# MiCA CASP licensing-success forensic analysis
Crypto-Asset Service Providers under MiCA Articles 60 and 63 must choose whether the file is an already-regulated notification or CASP authorisation, with scope matched to governance, AML/CFT, custody and ICT evidence. The forensic register maps 177 successful ESMA interim-register records at 2026-04-24 across 20 jurisdictions, five applicant archetypes and service-scope breadth. XZiel recused.
- Source: https://finray.tech/intelligence/mica-casp-licensing-success/
- Cluster: XZiel
- Published: 2026-05-03
- Conflict of interest: Finray Technologies Ltd ships XZiel. XZiel is recused from any qualitative ranking on this page.
- Publisher: Finray Technologies Ltd, Cyprus Companies Registry HE 445903
- Editorial principle: primary sources only; conflicts of interest disclosed inline
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ESMA's interim MiCA register, as of 24 April 2026, recorded 177 successful CASP authorisations and notifications across the European Economic Area. Read as a positive-control population, it is not a homogeneous set of "crypto licences". It is a mixed cohort of Article 63 authorisations and Article 60 notifications by already-regulated financial entities. That distinction is the first thing a serious applicant has to internalise — and the second thing supervisory authorities look for.
This analysis treats the 177-record register as the success population, supplements it with public NCA enforcement signals, and maps the patterns that separate higher-probability applicants from weak ones. The forensic graph below is the navigational view of the register itself: every successful entity is a node connected to its home Member State and to its pre-MiCA classification archetype, with service-scope breadth encoded by node size. Filter by jurisdiction × status × scope, or search by entity name, to subset the population. The reference index at the page foot mirrors the same data as crawlable text. The full forensic dataset — cleaned benchmark, archetypes, red-flag checklist, readiness scorecard — is available under briefing scope; contact partnership@finray.tech.
Companion artefact: the failure side of the survival curve — every CASP / pre-MiCA DASP authorisation that was revoked, voluntarily returned, refused, or failed regime transition — sits at MiCA CASP authorisation-withdrawal forensic register. 29 entities across AMF (France), MFSA (Malta) and CySEC (Cyprus); coverage gap for the remaining NCAs surfaced honestly rather than padded.
## Population landscape
Germany leads numerically with 51 records, but the German cluster is not a simple crypto-native exchange cluster — it is heavily skewed toward banks, brokers, asset managers and narrow service notifications. Of the 51 DE records, 34 are likely Article 60 notifications by already-regulated financial entities (avg service breadth: 2.18). Malta has the highest average service breadth at 5.67, with 10 of 12 records covering five or more services — a concentration of broad crypto-native exchange models. The Netherlands combines early authorisations (first dated 30 December 2024) with a large crypto-native and broker base. France, Ireland and Luxembourg appear more institutionally selective from the positive-control population.
Volume is not a proxy for low standards or high standards. ESMA's authorisation briefing is explicit that there are no low-risk CASPs, and that elevated scrutiny applies where size, complexity, cross-border activity, combination of services, outsourcing, group links, supervisory history and business-model novelty are present. A buyer assessing where to apply should read the jurisdiction distribution as evidence of deal-flow gravity, not regulatory permissiveness.
## Service mix and what it implies
Custody (Article 3(1)(16)(a)) and transfer services (j) are the dominant rails — appearing in 117 and 107 records respectively. Trading platform operation (b) is rare (14 records) and should be treated as a high-risk service: order-book integrity, market abuse, operational resilience and conflicts management all stack onto an already-substantial Article 63 file. Advice (h, 21 records) and portfolio management (i, 30 records) are also relatively uncommon, reflecting suitability, conflicts and investment-process burdens that crypto-native applicants do not always anticipate.
The most common multi-service pattern is custody plus exchange for funds plus exchange for crypto plus transfer (`a c d j`) — the core retail exchange / broker custody bundle, present in 14 records. Adding `e` (execution) gives the next-most-common pattern at 10 records. The presence of `b`, `h` or `i` increases evidential burden disproportionately: any of those three nearly always pulls the applicant into a deeper conduct, market-integrity or fiduciary review.
## Timing waves
The early wave starts in the Netherlands on 30 December 2024 and in Malta and Germany in January 2025. The large numerical wave is late 2025, peaking in December at 42 authorisations in a single month. This coincides with national transition deadlines: Lithuania's central bank publicly stated that its transition period ended on 31 December 2025 and that crypto-asset services without a MiCA licence after that date would be illegal financial activity. France's DASP cohort transitional period ends 1 July 2026, with AMF reminding applicants that complete files may take up to four months once complete, but original file versions are rarely complete and clarifications often cause additional delay.
