Ireland CASP License MiCA Regulation (EU Framework)

• Seamless EU Passporting: Once authorised by the Central Bank of Ireland, your firm can provide crypto-asset services throughout the entire European Union. You can operate on a cross-border basis without needing a physical presence in host Member States;
• Tiered and Proportionate Capital Requirements: MiCAR adopts a proportionate approach. Depending on the exact services you provide, the permanent minimum capital requirement is tiered at EUR 50,000, EUR 125,000, or EUR 150,000, making market entry accessible for various business models;
• Supreme Legal Certainty: MiCAR replaces fragmented national laws with a unified, harmonised framework. This provides a clear, future-proof taxonomy for utility tokens, asset-referenced tokens (ARTs), and e-money tokens (EMTs), significantly reducing legal risks. During the transitional period, existing providers must either obtain authorisation or prepare to cease providing services. Firms not seeking authorisation are required to have clear wind down plans to ensure an orderly exit from the market;
• Elevated Consumer Trust: The CBI is renowned globally as a top-tier regulator. Operating under their supervision signals to institutional investors and retail clients that your firm adheres to the highest standards of market integrity, anti-money laundering (AML), and asset safeguarding;
• Thriving Innovation Ecosystem: Ireland maintains a supportive stance on technological innovation, actively featuring an Innovation Hub to help firms engage with regulatory expectations early on.

To successfully obtain a CASP authorisation from the CBI, applicants must meet a comprehensive set of prerequisites:

Corporate Entity

The applicant must be a legal person or other undertaking capable of ensuring a level of protection for third parties equivalent to that of a legal person. You must have a registered office in Ireland where you carry out at least part of your crypto-asset services.

Share Capital

Firms must maintain prudential safeguards equal to the higher of one quarter of their fixed overheads of the preceding year, or a permanent minimum capital requirement:

• Class 1 (EUR 50,000): For order execution, placing, transfer services, reception/transmission, advice, and portfolio management;
• Class 2 (EUR 125,000): For Class 1 services plus custody and administration, or exchange of crypto-assets for funds/crypto-assets;
• Class 3 (EUR 150,000): For Class 2 services plus the operation of a trading platform. (Note: These safeguards can be held in own funds or through a compliant insurance policy).

Local Presence

The applicant must have its place of effective management in the EU, and at least one of the directors must be resident in the EU. Furthermore, the CBI expects the Board to demonstrate true local autonomy, operating and making decisions independently within Ireland without becoming a mere letterbox entity.

Fit-and-Proper, Anti Money Laundering & Documentation

• Management Body: Members must be of good repute and possess the appropriate knowledge, skills, and experience. They must have absolutely no criminal record relating to money laundering, terrorist financing, fraud, or professional liability;
• Shareholders: Qualifying shareholders must also pass strict fit-and-proper tests and have clean criminal records;
• Documentation: You must provide a comprehensive programme of operations (business plan for 3 years), detailed AML/CFT frameworks, conflict of interest policies, and strict procedures for the segregation and safeguarding of client assets. Applicants must also provide a legal entity identifier (LEI) as part of their application documentation.

Other Specific Requirements

• DORA Compliance: Applicants must comply with the Digital Operational Resilience Act (DORA). You must complete an IT Risk Questionnaire (ITRQ) proving you have robust ICT systems, incident management procedures, and cyber-security audits in place;
• Wind-Down Plan: Firms must have an orderly wind-down plan to return customer assets efficiently in case of insolvency.

LegalBison undertakes the process from the ground up and conducts all communication with the regulator on your behalf. We help you comply with each of the requirements step by step, making sure that not a single stage is overlooked. As a result, you get a fully licensed CASP company in Ireland, ready to commence operations.

• Government Application Fee: While standard regulatory assessment levies apply, specific application fee structures follow the CBI’s funding model for financial institutions. Contact us for the most up-to-date schedule;
• Required Share Capital: Ranging from EUR 50,000 to EUR 150,000 depending on the services provided. This capital must be verifiable, usually demonstrated by a bank statement confirming the funds are deposited in the applicant’s account;
• Professional Service Fees: Legal, compliance, and IT auditing fees vary greatly depending on your operational complexity. Contact us for a tailored quote;
• Annual Fees and Taxes: Ireland offers a highly competitive corporate tax rate of 12.5% for active trading income. Regulated entities are also subject to annual industry funding levies determined by the CBI.

• “I can easily upgrade my existing VASP registration in 1 week”. False. The CBI has explicitly noted that a standard VASP application takes at least 10 months to assess. They have officially advised firms to focus their efforts entirely on preparing for a full CASP application rather than seeking an outdated VASP registration;

• “I don’t need local staff if I have an EU company”. False. MiCAR explicitly demands that the place of effective management is within the EU, and the CBI requires demonstrable local autonomy, ensuring your Irish entity is not merely a letterbox. At least one director must be resident in the EU;

• “MiCAR only regulates crypto exchanges”. False. MiCAR covers a vast array of services, including custody, advisory, portfolio management, and even the simple reception/transmission of orders.