Crypto brokers (order transmission) licensed in the EU

What the licence covers

The regulation words it as "reception and transmission of orders for crypto-assets on behalf of clients" (Article 3(1)(16) of MiCA). 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.

A provider is authorised service by service, never for "crypto" in general: a company licensed for reception and transmission of orders may not offer the other nine unless its authorisation lists them too. Offering this service without holding it is the same breach as operating with no licence at all, which is what puts a company on the list of non-compliant entities. Because it falls in capital class 1, a provider must hold at least EUR 50,000 in permanent capital, or a quarter of its yearly fixed overheads if that is more (Annex IV and Article 67).