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 216 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".
- b Operating a trading platform 21 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".
- c Exchange for funds 177 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".
- d Exchange for other crypto-assets 146 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".
- e Execution of orders 169 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".
- 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".
- g Reception and transmission of orders 87 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".
- h Advice on crypto-assets 39 providers Giving personalised recommendations to a client about buying, selling or holding specific crypto-assets. Official wording: "providing advice on crypto-assets".
- i Portfolio management 52 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".
- j Transfer services 195 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".
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".