{"id":20689,"date":"2018-11-12T16:14:14","date_gmt":"2018-11-12T15:14:14","guid":{"rendered":"https:\/\/test.watsonlaw.nl\/expertises\/crypto-2\/crypto-2-2-2\/"},"modified":"2026-06-11T15:45:54","modified_gmt":"2026-06-11T13:45:54","slug":"services","status":"publish","type":"page","link":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/","title":{"rendered":"Crypto-asset services"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; padding_top=&#8221;30&#8243; padding_bottom=&#8221;20&#8243; z_index=&#8221;&#8221;][vc_column width=&#8221;1\/4&#8243;][vc_column_text]<\/p>\n<p class=\"quotetekst\">New technologies demand new insights.<\/p>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;30px&#8221;][vc_widget_sidebar sidebar_id=&#8221;Sidebar Fintech&#8221; el_class=&#8221;sidebar-menu-unified&#8221;][vc_empty_space height=&#8221;30px&#8221;][vc_column_text css=&#8221;.vc_custom_1781180153269{padding-top: 15px !important;padding-right: 20px !important;padding-bottom: 15px !important;padding-left: 20px !important;background-color: #ededed !important;}&#8221;]<\/p>\n<h2>Track record<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<p data-start=\"0\" data-end=\"53\">Advised on 10+ MiCA licensing processes with the AFM.<\/p>\n<\/li>\n<li>\n<p data-start=\"0\" data-end=\"53\">Established and structured 50+ crypto businesses.<\/p>\n<\/li>\n<li>\n<p data-start=\"0\" data-end=\"53\">Advised 25+ directors on AFM or DNB fit and proper assessments.<\/p>\n<\/li>\n<li>\n<p data-start=\"0\" data-end=\"53\">Set the standard for asset segregation by CASPs.<\/p>\n<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;30px&#8221;][vc_single_image image=&#8221;19131&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; onclick=&#8221;custom_link&#8221; qode_css_animation=&#8221;element_from_right&#8221; link=&#8221;https:\/\/watsonlaw.nl\/en\/watsonlaw-crypto-team-wins-the-bcnl-community-award-2022\/&#8221; transition_delay=&#8221;0.5&#8243;][vc_empty_space height=&#8221;30px&#8221;][\/vc_column][vc_column width=&#8221;3\/4&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><span style=\"color: #00c6da; font-size: 24pt;\">Here&#8217;s our point of view: <\/span><br \/>\n<span style=\"font-size: 24pt;\">We can help you prepare for what the future holds for your business<span style=\"color: #00c6da;\">.<\/span><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>Businesses active in the crypto sector often need to assess whether their activities qualify as regulated crypto-asset services. That assessment is not always straightforward. A business model may involve one or more services, may fall partly in or outside scope, or may also raise questions under other regulatory frameworks, such as payments-, e-money-, investment funds- or financial instruments-regulations.<\/p>\n<p>&nbsp;<\/p>\n<p>Among other things, Watsonlaw advises clients on the legal qualification of their crypto-asset services, the applicability of the Markets in Crypto-Assets Regulation (MiCA), the applicable licensing or notification requirements, and the structuring of their activities from a regulatory perspective. We assist with various aspects, from early-stage scoping questions to more advanced licensing and implementation trajectories.<\/p>\n<p>&nbsp;<\/p>\n<p>Are you assessing whether your crypto-related activities qualify as regulated crypto-asset services, or preparing for a MiCA licence or notification? We are happy to help you determine the applicable framework and the next steps for your business.\u00a0Contact <a href=\"mailto:w.smits@watsonlaw.nl\">Willem-Jan Smits<\/a> or <a href=\"mailto:r.kattenbelt@watsonlaw.nl\">Rens Kattenbelt<\/a> to schedule an introductory call.[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>MiCA<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        Since when does MiCA apply?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]MiCA entered into force on 30 June 2023 and the rules apply in phases. MiCA\u2019s rules for stablecoins &#8211; which are divided by MiCA into asset-referenced tokens (ARTs) and electronic money tokens (EMTs) &#8211; apply from 30 June 2024. The other rules &#8211; such as the licensing and conduct rules for CASPs and the prevention of market abuse for crypto-assets \u2013 apply from 30 December 2024.<\/p>\n<p>&nbsp;<\/p>\n<p>MiCA is supplemented by a substantial \u2018Level 2\u2019 package of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) developed by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) and adopted by the European Commission (EC). In addition, MiCA is supplemented by a &#8216;Level 3&#8217; package of Guidelines, Statements, Opinions, and Q&amp;As by ESMA and EBA.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What are the objectives of MiCA?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]MiCA pursues four main objectives:<\/p>\n<ol>\n<li>To provide legal certainty for crypto-assets that are not covered by other European financial regulation;<\/li>\n<li>Bring all crypto-asset issuers and CASPs under one regulatory framework;<\/li>\n<li>Replace national regulation for crypto-assets not covered by European regulation; and<\/li>\n<li>Create a specific regulatory framework for stable coins.<\/li>\n<\/ol>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;10px&#8221;]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        Which firms are regulated?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]MiCA targets both EU-based firms and non-EU firms that conduct activities or provide services in the EU. The firms regulated under MiCA are persons offering crypto-assets to the public or seeking their admission to trading and CASPs in the EU.[\/vc_column_text][vc_empty_space height=&#8221;10px&#8221;]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What are the advantages of MiCA?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]MiCA offers benefits to crypto-asset service providers (CASPs), users and authorities alike.<\/p>\n<ol>\n<li>CASPs need to do less research on all the rules that need to be complied with in each Member State.<\/li>\n<li>CASPs only need to obtain one licence for the entire EU.<\/li>\n<li>There is a level playing field for all CASPs in the EU, they do not benefit from easier or cheaper regulation in a certain Member State.<\/li>\n<li>Investors are better protected by the rules MiCA proposes to prevent market abuse. Scams and \u2018pump-and-dump\u2019 will be prevented.<\/li>\n<li>Investors are also better protected by the information requirements for CASPs.<\/li>\n<li>National regulators also benefit from MiCA. Because a licence under MiCA works throughout the entire EU, there is no need for each Member State to examine each firm individually.<\/li>\n<\/ol>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;10px&#8221;]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Legal qualification of crypto-asset services<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        Which crypto-asset services are regulated under MiCA?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]If your company provides services in the crypto sector, your company may qualify as a CASP. For a qualification as a CASP, one of the tokens your company provides services for must qualify as a crypto-asset, and the service your company provides must qualify as at least one of the following crypto-asset services:<\/p>\n<p>&nbsp;<\/p>\n<p><u>Providing custody and administration of crypto-assets on behalf of clients<\/u><\/p>\n<p>Providing custody and administration of crypto-assets on behalf of clients means the safekeeping or controlling, on behalf of clients, of crypto-assets or the means of access to such crypto-assets, where applicable in the form of private cryptographic keys.