## Five applicant archetypes
The five status-class anchors in the graph above correspond to the five pre-MiCA archetypes observable in the success population. Counts are exact; probability bands are derived from observable patterns in the positive-control population plus regulator-signal frequency in the weak-control dataset:
- **Bank / EMI / IF / other regulated** (65 of 177 records — 80–90% success probability where the service is narrow and control evidence is live). Article 60 notification path is the dominant route here. Highest base success probability, but Article 60 is not a waiver of AML/CFT, custody or ICT evidence.
- **Existing VASP converted** (47 of 177 records — 65–80%). Article 63 conversion path. Risk concentrates in the upgrade gap between VASP-grade and MiCA-grade governance, custody and safeguarding evidence.
- **Trading venue / broker / custody specialist** (26 of 177 records — 65–85% where institutional-only and evidence is strong). Article 63 path. Risk concentrates in private-key governance, segregation, reconciliation and outsourcing chain. Trading-platform operation (service code `b`) is the rarest and highest-evidence service in MiCA — only 14 of 177 records include it.
- **Pure crypto-native CASP** (28 of 177 records — 45–65% as scope widens). Article 63 path. Supervisory scrutiny scales with scope, group complexity and product perimeter.
- **Fintech / neobank crypto module** (11 of 177 records — 70–85% where narrow and the partner model is clean). Article 60 or 63 hybrid depending on the underlying authorisation. Risk concentrates in perimeter blur and unauthorised partner/custody chain.
Two anti-pattern archetypes do not appear in the success population by construction and so are not nodes in the graph above. They are documented for completeness: thin local entity with outsourced compliance, broad scope, no real local executives; or offshore-linked retail platform mixing unregulated yield/leverage/staking products with the authorisation perimeter. Both should self-disqualify rather than target a particular jurisdiction.
## Failure pattern is structural, not regulatory
There is no public EU-wide rejection register. The negative dataset is a weak-control set: public warnings, non-compliant-register signals, transition attrition and regulator statements about incomplete files. The strongest negative-control signals visible at the time of writing are an AFM warning about a cross-border crypto exchange operating in the Netherlands without the required licence and uncertain entity location (March 2026), and an NBS notice about a crypto-asset service provider continuing to operate in Slovakia without appropriate authorisation, entered under MiCA Article 110 into ESMA's non-compliant entities register. Aggregate signals from a March 2026 secondary-source register study reported 98 MiCA non-compliant entities, with 96 attributed to Italy's CONSOB.
Reading these signals as a class: weak applicants fail or stall because they ask the supervisor to trust assertions. Successful applicants supply evidence. A CASP application is not a policy-writing exercise; it is a test of whether the business can operate exactly as described, under an identifiable EU entity, with real people, real systems, real capital and auditable controls.
The hard blockers — in observed-frequency order — are unclear group structure or offshore service perimeter, weak local substance and decision-making outside the home Member State, AML/CFT framework that exists on paper but is not implemented or tested, custody/safeguarding model that cannot evidence segregation or wallet governance, and critical ICT/custody/compliance functions outsourced to third countries without supervisory access. None of these are visible in the public register itself — they surface in pre-application meetings, in NCA question rounds and in supervisory follow-up; the readiness scorecard in the forensic pack maps each blocker to its evidence requirements.
## Service-scope realism
Of the 177 records, 125 are narrow or moderate scope. Only five records are very broad (8–10 services). This supports a sequencing lesson: broad "everything at once" applications are the exception, not the norm, and tend to be associated with larger, better-resourced or already-regulated applicants. The sequenced playbook visible across successful applicants is: narrow first; phase trading platform, advice and portfolio later; clean website and marketing before contact; pre-application meeting to test perimeter; regulator-ready governance pack with logs and MI behind every policy.
## Application-readiness scorecard
The scorecard is a 10-category weighted instrument with hard-blocker caps. Categories: governance and substance (12), AML/CFT (14), custody and safeguarding (14), ICT/DORA (12), outsourcing (8), financial resources (8), service-scope realism (8), product perimeter and marketing (8), regulatory history and fit-and-proper (8), documentation and evidence quality (8). Hard blockers cap the total even where other categories score well. A score of 85–100 indicates a high-probability applicant assuming no unresolved hard blocker; 70–84 viable but remediation required; 55–69 high delay risk; 40–54 likely stall, withdrawal or refusal; below 40 indicates do-not-apply.
