MiCA authorization
From "crypto project" to authorized CASP in the EU
"We structure your CASP authorization application: documentation, governance, capital and compliance from day one."
MiCA Regulation in Spain: Crypto-Assets
Legal advice and regulatory compliance for the MiCA Regulation (Markets in Crypto-Assets) for crypto-asset issuers and crypto-asset service providers in Spain and the EU. We help you with the white paper, CASP authorization, capital requirements, custody, AML/CFT, stablecoins (EMT/ART), corporate governance and ongoing compliance. A practical approach: not just "knowing MiCA", but operating under MiCA without regulatory friction.
MiCA white paper
MiCA-compliant crypto-asset white paper
"We draft and validate your MiCA white paper: mandatory content, issuer responsibilities and notification to the supervisor."
EMT/ART stablecoins
Stablecoins: EMTs and ARTs under MiCA
"We advise on issuing e-money tokens and asset-referenced tokens: reserves, governance, authorization and ongoing supervision."
Crypto AML/CFT
AML/CFT compliance for CASPs
"We implement an AML/CFT program adapted to MiCA and the Transfer of Funds Regulation: KYC, monitoring and reporting to the supervisor."
- Applicable to stablecoins since
- June 2024
- Applicable to CASPs since
- December 2024
- Key legislation
- Reg. (EU) 2023/1114
- Travel Rule
- Reg. (EU) 2023/1113
What our advice on the MiCA Regulation for crypto-assets includes
Classification of the crypto-asset under MiCA
We determine whether your token is an ART, an EMT, a utility token or another crypto-asset under MiCA, and which regime and obligations apply to your case.
What is the MiCA Regulation?
MiCA (Regulation (EU) 2023/1114) is the European regulatory framework that sets requirements for crypto-asset issuers and crypto-asset service providers (CASPs) across the EU.
MiCA crypto-asset white paper
Drafting, validation and notification of the mandatory white paper: regulated content, issuer responsibilities and the registration process with the national competent authority.
Authorization as a crypto-asset service provider (CASP)
Preparation of the CASP authorization application: corporate governance, minimum capital, insurance, operating policies, custody and the EU passport.
AML/CFT program for CASPs
Implementation of an anti-money laundering program adapted to MiCA and the Transfer of Funds Regulation: KYC, Travel Rule, monitoring and reporting.
Ongoing compliance and supervision
Maintaining MiCA compliance: periodic reviews, adaptation to ESMA/EBA RTS/ITS, reporting to the supervisor and management of regulatory changes.
Key phases and deadlines for complying with the MiCA Regulation
Under MiCA, the risk lies not only in "what the regulation says", but in what is left unimplemented or without evidence. What matters most: correct token classification, consistency between the white paper, policies and contracts, and clear rules on governance and ongoing supervision.
Prior classification: determine whether the token is an ART, an EMT, a utility token or another crypto-asset, to know which MiCA regime applies.
MiCA white paper: drafting, legal validation and notification to the national competent authority (the CNMV in Spain), with the minimum required content.
CASP authorization: preparation of the application, corporate governance, capital, insurance, operating policies and the formal application to the supervisor.
AML/CFT and Travel Rule: an anti-money laundering program adapted to MiCA and the Transfer of Funds Regulation, with KYC, monitoring and reporting.
Ongoing compliance: tracking of ESMA and EBA RTS/ITS, periodic reviews, reporting to the supervisor and adaptation to regulatory changes.
Legal basis of the MiCA Regulation and related legislation
If you plan to issue crypto-assets or provide services as a CASP in the EU, the critical point is correct token classification and a consistent system: white paper + policies + governance + contracts + AML/CFT. Good MiCA compliance is compliance you can prove and maintain (not just implement once). At Molina Law Boutique we take a practical approach: regulatory clarity, traceability and prevention of supervisory sanctions.
Scope: What will we review in your project under the MiCA Regulation?
We review your crypto-asset project under MiCA from a practical standpoint: compliance must be real, consistent with the business and must reduce regulatory risk (classification, white paper, authorization, AML/CFT and ongoing supervision).
1. Token classification and MiCA white paper
We determine the applicable regime (ART, EMT, utility token or other), draft the white paper with the minimum required content and handle the notification to the supervisor.
2. CASP authorization: governance, capital and operations
We prepare the full application for authorization as a crypto-asset service provider: corporate governance, minimum capital, insurance, custody, policies and the EU passport.
3. AML/CFT, Travel Rule and ongoing compliance
We implement an AML/CFT program adapted to MiCA and the Transfer of Funds Regulation, with KYC, transaction monitoring, reporting and periodic compliance reviews.
"Generic" MiCA compliance or compliance tailored to your crypto business model?
