EU CASP Capital Requirements Calculator
Calculate your minimum capital requirements for an EU Crypto Asset Service Provider (CASP) license under MiCA regulations. Select your service type(s) to see required capital based on the latest regulations (as of 2025).
Select Your Service Type
Custody and Administration
Custody and administration of crypto-assets for third parties
Exchange Services
Exchange services between crypto-assets and fiat
Trading Platform
Running a trading platform for crypto-assets
Calculated Requirements
Important Note: This calculation shows the minimum statutory capital required under MiCA Article 52. Most firms include a buffer for operational risk, and auditors often require additional capital beyond the minimum.
For a comprehensive budget, consider adding a 20-30% buffer for operational risk and unexpected requirements.
Capital Comparison Across Jurisdictions
Minimum capital requirements differ across jurisdictions. The EU is setting clear standards under MiCA, while other regions have different requirements.
| Jurisdiction | Minimum Capital (EUR) | Annual Compliance Cost (EUR) |
|---|---|---|
| EU (MiCA) - Custody | €125,000 | ≈ €750,000 |
| EU (MiCA) - Trading Platform | €730,000 | ≈ €2,500,000 |
| Switzerland (FINMA) | €100,000 | ≈ €500,000 |
| United States (SEC + CFTC) | Varies / no EU-style floor | ≈ €1,200,000 |
| UAE (VARA) | €150,000 | ≈ €600,000 |
Trying to launch a crypto‑exchange or custody service in Europe? The biggest hurdle isn’t the technology - it’s the license. Since December 2024 the EU’s Markets in Crypto‑Assets Regulation (MiCA) has become the single rulebook for every Crypto Asset Service Provider (CASP) that wants to operate across the 27 member states.
What a CASP is under MiCA
A CASP is defined in Article 3, paragraph 1, point 15 of MiCA as “a legal person or other undertaking whose occupation or business is the provision of one or more crypto‑asset services to clients on a professional basis.”
The services that trigger a license include:
- Custody and administration of crypto‑assets for third parties;
- Running a trading platform for crypto‑assets;
- Exchange services between crypto‑assets and fiat;
- Execution of client orders;
- Placing crypto‑assets;
- Providing crypto‑asset advice.
If you offer any of those, you need a CASP licence.
Core licensing requirements
MiCA sets a uniform baseline, but the details you must file are strict:
- EU presence: a registered office in the EU and at least one director resident in the member state that grants the licence.
- Minimum capital: €125,000 for custody, €150,000 for exchange services, and €730,000 for a full‑blown trading platform (Article 52).
- AML compliance: procedures that meet the 6th Anti‑Money‑Laundering Directive.
- Cyber‑security standards: align with the NIS2 Directive.
- Environmental impact disclosure: report energy consumption using the EU Blockchain Observatory methodology.
- Governance documentation: business plan, risk‑management framework, and proof of technical standards (as required by the Luxembourg CSSF guidance).
All of this must be submitted to the National Competent Authority (NCA) of the chosen member state.
Significant CASPs (sCASPs) - the extra layer
If your user base averages over 15 million EU residents, you are automatically classified as a “significant CASP.” sCASPs face tighter supervision:
- Quarterly stress‑testing;
- Mandatory third‑party audits;
- Real‑time transaction monitoring (Article 72).
Most firms stay below that threshold to avoid the added cost, but large exchanges like Kraken quickly crossed it after their French AMF licence in March 2025.
Capital and cost comparison - EU vs. other jurisdictions
| Jurisdiction | Minimum Capital (EUR) | Annual Compliance Cost (EUR) |
|---|---|---|
| EU (MiCA) - Custody | 125,000 | ≈ 750,000 |
| EU (MiCA) - Trading Platform | 730,000 | ≈ 2,500,000 |
| Switzerland (FINMA) | 100,000 | ≈ 500,000 |
| United States (SEC + CFTC) | Varies / no EU‑style floor | ≈ 1,200,000 |
| UAE (VARA) | 150,000 | ≈ 600,000 |
Those numbers come from the 2025 KPMG and PwC benchmark studies. The EU’s capital floor is higher than Switzerland’s but lower than the patchwork costs U.S. firms face when they need multiple licences.