The scorecard, the red-flag checklist, the cleaned benchmark CSV (with confidence-scored business-model classifications), the failure weak-control dataset, the jurisdiction findings table and 10 derived datasets are available as a forensic pack under briefing scope. Email partnership@finray.tech with the subject line "MiCA CASP forensic pack".
## Methodology and caveats
The benchmark population is the ESMA interim MiCA register as of 24 April 2026 (177 records after cleaning). Cleaning steps: whitespace and label normalisation, home jurisdiction resolved from the home Member State field with the LEI country code as a fallback where missing, service codes parsed both from explicit letter prefixes and from free-text service descriptions, passporting country codes normalised, dates parsed as day/month/year, entity type and business model classified from observable register fields and conservative heuristics with per-record confidence scoring.
A record in the register is treated as positive-control evidence of authorisation or notification, but not as evidence that the firm is low risk or free of later supervisory concerns. Article 60 classifications are inferred unless the register comments explicitly state Article 60 or the entity type is very clear from legal name and service scope. Business-model classifications are operational inferences, not legal opinions. Public registers do not expose board composition, custody technical architecture, AML tooling, DORA maturity, outsourcing contracts or NCA question history; these are inferred from observable proxies and regulatory expectations, not asserted as facts.
This analysis is research, not legal advice. Applicants should validate any jurisdictional or service-scope inference against their own counsel and the relevant national competent authority before action. Finray Technologies Ltd is not a bank, payment institution, e-money institution, CASP or licensed financial intermediary of any kind.
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## Reference index
### Institution classes / Pre-MiCA archetypes (5)
- **Bank / EMI / IF / other regulated** — 65 of 177 records — Pre-MiCA already-regulated financial entity. Article 60 notification path is the dominant route here — MiCA does not create the entity, it extends its existing supervisory perimeter to crypto services.
- **Existing VASP converted** — 47 of 177 records — VASP-grade incumbent that has converted under Article 63. Risk concentrates in the upgrade gap between VASP-era and MiCA-grade governance, custody and safeguarding evidence.
- **Trading venue / broker / custody specialist** — 26 of 177 records — Specialist firm focused on a narrower function (operating a trading platform, brokering execution, or institutional custody). Service mix tends to be deeper rather than wider.
- **Pure crypto-native CASP** — 28 of 177 records — Greenfield crypto-native applicant under Article 63 with no pre-MiCA financial-entity status. Supervisory scrutiny scales with scope, group complexity and product perimeter.
- **Fintech / neobank crypto module** — 11 of 177 records — Fintech or neobank that is bolting a narrow crypto module onto an existing customer-facing financial product. Supervisory risk concentrates in perimeter-blur and partner / outsourced custody chain.
### Jurisdictions (20)
- **Germany (DE)** (DE, 51 entities) — 51 successful CASP records with Germany as home Member State.
- **Netherlands (NL)** (NL, 23 entities) — 23 successful CASP records with Netherlands as home Member State.
- **France (FR)** (FR, 13 entities) — 13 successful CASP records with France as home Member State.
- **Malta (MT)** (MT, 12 entities) — 12 successful CASP records with Malta as home Member State.
- **Ireland (IE)** (IE, 11 entities) — 11 successful CASP records with Ireland as home Member State.
- **Cyprus (CY)** (CY, 10 entities) — 10 successful CASP records with Cyprus as home Member State.
- **Austria (AT)** (AT, 8 entities) — 8 successful CASP records with Austria as home Member State.
- **Czech Republic (CZ)** (CZ, 6 entities) — 6 successful CASP records with Czech Republic as home Member State.
- **Lithuania (LT)** (LT, 6 entities) — 6 successful CASP records with Lithuania as home Member State.
- **Slovakia (SK)** (SK, 6 entities) — 6 successful CASP records with Slovakia as home Member State.
- **Spain (ES)** (ES, 6 entities) — 6 successful CASP records with Spain as home Member State.
- **Finland (FI)** (FI, 5 entities) — 5 successful CASP records with Finland as home Member State.
- **Liechtenstein (LI)** (LI, 5 entities) — 5 successful CASP records with Liechtenstein as home Member State.
- **Luxembourg (LU)** (LU, 4 entities) — 4 successful CASP records with Luxembourg as home Member State.
- **Denmark (DK)** (DK, 3 entities) — 3 successful CASP records with Denmark as home Member State.
- **Slovenia (SI)** (SI, 3 entities) — 3 successful CASP records with Slovenia as home Member State.
- **Latvia (LV)** (LV, 2 entities) — 2 successful CASP records with Latvia as home Member State.
