ESMA Supervisory Briefing: MiCA CASP Authorisation

We are covering recent ESMA supervisory document which offers guidance to National Competent Authorities (NCAs) on the authorisation of Crypto-Asset Service Providers (CASPs) under the Markets in Crypto-Assets Regulation (MiCA). It outlines a risk-based approach to authorisation, detailing factors like size, complexity, and cross-border activity that warrant increased scrutiny. The briefing also provides guidance on substance and governance, outsourcing, and the fit and proper assessment of CASP applicants. Finally, it addresses business plan requirements and procedures for notifications of MiCA services. The document aims to ensure consistent and harmonised authorisation practices across the EU.

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