Section 1 - MiCAR authorisations: regulators and readiness

Croatia

The Croatian Financial Services Supervisory Agency (“HANFA”) is the competent authority responsible for authorising CASPs and overseeing their operations. While the Croatian Law on the implementation of MiCAR has been passed and is in force as of July 2024, the bylaws regulating the details of the licensing process are not yet in place.

As these details are still being finalised, HANFA is currently not accepting MiCAR licence applications. The agency is actively preparing the outstanding bylaws, and unofficial information from the regulator suggests that these bylaws should be passed by the end of 2024, with MiCAR licence applications expected to be possible from 1 January 2025.

HANFA has been very proactive in publishing information about MiCAR and remains open to communication on the topic. It has also issued publications emphasising that MiCAR licences will be required for the operation of CASPs. However, as the full details of the application process are not yet available, comprehensive guidance on facilitating a smooth authorisation process is not currently provided.

France

Autorité des marchés financiers (“AMF”) is responsible for examining and authorising CASP applications. While the MiCA regulation will come into force on 30 December 2024, it has been possible to apply for authorisation to the AMF since 1 July 2024, enabling a pre-examination by the AMF. However, MiCA authorisation cannot be granted until the regulation is officially in effect.

To prepare an application, reference should be made to the Regulatory Technical Standard (“RTS”) on the content of the application for CASPs, which outlines the requirements specified in Article 62(5) of the Regulation. Pending approval by the European Commission, the RTS is available on page 75 of the Final Report published by ESMA on 25 March 2024 (see Annex V - Draft RTS pursuant to Article 62(5) of MiCA).

The AMF has been very proactive on this issue, organising webinars to clarify the transition from the existing regime to MiCA. It has also published a detailed guidance on the implementation of MICA, which will be updated regularly.

In addition to this guide, the AMF’s departments will continue to organise events to help stakeholders understand the authority’s expectations and provide answers to their questions. The webinar presentation is available here (in French only).

Italy

Legislative Decree 129/2024, which adapts the implementation of MiCAR in Italy, designates Consob (the authority regulating Italian financial markets) and the Bank of Italy as the competent regulators.

For CASPs, crypto-asset services can be provided by newly authorised entities under MiCAR, as well as by financial intermediaries already under regulatory supervision. The latter may provide certain services upon simple notification to the competent authority, while others will require authorisation.

Both Consob and the Bank of Italy are responsible for receiving notifications and issuing authorisations, or for providing opinions when the other authority is responsible for issuing the authorisation.

• the Bank of Italy oversees notifications and authorisations for banks, investment companies (SIMs), electronic money institutions (EMIs), and payment institutions. It also supervises compliance with requirements related to capital adequacy, risk containment, corporate governance and general organisational requirements, internal controls, operational outsourcing, business continuity, the holding and segregation of crypto-assets and client funds, corporate officers, equity participants, and orderly liquidation plans; and
• Consob is responsible for authorising most entities applying as CASPs.

The authorities have been proactive in informing market participants and facilitating a smooth authorisation process. Applications are already being accepted, although they must comply with RTS imposed or recommended at the EU level. However, the European Commission’s recent rejection of RTS proposed by ESMA has complicated the application process.

Applications submitted to Consob must include details of the applicant, registration data with OAM (Organismo Agenti e Mediatori, which translates to “the Body of Agents and Mediators”) (if applicable), the number of clients served as of 30 June 2024, trading volumes during the first half of 2024, contact information for the designated representative, and the crypto-asset services to be provided.

The previous regulatory framework was relatively lenient, with enrolment in the OAM register being more of a formality, requiring only a branch or Italian entity for registration. Nevertheless, post-MiFID regulators Consob and the Bank of Italy have already begun preparatory work for implementing MiCAR rules.

The Netherlands

The Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, “AFM”) began accepting MiCAR licence applications on 22 April 2024. Approved licences will take effect from 30 December 2024.

The AFM has published the MiCAR licence application forms along with guidance on the required documentation and the application process. It has also outlined best practices for submitting applications. To support applicants, the AFM offers a pre-scan procedure, where MiCAR requirements and related questions can be discussed. Eligibility criteria must be met to qualify for the pre-scan procedure, which has been introduced to facilitate a smooth transition to the MiCAR regulatory framework.

The AFM has been proactive and communicative, actively sharing key details about the licence application process, its timing, and compliance expectations. Its portal for MiCAR applications was opened on 22 April 2024, alongside the publication of application forms and supporting documentation.

Poland

There are currently no final binding provisions regarding national rules in respect of MiCAR. However, according to the current Polish draft law (“Polish Law”), the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – “KNF”) will be responsible for MiCAR authorisations, as it is expected to be designated as the supervisory authority for the crypto market.

Since the Polish Law has not yet been adopted, the KNF has not started accepting MiCAR authorisation applications, and it remains unclear when this process will begin, as the legislative process is still pending. According to the current draft of the Polish Law, it is expected to come into force on 30 December 2024. However, delays are possible given the current stage of the legislative process.

As for the relevant application forms and official guidance, these have not yet been published. The KNF has not been particularly proactive in providing information to market participants about the cryptocurrency market. Its approach can be described as cautious and risk-averse. The proposed Polish Law indicates that the authorisation process is likely to be relatively stringent, and it appears unlikely that the KNF will actively facilitate the process for market participants.

Spain

The National Securities Market Commission (“CNMV”) is the competent authority for the authorisation of CASPs and the supervision of MiCAR's compliance. Without prejudice to this, the Bank of Spain will exercise supervision, inspection, and sanctioning functions in relation to the obligations provided for in MiCAR concerning issuers of E-Money Tokens (“EMT”) and Asset-Referenced Tokens (“ART”), in accordance with the twenty-third additional provision of Law 10/2014, of 26 June, on the regulation, supervision, and solvency of credit institutions.

The MiCAR provisions concerning CASPs are not applicable until 30 December 2024, so the CNMV will not authorise any entity to provide crypto-asset services until that date. However, interested parties have been able to submit their applications from September 2024 onwards to facilitate and speed up the process.

The CNMV has recently published the Handbook for the Application for Authorisation of CASPs (the “Handbook”). To be granted authorisation by the CNMV, companies must submit the Handbook, which requires the following information:

1. Programme describing the type of services, where and how they will be marketed;
2. Description of the governance system;
3. Information attesting to the honourability, knowledge, skills, and experience of the company’s directors, including the absence of criminal records and sanctions;
4. Information on the identity of the individuals or legal entities that own shares in the company;
5. Internal control mechanisms, policies, controls, and procedures to assess risks;
6. Once submitted, the documents will go through several filters before authorisation is granted or denied.

The Handbook and its annexed documents are of mandatory use for submitting applications for CASP authorisation.

The CNMV launched a survey during the summer of 2024 to entities registered with the Bank of Spain to enquire about their intentions to apply for a MiCAR licence. In addition, the CNMV has already published on its website both the Handbook for CASPs and the notification application for financial institutions wishing to provide crypto-asset services.

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