The licenceWhat is a CASP licence?
A CASP licence is a MiCA authorisation that lets a company provide crypto-asset services to customers across the EU and EEA. It’s the single most important signal that an exchange is operating legally in Europe.
Authorisation, then passporting
A crypto firm applies to one national competent authority (its “home” regulator). That regulator checks governance, capital, custody, IT resilience, AML controls and a detailed programme of operations. Once authorised, the firm can passport its services into every other EEA country by simple notification — no second licence required. This is why a handful of countries became licensing hubs, and why “where is it licensed” matters less than whether it is.
The 10 regulated services
A CASP authorisation covers one or more of these services. Each exchange is only authorised for the ones it applied for:
- Custody & administration of crypto-assets
- Operation of a trading platform
- Exchange of crypto for fiat funds
- Exchange of crypto for other crypto
- Execution of orders for clients
- Placing of crypto-assets
- Reception & transmission of orders
- Advice on crypto-assets
- Portfolio management
- Transfer services
Where exchanges get licensed
By mid-2026 the EU had authorised roughly 244 CASPs in total, clustered in a few hubs:
The largest hub — roughly 53+ authorised CASPs by mid-2026.
Around 25 CASPs; home of Bitvavo and others.
Accelerated approvals through June 2026.
Preferred base for crypto-native exchanges (OKX, Crypto.com, Gemini).
Home to Coinbase and Bitstamp in the EU.
🇮🇪Ireland
Central Bank of Ireland
A hub for several large brands.
A note on “forum shopping”. In 2025 ESMA reviewed how quickly some states approved CASPs — its peer review of Malta’s MFSA found it only “partially met expectations.” A licence is still EEA-wide, but it’s a reminder to check the specific exchange, not just assume “EU-licensed” means identical scrutiny everywhere.
Ready to check a specific platform? Open the directory →
Sources: CASP counts and country breakdown from the ESMA register and reported CASP totals (mid-2026). The Malta / MFSA peer-review finding is from ESMA’s July 2025 fast-track peer review. Figures shift weekly — confirm against the ESMA register.