- **Belgium (BE)** (BE, 1 entity) — 1 successful CASP record with Belgium as home Member State.
- **Bulgaria (BG)** (BG, 1 entity) — 1 successful CASP record with Bulgaria as home Member State.
- **Sweden (SE)** (SE, 1 entity) — 1 successful CASP record with Sweden as home Member State.
### Licensed entities (177 total)
Status / scope / source-register URL columns are inferences from observable register fields where not directly exposed by the source register; see the editorial methodology page for the inference rules.
#### Germany (DE) (51)
- **360 Treasury Systems AG** — Trading venue / broker / custody specialist; scope: narrow; https://www.360t.com
- **AnCeKa Vermögensbetreuungs Aktiengesellschaft** — Bank / EMI / IF / other regulated; scope: moderate; https://www.anceka.de
- **Baader Bank AG (Baader Bank Aktiengesellschaft)** — Bank / EMI / IF / other regulated; scope: narrow; https://www.baaderbank.de/
- **Baden-Württembergische Wertpapierbörse GmbH** — Bank / EMI / IF / other regulated; scope: narrow; https://www.bsdex.de/de/
- **Bankhaus Scheich Wertpapierspezialist AG** — Bank / EMI / IF / other regulated; scope: broad; https://www.bankhaus-scheich.de
- **BitGo Europe GmbH** — Trading venue / broker / custody specialist; scope: broad; https://www.bitgo.de/entities/bitgoeuropegmbh/
- **Bitpanda Asset Management GmbH** — Existing VASP converted; scope: moderate; https://www.bitpanda.com
- **Boerse Stuttgart Digital Custody GmbH** — Bank / EMI / IF / other regulated; scope: narrow; https://www.bsdigital.com
- **Bullish Europe GmbH** — Existing VASP converted; scope: broad; https://bullish.com/home-de/
- **BV & P Vermögen AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.bvp-vermoegen.de
- **Commerzbank Aktiengesellschaft** — Bank / EMI / IF / other regulated; scope: narrow
- **Crypto Finance (Deutschland) GmbH** — Existing VASP converted; scope: broad; https://www.crypto-finance.com/germany/de/
- **DekaBank Deutsche Girozentrale** — Bank / EMI / IF / other regulated; scope: moderate; https://www.deka.de/deka-gruppe
- **Deutsche WertpapierService Bank AG (dwpbank) (Deutsche WertpapierService Bank AG)** — Bank / EMI / IF / other regulated; scope: narrow; https://dwpbank.de
- **Dietrich & Richter Private Asset Management AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.drpam.de/
- **DonauCapital Wertpapier GmbH** — Bank / EMI / IF / other regulated; scope: narrow; https://www.donaucapital.de
- **DZ BANK AG Deutsche Zentral-Genossenschaftsbank** — Bank / EMI / IF / other regulated; scope: narrow; https://www.dzbank.de
- **EUWAX AG** — Bank / EMI / IF / other regulated; scope: moderate; https://www.euwax-ag.de
- **EUWAX AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.euwax-ag.de
- **Fels wealth GmbH** — Pure crypto-native CASP; scope: moderate; https://followmymoney.de/
- **FIDUS Finanz AG** — Pure crypto-native CASP; scope: moderate; https://fidus-ag.de
- **flatexDEGIRO Bank AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.flatexdegiro.com/de/flatexdegiro-bank/login
- **Hannoversche Volksbank eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.hannoversche-volksbank.de/
- **Hauck Aufhäuser Digital Custody GmbH** — Trading venue / broker / custody specialist; scope: narrow; https://www.hal-privatbank.com/asset-servicing/digitale-assets/regulierte-kryptoverwahrung
- **Huddlestock GmbH** — Pure crypto-native CASP; scope: narrow; https://www.huddlestock.com
- **Hyphe Markets GmbH** — Trading venue / broker / custody specialist; scope: narrow; https://hyphe.com/
- **IG Europe GmbH** — Bank / EMI / IF / other regulated; scope: moderate; https://www.ig.com/de
- **ISF Institut Deutsch-Schweizer Finanzdienstleistungen GmbH** — Pure crypto-native CASP; scope: narrow; https://www.isf-institut.de
- **Joh. Berenberg, Gossler & Co. KG** — Bank / EMI / IF / other regulated; scope: broad; https://www.berenberg.de