<\/p>\n<p>&nbsp;<\/p>\n<p>In this context, \u2018controlling\u2019 means being able to hold, store or transfer the crypto-assets. This is the case, for instance, at exchanges where clients can purchase crypto-assets and keep them in a custodial wallet. Under circumstances, staking services provided by a CASP may qualify as the crypto-asset service providing custody and administration of crypto-assets on behalf of clients.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Operation of a trading platform for crypto-assets<\/u><\/p>\n<p>Operation of a trading platform for crypto-assets means the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets.<\/p>\n<p>&nbsp;<\/p>\n<p>A multilateral system is a system in which multiple third-party buy and selling interests can interact. Clients using the trading platform buy and sell crypto-assets from each other, and the CASP providing this service is not a party to these transactions.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Exchange of crypto-assets for funds<\/u><\/p>\n<p>Exchange of crypto-assets for funds means the conclusion of purchase and sale contracts concerning crypto-assets with clients for funds by using proprietary capital.<\/p>\n<p>&nbsp;<\/p>\n<p>While providing this service, the CASP is the direct counterparty of the client, and the client is provided with a firm price. The crypto-asset order is not executed on a best execution basis. Funds that can be used to buy or sell crypto-assets with or for, include banknotes and coins, scriptural money and e-money.<\/p>\n<p>&nbsp;<\/p>\n<p>Similarities may exist between exchange and execution services. More detail on how to distinguish between these services can be found in the FAQ below.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Exchange of crypto-assets for other crypto-assets<\/u><\/p>\n<p>Exchange of crypto-assets for other crypto-assets means the conclusion of purchase and sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital.<\/p>\n<p>&nbsp;<\/p>\n<p>While providing this service, the CASP is the direct counterparty of the client, and the client is provided with a firm price. The crypto-asset order is not executed on a best execution basis.<\/p>\n<p>&nbsp;<\/p>\n<p>Similarities may exist between exchange and execution services. More detail on how to distinguish between these services can be found in the FAQ below.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Execution of orders for crypto-assets on behalf of clients<\/u><\/p>\n<p>Execution of orders for crypto-assets on behalf of clients means the conclusion of agreement, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading.<\/p>\n<p>&nbsp;<\/p>\n<p>Execution of orders for crypto-assets is the crypto-asset variant of a broker model. Clients of the CASP place their orders with the CASP, and the CASP executes those orders on third-party platforms on a best execution basis. Under this service, the CASP is not the counterparty to the transaction, but merely facilitates adequate execution of an order on behalf of the client.<\/p>\n<p>&nbsp;<\/p>\n<p>Similarities may exist between execution and exchange services.\u00a0More detail on how to distinguish between these services can be found in the FAQ below.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Placing of crypto-assets<\/u><\/p>\n<p>Placing of crypto-assets means the marketing, on behalf or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers.<\/p>\n<p>&nbsp;<\/p>\n<p>The definition of the placing of crypto-assets regards all crypto-assets as defined in MiCA, which includes EMT. The activities of traditional e-money distributors, namely the distribution of e-money on behalf of issuers, can also be deemed as providing the service of the placing of crypto-assets if the service is provided with regard to EMT. However, these distributors are allowed to distribute EMT without obtaining a separate MiCA licence.<\/p>\n<p>&nbsp;<\/p>\n<p>Similarly, where a company offers to the public crypto-assets upon the written consent of the issuer, that person acts on behalf of the issuer and no licence as a CASP is required where that activity is not exercised in the context of the provision of crypto-asset services. However, where the person offering crypto-assets to the public engages in the placing of crypto-assets or in any other crypto-asset service covered by MiCA on a professional basis, that company is to be considered a CASP and must therefore obtain a licence for the placing of crypto-assets.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Reception and transmission of orders for crypto-assets on behalf of clients<\/u><\/p>\n<p>Reception and transmission of orders for crypto-assets on behalf of clients means the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution.<\/p>\n<p>&nbsp;<\/p>\n<p>For traditional financial markets, this service mostly applies to platforms on which potential investors can subscribe for third-party projects. Based on guidance in relation to that traditional service provision, which is mostly made up of guidance from the UK regulator on their implementation of the European directive, to qualify as providing the service for the reception and transmission of orders, the specific order of an investor must be transmitted to an investment firm. If all a firm does is introduce investors to investment firms so that they can provide their services to those investors, this does not bring about a transaction and thus will not amount to the receiving and transmitting of orders.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Providing advice on crypto-assets<\/u><\/p>\n<p>Providing advice on crypto-assets means offering, giving or agreeing to give personalized recommendations to a client, either at the client\u2019s request or on the initiative of the CASP providing advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services.<\/p>\n<p>&nbsp;<\/p>\n<p>The service of providing advice under MiCA requires that recommendations are personalised, which means that the recommendations given to a client are based on the client\u2019s personal characteristics, preferences and\/or risk profile. General recommendations and marketing are therefore not included in this definition.<\/p>\n<p>&nbsp;<\/p>\n<p>Advice on crypto-assets includes both advice on specific crypto-assets as well as advice on crypto-asset services. It has not been unequivocally confirmed that this includes both advice on the use of specific crypto-asset services as well as the use of specific CASPs. At least, based on the requirement of the recommendations being personalised, it seems that comparison sites showcasing several service providers do not qualify as providing advice on crypto-assets. The assessment whether specific advisory services qualify as the regulated service of providing advice, is dependent on a case-by-case analysis.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Providing portfolio management on crypto-assets<\/u><\/p>\n<p>Providing portfolio management on crypto-assets means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets.<\/p>\n<p>&nbsp;<\/p>\n<p>An example of portfolio management is the situation in which a client transfers funds or crypto-assets to the CASP for investing in crypto-assets in accordance with a specific risk profile. Also, under circumstances, services such as \u2018copy trading\u2019 or \u2018auto trading\u2019 may be qualified as providing portfolio management.