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Eligibility criteria for CASP registration


Unlock the roadmap to CASP registration in Luxembourg, emphasizing compliance with MiCA's stringent AML and CFT regulations for secure crypto-asset operations.

Eligibility

Entities aiming to provide crypto-asset services within the European Union must follow Article 59 of MiCA that delineates the prerequisites for entities desiring to engage in crypto-asset services. It stipulates that such services can only be offered by:

  1. Legal entities or undertakings authorised as crypto-asset service providers (CASPs) in accordance with Article 63 of MiCA; or

  2. Financial institutions including credit institutions, central securities depositories, investment firms, market operators, electronic money institutions, UCITS management companies, and alternative investment fund managers, granted permission under Article 60 of MiCA to provide crypto-asset services.

Mandatory registration with the CSSF

Entities meeting the above criteria must either register or notify the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg to operate as a Cryptocurrency Asset Service Provider (CASP). This requirement is anchored in Article 62 (authorisation) and Article 60 (notification) of MiCA, ensuring that CASPs align with the stringent regulatory standards set forth for financial operations within the EU.

Services requiring CASP registration

Entities providing the following cryptocurrency-related services must seek CASP registration:

  • Cryptocurrency Exchange Services (Article 60.§3 c): Platforms facilitating the buying, selling, or trading of cryptocurrencies must secure CASP status.

  • Cryptocurrency Wallet Services (Article 60.§3 A): Providers offering digital wallets for cryptocurrency storage are required to register as CASPs.

  • Cryptocurrency Transfer Services (Recital 93; Article 60.§3 F): Services enabling the transfer of cryptocurrencies between wallets necessitate CASP registration.

  • Cryptocurrency Mining: Entities engaged in cryptocurrency mining, the process of verifying blockchain transactions for rewards, must also register as CASPs.

  • Cryptocurrency Payment Services (Article 48): Providers allowing payments in cryptocurrencies need to obtain CASP registration.

Compliance and regulatory adherence

Registration as a CASP in Luxembourg, as governed by MiCA, is not merely a formal procedure but a critical step towards ensuring compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) standards, alongside adherence to established financial regulations. This framework seeks to foster a secure, transparent, and robust market for crypto-assets, safeguarding both service providers and consumers within the EU's financial ecosystem.

In essence, MiCA's comprehensive regulatory approach underscores the EU's commitment to integrating crypto-asset services within its financial regulatory perimeter, ensuring these services operate under a harmonised and secure framework. Entities aiming to offer cryptocurrency-related services in Luxembourg must align with MiCA's authorization and notification requirements to navigate the evolving digital asset landscape effectively.

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