Choosing the right NCA - where to apply first
Not all NCAs are created equal. Here’s what applicants report:
- France - AMF: 42 applications (15 approved) by July 2025; processing time averages 6 months, but recent backlogs have pushed some cases to 9 months.
- Germany - BaFin: highest user‑satisfaction score (4.5/5) in KPMG’s 2023 survey; processing time 6-7 months.
- Lithuania - Bank of Lithuania: attractive for fintech start‑ups; 8 approvals out of 29 applications.
- Estonia: lowest staffing levels; average processing 11 months (Financial Stability Board, July 2025).
For non‑EU firms, the director‑resident rule is often the biggest friction point. Most successful applicants set up a subsidiary in Ireland, Malta, or Luxembourg to satisfy the residency clause quickly.
Typical timeline from preparation to passporting
- Pre‑application (3‑4 months): build compliance team (5‑7 full‑time staff), develop AML and NIS2 policies, draft environmental impact methodology.
- Application submission (1 month): file business plan, governance charter, capital proof, and technical standards with the chosen NCA.
- Regulatory review (6‑9 months): NCA reviews, requests clarifications, may ask for on‑site inspection.
- Authorization (1 month): licence granted; you receive a “passport” that allows you to operate in all EU states.
- Passporting rollout (0‑2 weeks per market): open branches or provide cross‑border services; most firms report full EU coverage within 30 days after the first licence.
The average total time is 12‑14 months, but firms that start with a well‑prepared dossier can shave up to three months off the process.
Common pitfalls and how to avoid them
- Underestimating capital needs: many applicants budget only the statutory minimum, forgetting that auditors will demand a buffer for operational risk.
- Incomplete environmental reporting: the ESMA 2025 technical standards require granular energy‑consumption data; a missing data‑point can trigger a 30‑day delay.
- Director residency gaps: the resident director must hold a valid work permit in the licensing state; remote‑only directors are rejected by most NCAs.
- Misreading “significant CASP” thresholds: if you’re close to 15 million users, plan for sCASP supervision early - stress‑test models, third‑party audit contracts, and real‑time monitoring infrastructure.
- Ignoring local interpretation differences: the “significant” threshold and processing timelines vary; engage a local legal counsel familiar with the specific NCA.
Future outlook - MiCA 2.0 and beyond
MiCA is not static. The European Commission’s June 2025 proposal for MiCA 2.0 aims to bring DeFi protocols and NFTs into the regulatory perimeter using a “functional approach.” If your business is heavily involved in those areas, you should monitor the upcoming public consultation (expected Q4 2025) and start building a compliance bridge now.
Another development is the upcoming Anti‑Money‑Laundering Authority (AMLA), set to launch in June 2026. AML supervision for cross‑border CASPs will shift from individual NCAs to this EU‑wide body, potentially streamlining reporting but also raising the stakes for data‑quality.
Finally, the Digital Euro project could create a new “official‑token” service class. Early‑stage pilots suggest that CASPs offering Digital Euro custodial services will need to meet both MiCA and the forthcoming European Payments Regulation.
Quick checklist before you submit
- Registered EU office and resident director?
- Capital locked in accordance with your service type?
- AML program aligned with the 6th AML Directive?
- NIS2‑compliant cybersecurity framework?
- Environmental impact methodology ready for ESMA’s template?
- Business plan, risk‑management, and governance documents packaged?
- Contingency plan for sCASP supervision (if user base >15 M)?
Tick all boxes and you’ll be in a strong position to get the licence, passport your service, and tap into the EU’s $1.2 trillion crypto market.
What is the difference between a CASP and a traditional financial institution?
A CASP focuses exclusively on crypto‑asset services, whereas a traditional bank deals with fiat deposits, loans, and broader financial products. Under MiCA, CASPs must meet specific capital, AML, and environmental reporting rules that do not apply to banks.