<\/p>\n<p>&nbsp;<\/p>\n<p>An important aspect of portfolio management is that the crypto-assets managed by the CASP are managed on an individual (client-by-client) basis. That is what creates the distinction between portfolio management and investment funds in which the assets are being managed collectively for the benefit of all participants. <a href=\"https:\/\/watsonlaw.nl\/en\/expertises\/fintech\/investmentfunds\/\">More information on Investment Funds can be found here<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Providing transfer services for crypto-assets on behalf of clients<\/u><\/p>\n<p>Providing transfer services for crypto-assets on behalf of clients means providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another. This service entails the facilitation of a transfer of crypto-assets from one distributed ledger address or account to a specific ledger address or account requested by the client. This means that client-to-client transfers within the same custodial wallet may also qualify as transfers to which this service applies.<\/p>\n<p>&nbsp;<\/p>\n<p>The provision of transfer service is a licensed crypto-asset service, irrespective of the transfer being regarded as part of another crypto-asset service. Various CASPs that offer crypto-asset services such as custody and administration of crypto-assets, exchanging crypto-assets for funds or other crypto-assets and executing orders for crypto-assets on behalf of clients also provide transfer services for crypto-assets. Validators, nodes and miners who take part in the confirmation of transactions and updating the state of the distributed ledger do not fall under the category of providing transfer services.<\/p>\n<p>&nbsp;<\/p>\n<p>CASPs providing transfer services for crypto-assets on behalf of clients are also subject to the Transfer of Funds Regulation.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        When are these crypto-asset services not subject to MiCA?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]Crypto-asset services are only governed by MiCA if the services are provided in relation to crypto-assets covered by MiCA. Services provided regarding crypto-assets that are not covered by MiCA are also not covered by MiCA. However, other regulatory regimes may apply. MiCA does not apply to crypto-assets that qualify as one or more of the following:<\/p>\n<ul>\n<li>Financial instruments.<\/li>\n<li>Deposits, including structured deposits.<\/li>\n<li>Funds, except if they qualify as EMT.<\/li>\n<li>Securitisation positions.<\/li>\n<li>Non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to the Solvency II Directive, or reinsurance and retrocession contracts referred to in that Directive.<\/li>\n<li>Various pension products and social security schemes covered by national or European law.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Additionally, MiCA does not apply to crypto-assets that are unique and not fungible with other crypto-assets. These are the so-called non-fungible tokens (NFTs). Examples of this category of crypto-assets are digital art and collectibles. The value of such unique and non-fungible crypto-assets is attributable to each crypto-asset\u2019s unique characteristics and the utility it gives to the holder of the crypto-asset. The fractional parts of a unique and non-fungible crypto-asset should not be considered unique and non-fungible. The issuance of crypto-assets as non-fungible tokens in a large series or collection should be considered an indicator of their fungibility. The mere attribution of a unique identifier to a crypto-asset is not, in and of itself, sufficient to classify it as unique and non-fungible. The assets or rights represented should also be unique and non-fungible in order for the crypto-asset to be considered unique and non-fungible.[\/vc_column_text][vc_empty_space height=&#8221;10px&#8221;]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Licensing regime<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        When is a licence required?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]<em>What is the general provision?<\/em><\/p>\n<p>Article 59 MiCA provides that a legal person or other undertaking that provides crypto-asset services within the Union must be authorised to do so in accordance with Article 63 MiCA.<\/p>\n<p>&nbsp;<\/p>\n<p><em>When am I providing services in the European Union?<\/em><\/p>\n<p>An important aspect of this requirement is that the services are provided within the European Union. If crypto-asset services are solely provided outside the European Union, MiCA does not apply. However, this does not mean that CASPs outside the EU may not accept European citizens as their client without a licence under MiCA. CASPs outside of the EU may accept European clients without having a licence under MiCA, if their services are provided on a reverse solicitation basis. This means that a non-EU CASP may accept a person in the EU only where the relevant service is provided at the client\u2019s own exclusive initiative. This principle must be interpreted narrowly and assess on the facts rather than by disclaimers or contractual wording. Accordingly, services are not provided on a reverse solicitation basis if the CASP, or anyone acting on its behalf, has promoted or targeted EU-based clients through advertising, websites, social media, influencers, sponsorships, or similar outreach, and any follow-on service provision must be limited to what is genuinely part of the original client-initiated transaction.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Who does not require a licence under MiCA?<\/em><\/p>\n<p>Some entities do not require a licence in accordance with Article 63 MiCA for providing certain crypto-asset services. This concerns the following entities:<\/p>\n<ul>\n<li>Credit institutions.<\/li>\n<li>Central securities depositories.<\/li>\n<li>Investment firms.<\/li>\n<li>Market operators.<\/li>\n<li>E-money institutions.<\/li>\n<li>UCITS management companies.<\/li>\n<li>Alternative investment fund managers.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>However, these entities must undergo a notification procedure in accordance with Article 60 MiCA. More information on the notification procedure can be found below.<\/p>\n<p>&nbsp;<\/p>\n<p>Various other natural persons, legal persons or other undertakings are fully exempt from MiCA, and require neither a licence nor a notification:<\/p>\n<ul>\n<li>Persons who provide crypto-asset services exclusively for their parent companies, for their own subsidiaries or for other subsidiaries of their parent companies.<\/li>\n<li>A liquidator or administrator acting in the course of an insolvency procedure, except with regard to the redemption plan for issuers of ARTs.<\/li>\n<li>The European Central Bank, central banks of the Member States when acting in their capacity as monetary authorities, or other public authorities of the Member States.<\/li>\n<li>The European Investment Bank and its subsidiaries.<\/li>\n<li>The European Financial Stability Facility and the European Stability Mechanism.<\/li>\n<li>Public international organisations.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><em>What if crypto-asset services are provided in a decentralised manner?<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>MiCA applies to natural and legal persons and certain other undertakings and to the crypto-asset services performed, provided or controlled by them. This includes situations in which part of the activities of these persons or other undertakings is performed in a decentralised manner. Where crypto-asset services are provided in a fully decentralised manner without any intermediary, those services do not fall within the scope of MiCA.