EU-resident director.
02
Substance. Decision-making genuinely in the home state, as regulators expect: local management, compliance and risk on the ground.
03
Fit & proper management. Clean records and relevant experience for directors and qualifying shareholders.
04
Own funds - €50,000, €125,000 or €150,000 by service class, or one quarter of fixed overheads if higher.
05
Programme of operations. Services, target markets, volumes and a three-year business plan.
06
AML/CFT framework. KYC, EDD, monitoring and FIU reporting per the home state's AML law, with a named officer.
07
ICT and DORA compliance. Resilience testing, incident reporting and the ICT third-party register.
08
Safeguarding of client assets. Segregation of client crypto and funds, custody policy, key management.
09
Governance. Ownership to UBOs, qualifying holdings disclosed, conflicts and complaints procedures.
10
Wind-down plan. Credible, funded and documented.
11
White papers and issuer files where the roadmap includes issuing or admitting crypto-assets to trading.
01
Home-state office, management in the EU.
02
Local management, compliance and risk.
03
Fit & proper directors and shareholders.
04
Own funds €50k-€150k by class.
05
Programme of operations + 3-year plan.
06
AML per home-state law, named officer.
07
ICT resilience under DORA.
08
Segregation and custody of client assets.
09
Ownership disclosed up to UBOs.
10
Credible, funded wind-down plan.
Reflects Regulation (EU) 2023/1114, the ESMA technical standards and guidelines as of 2026. Grandfathering ended 1 July 2026. Fresh authorisation is the only route.Reg. 2023/1114 + ESMA standards as of 2026. Fresh authorisation is the only route.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawRegulation (EU) 2023/1114 on markets in crypto-assets (MiCA) - EUR-Lexeur-lex.europa.eu
- RegisterESMA - Markets in Crypto-Assets Regulation (MiCA): registers of authorised CASPsesma.europa.eu
- RegulatorESMA - Statement on the end of transitional periods under MiCA (17 April 2026)esma.europa.eu
- RegulatorESMA - Public statement on the end of the MiCA transitional period (23 June 2026)esma.europa.eu
- LawEEA Joint Committee Decision No 41/2025 of 20 February 2025 incorporating MiCA into the EEA Agreement - EFTAefta.int
How it works
From first call to the ESMA register.
01
Desk selection
Your model scored against the desks that fit it. Speed, culture, tax, cost. With a written recommendation and the sequencing if more than one licence belongs in the plan.Speed, culture, tax, cost. Recommended in writing.
02
Company and substance
Incorporation in the home state, registered office, local management and governance. The presence every regulator verifies.Home-state entity, office, management.
03
The application file
The Article 62 file. Programme of operations, AML/CFT, DORA, safeguarding, wind-down. Complete before filing, in the desk's own format.Article 62 file, complete before filing.
04
Regulatory review
25 working days to completeness, 40 to decision on the statutory clock, plus up to 20 if the regulator pauses it for information. Months, not years, when the file arrives complete. We answer every round.25+40 wd clock; months when complete.
05
Authorisation and passport
Entry in the national register and ESMA's list, then passport notifications into every market on your roadmap - plus ongoing reporting we can keep running.National + ESMA registers, then rollout.
Quick facts
FrameworkReg. (EU) 2023/1114
Services / classes10 services · 3 classes
Capital€50k / €125k / €150k
Statutory clock25 + 40 working days
Authorised CASPsESMA register, weekly
Grandfatheringended 1 Jul 2026
ESMA guidelinescomplete · 28 Jul 2026
PassportAll 27 EU states
The register is public and weekly-updated at ESMA. Your authorisation is verifiable by anyone, anywhere, immediately.
Across the Union
Filed from our own offices, not a partner's inbox.
Prifinance - Hong Kong
Hong Kong · Head office
5/F, Yau Lee Centre, 45 Hoi Yuen Road, Kwun Tong, Hong Kong
01
Desk selection, quantified
Speed, precedent, supervisory culture, substance cost and the tax stack. Scored against your model, in writing, before any file is built.Scored against your model, in writing.
02
The authorisation file
The Article 62 core. Programme, AML, DORA, safeguarding, wind-down. Built once and adapted to the chosen desk's templates and language.Article 62 core, adapted per desk.
03
Substance where you file
Company formation, directors, compliance staffing and offices in the home state. Assembled from our own European network.Our own European network builds it.
04
Passporting and beyond
ESMA notification, host-state rollout and the stablecoin or fund add-ons when the roadmap calls for them. One team, end to end.ESMA notification to full rollout.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation across the MiCA map.
The licence is harmonised. The taxes are anything but. The spread across our most-filed desks is the real menu; the licence travels, the tax base does not.
Bulgaria: 10% flat
One of the EU's lowest corporate rates, matched by 10% personal and 5% dividends. Roughly 14.5% from company profit to founder's pocket, euro-native since 2026.Among the EU's lowest; ~14.5% full stack.
Cyprus: the founder stack
15% corporate tax, dividends at 5%. Zero for non-doms, and a flat 8% on individuals' crypto gains under the 2026 reform. Layered, it is the EU's sharpest personal outcome.15% + 5%/0% dividends + 8% gains.