A generic MiCA guide helps you understand the regulation, but what really reduces regulatory risk is tailoring to the type of token, the service model and the jurisdiction: white paper, authorization, AML/CFT and ongoing supervision.
| Feature | Generic MiCA guide | Tailored MiCA advice + implementation |
|---|---|---|
| When is it right for you? | To understand the regulation and its basic requirements, as general guidance. | If you plan to issue tokens or provide CASP services: it reduces the risk of sanctions and speeds up authorization. |
| Fit with the business | Generic: it does not take into account the type of token, the service model or the jurisdiction. | Aligned with the token classification, the services provided, the corporate structure and the applicable supervision. |
| Risk | Higher risk of incorrect classification, an incomplete white paper or insufficient AML/CFT. | Lower risk: correct classification, a compliant white paper, robust AML/CFT and demonstrable ongoing compliance. |
| Outcome | Theoretical knowledge with no guarantee of real compliance in the eyes of the supervisor. | Authorization application + white paper + AML/CFT policies + reporting, ready to operate under MiCA. |
*MiCA compliance without a compliant white paper, robust AML/CFT and documented governance is the source of most sanctions and authorization refusals.
How we prepare your MiCA Regulation compliance
An agile, authorization-focused methodology: correct classification, a compliant white paper, robust policies and ongoing supervision without regulatory friction.
01
Regulatory assessment and token classification
We analyze the project, the type of token and the planned services to determine the applicable MiCA regime and the specific compliance requirements.
02
MiCA white paper and notification to the supervisor
We draft the white paper with the minimum required content, validate the issuer’s responsibilities and handle the notification to the CNMV or another competent authority.
03
CASP authorization application
We prepare the complete application: corporate governance, capital, insurance, operating policies, custody, AML/CFT and all the documentation the supervisor requires.
04
Ongoing compliance and reporting
We implement the ongoing compliance program: periodic reviews, adaptation to ESMA/EBA RTS/ITS, reporting to the supervisor and management of regulatory changes.
MiCA checklist
Checklist of requirements to operate under the MiCA Regulation
MiCA compliance works when it comes with complete documentation and evidence: white paper, policies, governance, AML/CFT, capital and ongoing reporting to the supervisor.
Token classification
Compliant white paper
CASP authorization
Robust AML/CFT
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Crypto-asset classification (which regime applies)
ART, EMT, utility token or another MiCA crypto-asset: the regime, the obligations and the timelines depend on this decision.
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Compliant, notified MiCA white paper
Mandatory minimum content, issuer responsibilities, updates and notification to the national competent authority.
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Corporate governance and capital requirements
Management body, conflict-of-interest policies, minimum capital, insurance and custody structure.
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AML/CFT program and Travel Rule
KYC/KYB, transaction monitoring, Travel Rule, reporting to the supervisor and updates when the rules change.
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Ongoing compliance and supervision
Periodic reviews, adaptation to ESMA/EBA RTS/ITS, reporting and incident management with the supervisor.
Common mistakes we fix in projects under the MiCA Regulation
The goal is not to "know MiCA", but to implement compliance that is real and demonstrable to the supervisor, so you can operate without the risk of sanctions.
⚠️
Incorrect token classification
Applying the utility token regime to what is actually an ART or EMT. Result: a serious breach and the risk of sanctions or an order to cease activity.
⚠️
Incomplete or outdated white paper
A white paper without the minimum content MiCA requires, with misleading information, or not updated after material changes to the project.
⚠️
Insufficient AML/CFT or no Travel Rule
An anti-money laundering program that does not meet the MiCA requirements or the Transfer of Funds Regulation. It is one of the most common causes of supervisory sanctions.
⚠️
Undocumented governance and capital
No conflict-of-interest policies, non-compliant custody or minimum capital not evidenced. The supervisor spots this in the first review.
What a crypto project must be able to demonstrate under the MiCA Regulation
Beyond "knowing MiCA", what matters is implementation: what type of token it is, how it is authorized, how money laundering risk is controlled and how compliance is maintained before the supervisor.
Classification
White paper
Authorization
AML/CFT
Token classification and applicable regime
- ART (asset-referenced token): a stricter regime, reserves and authorization.
- EMT (e-money token): a regime aligned with electronic money.
- Utility tokens and other MiCA crypto-assets: a lighter regime with a white paper.
- Exclusions: unique NFTs, fully decentralized DeFi and other assets outside MiCA.
Incorrect classification is the most serious and the most common mistake in crypto projects under MiCA.
MiCA white paper: content and liability
- Minimum content: description of the project, holder rights, risks and issuer information.
- Civil liability of the issuer for incorrect or misleading information.
- Notification to the national competent authority sufficiently in advance.
- Mandatory updates after material changes to the project.