<\/p>\n<p>&nbsp;<\/p>\n<p>However, decentralisation is not a label but a legal and factual question. Governance in certain DeFi protocols may look decentralised on paper, while remaining concentrated in practice. The real question is therefore not whether a project describes itself as decentralised, but who controls governance, upgrades and risk settings in substance.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What are key considerations for a MiCA licence?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]Whether a MiCA licence can be obtained is not determined by a single factor. In practice, the starting point is always the precise scope of the services to be provided. Potential applicants must first assess which crypto-asset services it intends to offer, how those services are performed in practice, and which legal entity or entities within the group will provide them. That scoping exercise is important not only for determining whether authorisation is required, but also for identifying the regulatory expectations that will apply to the applicant.<\/p>\n<p>&nbsp;<\/p>\n<p>Another key consideration is the availability of personnel to drive the licence application forward. The authorisation process is lengthy. New entrants are not required to have their full workforce ready at the moment of application. However, the process is operationally volatile. It does not involve a steady flow of work; instead, quieter periods are typically followed by concentrated peaks in workload, particularly when the information requests are issued. Potential applicants should ensure that sufficient staff are available to manage these periods of increased pressure and to respond in a timely manner.<\/p>\n<p>&nbsp;<\/p>\n<p>A third key consideration is the availability of sufficient financial resources, both to obtain the MiCA licence and to maintain the business on an ongoing basis after authorisation. A licence application requires more than a viable business model: the applicant must also be able to demonstrate that it has adequate funding to support the application process, to meet the applicable prudential requirements, and to sustain the organisation during the first years of operation. This includes, among other things, funds to cover the Authority for the Financial Markets (AFM)\u2019s application fees \u2014 currently EUR 200 per hour, subject to a maximum of EUR 100,000, excluding separate fit and proper testing fees \u2014 as well as the costs of preparing the application, staffing key functions, building and maintaining the required governance and compliance framework, and absorbing potential losses during the early phase of the business. In practice, regulators will expect applicants not only to meet the formal capital requirements, but also to show that the business is sufficiently funded to operate in a sound and controlled manner from the outset.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What is the connection between a MiCA-licence and PSD2 and EMD2?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]The applicability of MiCA does not automatically mean that no other financial regulatory regime applies. Depending on the structure of the business model, the business may fall not only within the scope of MiCA, but also within the scope of payment services regulation or electronic money regulation. This is particularly relevant where the business model involves fiat payment flows, custodial wallets, transfer functionality, or EMT. In those cases, the legal analysis cannot stop at MiCA alone and may need to consider the second Payment Services Directive (PSD2) and the second Electronic Money Directive (EMD2) as well.<\/p>\n<p>&nbsp;<\/p>\n<p>Examples of crypto-asset services that also require a PSD2 licence (or a partnership with a payment services provider) are:<\/p>\n<ul>\n<li>Crypto-asset transfer services involving EMTs, where the transfer is offered and executed on behalf of clients.<\/li>\n<li>Custody and administration services involving EMTs, where the service and the custodial wallet enable the sending and receiving of EMTs to and from third parties.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>The services above may lead to a double-licensing requirement. This double-licensing requirement may be addressed in future legislation, as European legislators are preparing for a Payment Services Regulation (PSR) and a third Payment Services Directive (PSD3). However, under current regulations either a separate PSD2 licence, or a partnership with a licensed payment services provider (PSP) is required.<\/p>\n<p>&nbsp;<\/p>\n<p>Another key connection between MiCA and PSD2 relates to the issuance of EMTs. <a href=\"https:\/\/watsonlaw.nl\/en\/expertises\/fintech\/crypto\/stablecoins\/\">More information on the issuance of EMTs can be found here<\/a>.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Licensing requirements<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        Which key governance arrangements are required?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]A MiCA applicant must have a governance structure that is clear, balanced and appropriate for the scale, nature and range of the services it intends to provide. This means, at a minimum, a properly constituted management body, a transparent allocation of responsibilities, clear reporting lines and governance arrangements that enable effective oversight, escalation and decision-making.<\/p>\n<p>&nbsp;<\/p>\n<p>The management body must also be credible from a supervisory perspective. In practice, this means that board members must be fit and proper, have sufficient time, and collectively possess the knowledge, skills and experience needed for the proposed services. Ownership and qualifying holdings must likewise be transparent and suitable.<\/p>\n<p>&nbsp;<\/p>\n<p>Governance is also about local substance and genuine decision-making capacity. Regulators look closely at substance and governance, including whether the applicant has sufficient local autonomy, whether the internal control functions are real and effective, and whether outsourcing arrangements leave the applicant with enough oversight and decision-making power of its own. That is particularly important where the model is cross-border, group-based or heavily dependent on third parties.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What kind of internal policy documentation is required?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]A MiCA licence application requires a substantial and coherent body of internal documentation. The applicant must show not only what services it intends to provide, but also how those services will be provided in a sound, prudent and compliant manner. In practice, this means that a CASP will usually need a central governance framework, supported by a policy house covering the main operational, conduct, prudential and integrity-related risks of the business.<\/p>\n<p>&nbsp;<\/p>\n<p>MiCA is supported by an elaborate Level 2 and Level 3 regulation framework. These regulations, which include Implementing Technical Standards (ITS) and Regulatory Technical Standards (RTS) make the required internal documentation more concrete. <a href=\"https:\/\/watsonlaw.nl\/en\/expertises\/fintech\/crypto\/implementingmeasures\/\">An up-to-date overview of all Level 2 and Level 3 regulations can be found here<\/a>.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What are key organisational requirements?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]A MiCA applicant must have an organisation that is capable of supporting the services for which authorisation is sought. This includes an adequate legal and operational structure, sufficient staff, clear reporting lines, appropriate systems and controls, and a credible business model.