Crypto-Assets Service Providers (CASPs)

Pursuant to Article 3, paragraph 1, point 15 of MiCAR (Regulation (EU) 2023/1114), a crypto-asset service provider (“CASP”) means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59 MiCAR.

CASPs are subject to an authorisation regime involving notably prudential and organisational requirements and consequently will be subject to a supervisory regime by the CSSF.

Certain categories of entities that already have a regulated status (i.e. credit institutions, central securities depositories, investment firms, market operators, electronic money institutions, UCITS management companies, alternative investment fund managers) can provide certain services on crypto-assets upon a simple notification.

The types of crypto-asset services that fall under the scope of MiCAR are:

• Custody and administration of crypto-assets on behalf of clients,
• Operation of a trading platform for crypto-assets,
• Exchange of crypto-assets for funds,
• Exchange of crypto-assets for other crypto-assets,
• Execution of orders for crypto-assets on behalf of clients,
• Placing of crypto-assets,
• Reception and transmission of orders for crypto-assets on behalf of clients,
• Advice on crypto-assets,
• Portfolio management on crypto-assets,
• Transfer services for crypto-assets on behalf of clients.

MiCAR became applicable to CASPs as from 30 December 2024.