Quality tip
A MiCA white paper is not a marketing document: it is a legal document that carries direct civil liability for the issuer.
CASP authorization: governance and operations
- MiCA services: custody, exchange, advice, portfolio management and others.
- Minimum capital and insurance based on the type and volume of services.
- Governance: management body, conflicts of interest and operating policies.
- EU passport: notification and expansion into other Member States.
CASP authorization is not a one-off formality: compliance must be maintained on an ongoing basis.
AML/CFT, Travel Rule and ongoing compliance
- Enhanced KYC/KYB adapted to your clients’ risk profile.
- Travel Rule: identification of the originator and the beneficiary in transfers.
- Transaction monitoring and suspicious transaction reporting.
- ESMA/EBA RTS/ITS: ongoing adaptation to the regulatory and implementing technical standards.
Insufficient AML/CFT is the most common cause of sanctions against CASPs in the EU.
Important note:
Request a MiCA assessment
The MiCA Regulation applies in stages. If you already operate, or plan to operate, with crypto-assets in the EU, the time to act is now: supervisors are active.
Risks of operating with crypto-assets without complying with MiCA
Serious administrative sanctions for operating without CASP authorization or with a white paper that does not comply with MiCA.
An order to cease activity from the national competent authority (the CNMV in Spain) or from ESMA at European level.
Civil liability of the issuer toward token holders for incorrect or misleading information in the white paper.
Blocked bank accounts and problems accessing banking services due to AML/CFT or Travel Rule breaches.
Remediation costs: correcting an incorrect classification or a non-compliant white paper after issuance is far more expensive than getting it right from the start.
Do you need to comply with the MiCA Regulation to operate with crypto-assets in the EU?
We help you classify your token, draft the MiCA white paper, obtain CASP authorization and implement AML/CFT, with a practical approach geared to real-world supervision.
Everything about the MiCA Regulation and crypto-assets in the EU
What is the MiCA Regulation?
The MiCA Regulation (Markets in Crypto-Assets, Regulation (EU) 2023/1114) is the European regulatory framework that sets requirements for crypto-asset issuers and crypto-asset service providers (CASPs) across the European Union. It has applied since June 2024 for stablecoins and since December 2024 for CASPs.
The key is not just "knowing MiCA": it is implementing compliance that is real and demonstrable to the supervisor, so you can operate without the risk of sanctions.
Good MiCA compliance reduces sanctions because it defines responsibilities, documents processes and leaves evidence for the supervisor.
What types of crypto-assets does MiCA regulate?
MiCA regulates three main categories: ARTs (asset-referenced tokens, which reference assets), EMTs (e-money tokens, which reference a fiat currency) and other crypto-assets such as utility tokens. Unique NFTs, tokenized transferable securities (MiFID) and fully decentralized DeFi are excluded.
Correct classification is the critical first step: the obligations, the timelines and the applicable authorization regime all depend on it.
What is the MiCA white paper and who must publish it?
The MiCA white paper is the mandatory disclosure document that the issuer must draft, notify to the supervisor and publish before any offer to the public or admission to trading of crypto-assets in the EU. The issuer bears direct civil liability if it contains incorrect or misleading information.
It is not a marketing document: it is a legal document with mandatory minimum content regulated by MiCA and ESMA’s technical standards.
Which services require CASP authorization under MiCA?
The following require CASP authorization: custody of crypto-assets, operation of trading platforms, exchange of crypto-assets for funds or for other crypto-assets, execution of orders, placing, reception and transmission of orders, and advice on and portfolio management of crypto-assets.
What makes the difference in the authorization:
- Documented corporate governance and conflict-of-interest policies.
- Minimum capital and insurance evidenced according to the type of service.
- A robust AML/CFT program and the Travel Rule in place.
- EU passport: notification to operate in other Member States.
How much does legal advice on MiCA compliance cost?
It depends on the type of token, the services provided, the number of jurisdictions and the scope of the AML/CFT program and of the regulatory due diligence required.
We give you a quote after a brief assessment of the project and of the type of crypto-asset or service you plan to offer.
How can Molina Law Boutique help you with MiCA?
We classify the token, draft the MiCA white paper, prepare the CASP authorization application and implement the AML/CFT program with a practical approach: regulatory clarity, traceability and prevention of supervisory sanctions.
Our style: "operational" MiCA compliance, not just compliance that looks right on paper. Compliance the supervisor validates, so the business can keep growing.
Book a call (MiCA Regulation for crypto-assets)
Official sources
Key legislation, linked to the official text:
- Regulation (EU) 2023/1113 of May 31, 2023 on information accompanying transfers of funds and certain crypto-assetsEUR-Lex · Official Journal of the EU
Legislation and links reviewed in .