<\/p>\n<p>&nbsp;<\/p>\n<p>Organisational adequacy is not only about headcount; it is about substance. The applicant must have people with the right knowledge, skills and expertise, enough capacity to operate the business in a controlled way, and sufficient resourcing to deal with licensing peaks, incidents and regulatory follow-up.<\/p>\n<p>&nbsp;<\/p>\n<p>Outsourcing is a particularly important organisational topic. MiCA allows outsourcing, but not the outsourcing of responsibility. The applicant must remain in control, retain sufficient expertise internally, preserve supervisory access, and avoid becoming a shell whose critical activities are effectively run elsewhere.<\/p>\n<p>&nbsp;<\/p>\n<p>Continuity and regularity also deserve explicit mention under organisational requirements. CASPs must have a business continuity policy proportionate to the scale, nature and range of their services, including communication arrangements for disruptions, even where the underlying DLT is outside the CASP\u2019s control. That means organisational readiness must include not only normal operations, but also resilience planning.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What are key compliance and internal control requirements?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]MiCA requires an effective compliance and internal control framework that is embedded in the day-to-day organisation. A CASP must be able to identify, assess, monitor and remediate regulatory, operational and integrity-related risks on an ongoing basis.<\/p>\n<p>&nbsp;<\/p>\n<p>A key part of this is an independent and appropriately resourced compliance function. The compliance officer should have a clear mandate, direct access to the board, access to relevant information and sufficient independence from operational and revenue-generating activities.<\/p>\n<p>&nbsp;<\/p>\n<p>The internal control environment must also cover the main regulated risk areas relevant to the proposed services. In practice this usually includes AML\/CFT, sanctions, complaints handling, conflicts of interest, record-keeping, outsourcing oversight, business continuity, orderly wind-down, ICT resilience, client communication and, depending on the services, market abuse, transfer services, custody or best execution.<\/p>\n<p>&nbsp;<\/p>\n<p>AML\/CFT and sanctions should also be treated as core licensing topics, not side topics. Licence applicants are required to provide detailed information on their money laundering and terrorist financing risk assessment and the measures they will use to address those risks.<\/p>\n<p>&nbsp;<\/p>\n<p>The various measures to be implemented to support the internal control environment are reinforced by several Level 2 and Level 3 regulations. <a href=\"https:\/\/watsonlaw.nl\/en\/expertises\/fintech\/crypto\/implementingmeasures\/\">An up-to-date overview of all Level 2 and Level 3 regulations can be found here<\/a>.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What are key prudential requirements?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]A MiCA applicant must have sufficient prudential safeguards. At a high level, this means that the business must have enough financial resilience to support its operations and to protect clients against the risks associated with the services provided.<\/p>\n<p>&nbsp;<\/p>\n<p>The prudential analysis should not be reduced to a single number. Licence applicants are required to provide information that enables the competent authority to assess their resilience, including stress scenarios and plans to determine own funds. In practice, that means the applicant should be able to explain not only the applicable capital threshold, but also how fixed overheads are calculated, what prudential safeguard is being used, how financial shocks are modelled and how capital adequacy will be monitored over time.<\/p>\n<p>&nbsp;<\/p>\n<p>A further key prudential consideration is the broader availability of funds. A licence applicant should have enough financial resources not only to satisfy the formal MiCA threshold, but also to fund the application process, absorb start-up losses, hire and retain staff, build and maintain the governance and compliance framework, and keep operating in a sound and controlled way during the first years after authorisation. In practice, prudential readiness therefore means both regulatory minimum capital and broader financial sustainability.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Licence application procedure<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What does a license application procedure look like?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]A MiCA licence application is typically a multi-stage process rather than a one-off filing. In practice, an applicant must first determine the exact scope of the services for which authorisation is required and prepare a robust application file covering its business model, programme of operations, governance arrangements, internal controls, prudential safeguards and compliance framework.<\/p>\n<p>&nbsp;<\/p>\n<p>Before formally applying, parties may choose to engage with the AFM through the optional pre-scan process. The AFM offers this route to applicants that have already determined that their activities fall within MiCA and are at a sufficiently advanced stage of preparation to discuss their compliance framework in substance. The pre-scan is intended to help make the formal application process more efficient, but it does not replace the actual licence assessment.<\/p>\n<p>&nbsp;<\/p>\n<p>Once the application is submitted, the focus shifts to the completeness and quality of the application. This phase of the procedure typically consists of one or more round of questions and requests for clarification or additional information. Applicants are expected to provide a clear and comprehensive file that explains how the business meets the relevant MiCA requirements and how the supporting documentation fits together. The formal application should not be approached as a bundle of separate documents, but as one coherent licensing file in which the programme of operations, governance framework, policy set, financial information and service descriptions are aligned.<\/p>\n<p>&nbsp;<\/p>\n<p>After the application has been deemed complete, a supervisory review is conducted which typically also consists of one or more rounds of questions and requests for clarification or additional information.<\/p>\n<p>&nbsp;<\/p>\n<p>The final stage of the process is the formal decision on the application. If the licence is granted, the applicant must still ensure that it is operationally ready to start in compliance with MiCA. In many cases, this means that certain internal processes, controls, onboarding steps and reporting arrangements need to be finalised or tested before launch.<\/p>\n<p>&nbsp;<\/p>\n<p>The overall duration of the process depends on the complexity and quality of the application. The total legal period for review takes a maximum of 105 working days, approximately five months. However, due to various circumstances, this period often takes longer.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Notification procedure<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What does a notification procedure look like?