The ten MiCA crypto-asset services
Article 3(1)(16) of MiCA lists exactly ten activities that count as crypto-asset services. A provider is authorised for a specific subset — never for "crypto" in general. Here is what each one means and who is licensed for it.
- a Custody and administration 227 providers Holding clients' crypto-assets or the private keys to them, and keeping them safe. This is what a wallet service or an exchange that keeps your coins does. Official wording: "providing custody and administration of crypto-assets on behalf of clients". Capital class 2.
- b Operating a trading platform 22 providers Running a marketplace where buyers and sellers of crypto-assets are matched — an order-book exchange in the strict sense. Official wording: "operation of a trading platform for crypto-assets". Capital class 3.
- c Exchange for funds 184 providers Buying crypto-assets from clients, or selling to them, against money (euro or another currency) using the provider's own capital. Official wording: "exchange of crypto-assets for funds". Capital class 2.
- d Exchange for other crypto-assets 151 providers Swapping one crypto-asset for another with the client, using the provider's own capital — for example bitcoin for a stablecoin. Official wording: "exchange of crypto-assets for other crypto-assets". Capital class 2.
- e Execution of orders 200 providers Concluding purchases or sales of crypto-assets on the client's behalf, including on a third-party trading platform. Official wording: "execution of orders for crypto-assets on behalf of clients". Capital class 1.
- f Placing of crypto-assets 35 providers Marketing newly issued crypto-assets to buyers on behalf of the issuer — the crypto equivalent of underwriting or an IPO placement. Official wording: "placing of crypto-assets". Capital class 1.
- g Reception and transmission of orders 93 providers Taking a client's order to buy or sell and passing it on to another provider that executes it — a broker that does not execute itself. Official wording: "reception and transmission of orders for crypto-assets on behalf of clients". Capital class 1.
- h Advice on crypto-assets 41 providers Giving personalised recommendations to a client about buying, selling or holding specific crypto-assets. Official wording: "providing advice on crypto-assets". Capital class 1.
- i Portfolio management 54 providers Managing a client's crypto-asset portfolio with discretion, under a mandate — deciding what to buy and sell on their behalf. Official wording: "providing portfolio management on crypto-assets". Capital class 1.
- j Transfer services 207 providers Moving crypto-assets from one distributed-ledger address or account to another on the client's behalf. Official wording: "providing transfer services for crypto-assets on behalf of clients". Capital class 1.
Which service you are actually looking for
Most people arrive with a plain-language need, not a letter of Article 3(1)(16). This is the translation, with the number of licensed providers and the minimum capital each one must hold.
| If you are looking for… | MiCA service | Providers | Min. capital |
|---|---|---|---|
| Crypto custody providers | a. Custody and administration | 227 | EUR 125,000 |
| Licensed crypto trading platforms | b. Operating a trading platform | 22 | EUR 150,000 |
| Crypto-to-euro exchange providers | c. Exchange for funds | 184 | EUR 125,000 |
| Crypto-to-crypto exchange providers | d. Exchange for other crypto-assets | 151 | EUR 125,000 |
| Crypto order execution providers | e. Execution of orders | 200 | EUR 50,000 |
| Crypto placing agents | f. Placing of crypto-assets | 35 | EUR 50,000 |
| Crypto brokers (order transmission) | g. Reception and transmission of orders | 93 | EUR 50,000 |
| Licensed crypto advisers | h. Advice on crypto-assets | 41 | EUR 50,000 |
| Crypto portfolio managers | i. Portfolio management | 54 | EUR 50,000 |
| Crypto transfer service providers | j. Transfer services | 207 | EUR 50,000 |
Capital figures from Annex IV to MiCA, applied through Article 67 — a provider holds the higher of that amount and a quarter of its yearly fixed overheads. A provider authorised for several services falls in the class of the heaviest one. Full list of companies: all providers · by country: country pages.
Why the distinction matters
Most consumer-facing exchanges hold custody (a), exchange for funds (c), exchange for other crypto-assets (d), execution of orders (e) and transfers (j). Operating a trading platform (b) is rarer: it is the licence for running an order book that matches third parties, and it comes with market-abuse obligations. Advice (h) and portfolio management (i) are the services closest to traditional wealth management, and only a minority of providers have them.
If a provider offers you a service that is not on its authorisation — say, managed portfolios from a company licensed only for custody and exchange — that activity is outside MiCA's protections, even though the company itself is "licensed".