CASP License
CASP under MiCA
The European Union (EU) has formally adopted Markets in Crypto-assets Regulation (MiCA) to establish a harmonized regulatory framework for Crypto-assets. This comprehensive legislation, enshrined in Regulation (EU) 2023/1114, aims to foster a secure and transparent environment for the issuance and trading of Crypto-assets.
MiCA prioritizes consumer protection, the prevention of market abuse, and the maintenance of financial stability within the Crypto-asset market.
MiCA introduces uniform rules for Crypto-asset service providers (CASPs) across all EU member states, encompassing a broad spectrum of digital assets, including cryptocurrencies, stablecoins, and utility tokens.
MiCAseeks to stimulate innovation and enhance competitiveness within the European digital finance sector.
That means you can register your CASP under any of the countries belonging to the UE
CASP and its services
• Execution of orders of crypto assets on behalf of clients
• Placing of crypto assets
• Reception and transmission of orders for crypto assets on behalf of clients
• Providing portfolio management of crypto assets
• 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
• Providing transfer services for crypto assets on behalf of clients
Your CASP in Cyprus
- Cyprus is the most suited jurisdiction for the establishment of a CASP
- Cysec has a well known experience in online finances
- Cyprus has one of the best fiscal enviroments for companys
- The IPbox regime gives hightech compaies an unbeatable frame to develop themselves
- And 0% taxes on dividends for NonDom citizents
Your CASP with us
- The Crypto-Assets Licensing team at Ivyascent, has developed first-hand experience on the policies and
procedures required by the regulator. - The team guide you in selecting the crypto-asset services most suited for your business model and objectives.
- We employ a project management approach, to assist our clients in the collection of the required documentation and the completion of all the necessary application forms.
- Furthermore, our team acts on your behalf through the entire communication with the regulator, to ensure that all preconditions are fulfilled.
- Once your registration is successfully approved, our Regulatory Compliance team takes over providing a wide
range of post-registration services, to meet all your regulatory and reporting obligations
CySEC
- The Cyprus Securities and Exchange Commission (CySEC) introduced the Crypto-Asset Service Provider (CASP) registration framework in September 2021, requiring CASPs that provide or intend to provide crypto-asset services in or from Cyprus to formally register their business activities.
- CySEC is the designated anti-money laundering and countering the financing of terrorism (AML/CFT) authority, responsible for the registration and supervision of crypto-asset activities in Cyprus.
- The supervisory scope of CySEC has further intensified with the introduction of the European Regulation on Markets in Crypto-Assets (MiCAR), which was adopted in June 2023 and became fully applicable on Dec.30, 2024
Under the broader AML/CFT framework, CySEC defines which CASP entities fall under its supervision. This includes CASPs that:
Are incorporated in the Republic of Cyprus,
Are not incorporated in Cyprus but provide services or engage in activities on a professional basis from the Republic
Are not incorporated in Cyprus but provide services or engage in activities on a professional basis to the Republic, unless t hey are registered in a Register of other Member States for services provided to the Republic
Registering a CASP with CySEC requires a complete and well-documented application. The key requirements include:
• Submission of a business plan outlining
• Business objectives
• Targeted customers
• Governance arrangements
• Financial projections
• Description of the organizational structure, ensuring compliance with MiCA’s requirements
• Proof of sufficient initial capital and own funds, categorized as three CASP clases
• Implementation of robust AML/CFT procedures, aligned with the specific risks associated with CASP operations
• Submission of an Internal Operations Manual, describing the policies and procedures the CASP must follow
• Disclosure of crypto asset public keys and wallet addresses, used for each crypto asset
• Documentation of IT systems, security policies, and fraud prevention measures, ensuring compliance with MiCA’s cybersecurity and operational resilience
Crypto Asset Service Providers by MiCA
Crypto, what use to be Virtual Asset Service Providers (CASP/VASP) are the business models suited for the provision of regulated activities related to crypto assets in the EU. Our clients range from crypto businesses already providing crypto asset activities to investment firms and groups of companies that wish to enter the crypto asset market.
Ivyascent Crypto-Assets Licensing team,
Supporting your crypto business needs ensuring a successful licensing or registration.
