Introduction to the MiCA CASP Tracker
On August 5, the MiCA Crypto Alliance unveiled the MiCA CASP Tracker, a new tool designed to convert the authorization details released by the European Securities and Markets Authority (ESMA) into an easily navigable resource for crypto enthusiasts, businesses, and compliance personnel. This innovative platform enables users to verify whether a specific company is listed in ESMA’s Markets in Crypto-Assets register and to identify the services that the company is authorized to offer.
Key Features of the Tracker
Each entry in the tracker includes critical information such as:
- Entity’s name
- Legal Entity Identifier (LEI)
- Country of origin
- Overseeing national regulator
- Date of authorization
- Categories of services that have been sanctioned
Currently, ESMA disseminates an interim version of its MiCA register in downloadable formats, with the most recent update dated July 31. The authority regularly refreshes this data on a weekly basis when it receives input from national competent authorities.
User Experience Enhancements
The newly released tracker enhances user experience by incorporating search and comparison capabilities. Users can refine their searches based on various criteria, including:
- Company name
- Country of operation
- Regulatory body
- Type of authorized services
This feature allows prospective clients to identify companies that have specific permissions, such as custodial services versus those that can operate trading platforms or execute client orders.
Regulated Crypto Activities Under MiCA
Under the MiCA Regulation, there are ten specific services classified as regulated crypto activities, encompassing areas such as:
- Custody services
- Operation of trading platforms
- Crypto-to-fiat and crypto-to-crypto exchanges
- Order execution
- Token issuance
- Order transmission
- Advisory services
- Portfolio management
- Asset transfers
It is important to note that a company listed in the register may not provide all the products it offers under the jurisdiction of MiCA; ESMA has clarified that crypto lending and borrowing are not included in the authorized service categories. Additionally, firms that solely operate under different regulatory frameworks are excluded from this register, particularly those managing financial instruments under MiFID guidelines.
Transition Period and Consumer Advice
This tracker launch follows the conclusion of the main transition period for MiCA, which ended on July 1. Following this date, ESMA mandated that unauthorized providers cease accepting new clients from the EU, suspend account openings, and halt marketing for services covered under MiCA. Firms undergoing the winding-down process are only permitted to conduct actions necessary to handle asset transfers or to finalize customer positions.
Moreover, consumers are advised by ESMA to verify their service providers through the official register, as unauthorized platforms do not benefit from the protective measures outlined in MiCA, such as client asset safeguards. As reported by crypto.news, there exists a deadline for companies requiring authorization to either secure approval or cease their operations.
Recent Licensing Activities
Since the new regulations took effect, licensing activities have persisted, with ESMA recently adding BNY’s Belgian unit and 14 additional entities, comprising banks, payment services companies, and crypto firms to its list. The MiCA Crypto Alliance has emphasized that while the tracker serves as an independent research tool, it is not an official regulatory database. It is based on publicly accessible ESMA data and is subject to updates as new authorizations come through. Nonetheless, the Alliance underscores that the ESMA register itself remains the definitive source of information.
Conclusion and User Recommendations
This differentiation is significant, as ESMA cautions that its weekly register may not instantly reflect changes made by national regulators. The database may also continue to show withdrawn authorizations alongside the effective dates of their termination. Therefore, users are encouraged to verify the authorization status and specific services approved for each company, rather than relying solely on the tracker for comprehensive approval.
The real test for the tracker will be its ability to promptly update in relation to ESMA’s weekly modifications and license withdrawals. While it simplifies initial verification efforts, users are still urged to conduct final confirmations through ESMA and the appropriate national regulatory bodies.
