Infrastructure8.0May 31
MiCA Decoded: Offshore Corporate Structures With MiCA Licensing: What Nobody Thought Possible
◆ AI SignalInfrastructureGemini
Major crypto exchanges like Bybit, OKX, and Crypto.com have successfully maintained offshore parent companies while operating in the EU through licensed subsidiaries, debunking the myth that MiCA requires full corporate relocation. This distinction exists because MiCA separates Crypto-Asset Service Providers (CASPs) from token issuers. While CASPs must be anchored in the EU with local management to meet licensing requirements, token issuers from third countries can offer assets in the EU without incorporating locally. However, this flexibility does not apply to asset-referenced tokens or e-money tokens, which mandate EU-based authorization. Understanding these separate regulatory paths prevents unnecessary restructuring for global firms. Ultimately, the regulation allows for structural flexibility provided the specific obligations for each actor category are met.
Key points
- ▸MiCA distinguishes between Crypto-Asset Service Providers (CASPs) and token issuers/offerors.
- ▸CASPs must have an EU-based entity and management to obtain a license.
- ▸Token issuers from third countries can offer assets in the EU without EU incorporation.
- ▸Asset-referenced tokens (ARTs) and e-money tokens (EMTs) require EU-based authorization.
Background
The Markets in Crypto-Assets Regulation (MiCA) is the European Union's comprehensive regulatory framework for crypto-assets. It establishes distinct compliance paths for entities providing services like trading or custody (CASPs) versus those issuing tokens. While CASPs face strict requirements for EU-based management and physical presence, token issuers benefit from more flexible rules regarding their jurisdiction of origin.
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Relevance
8/10
#MiCA#CryptoRegulation#EU#Compliance#CASP