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]Not every party that wants to provide crypto-asset services under MiCA needs to apply for a full CASP licence under Article 62 MiCA. Article 60 MiCA provides a separate notification route for certain already authorised financial entities that wish to provide specified crypto-asset services that are regarded as equivalent to the services or activities for which they are already authorised under sector-specific financial services legislation.<\/p>\n<p>&nbsp;<\/p>\n<p>This notification route is available for credit institutions, central securities depositories, investment firms, market operators, electronic money institutions, undertakings for collective investment in transferable securities (UCITS) managers and alternative investment fund (AIF) managers. The notification procedure is therefore not a general alternative to the CASP licence. It is only available to the categories of financial entities listed in Article 60 and only to the extent that the relevant crypto-asset services are covered by the equivalence logic of that provision. Where a financial entity wishes to provide additional crypto-asset services that are not covered by that equivalence, it may still need to apply for a full CASP authorisation under Article 62 MiCA.<\/p>\n<p>&nbsp;<\/p>\n<p>In substance, an Article 60 notification is still a serious regulatory filing. Even though it is not framed as a full licence application, the notifying entity must provide a detailed file enabling the competent authority to assess whether the intended crypto-asset services can be provided based on the notification route. The information package includes, among other things, a programme of operations, a description of internal control mechanisms, procedures to ensure segregation of clients\u2019 crypto-assets and funds where relevant, ICT and business continuity arrangements, AML\/CFT procedures, and information demonstrating that the notifying entity has the systems, controls and expertise needed for the intended services.<\/p>\n<p>&nbsp;<\/p>\n<p>From a practical perspective, the Article 60 route should therefore not be seen as a light-touch or purely formal filing. A notifying financial entity must still be able to explain clearly which crypto-asset services it intends to provide, why those services fall within the Article 60 framework for that type of entity, and how its internal governance, control framework and operational setup support those services in practice.<\/p>\n<p>&nbsp;<\/p>\n<p>A final point of attention is that Article 60 MiCA does not solve every overlap with other regulatory regimes. For example, MiCA does not provide a notification regime for payment institutions and that the interaction between MiCA and PSD2 may still need separate analysis, especially for EMT-related services. That means that even where the Article 60 notification route is available, firms should still assess carefully whether additional authorisations, notifications or structuring steps may be needed under other financial regulatory frameworks.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Our approach<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What is the Watsonlaw approach?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]At Watsonlaw, we approach crypto-asset services in a practical, pragmatic and hands-on manner. We understand that clients in this sector need advice that is not only legally sound, but also workable in light of their product, operations and growth strategy.<\/p>\n<p>&nbsp;<\/p>\n<p>In the context of crypto-asset services, our work often starts with the legal qualification of the relevant activities. We help clients assess whether a business model falls within MiCA, whether a CASP authorisation or notification may be required, and whether adjacent frameworks \u2014 such as payments, e-money, AML\/CFT, market abuse or transfer-of-crypto-assets requirements \u2014 also need to be taken into account. From there, we assist with the broader structuring of the business, including governance, internal documentation, operational setup and the preparation of the regulatory file.<\/p>\n<p>&nbsp;<\/p>\n<p>Our advice is tailored to the business model at hand. Whether a client is assessing the scope of its services, preparing for authorisation, reviewing a more complex structure or dealing with the interaction between different regulatory regimes, we work closely with them to provide clear, responsive and commercially relevant advice. Our aim is not only to identify the legal issues, but to help clients move forward with a robust and workable structure.<\/p>\n<p>[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_empty_space height=&#8221;80px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>FAQ<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221; el_class=&#8221;emptyHidden&#8221;][vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        What is the difference between exchange and execution services?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]According to recital 87 of MiCA, similarities may exist between execution and exchange services. In a Q&amp;A on how to distinguish between different execution services, the European Securities and Markets Authority (ESMA) determined that the fact that a CASP acts as a client\u2019s counterparty to fulfil a client order does not per se indicate that such CASP is solely providing exchange services. To understand whether a CASP provides exchange services, execution services or both, ESMA states that the relationship between the CASP and its client(s) must not be assessed solely based on the service agreement between the CASP and the client(s) and documentation\/information provided, but that a fact-specific analysis should be conducted. This analysis should include any element that may indicate the nature of the service in practice. For instance, whether a reasonable person in the client\u2019s position would understand or expect the CASP to act as an agent\/broker (providing execution services) and therefore be under a duty to seek the best possible outcome, or if it would be clear to such a reasonable person in the client\u2019s position that the CASP only offers a firm price, leaving it to the client(s) to determine whether they could obtain better terms elsewhere. Furthermore, in this Q&amp;A ESMA indicates that a CASP providing exchange services lacks discretion on fulfilling an order, if a client and its order meet (i) all the conditions previously communicated in a CASP\u2019s non-discriminatory commercial policy, and (ii) all the conditions for an order to be deemed final.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        Are self-custodial services regulated?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]A pure self-custodial model, where the client alone holds and controls the private keys or other means of access, will generally not qualify as the MiCA service of custody and administration of crypto-assets on behalf of clients. MiCA custody is aimed at situations where a CASP safeguards or controls crypto-assets, or the means of access to them, on behalf of clients.<\/p>\n<p>&nbsp;<\/p>\n<p>Nevertheless, the assessment of the qualification of self-custodial services is fact-specific. If the service provider in substance has control over the client\u2019s crypto-assets or the private keys or can initiate or block transactions on the client\u2019s behalf, the service may still fall within regulated custody. The legal qualification depends on how the service works in practice, not only on how it is described.[\/vc_column_text]    <\/div>\n<\/div><\/div>[vc_separator type=&#8221;normal&#8221; color=&#8221;#00c6da&#8221; thickness=&#8221;1&#8243; up=&#8221;10&#8243; down=&#8221;10&#8243;]<div class=\"qode-accordion-holder clearfix qode-toggle qode-initial \">\n\t<h4 class=\"clearfix qode-title-holder\">\n<span class=\"qode-tab-title\">\n\t    <span class=\"qode-tab-title-inner\">\n        How should crypto-assets be segregated in the Netherlands?    <\/span>\n<\/span>\n<span class=\"qode-accordion-mark\">\n    <span class=\"qode-accordion-mark-icon\">\n        <span class=\"icon_plus\"><\/span>\n        <span class=\"icon_minus-06\"><\/span>\n    <\/span>\n<\/span>\n<\/h4>\n<div  class=\"qode-accordion-content \" >\n    <div class=\"qode-accordion-content-inner\">\n        [vc_column_text css=&#8221;&#8221;]Article 75(7) MiCA requires CASPs to both legally and operationally segregate holdings of crypto-assets on behalf of their clients from their own holdings and ensure that the means of access to crypto-assets of their clients is clearly identified as such.<\/p>\n<p>&nbsp;<\/p>\n<p>Operationally, this means that client crypto-assets should be held in separate wallet(s) from the CASP\u2019s proprietary crypto-assets.<\/p>\n<p>&nbsp;<\/p>\n<p>From a Dutch-law perspective, there is currently no statutory regime under which client crypto-assets are automatically segregated from the CASP\u2019s estate. For that reason, CASPs in the Netherlands will often use a separate entity, typically a foundation (<em>stichting<\/em>), to achieve legal segregation. In that structure, the separate entity holds the client crypto-assets and funds on behalf of clients, so that those assets do not form part of the CASP\u2019s estate and should in principle remain outside the reach of the CASP\u2019s creditors in the event of insolvency.<\/p>\n<p>&nbsp;<\/p>\n<p>Such a separate entity must be set up solely for the purpose of holding and segregating client assets, the relationship with the CASP must be documented in an elaborate agreement, and the separate entity must be properly embedded in the CASP\u2019s governance, risk and control framework.[\/vc_column_text]    <\/div>\n<\/div><\/div>[\/vc_column][\/vc_row][vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; padding_top=&#8221;30&#8243; padding_bottom=&#8221;20&#8243; z_index=&#8221;&#8221;][vc_column width=&#8221;1\/4&#8243;][vc_empty_space height=&#8221;30px&#8221;][\/vc_column][vc_column width=&#8221;3\/4&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><span style=\"font-size: 24pt;\">Contact us<span style=\"color: #00c6da;\">.<\/span><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>Are you assessing whether your activities qualify as regulated crypto-asset services, preparing for a CASP licence or notification, or looking to structure your services in a legally robust way?<\/p>\n<p>&nbsp;<\/p>\n<p>Watsonlaw advises on the full range of legal and regulatory questions relating to crypto-asset services, including MiCA qualification, licensing, governance, internal documentation, AML\/CFT, market abuse, custody, transfer services and the interaction with adjacent frameworks where relevant.<\/p>\n<p>&nbsp;<\/p>\n<p>We are happy to assist with the legal qualification of your services, the applicable regulatory framework and the next steps for your business.<\/p>\n<p>&nbsp;<\/p>\n<p>Would you like to know more? Please contact <a href=\"mailto:w.smits@watsonlaw.nl\">Willem-Jan Smits<\/a> or <a href=\"mailto:r.kattenbelt@watsonlaw.nl\">Rens Kattenbelt<\/a>.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; row_negative_margin=&#8221;disable_negative_margin&#8221; z_index=&#8221;&#8221; padding_top=&#8221;80&#8243; padding_bottom=&#8221;80&#8243;][vc_column][vc_row_inner row_type=&#8221;row&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; row_negative_margin=&#8221;disable_negative_margin&#8221; css_animation=&#8221;&#8221; background_color=&#8221;#00c6da&#8221;][vc_column_inner width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;18631&#8243; img_size=&#8221;full&#8221; onclick=&#8221;custom_link&#8221; img_link_target=&#8221;_blank&#8221; css=&#8221;.vc_custom_1649166327210{margin-top: -30px !important;margin-bottom: -30px !important;}&#8221; qode_css_animation=&#8221;element_from_right&#8221; link=&#8221;https:\/\/watsonlaw.nl\/wp-content\/uploads\/2022\/04\/Watsonlaw_Whitepaper_MiCA.pdf%22][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<\/p>\n<h2>Download the MiCA Whitepaper<span style=\"color: #ffffff;\">.<\/span><\/h2>\n<p>The draft Markets in Crypto-Assets (MiCA) Regulation was released by the European\u00a0Commission in September 2020. As with most markets-focused regulations, one of MiCA\u2019s priorities is to limit the potential risks to the consumer. But the EC\u2019s proposal also aims to address certain issues that it sees as hindering the EU crypto-asset sector. In the MiCA Whitepaper we therefore extensively discuss various topics that may be important for issuers and crypto service providers.[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221;]<a  itemprop=\"url\" href=\"https:\/\/watsonlaw.nl\/wp-content\/uploads\/2022\/04\/Watsonlaw_Whitepaper_MiCA.pdf\" target=\"_blank\" data-hover-background-color=\"#0e225b\" data-hover-border-color=\"#0e225b\" data-hover-color=\"#00c6da\" class=\"qbutton  medium default\" style=\"color: #ffffff; border-color: #0e225b; background-color:#0e225b;\">Download<\/a>[vc_empty_space height=&#8221;20px&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; z_index=&#8221;&#8221; padding_top=&#8221;30&#8243; padding_bottom=&#8221;100&#8243;][vc_column width=&#8221;1\/4&#8243;][\/vc_column][vc_column width=&#8221;3\/4&#8243;][vc_column_text]<\/p>\n<h2>Client experiences<span style=\"color: #00c6da;\">.<\/span><\/h2>\n<p>[\/vc_column_text]<div class='testimonials_c_holder clearfix dark'><div class=\"testimonials_c testimonials_c_carousel\" data-show-navigation=\"yes\" data-animation-speed=\"\" data-auto-rotate-slides=\"5\" data-number-per-slide=\"1\"><ul class=\"slides\"><li id=\"testimonials-c-16607\" class=\"testimonial_content\"><div class=\"testimonial_content_inner\"><div class=\"testimonial_text_holder\"><div class=\"testimonial_text_inner\" style=\"color: #000000;\"><p style=\"font-size:18px;color:#000000\">\u201cIt is common to be spinning many plates when establishing a start-up. What I consider most important from a collaboration with a lawyer is: reassurance. So that I can sleep at night. And that is what I got.\u201d<\/p><p class=\"testimonial_author\" style=\"color: #000000;color: #00c6da;font-size: 16px;\">Start-up entrepreneur<\/p><\/div><\/div><\/div><\/li><li id=\"testimonials-c-16606\" class=\"testimonial_content\"><div class=\"testimonial_content_inner\"><div class=\"testimonial_text_holder\"><div class=\"testimonial_text_inner\" style=\"color: #000000;\"><p style=\"font-size:18px;color:#000000\">\u201cThey really dare to take steps. This often concerns untapped subject matter. You can count on them taking a position that can later be defended\u201d<\/p><p class=\"testimonial_author\" style=\"color: #000000;color: #00c6da;font-size: 16px;\">Tech sector consultant<\/p><\/div><\/div><\/div><\/li><li id=\"testimonials-c-16605\" class=\"testimonial_content\"><div class=\"testimonial_content_inner\"><div class=\"testimonial_text_holder\"><div class=\"testimonial_text_inner\" style=\"color: #000000;\"><p style=\"font-size:18px;color:#000000\">\u201cThey are very proactive, and they are pre-emptive when it counts, they radiate this. They are on point. We see things the same way: transparent, direct, know what to expect from each other, we both want to build something. They are so much more than lawyers. And if they don\u2019t know something, they do their homework. They are terrific at that.