CASP license requirements

In order to provide services that include, among other things, operating a cryptocurrency trading platform and exchanging cryptocurrencies for fiat currency or other cryptocurrencies, it is necessary to obtain a license that will meet the requirements:

1. Organization
   • legal entities with registered office in a Union member state
2. Initial capital and own funds
   • EUR 50,000 – CASP authorized to:
     • execution of orders on behalf of clients
     • placement of cryptoassets
     • providing cryptoasset transfer services on behalf of clients and receiving and transmitting orders related to cryptoassets
     • providing advice on cryptoassets
     • managing a wallet of cryptoassets
   • EUR 125,000 – CASP authorized to provide any of the services specific to the EUR 50,000 threshold and in addition:
     • providing cryptoasset storage and administration
     • exchanging cryptoassets for cash or other cryptoassets
   • EUR 150,000 – CASP authorized to provide any of the services specific to the EUR 125,000 threshold additionally operating a trading platform
3. Board of Directors
   • no numerical requirements
   • competence requirements (guarantee of prudent and stable management, certificate of no criminal record)
4. Supervisory Board
   • no obligation to have
5. Special positions in the organization and cooperating entities
   • internal controller
   • AML inspector

CASP license stages

1. Verification stage
   • review of the organization for the possibility of applying for a license
   • implementation of necessary adjustments
2. Preparation
   • qualification of planned services in the area of cryptoassets
3. Application
   • provision of model internal documentation and program of activities
   • mutual determination of the final content of the internal documentation and program of activities
   • collection of complete source documentation required of the applicant and managers
   • submission of the application to the supervisory authority
4. Proceedings
   • possible call for clarification of the documentation – 25 working days from the submission of the application
   • drafting of responses to the authority’s summons
   • periodic communication with the authority
   • recognition of the application (decision) – 40 days from the receipt of a complete application
5. Provision of services
   • commencement of provision of services as CASP, which covered the application
   • notification to the supervisory authority of exceeding 15 million active users in a calendar year (status of significant CASP)