Estonia: 0% until distribution
No tax on retained and reinvested profits - 22% only on payout. For companies compounding their own balance sheet, nothing else in the EU comes close.Nothing until distribution.
Portugal: 0% for patient founders
Personal crypto held over 365 days sells tax-free, with 19% corporate (Madeira's CINM at 5%) behind it. The relocation favourite, now with a licensing desk.Patient founders; Madeira 5%.
Slovakia: 7% after a year
The quiet one. Individuals pay a flat 7% on crypto held over a year, inside the euro zone, at a central-bank desk with licences already live.The quiet euro-zone rate.
The heavyweights: DE · NL · IE
Germany (~30%), the Netherlands (19/25.8%) and Ireland (12.5% trading) charge more or structure differently, and sell institutional weight, precedent and headquarters ecosystems in return.Heavier taxes, institutional weight.
Corporate rates, most-filed desks
Bulgaria10%
Ireland (trading)12.5%
Cyprus15%
Lithuania (2026)17%
Portugal19%
Czech Republic21%
Estonia0% retained / 22% payout
*Headline rates as of 2026, per national tax authorities. Personal outcomes vary even more. The founder's residence plan belongs in the desk decision, and we model both together.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: EU company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, authorised business.
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European Union · MiCA
Get your MiCA license with expert support.
Full-service assistance - desk selection, company registration, CASP authorisation and passporting.
Get a consultation →Free legal opinion
Which EU desk is right for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The MiCA licence - what clients ask.
What is the MiCA licence, exactly?+
The CASP authorisation under Regulation (EU) 2023/1114 - the single European licence for crypto-asset services. Ten defined services in three capital classes, granted by your home state's regulator and valid across all 27 EU members through passporting.
Is the transitional period really over?+
Yes. Grandfathering under Article 143 ended on 1 July 2026 in every member state - several closed earlier. Any firm serving EU clients today needs an authorisation or a passport from one; ESMA's register is the public proof.
How much capital is required?+
€50,000 for advice and order services, including execution, €125,000 for exchange and custody, €150,000 for operating a trading platform - or one quarter of annual fixed overheads if that is higher. Identical in every member state.
How long does a crypto license in the EU take?+
The statutory clock is the same everywhere: 25 working days to completeness, then 40 to a decision, which an information request can pause for up to 20 working days. Real timelines run 4-10 months depending on the desk and the file - completeness quality, not the law, is where time is won.
Does it matter which country I file in?+
Enormously - it is the main strategic decision left. The rulebook is identical, but desks differ in speed, precedent and culture, and the surrounding tax systems range from Bulgaria's 10% to Germany's ~30%. We score the desks against your model before building anything.
How does passporting actually work?+
Once authorised, you notify your home regulator of the member states you intend to serve; the notification flows through the system and you may operate there without further licensing. One authorisation, four hundred million consumers.
What about stablecoins?+
MiCA regulates them alongside: e-money tokens through the e-money framework and asset-referenced tokens through their own authorisation, in both cases with issuer obligations and white papers. If issuance is on your roadmap, the desk choice should reflect it - some regulators are far stronger on the e-money side.
What is on ESMA's register?+
Authorised CASPs, ART and EMT issuers, white papers and non-compliant entities - updated weekly and publicly downloadable. The CASP file also lists banks and other financial entities that notified crypto services under Article 60; your banks and partners will check it, and so should your diligence on counterparties.
What are the non-EU alternatives?+
The UK (FCA registration now, FSMA regime from October 2027), Switzerland (FINMA/SRO), Gibraltar (the GFSC's DLT framework), the UAE and others. None passport into the EU - global groups usually sequence one of them with a MiCA licence rather than choosing between them.
Where do we start?+
With the desk decision. Send us your model - services, markets, team locations, founder tax situation, and we return a written recommendation: home desk, licence class, capital, realistic timeline and full cost. Free, within 2-5 business days.
What is a CASP license and how is it different from a MiCA license?+
They are the same thing seen from two sides. MiCA is the regulation; CASP, crypto-asset service provider, is the status it creates, so a MiCA licence is CASP authorisation granted by a national competent authority under Articles 59-63 of the regulation. The authorisation lists the services the firm may provide, sets its capital class and is entered on ESMA's register, which is what the passport and your counterparties rely on.
What is the MiCA licence?+
The single EU CASP authorisation - 27 states, one file.
Transition over?+
Yes - grandfathering ended 1 July 2026.
Capital?+
€50k / €125k / €150k - identical everywhere.
How long?+
25+40 wd clock; 4-10 months by desk.
Does the country matter?+
It is the main decision - desks and taxes differ hugely.
Passporting?+
Notification via the home regulator - then operate.
Stablecoins?+
EMT/ART issuer regimes in the same system.
ESMA register?+
Public, weekly - CASPs, issuers, white papers.
Non-EU routes?+
UK, CH, Gibraltar, UAE - sequenced, not substituted.
Where to start?+
Desk selection - free written opinion in 2-5 days.
CASP vs MiCA license?+
The same thing: MiCA is the regulation, CASP the authorised status, entered on ESMA's register.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which EU desk fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of any national competent authority, ESMA or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.