\u201d<\/p><p class=\"testimonial_author\" style=\"color: #000000;color: #00c6da;font-size: 16px;\">Crypto company entrepreneur<\/p><\/div><\/div><\/div><\/li><li id=\"testimonials-c-16602\" class=\"testimonial_content\"><div class=\"testimonial_content_inner\"><div class=\"testimonial_text_holder\"><div class=\"testimonial_text_inner\" style=\"color: #000000;\"><p style=\"font-size:18px;color:#000000\">\"Watsonlaw has truly contributed to the growth of our company. This is where the greatest added value lies. They give tangible advice and tell me what the best step is. That is exactly what I am looking for in a lawyer\u201d<\/p><p class=\"testimonial_author\" style=\"color: #000000;color: #00c6da;font-size: 16px;\">Crypto company entrepreneur<\/p><\/div><\/div><\/div><\/li><\/ul><\/div><\/div>[\/vc_column][\/vc_row][vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;yes&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; row_negative_margin=&#8221;disable_negative_margin&#8221; background_color=&#8221;#f2f2f2&#8243; z_index=&#8221;&#8221;][vc_column]<div class=\"container_inner\"><div class=\"call_to_action normal\" style=\"background-color: #f2f2f2;\"><div class=\"two_columns_75_25 clearfix\"><div class=\"text_wrapper column1\"><div class=\"call_to_action_text \" style=\"\"><span style=\"color: #0e225b\">Would you like to receive our crypto newsletter? Sign up now.<\/span><\/div><\/div><div class=\"button_wrapper column2\"><a itemprop=\"url\" href=\"http:\/\/eepurl.com\/htx6Mf\" class=\"qbutton white \" target=\"\" style=\"border-color: #00c6da;background-color:#00c6da;\" data-hover-background-color=#2b9fb3 data-hover-border-color=#2b9fb3 >Sign up to crypto newsletter<\/a><\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row][vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221;][vc_column width=&#8221;1\/4&#8243;][\/vc_column][vc_column width=&#8221;3\/4&#8243;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; padding_top=&#8221;30&#8243; padding_bottom=&#8221;20&#8243; z_index=&#8221;&#8221;][vc_column width=&#8221;1\/4&#8243;][vc_column_text] New technologies demand new insights. [\/vc_column_text][vc_empty_space height=&#8221;30px&#8221;][vc_widget_sidebar sidebar_id=&#8221;Sidebar Fintech&#8221; el_class=&#8221;sidebar-menu-unified&#8221;][vc_empty_space height=&#8221;30px&#8221;][vc_column_text css=&#8221;.vc_custom_1781180153269{padding-top: 15px !important;padding-right: 20px !important;padding-bottom: 15px !important;padding-left: 20px !important;background-color: #ededed !important;}&#8221;] Track record. &nbsp; Advised on 10+ MiCA licensing processes with the&#8230;<\/p>\n","protected":false},"author":11,"featured_media":0,"parent":20955,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"full_width.php","meta":{"footnotes":""},"class_list":["post-20689","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crypto-asset services - Watsonlaw<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto-asset services - Watsonlaw\" \/>\n<meta property=\"og:description\" content=\"[vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; padding_top=&#8221;30&#8243; padding_bottom=&#8221;20&#8243; z_index=&#8221;&#8221;][vc_column width=&#8221;1\/4&#8243;][vc_column_text] New technologies demand new insights. [\/vc_column_text][vc_empty_space height=&#8221;30px&#8221;][vc_widget_sidebar sidebar_id=&#8221;Sidebar Fintech&#8221; el_class=&#8221;sidebar-menu-unified&#8221;][vc_empty_space height=&#8221;30px&#8221;][vc_column_text css=&#8221;.vc_custom_1781180153269{padding-top: 15px !important;padding-right: 20px !important;padding-bottom: 15px !important;padding-left: 20px !important;background-color: #ededed !important;}&#8221;] Track record. &nbsp; Advised on 10+ MiCA licensing processes with the...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/\" \/>\n<meta property=\"og:site_name\" content=\"Watsonlaw\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-11T13:45:54+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"29 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/crypto\\\/services\\\/\",\"url\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/crypto\\\/services\\\/\",\"name\":\"Crypto-asset services - Watsonlaw\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/#website\"},\"datePublished\":\"2018-11-12T15:14:14+00:00\",\"dateModified\":\"2026-06-11T13:45:54+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/crypto\\\/services\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/crypto\\\/services\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/crypto\\\/services\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FinTech\",\"item\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Crypto\",\"item\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/fintech\\\/crypto\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Crypto-asset services\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/\",\"name\":\"Watsonlaw\",\"description\":\"Building a framework for growth.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/watsonlaw.nl\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crypto-asset services - Watsonlaw","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/","og_locale":"en_US","og_type":"article","og_title":"Crypto-asset services - Watsonlaw","og_description":"[vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; padding_top=&#8221;30&#8243; padding_bottom=&#8221;20&#8243; z_index=&#8221;&#8221;][vc_column width=&#8221;1\/4&#8243;][vc_column_text] New technologies demand new insights. [\/vc_column_text][vc_empty_space height=&#8221;30px&#8221;][vc_widget_sidebar sidebar_id=&#8221;Sidebar Fintech&#8221; el_class=&#8221;sidebar-menu-unified&#8221;][vc_empty_space height=&#8221;30px&#8221;][vc_column_text css=&#8221;.vc_custom_1781180153269{padding-top: 15px !important;padding-right: 20px !important;padding-bottom: 15px !important;padding-left: 20px !important;background-color: #ededed !important;}&#8221;] Track record. &nbsp; Advised on 10+ MiCA licensing processes with the...","og_url":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/","og_site_name":"Watsonlaw","article_modified_time":"2026-06-11T13:45:54+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"29 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/","url":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/","name":"Crypto-asset services - Watsonlaw","isPartOf":{"@id":"https:\/\/watsonlaw.nl\/en\/#website"},"datePublished":"2018-11-12T15:14:14+00:00","dateModified":"2026-06-11T13:45:54+00:00","breadcrumb":{"@id":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/services\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watsonlaw.nl\/en\/"},{"@type":"ListItem","position":2,"name":"FinTech","item":"https:\/\/watsonlaw.nl\/en\/fintech\/"},{"@type":"ListItem","position":3,"name":"Crypto","item":"https:\/\/watsonlaw.nl\/en\/fintech\/crypto\/"},{"@type":"ListItem","position":4,"name":"Crypto-asset services"}]},{"@type":"WebSite","@id":"https:\/\/watsonlaw.nl\/en\/#website","url":"https:\/\/watsonlaw.nl\/en\/","name":"Watsonlaw","description":"Building a framework for growth.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/watsonlaw.nl\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/pages\/20689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/comments?post=20689"}],"version-history":[{"count":1,"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/pages\/20689\/revisions"}],"predecessor-version":[{"id":20960,"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/pages\/20689\/revisions\/20960"}],"up":[{"embeddable":true,"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/pages\/20955"}],"wp:attachment":[{"href":"https:\/\/watsonlaw.nl\/en\/wp-json\/wp\/v2\/media?parent=20689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}