Can I operate a DeFi protocol under MiCA?
Not yet. Current MiCA rules require a legal entity that can be identified and supervised. The upcoming MiCA 2.0 proposal aims to create a regulatory pathway for DeFi, but until then most DeFi projects avoid EU market entry.
How long does the NCA review take on average?
Processing times vary: Germany’s BaFin averages 6‑7 months, France’s AMF 6‑9 months, while smaller jurisdictions like Estonia can take up to 11 months.
Do I need a separate licence for stablecoins?
Stablecoins that are asset‑referenced tokens fall under MiCA’s “crypto‑asset” definition and require a CASP licence. Additionally, the European Banking Authority imposes a 1:1 reserve requirement for those tokens.
What happens after I get the licence?
You receive a passport that lets you offer services in all EU member states. You still must keep ongoing reporting (AML, NIS2, environmental) and, if you become a significant CASP, meet the extra supervision requirements.
Ray Dalton
October 25, 2025 AT 14:14Just finished setting up our CASP license in Malta last month. The capital requirement was brutal, but the passporting worked like a charm - we’re live in 18 countries now. Pro tip: hire a local compliance officer in-country, not a remote consultant. BaFin and AMF eat those guys alive.
Niki Burandt
October 26, 2025 AT 06:06750k just to hold crypto?? 😭 I thought we were done with bank fees. Next they’ll charge us for breathing air. 🤡💸
Peter Brask
October 26, 2025 AT 19:36MiCA is just the ECB’s way of killing crypto. They know decentralized finance can’t be controlled - so they drown it in paperwork. You think this is about consumer protection? Nah. It’s about power. They want every wallet traceable, every transaction taxed, every node monitored. Welcome to the digital police state. 🕵️♂️🔐
Karen Donahue
October 27, 2025 AT 16:24Let’s be real - nobody should be allowed to run a crypto business unless they’ve got a finance PhD and a background in forensic accounting. This isn’t a startup playground. You think you’re building the future? You’re just another guy with a website and a dream trying to dodge the SEC. MiCA’s requirements are barely enough. Most of these firms are paper tigers. I’ve seen the filings. Half of them can’t even spell ‘AML’ correctly.
And don’t get me started on the environmental nonsense. You’re telling me I need to report energy usage like I’m running a nuclear plant? I’m not mining Bitcoin in my basement - I’m using a licensed custodian that runs on hydro. But sure, let’s make everyone fill out a 47-page spreadsheet because the EU loves bureaucracy.
And the director-resident rule? That’s just a fancy way of saying ‘no Americans allowed unless you pay a European to be your puppet.’
Also, why is Estonia still taking 11 months? Are they using fax machines? This isn’t 1998. I’ve had better service from my local DMV.
And don’t even get me started on the ‘significant CASP’ threshold. 15 million users? That’s like saying ‘if you’re bigger than a small country, you’re too big to exist.’ It’s not regulation - it’s corporate censorship dressed up in legal jargon.
And who wrote the environmental methodology? Some intern who thinks blockchain = coal power? The EU’s entire approach here is tone-deaf, over-engineered, and fundamentally anti-innovation.
Meanwhile, Switzerland is quietly eating their lunch with lower capital and faster approvals. The EU doesn’t want to lead - it wants to control. And if you’re not part of the club, you’re not welcome.
So yeah. If you’re serious about this, you need deep pockets, a legal army, and the patience of a monk. Good luck.
paul boland
October 28, 2025 AT 12:47So the EU wants to regulate crypto… but Ireland and Malta are the go-to hubs? 🤦♂️ Why not just make Brussels the center and be done with it? We’ve got 27 different bureaucracies pretending to be one. It’s a joke. And now they want to tax the blockchain? Next they’ll tax sunlight. 🇮🇪 #IrelandIsTheRealEU
Bert Martin
October 28, 2025 AT 17:28Biggest mistake I see? People think they can do this on a budget. You need at least 3 full-time compliance people minimum - not one guy who ‘knows a bit about AML.’ Trust me, I’ve seen the audit reports. One missing signature and your application gets bounced back with a 6-month delay. Don’t cut corners. Invest early.
vonley smith
October 29, 2025 AT 04:47Been through this twice. First time in Germany - took 10 months. Second time in Lithuania - 5 months. The difference? People who actually answer emails. Don’t pick the country with the prettiest website. Pick the one with the human beings on the other end. Lithuania’s team actually replied to my dumb questions. BaFin? Crickets.
