MiCA: what changed for companies that touch crypto-assets without being exchanges
Most companies affected by the European regulation do not provide crypto-asset services. They do something else and accept payments, or advise those who do.
Regulation (EU) 2023/1114, known as MiCA, created a European authorisation regime for crypto-asset service providers. The hasty reading is that a licence is now needed for everything. That is not what the text says, and the distinction matters to a lot of people.
Who needs authorisation
The regime applies to those who provide, professionally, crypto-asset services: custody and administration on behalf of clients, operation of a trading platform, exchange of crypto-assets for funds or for other crypto-assets, execution of orders, placing, reception and transmission of orders, advice on crypto-assets, and portfolio management.
The list is closed. If an activity fits none of these categories, this regulation does not require authorisation — which does not mean no other rule applies.
Who does not need it, and still has obligations
Three common situations.
A company accepting crypto-asset payment for its own goods or services is not, by that fact, providing a crypto-asset service. It is receiving a payment. It remains subject to the corresponding tax and accounting obligations and, if it uses an intermediary to convert, it is that intermediary that must be authorised. Worth checking who it is and whether they are.
A company holding crypto-assets on its balance sheet as a treasury decision provides no service to anyone. What it has is a valuation, custody and disclosure problem.
A consultancy helping others understand the framework provides consultancy, not advice on crypto-assets within the meaning of the regulation — the boundary lies in whether specific crypto-assets are recommended for acquisition, disposal or holding. It is a boundary worth handling carefully and stating in writing.
What applies regardless of MiCA
This is the part that tends to catch companies out.
Anti-money-laundering. Obligations to identify clients, assess risk and report suspicious transactions did not arrive with MiCA and do not depend on it.
The transfer of funds rule. Crypto-asset transfers now require originator and beneficiary information to travel with the transaction, as has long been the case for bank transfers.
Tax. The tax treatment of gains, payments and holdings follows national rules and is independent of any authorisation.
Accounting. Recognising and valuing crypto-assets in the accounts requires a defined policy and adequate disclosure.
The question that settles it
Before discussing licences, answer this: what exactly does the company do, described as a sequence of operations, and who owns the assets at each moment?
Almost every framing doubt disappears once that sequence is written in five lines. Those that do not become concrete questions a legal analysis can close — rather than a diffuse unease that never resolves.
This article is for information only and does not constitute legal advice or investment advice. JANELAMBICIOSA provides consultancy services and is not authorised as a crypto-asset service provider.