{"id":70304,"date":"2026-03-27T17:24:49","date_gmt":"2026-03-27T17:24:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/174-registered-casps-but-only-14-can-operate-a-centralized-crypto-exchange-cex-legal-bitcoin-news\/"},"modified":"2026-03-27T17:24:49","modified_gmt":"2026-03-27T17:24:49","slug":"174-registered-casps-but-only-14-can-operate-a-centralized-crypto-exchange-cex-legal-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/174-registered-casps-but-only-14-can-operate-a-centralized-crypto-exchange-cex-legal-bitcoin-news\/","title":{"rendered":"174 Registered CASPs, but Only 14 Can Operate a Centralized Crypto Exchange (CEX)? \u2013 Legal Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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MiCA Decoded is a 12-article weekly series for Bitcoin.com<\/span> News, co-authored by LegalBison<\/a>\u2019s Co-Founding and Managing Directors: Aaron Glauberman<\/a>, Viktor Juskin<\/a> and Sabir Alijev<\/a>. LegalBison advises crypto<\/span> and FinTech companies on MiCA licensing, CASP and VASP applications, and regulatory structuring across Europe and beyond.<\/h4>\n

If the EU has already issued 174 MiCA licenses, why are there only 14 actual crypto<\/span> exchanges on the list? To demystify this, we need to decode what the public registers are really telling us about how crypto<\/span> businesses are setting up in Europe.<\/p>\n

That contrast, drawn from the EU and EEA public registers as of March 2026, captures the central question the register<\/a> raises: which business models are landing in which jurisdictions and why?<\/p>\n

The data answers that question, and the pattern is not what most crypto<\/span> license holders expected.<\/p>\n

10 service codes: what MiCA authorizes CASPs to do<\/h3>\n

The regulation defines 10 categories of crypto-asset services. The distribution across all 174 authorized entities breaks down as in the table below (any authorization can cover one or more of them).<\/p>\n

How does a market serving hundreds of millions of users have only 14 authorized venues to actually operate a live trading platform?<\/p>\n

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Service<\/b><\/td>\nCASPs<\/b><\/td>\nMiCA Definition<\/b><\/td>\nStrategic Examples<\/b><\/td>\n<\/tr>\n
Custody & Administration<\/b><\/td>\n114<\/td>\nSafekeeping or controlling crypto-assets or the means of access to them (e.g., private keys<\/a>) on behalf of clients.<\/td>\nCommerzbank:<\/b> First full-service German bank to receive a dedicated crypto<\/a> custody license.<\/p>\n

Coinbase:<\/b> Operates through major EU hubs (DE, FR, IE) with full custodial infrastructure.<\/p>\n<\/td>\n<\/tr>\n

Transfer Services<\/b><\/td>\n105<\/td>\nProviding services for the transfer of crypto-assets from one distributed ledger address or account to another on behalf of a client.<\/td>\nKraken (Payward):<\/b> Licensed in Ireland to provide transfer services for crypto<\/a> across the EEA.<\/p>\n

Revolut:<\/b> Secured a CySEC MiCA license to facilitate asset transfers for its 40M+ European users.<\/p>\n<\/td>\n<\/tr>\n

Exchange (Crypto-to-Fiat)<\/b><\/td>\n90<\/td>\nConclusion of purchase or sale contracts for crypto-assets against \u201cfunds\u201d (fiat currency) using proprietary capital.<\/td>\nMoonPay:<\/b> Major on\/off-ramp provider for European users to buy crypto<\/a> with EUR.<\/p>\n

Bitvavo:<\/b> The largest Dutch exchange, providing direct EUR-to- crypto<\/a> markets.<\/p>\n<\/td>\n<\/tr>\n

Execution of Orders<\/b><\/td>\n90<\/td>\nConcluding agreements to buy or sell crypto-assets on behalf of clients, including subscriptions at the moment of offer.<\/td>\nTrade Republic:<\/b> A major European neobroker that executes crypto<\/a> buy\/sell orders for retail investors.<\/p>\n

Revolut:<\/b> Uses its CASP status to execute market orders for users directly in-app.<\/p>\n<\/td>\n<\/tr>\n

Exchange (Crypto-to- Crypto<\/a>)<\/b><\/td>\n77<\/td>\nConcluding purchase or sale contracts for crypto-assets against other crypto-assets using proprietary capital.<\/td>\n Crypto<\/a>.com:<\/b> Licensed in Malta and Italy to provide massive cross-token trading pairs.<\/p>\n

OKX:<\/b> Secured Maltese authorization to provide complex token-to-token swap services.<\/p>\n<\/td>\n<\/tr>\n

Reception & Transmission<\/b><\/td>\n51<\/td>\nReceiving a purchase or sale order from a person and transmitting it to a third party for execution.<\/td>\nN26 Bank:<\/b> Operates a \u201cReception and Transmission\u201d model where users place orders in the bank app, which are sent to Bitpanda<\/b> for execution.<\/p>\n

eToro:<\/b> Transmits user orders to major liquid crypto<\/a> hubs for execution.<\/p>\n<\/td>\n<\/tr>\n

Portfolio Management<\/b><\/td>\n30<\/td>\nManaging client portfolios on a discretionary, client-by-client basis where portfolios include crypto-assets.<\/td>\nAMINA Bank:<\/b> Provides institutional-grade managed crypto<\/a> portfolios and discretionary mandates.<\/p>\n

Plutos Verm\u00f6gensverwaltung:<\/b> Licensed German wealth manager specializing in digital asset portfolios.<\/p>\n<\/td>\n<\/tr>\n

Advice on Crypto-assets<\/b><\/td>\n21<\/td>\nProviding personalized recommendations to a client regarding transactions in crypto-assets or the use of crypto<\/a> services.<\/td>\nScalable Capital Bank:<\/b> Provides regulated investment guidance that can include crypto-asset allocations.<\/p>\n

eToro:<\/b> Offers social trading features that involve investment guidance and asset \u201ccopying\u201d advice.<\/p>\n<\/td>\n<\/tr>\n

Placing of Crypto-assets<\/b><\/td>\n18<\/td>\nMarketing crypto-assets to purchasers on behalf of, or for the account of, an offeror or a party related to the offeror.<\/td>\nBitpanda:<\/b> Acts as a placement agent for new token projects seeking a European audience.<\/p>\n

Kraken:<\/b> Frequently used for the placement and initial distribution of new crypto-assets.<\/p>\n<\/td>\n<\/tr>\n

Operation of a Trading Platform<\/b><\/td>\n14<\/td>\nManaging a multilateral system that brings together multiple third-party buying and selling interests to result in a contract.<\/td>\nBitstamp:<\/b> One of the few platforms with a full multilateral order book authorized in Luxembourg.<\/p>\n

OKX:<\/b> Operates a central matching engine and order book for professional traders in Europe.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n