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, cryptoasset and consumer credit 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, set against the regulator’s own published figures.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
Candidates introduced for an EU-resident director and managers, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need a management team that runs the business from the EU, with at least one director living in the EU.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, 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 | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Stage | Duration | Notes |
|---|---|---|
| Scoping and home state | 2 weeks | Class, services and the home Member State chosen in writing |
| 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 |
The firm plans 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, in writing | Quoted after scoping |
A provider needs accounts for client funds with a credit institution and operating accounts in the markets it serves. The firm arranges these through institutions that serve the sector and prepares the financial crime framework they review first. See banking and payment processing.
The state where the firm has, 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. The firm plans for three to five months after submission.
Only with an EU authorisation held by an EU entity. The firm obtains both the EU authorisation and the UK FSMA permissions for groups serving both markets.
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; the firm advises 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 advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.