- **Lang & Schwarz TradeCenter AG & Co. KG** — Pure crypto-native CASP; scope: narrow; https://www.ls-tc.de/de/
- **MLP Banking AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.mlp.de
- **N26 Bank SE** — Bank / EMI / IF / other regulated; scope: narrow
- **Plutos Vermögensverwaltung AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.plutos.de
- **Scalable Capital Bank GmbH** — Bank / EMI / IF / other regulated; scope: narrow; https://www.scalable.capital
- **sino Aktiengesellschaft** — Pure crypto-native CASP; scope: narrow; https://www.sino.de/
- **Smartbroker AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.smartbrokerplus.de/de-de/
- **Sutor Bank GmbH** — Bank / EMI / IF / other regulated; scope: narrow; https://www.sutorbank.de/
- **Tangany GmbH** — Trading venue / broker / custody specialist; scope: narrow; https://www.tangany.com
- **Trade Republic Bank GmbH** — Bank / EMI / IF / other regulated; scope: moderate; https://traderepublic.com/
- **Traders Place GmbH & Co. KGaA** — Pure crypto-native CASP; scope: narrow; https://tradersplace.de/angebot/uebersicht/kryptowaehrungen
- **Tradevest Digital Assets GmbH** — Trading venue / broker / custody specialist; scope: narrow; https://www.tradevest.ai
- **Tradias GmbH** — Pure crypto-native CASP; scope: broad; https://www.tradias.de
- **V-Bank AG** — Bank / EMI / IF / other regulated; scope: moderate; https://www.v-bank.com/
- **Volksbank Mittlerer Schwarzwald eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.voba-msw.de
- **Volksbank Raiffeisenbank Bayern Mitte eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.vr-bayernmitte.de
- **Volksbank Raiffeisenbank Würzburg eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.vr-bank-wuerzburg.de
- **VR Bank Südpfalz eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.vrbank-suedpfalz.de
- **VR TeilhaberBank Metropolregion Nürnberg eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.vr-teilhaberbank.de
- **VR-Bank Rottal-Inn eG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.vrbk.de
- **Westerwald Bank eG Volks- und Raiffeisenbank** — Bank / EMI / IF / other regulated; scope: narrow; https://www.westerwaldbank.de
- **wSw PortfolioManagement AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.wsw-pm.de
#### Netherlands (NL) (23)
- **Acheron | Acheron Trading (Acheron Europe B.V.)** — Trading venue / broker / custody specialist; scope: broad; https://www.acherontrading.com/
- **Amdax B.V.|Amdax Group|Novelist (Amdax B.V.)** — Existing VASP converted; scope: moderate
- **ARI10, ARI10 NL, WEB3 Technology B.V. (WEB3 Technology B.V.)** — Pure crypto-native CASP; scope: moderate; https://ari10.com/en
- **AvianLabs Netherlands B.V.** — Pure crypto-native CASP; scope: moderate; https://sling.money/
- **Bitmymoney B.V.** — Existing VASP converted; scope: moderate; https://www.bitmymoney.com/
- **Bitonic B.V.** — Existing VASP converted; scope: moderate; https://bitonic.nl/en/
- **BitStaete B.V.** — Existing VASP converted; scope: narrow
- **Bitvavo B.V.** — Trading venue / broker / custody specialist; scope: moderate; https://bitvavo.com/nl
- **Blockrise Capital B.V.** — Bank / EMI / IF / other regulated; scope: moderate; https://www.blockrise.com/en
- **BLOX B.V.** — Existing VASP converted; scope: moderate; https://weareblox.com/
- **BTC Direct Europe B.V.** — Existing VASP converted; scope: narrow; https://my.btcdirect.eu/
- **Coinmerce B.V.. (Coinmerce B.V.)** — Existing VASP converted; scope: moderate; https://coinmerce.io
- **Decubate B.V.** — Pure crypto-native CASP; scope: moderate
- **EU Internet Ventures |EUIV|BNXA (EU Internet Ventures B.V.)** — Fintech / neobank crypto module; scope: moderate; https://banxa.com
- **Fiat Republic Netherlands B.V.** — Fintech / neobank crypto module; scope: narrow; https://fiatrepublic.com/
- **Finst B.V.** — Pure crypto-native CASP; scope: moderate; https://finst.com/
- **Hidden Road Partners CIV NL B.V.** — Existing VASP converted; scope: moderate; https://hiddenroad.com/