In coordination with your team and the national competent authority to complete the application process.
Supporting you and your business through our project management approach.
Acting on your behalf, we submit the application package to the regulator and lead any correspondence in between.
Ivyascent will develop the platform if your business needs it
• Shaping the form of a group’s presence, taking into consideration any existing entities and structure
• Producing the CASP registration application package
• Propose and/or assemble a qualified, fit and proper board of directors, management and key employees team
• Design an optimized operational and organizational structure
• Create the regulatory business plan and provide guidance in the financial forecasting required
• Draw the Operations Manual which will reflect your specific business model and offering
• Compose the AML Manual and the associated policies and procedures
• Assist you in gathering all the necessary documents
• Complete the application form, associated checklists and guide in the completion of the related questionnaires for the shareholders, directors and heads of departments of the applying CASP
• Correspond with and handle regulator’s queries and requests relating to the application.
Post-registration,
• Drafting and/or reviewing the
• Client Account Opening Questionnaires
• Compliance Monitoring Program
• Submitting reports and corresponding with the regulator
• Performing and assessing compliance gap analysis
• Evaluating systems, controls, policies and procedures
• Guidance with the preparation of annual/quarterly/monthly reports
• Preparing and handling onsite inspections
• Remaining up to date with regulatory developments and notifications
• Reviewing marketing material and website compliance.
Types of CASP
Class 1:
Crypto-asset service provider authorized for the following Crypto-asset services:
• Execution of orders on behalf of clients.
• Placing of Crypto-assets
• Providing transfer services for Crypto-assets on behalf of clients
• Reception and transmission of orders for Crypto-assets on behalf of clients
• Providing advice on Crypto-assets.
• Providing portfolio management on Crypto-assets.
Minimum capital requirements € 50 000 Class
2 Class: 1 and
• Providing custody and administration of Crypto-assets on behalf of clients.
• Exchange of Crypto-assets for funds.
• Exchange of Crypto-assets for other Crypto-assets.
Minimum capital requirements € 125 000
Class 3: Class 2 and
• Operation of a trading platform for Crypto-assets.
Minimum capital requirements € 150.000
Brief parallel between the CIF and the crypto asset services
The services CIFs can offer are determined by the investment services they are already authorized to provide.
Equivalencies between crypto-asset services and investment services as per Article 60 of MiCAR:
| Crypto-asset services | Investment Services |
| Execution of orders on behalf of clients | Execution of orders on behalf of clients |
| Reception and transmission of orders for crypto-assets on behalf of clients | Reception and transmission of orders in relation to one or more financial instruments |
| Exchange of crypto-assets for funds or for other crypto-assets | Dealing on own account |
| Providing advice on crypto-assets | Investment advice |
| Providing portfolio management on crypto-assets | Portfolio management |
| Placing of crypto-assets | Underwriting or placing of financial instruments on a firm commitment basis and placing of financial instruments without a firm commitment basis |
| Operation of a trading platform for crypto-assets | Operation of a multilateral trading platform |
| Providing custody and administration of crypto-assets on behalf of clients | Safekeeping and administration of financial instruments, including custodianship and related services |
To notify CySEC of their intention to provide crypto-asset services, CIFs must submit the following documents and policies:
• Business Plan (Program of Operations)
• Group Structure and Organizational Structure
• Internal Operations Manual
• AML Manual
• Business Continuity Plan
• ICT Systems and Security Arrangements Policy, including:
• Cybersecurity Audit Report
• ICT Systems Audit Reports
• Segregation and Safekeeping of Clients’ Crypto-Assets and Funds Policy
• Custody and Administration Policy
• Operating Rules of the Trading Platform and Market Abuse Detection Policy
• Exchange of Crypto-Assets for Funds or Other Crypto-Assets Policy (if applicable)
• Execution Policy
• Provision of Advice or Portfolio Management on Crypto-Assets Policy (if applicable)
• Transfer Services Policy (if applicable)
• Insurance Policy
If you require more information or assistance regarding the application process and requirements, please contact our Crypto-Assets Licensing team at corporate@yascent.eu. We are here to support you and address any questions you may have
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