MiCA: CASP license excludes payments, perpetuals, futures

Under the EU Markets in Crypto-Assets (MiCA) rules, a Crypto-Asset Service Provider (CASP) license permits firms to offer spot trading and custody of crypto-assets. The license does not authorize payment services covered by the Payment Services Directive (PSD2) or derivatives that qualify as financial instruments under MiFID II.

MiCA lists ten crypto-asset services, including custody, exchange, execution, routing, advice and portfolio management. Article 2(4) excludes crypto-assets that meet MiFID II’s definition of financial instruments, deposits, funds under PSD2 and securitisation positions. Transfers of crypto-assets on a distributed ledger are treated as crypto-native services rather than PSD2 payment services.

Payment services are governed by PSD2 and the electronic money institution (EMI) regime. Platforms that accept, hold or transmit euro funds or e-money tokens typically need a payment institution (PI) license or EMI authorization. MiCA allows transfers of e-money tokens only within an internal ecosystem or when a licensed partner holds the funds. External transfers of e-money tokens to third-party wallets or private ledgers are treated as payment transactions and require PSD2 authorization. Article 70(4) requires that payment services related to crypto activity be provided only by a provider or third party authorized under PSD2.

Derivatives such as perpetual contracts and dated futures fall outside MiCA when they meet MiFID II’s definition of financial instruments. A leveraged perpetual or a futures contract that fixes a future settlement price is likely to be classified as a derivative under MiFID II. Trading these products for EU clients requires an investment firm license or a trading-venue authorization such as a regulated market, multilateral trading facility or organized trading facility. Recital 97 specifies that derivatives on crypto-assets are subject to the Market Abuse Regulation and MiFID II rather than MiCA.

The difference in required authorizations affects exchanges that mix spot markets, fiat on-ramps, card programs and leveraged derivatives. A platform offering BTC/EUR spot trading under a CASP license that also accepts SEPA deposits, issues a euro debit card and operates 20x perpetuals will have spot trading and custody covered by CASP, while payment flows and derivative products require separate PSD2/EMI or MiFID II permissions or routing through licensed partners. National VASP registrations do not substitute for those permissions; many grandfathering provisions expire on July 1, 2026.

National competent authorities review an applicant’s programme of operations when evaluating CASP applications and can identify unlicensed payment or derivative activities before granting authorization. Some exchanges have obtained multiple permissions to cover different product lines. Bitstamp holds MiCA authorization in Luxembourg and a MiFID license that permits operation of a multilateral trading facility.

A May 2026 study by LegalBison noted, “A CASP license is the necessary foundation for operating a crypto exchange in the EU. It is, in many cases, not sufficient.” The study recommended mapping each product line to the correct authorizing framework before choosing the jurisdiction for CASP applications and described the analysis as informational and not legal advice.