- **Monflo B.V.** — Fintech / neobank crypto module; scope: moderate; https://www.monflo.com
- **MoonPay Europe B.V.** — Existing VASP converted; scope: moderate; https://www.moonpay.com/
- **One Trading Exchange B.V.** — Trading venue / broker / custody specialist; scope: narrow; https://www.onetrading.com
- **Vivid Money B.V.** — Fintech / neobank crypto module; scope: narrow; https://vivid.money/
- **Zebedee Europe B.V.** — Existing VASP converted; scope: moderate; https://zbd.gg/
- **zerohash europe B.V.** — Trading venue / broker / custody specialist; scope: broad
#### France (FR) (13)
- **BANQUE DELUBAC ET CIE** — Bank / EMI / IF / other regulated; scope: broad
- **BITSTACK DIGITAL ASSETS SAS** — Existing VASP converted; scope: broad; https://bitstack-app.com/
- **CACEIS BANK** — Bank / EMI / IF / other regulated; scope: moderate; http://www.caceis.com
- **COINSHARES ASSET MANAGEMENT** — Existing VASP converted; scope: narrow; https://coinshares.com/
- **COMETH SAS** — Pure crypto-native CASP; scope: moderate; https://cometh.io/
- **DEBLOCK SAS** — Pure crypto-native CASP; scope: moderate; https://deblock.com/
- **FINCTEK UE SAS** — Pure crypto-native CASP; scope: broad; https://finctek.com
- **FIPTO PI SAS** — Bank / EMI / IF / other regulated; scope: broad; https://www.fipto.com/
- **GOin SAS** — Pure crypto-native CASP; scope: broad; https://goin-invest.com
- **HEXARQ SAS** — Pure crypto-native CASP; scope: broad; https://www.hexarq.com/
- **MEATAL GEAR (METAL GEAR SAS)** — Pure crypto-native CASP; scope: moderate; https://metalgear.xyz/
- **RELAI EU SASU** — Existing VASP converted; scope: narrow
- **SOCIETE GENERALE - FORGE** — Trading venue / broker / custody specialist; scope: narrow
#### Malta (MT) (12)
- **Altarius Asset Management Limited** — Bank / EMI / IF / other regulated; scope: narrow; https://www.altariusgroup.com
- **Bitpanda (BP23 CA Limited)** — Existing VASP converted; scope: broad; https://www.bitpanda.com
- **Blockchain.com (Blue Cube (Malta) Limited)** — Existing VASP converted; scope: broad; https://www.blockchain.com
- **BVNK (System Pay Services (Malta) Limited)** — Existing VASP converted; scope: moderate; https://bvnk.com/
- **Crypto.com (Foris DAX MT Limited)** — Existing VASP converted; scope: broad; https://crypto.com
- **Damex Digital LTD** — Existing VASP converted; scope: broad; https://www.damex.io
- **Gate Technology Limited** — Trading venue / broker / custody specialist; scope: broad; https://www.gate.com/en-eu
- **Gemini Intergalactic EU Ltd** — Existing VASP converted; scope: broad; https://www.gemini.com
- **OKX Europe Limited** — Trading venue / broker / custody specialist; scope: very-broad; https://www.okx.com
- **Payhound Limited** — Existing VASP converted; scope: broad; https://www.payhound.com
- **Socios.com (Socios Europe Services Limited)** — Existing VASP converted; scope: broad; https://www.socios.com
- **ZBX (Zillion Bits Limited)** — Trading venue / broker / custody specialist; scope: very-broad; https://www.zbx.com
#### Ireland (IE) (11)
- **CoinJar Europe Limited** — Existing VASP converted; scope: moderate; https://www.coinjar.com
- **Confirmo Limited** — Pure crypto-native CASP; scope: moderate; https://confirmo.eu
- **Interactive Brokers Ireland Limited** — Bank / EMI / IF / other regulated; scope: narrow; https://www.interactivebrokers.ie
- **Kraken Digital Asset Exchange (�Kraken�) (Payward Europe Solutions Limited)** — Trading venue / broker / custody specialist; scope: very-broad; https://www.kraken.com/
- **Kraken, Kraken Digital Asset Exchange (Payward Global Solutions Limited)** — Trading venue / broker / custody specialist; scope: narrow; https://www.kraken.com/
- **Legend Trading (Legend Financial Ireland Limited)** — Bank / EMI / IF / other regulated; scope: narrow; https://www.legendtrading.com
