MiCA & Crypto Derivatives: What a CASP License Really Covers
MiCA created an EU-wide crypto licence — but it governs spot, not derivatives. Here's what a CASP authorization covers, the capital tiers, and why a derivatives venue also needs MiFID.
MiCA — the EU's Markets in Crypto-Assets regulation — is the most significant crypto framework in the world, covering a 27-country single market. But there's a widespread misconception that a MiCA CASP licence lets you run a crypto derivatives exchange. It doesn't, and understanding why will save you an expensive detour.
What a CASP authorization covers
MiCA regulates crypto-asset services — things like custody, operating a trading platform, exchange, execution, and advice — through a single Crypto-Asset Service Provider (CASP) authorization. Its headline feature is passporting: authorize in one member state and operate across all 27.
CASP authorization carries a minimum capital requirement based on the services provided — or one quarter of the previous year's fixed overheads, whichever is higher (ESMA):
Operating a trading platform sits in the top tier (€150,000). But note what MiCA is regulating here: spot crypto-asset services.
The derivatives catch
That means a derivatives venue in the EU typically needs:
- MiFID II investment-firm authorization, and
- To operate a regulated trading venue (an MTF or OTF), with the governance, capital, and market-integrity obligations that come with it.
MiCA may still be relevant for any spot crypto services you offer alongside — but it is not the licence for the derivatives themselves. This is the single most common EU licensing error, and it changes your capital, timeline, and obligations materially.
What this means practically
- Budget for the MiFID path, not just a CASP application, if you're offering derivatives.
- Passporting still helps — MiFID authorization also passports across the EU/EEA.
- Get specialist EU counsel early. The classification of your specific product (is the token a financial instrument?) drives everything.
For how this compares to other regions — where the US routes derivatives through the CFTC and Singapore through the SFA — see the Global Licensing Guide.
The takeaway
MiCA is a landmark spot-crypto framework with a clean, passportable CASP licence and €50k–€150k capital tiers. But crypto derivatives are MiFID II financial instruments — a separate, stricter regime. Know which one your product falls under before you file anything.
General information, not legal advice. MiCA and its technical standards continue to evolve — confirm current requirements with ESMA, the relevant national regulator, and qualified counsel. Figures as of 2026.
Thinking about launching your own venue?
GammaFloww is the white-label engine behind modern derivatives exchanges. See how fast you could go live.