MiCA License List: CASP, EMI, ART & EMT Licenses Explained

MiCA (Markets in Crypto-Assets) creates the authorization categories for crypto-asset activity in the EU: CASP for services, EMI for e-money, and ART and EMT for token issuance. Any entity providing crypto-asset services (or issuing asset-referenced or e-money tokens) in the EU must hold the relevant authorization. Here is each license type, what it covers, the requirements, and how to choose.

The complete MiCA license list

Note: MiCA uses CASP (crypto-asset service provider). “VASP” (virtual asset service provider) is the FATF and AML-framework term that national regimes used before MiCA. EMT issuance is covered by EMI authorization. There is no separate “EMT license.”

1. Crypto-asset service provider (CASP) license

Who needs it: Exchanges, wallet providers, custodians, portfolio managers, brokers, and any entity providing the services listed above.

Requirements:

• Legal entity established in an EU member state
• Minimum initial capital: €50,000–€150,000 (depending on services)
• Fit and proper management assessment
• Sound governance, internal controls, and risk management
• AML/KYC compliance (AMLR applies from July 2027)
• Operational resilience (ICT security, business continuity)
• Pre-contractual disclosures and investor protection rules
• Ongoing supervisory reporting to home competent authority

Authorisation process: Apply to the national competent authority (NCA) where the entity is established. NCAs coordinate via ESMA for cross-border passporting.

Passporting: Once authorized, a CASP can provide services across the EU under the passporting regime, subject to notification.

Firms that held national VASP registrations and missed the transition deadline should read our CASP licensing guide.

2. Electronic money institution (EMI) license

Who needs it: Entities issuing e-money tokens (EMTs) or providing payment services linked to e-money.

Requirements:

• Legal entity established in an EU member state
• Minimum initial capital: €350,000
• Safeguarding requirements for client funds (segregation, insurance, or low-risk assets)
• Fit and proper management
• Governance, internal controls, and compliance framework
• AML/KYC compliance
• Ongoing reporting to home NCA

EMT-specific rules (MiCA Title IV):

• EMTs must reference a single official currency
• Issuer must be an authorized EMI or credit institution
• Reserve assets must be high-quality, liquid, and denominated in the reference currency
• Redemption at par value on request, at any time

Passporting: EMI passporting under EMD2 applies; MiCA adds EMT-specific notification requirements.

3. Asset-referenced token (ART) issuer license

Who needs it: Entities issuing tokens that reference a basket of currencies, commodities, or crypto-assets (i.e., not a single fiat currency).

Requirements:

• Legal entity established in an EU member state
• Minimum initial capital: €350,000, or 2% of average reserve assets if higher (Article 35)
• Reserve assets matching the reference basket composition
• Reserve assets held by independent custodian
• Independent audit of the reserve assets at least every six months (Article 36)
• White paper notified to the NCA before public offer (approval is not required)
• Governance, conflict-of-interest policy, and redemption rights
• Ongoing reporting and disclosure obligations

Significant vs. non-significant ARTs: EBA designates “significant” ARTs based on size, cross-border reach, and interconnectedness (Article 43). Significant ARTs face enhanced supervision directly by EBA.

4. E-money token (EMT) issuer license

Who needs it: Entities issuing tokens that reference a single fiat currency (e.g., EUR, USD stablecoins).

Requirements:

• Must be authorized as an EMI or credit institution
• All EMI requirements apply
• Reserve assets 1:1 in the reference currency, held in segregated accounts
• Redemption at par value on request, at any time (Article 49(4))
• White paper notified to the NCA before publication (approval is prohibited)
• Marketing communications rules
• Ongoing reporting and disclosure

Note: EMT issuers do not need a separate “EMT license”. The EMI authorization covers EMT issuance under MiCA Title IV.

Also read: What the End of the MiCA Transition Means in 2026

Quick comparison

Related: What’s the Difference Between EMT vs. ART in MiCA?

Which license do you need?

Important: Many projects need multiple licenses. A stablecoin exchange issuing its own EMT needs both CASP (for exchange services) and EMI (for EMT issuance).

Country-level implementation

MiCA is a regulation, directly applicable in all 27 EU member states. However, each state designates its own national competent authority (NCA) for authorization and supervision:

Check the ESMA register for the current list of authorized CASPs, ART issuers, and EMT issuers across the EU. As of August 2026 it lists about 325 CASPs and 22 EMT issuers; no ART issuer has been authorized yet.

Application timeline

Complex or cross-border applications take longer. Incomplete files are rejected or paused.

Common misconceptions

1. “VASP license”. MiCA does not use this term. VASP comes from the FATF and EU AML framework; MiCA’s term is CASP (crypto-asset service provider).
2. “One license covers everything”. CASP does not cover token issuance. EMI/ART are separate.
3. Passporting is automatic. You must notify your home NCA, which forwards the notification to each host state (Article 65).
4. “Offshore entities can serve EU users”. Only in narrow cases. A CASP must be incorporated and managed in an EU member state. A third-country firm may serve an EU client only when the client initiates contact (reverse solicitation); marketing to EU users crosses that line.
5. “Small issuers are exempt”. Partly. ART issuers below the €5 million average threshold are exempt from authorization, but they still owe a white paper and must notify the regulator.

This article is general information, not legal advice. Regulatory interpretations evolve. Consult a qualified MiCA specialist before making strategic decisions.

If you are building a CASP, EMI, ART, or EMT project, LegalBison plans the full path (jurisdiction strategy, company formation, MiCA authorization, and the compliance program) through a single point of contact. Schedule a free consultation to map your licensing pathway before launch.

Official sources

• MiCA Regulation. Regulation (EU) 2023/1114 (full text on EUR-Lex)
• ESMA MiCA page and register. esma.europa.eu
• EBA MiCA page. eba.europa.eu
• National Competent Authority Portals. BaFin, AMF, CONSOB, CNMV, AFM, CBI, CSSF, Finantsinspektsioon