- **Push / Aave Push (Push Virtual Assets Ireland Limited)** — Pure crypto-native CASP; scope: narrow; https://push.co
- **Ramp Network (Ramp Swaps (Ireland) Limited)** — Fintech / neobank crypto module; scope: narrow; https://rampnetwork.com
- **Skrill, NETELLER (Paysafe Payment Solutions Limited.)** — Fintech / neobank crypto module; scope: moderate; https://www.skrill.com
- **StoneX Digital International Limited** — Bank / EMI / IF / other regulated; scope: broad; https://www.stonex.com
- **Webot (Pionew Ireland Limited)** — Trading venue / broker / custody specialist; scope: moderate; https://www.webot.com/eu
#### Cyprus (CY) (10)
- **capital.com (CAPITAL VAULT LTD)** — Bank / EMI / IF / other regulated; scope: moderate; https://www.capital.com
- **COLLECT & EXCHANGE CY LTD** — Trading venue / broker / custody specialist; scope: moderate; https://collectnexchange.cy/
- **e Toro (eToro (Europe) Ltd)** — Fintech / neobank crypto module; scope: broad; https://www.etoro.com
- **Noemon Finance Ltd** — Bank / EMI / IF / other regulated; scope: broad; https://www.noemon.finance
- **PELICAN EXCHANGE EUROPE (CY) LTD** — Trading venue / broker / custody specialist; scope: moderate; https://www.pelicaneu.com
- **Revolut Digital Assets (Europe) Ltd** — Fintech / neobank crypto module; scope: broad; https://www.revolut.com/en-CY/crypto/
- **TEROXX DIGITAL ASSET LTD** — Fintech / neobank crypto module; scope: very-broad; https://www.teroxx.com
- **Trading 212 Markets Ltd** — Bank / EMI / IF / other regulated; scope: moderate; https://www.trading212.com
- **Tradu (Stratos Europe Ltd)** — Existing VASP converted; scope: moderate; https://www.tradu.com/eu/
- **XTB Limited** — Bank / EMI / IF / other regulated; scope: moderate; https://www.xtb.com/cy
#### Austria (AT) (8)
- **21bitcoin (FIOR Digital GmbH)** — Existing VASP converted; scope: moderate; https://www.21bitcoin.app
- **AMINA EU (AMINA (Austria) AG)** — Pure crypto-native CASP; scope: broad; https://eu.aminagroup.com
- **Bitpanda GmbH** — Existing VASP converted; scope: broad; https://www.bitpanda.com
- **Bybit EU GmbH** — Existing VASP converted; scope: broad; https://www.bybit.eu
- **Coinfinity GmbH** — Existing VASP converted; scope: broad; https://coinfinity.co/
- **Cryptonow GmbH** — Existing VASP converted; scope: moderate; https://www.cryptonow.at
- **DADAT Krypto GmbH** — Pure crypto-native CASP; scope: narrow; https://www.dad.at/
- **KuCoin EU Exchange GmbH** — Trading venue / broker / custody specialist; scope: broad; https://www.kucoin.eu
#### Czech Republic (CZ) (6)
- **COINMATE a.s.** — Trading venue / broker / custody specialist; scope: broad; https://coinmate.io/cs
- **ILAVO GROUP a.s.** — Pure crypto-native CASP; scope: broad; https://www.ilavo.cz/cs
- **Invity Finance s.r.o.** — Bank / EMI / IF / other regulated; scope: broad; https://www.invity.io
- **MipSoftware s.r.o.** — Pure crypto-native CASP; scope: moderate; https://coinero.cz
- **MP Developers s.r.o.** — Trading venue / broker / custody specialist; scope: broad; https://www.anycoin.cz
- **Pluso a.s.** — Existing VASP converted; scope: moderate; https://www.pluso.cz/
#### Spain (ES) (6)
- **BBVA (Banco Bilbao Vizcaya Argentaria S.A.)** — Bank / EMI / IF / other regulated; scope: moderate; https://www.bbva.es
- **Bit2Me (Bitcoinforme S.L.)** — Existing VASP converted; scope: broad; https://bit2me.com
- **CAIXABANK S.A.** — Bank / EMI / IF / other regulated; scope: moderate; https://caixabank.es
- **CECABANK S.A.** — Bank / EMI / IF / other regulated; scope: moderate; https://www.cecabank.es
- **OPENBANK (OPEN BANK S.A.)** — Bank / EMI / IF / other regulated; scope: narrow; https://www.openbank.es
- **RENTA 4 BANCO S.A.** — Bank / EMI / IF / other regulated; scope: moderate; https://www.r4.com
#### Lithuania (LT) (6)
- **Coingate (UAB Decentralized)** — Existing VASP converted; scope: moderate; https://coingate.com
- **Myriad Capital (UAB Micar assets)** — Existing VASP converted; scope: broad; https://myriadcapital.lt