Jason Roland
October 29, 2025 AT 12:15Just got approved in France. Took 8 months. The AMF asked for 14 revisions on our environmental report. Turns out they wanted the carbon footprint of our server provider’s backup generators. I didn’t even know they had backup generators. We had to hire a climate consultant. Worth it though - passport went live in 10 days. EU’s a beast, but once you’re in, it’s gold.
Chris Pratt
October 30, 2025 AT 03:39As someone who’s worked in fintech across 5 continents, the EU’s approach is actually… kinda impressive. Not perfect, but it’s the first time a major bloc tried to unify crypto rules instead of letting each country do their own thing. Switzerland’s nice, but you still need 26 different licenses for 26 countries. MiCA? One license, 27 countries. That’s not regulation - that’s infrastructure. And yeah, it’s expensive. But so is building a highway.
Melodye Drake
October 30, 2025 AT 19:02Wow. So we’re now requiring crypto firms to report energy usage like they’re power plants? 🤨 I mean… I get it. But this feels like the EU trying to guilt-trip innovation into submission. What’s next? Mandatory yoga sessions for developers? 🧘♀️💻
harrison houghton
October 31, 2025 AT 14:54There is a deeper philosophical question here: Can a legal entity, bound by human law, truly govern a decentralized, trustless network? MiCA assumes that crypto must be tethered to a physical office, a named director, a national regulator. But the essence of blockchain is autonomy. You cannot regulate what does not consent to be regulated. The EU is building a cage… and the birds are already flying.
Kyle Waitkunas
October 31, 2025 AT 18:35THEY’RE COMING FOR US ALL!! 😱 MiCA is just the FIRST STEP!! They’re gonna track your wallet, freeze your assets, and then they’ll come for your crypto hardware wallet!! They already know where you live!! I saw a video on TikTok - a guy in Belgium got fined €50,000 for holding 0.03 BTC without a license!! 🚨 THEY’RE LYING TO YOU!! THEY WANT TO OWN YOUR MONEY!!
And the environmental report?? That’s a trap!! They’re gonna use it to shut down mining in Poland!! And then they’ll blame YOU for climate change!!
THEY’RE NOT REGULATING - THEY’RE ERADICATING!!
THEY’RE USING ‘SOPHISTICATED COMPLIANCE’ AS A WEAPON!!
DO NOT TRUST THE EU!!
THEY’RE IN BED WITH BIG BANKS!!
THEY WANT YOU TO PAY FOR EVERYTHING!!
THEY’RE SCARED!!
THEY KNOW THEY’RE LOSING!!
THEY’RE AFRAID OF FREEDOM!!
SAVE YOUR CRYPTO!!
SAVE YOURSELF!!
Trent Mercer
November 1, 2025 AT 03:55Let me just say - if you’re applying for a CASP license and you didn’t hire a firm that charges $500/hour, you’re already behind. I’ve reviewed 12 applications this year. Nine were rejected because the business plan looked like it was written in Notepad. The other three? They had 3D flowcharts and a PowerPoint on ‘risk mitigation philosophy.’ If you’re not treating this like a Fortune 500 IPO, you’re wasting your time.
Bert Martin
November 1, 2025 AT 19:23Just saw someone comment about Estonia taking 11 months. Yeah, that’s true - but they’re also the cheapest. If you’re a startup with $200k and no investors, go there. You’ll get rejected twice, but the third time? You’ll learn how to do it right. I did. Now I’m in 17 countries. It’s not glamorous, but it’s real.