- **Newrails, UAB** — Bank / EMI / IF / other regulated; scope: narrow; https://www.newrails.xyz
- **Robinhood Europe UAB** — Fintech / neobank crypto module; scope: moderate; https://www.robinhood.com
- **Simplex (Nuvei Liquidity UAB)** — Existing VASP converted; scope: moderate; https://simplex.com
- **UAB BLUE EMI LT** — Bank / EMI / IF / other regulated; scope: narrow; https://blueemi.com
#### Slovakia (SK) (6)
- **BITCOINMAT (FINTECH SK s. r. o.)** — Existing VASP converted; scope: broad; https://bitcoinmat.sk
- **Cryptovoucher (Fintegence, s.r.o.)** — Existing VASP converted; scope: moderate; https://cryptovoucher.io/|https://giftmecrypto.io/
- **Firefish Europe s.r.o** — Existing VASP converted; scope: moderate; https://firefish.io/
- **FUMBI, s.r.o.** — Existing VASP converted; scope: broad; https://fumbi.network/sk/
- **Madison Six|crypto4me (Madison Six j. s. a.)** — Existing VASP converted; scope: broad; https://madisonsix.com/|https://crypto4me.eu
- **Okazio s.r.o.** — Pure crypto-native CASP; scope: broad; https://okazio.sk/
#### Finland (FI) (5)
- **Bittimaatti Oy** — Existing VASP converted; scope: narrow; https://bittimaatti.fi
- **Coinmotion Oy** — Existing VASP converted; scope: moderate; https://coinmotion.com
- **Kvarn X (Kvarn Capital Oy)** — Bank / EMI / IF / other regulated; scope: moderate; https://www.kvarnx.com/
- **NorthCrypto Oy** — Trading venue / broker / custody specialist; scope: narrow; https://www.northcrypto.com/
- **Tesseract Investment Oy** — Bank / EMI / IF / other regulated; scope: broad; https://tesseract.fi
#### Liechtenstein (LI) (5)
- **Bank Frick AG** — Bank / EMI / IF / other regulated; scope: moderate; https://www.bankfrick.li/en
- **Celsion Bank AG** — Bank / EMI / IF / other regulated; scope: moderate; https://www.celsion-finance.com
- **LGT Bank AG** — Bank / EMI / IF / other regulated; scope: moderate; https://www.lgt.com/li-en
- **Wyden Capital AG** — Bank / EMI / IF / other regulated; scope: narrow; https://www.wydencapital.com/en/
- **ZEUS Anstalt für Vermögensverwaltung** — Bank / EMI / IF / other regulated; scope: narrow; https://www.zeus-management.li/en
#### Luxembourg (LU) (4)
- **Bitstamp Europe S.A.** — Trading venue / broker / custody specialist; scope: broad; https://www.bitstamp.net/
- **Clearstream Banking S.A.** — Bank / EMI / IF / other regulated; scope: narrow; https://www.clearstream.com/clearstream-en/
- **Coinbase Luxembourg S.A.** — Existing VASP converted; scope: broad
- **Zodia Custody (Europe) S.A.** — Trading venue / broker / custody specialist; scope: narrow; https://zodia-custody.com/
#### Denmark (DK) (3)
- **GCEX|GC Exchange (GC Exchange A/S)** — Trading venue / broker / custody specialist; scope: moderate; https://gc.exchange/
- **Lunar Block A/S** — Fintech / neobank crypto module; scope: narrow; https://www.lunar.app/dk/privat/krypto
- **Penning Financial Services ApS** — Bank / EMI / IF / other regulated; scope: broad; https://www.penning.io
#### Slovenia (SI) (3)
- **ILIRIKA borzno posredniška hiša d.d.** — Pure crypto-native CASP; scope: moderate; https://www.ilirika.si/
- **INCREMENTUM družba za izvajanje storitev v zvezi s kriptosredstvi d.o.o.** — Pure crypto-native CASP; scope: moderate; https://incrementum.si/
- **Orcabay finančne storitve d.o.o.** — Pure crypto-native CASP; scope: narrow; https://orcabay.io/
#### Latvia (LV) (2)
- **BlockBen SIA** — Existing VASP converted; scope: broad; https://blockben.com/en/
- **Nexdesk SIA** — Existing VASP converted; scope: moderate; https://nexdesk.io/
#### Belgium (BE) (1)
- **KBC Bank NV** — Bank / EMI / IF / other regulated; scope: narrow; https://www.kbc.com
#### Bulgaria (BG) (1)
- **Alaric Securities OOD** — Bank / EMI / IF / other regulated; scope: very-broad; https://alaricsecurities.com/
#### Sweden (SE) (1)
- **Safello AB** — Existing VASP converted; scope: broad; https://www.safello.com