Denmark based CASP4.8/5What the license actually grants, what it demands of the firm holding it — and how to check any provider against the official registers, Penning included.
Register entryPenning Financial Services ApS
Don't take this page's word for it — verify: Penning's entry in Finanstilsynet's register (FTID 10902) · kaupr.io's independent Nordic MiCA license tracker
CASP stands for "Crypto-Asset Service Provider" — the regulatory category MiCA created for firms that custody, exchange, transfer, advise on, or manage crypto-assets on behalf of clients. This page explains what the license actually grants, what it requires of the firm holding it, what it means for you as a customer — and how to check any provider against the official registers, Penning included.
Most license pages talk about the firm. The license exists for the customer — here is what it obliges Penning to do for you:
Penning answers to Finanstilsynet (the Danish FSA) — conduct, capital, and complaints included. A formal complaints procedure is a condition of the license, and the regulator supervises how it is run.
A CASP must hold minimum own funds at all times — €125,000 for Penning's capital class — and report its capital adequacy to the regulator. Undercapitalised firms lose the license.
Client EUR/DKK sits in segregated client accounts at a regulated Danish bank — legally separate from Penning's own funds. Your crypto is never held by Penning at all: purchased assets are delivered directly to your own wallet.
Orders are subject to MiCA best-execution obligations, market-abuse monitoring, and a documented conflicts-of-interest policy — the same kind of discipline MiFID II imposes on traditional brokers.
Regulation reduces risk — it doesn't remove it. Crypto stays volatile and is not deposit-guaranteed. What you should still watch out for →
MiCA defines ten crypto-asset services, lettered (a) to (j) in the register. A CASP license authorises a specific subset — each service carries its own conduct rules, capital requirement, and prudential obligations. Penning's authorisation covers the seven marked below.
Holding client crypto-assets in segregated wallets with the operational and legal separation MiCA requires. Custody is part of Penning's authorisation but is not a product Penning currently offers — see the note below.
Running an order book or matching engine where clients trade at displayed prices. This is the class-3 service under MiCA's capital requirements — exchange infrastructure, not brokerage.
Converting crypto-assets to fiat (EUR, DKK) and back — the on-ramp / off-ramp service behind buying and selling on Penning.
Crypto-to-crypto swaps — the foundation of services like Penning Native Swap.
Routing and filling client orders under MiFID II-style best-execution obligations, a documented execution policy, and record-keeping duties.
Helping issuers distribute crypto-assets to investors at issuance — analogous to underwriting in traditional capital markets.
Receiving client orders and passing them to another venue for execution — the classic broker function.
Personalised investment recommendations to clients. Triggers MiFID-style suitability and conflict-of-interest rules.
Managing a client's crypto portfolio on a discretionary basis under a written mandate — the authorisation behind Penning Invest.
Moving crypto-assets between addresses or accounts on behalf of clients — settlement, withdrawal, and on-chain delivery.
Custody — service (a): authorised, but not offered
Custody is part of Penning's license, but it is not a product Penning offers. Penning operates as a brokerage and holds no client crypto — assets are delivered directly to your own wallet at settlement.
The rare one — service (i): portfolio management
Portfolio management is one of the least common authorisations in the register: 43 of the EU's 294 authorised CASPs hold it, and Penning is the only Danish CASP authorised for portfolio management of crypto-assets (MiCA service (i)). It is the authorisation behind Penning Invest. Register counts as of 17/07/2026.
Explore Penning Invest →Four firms hold a Danish CASP authorisation. Rather than describe the field, here is the field — the full list from ESMA's public register, as of 17/07/2026:
Source: ESMA's EU-wide CASP register and Finanstilsynet's company register. Authorisation dates and service scopes are as published by the regulators.
Penning holds the broadest MiCA service coverage of any Danish CASP (7 of the 10 services) — and the only Danish authorisation for portfolio management.
Penning Financial Services ApS is listed in Finanstilsynet's public company register under FTID 10902, and in ESMA's EU-wide CASP register. Check the license and its exact scope directly with the regulator — it takes a minute.
A CASP license granted in one member state passports across the EU/EEA — no separate license in each country. Penning holds its license from the Danish FSA (Finanstilsynet) and passports it EU-wide.
Mechanically, this works the way MiFID II passporting works for investment firms: the home regulator supervises, the host markets are notified, and one prudential regime follows the firm across the map.
Licensed by Finanstilsynet in Denmark · passported across the EU/EEA.
€50,000 for class-1 services, €125,000 for class-2 (custody, exchange), €150,000 for class-3 (trading platform operation) — held as own funds at all times.
At Penning
Penning's service set places it in class 2, so the €125,000 minimum applies, with capital adequacy reported to Finanstilsynet.
Client assets a CASP holds must sit in accounts operationally and legally segregated from the firm's own funds.
At Penning
Client EUR/DKK is held in segregated client accounts at a regulated Danish bank. Client crypto is not held at all — Penning brokers the trade and delivers assets to your own wallet.
EU-resident management body, conflicts-of-interest policy, complaints handling, business continuity, and an ICT risk-management framework under DORA.
At Penning
Designated compliance and risk functions, with security standards published on the security & compliance page.
Full alignment with the EU anti-money-laundering framework, including the Travel Rule (TFR) — which applies to crypto transfers of any amount — and ongoing transaction monitoring.
At Penning
Identity verification at onboarding, screening and monitoring on every transaction thereafter.
Periodic reports to the home-state regulator on capital adequacy, exposures, complaints, ICT incidents, and material outsourcing.
At Penning
The required prudential reports are filed with Finanstilsynet under the full MiCA regime.
This works for Penning and for anyone else. Before you move money to any platform serving EU customers:
Every EU regulator publishes its register of supervised firms. For Danish providers, that is Finanstilsynet's company register — search the firm, open its entry, read what it is authorised to do.
Finanstilsynet's register →Every CASP authorisation in all 27 member states flows into ESMA's central register. An independent tracker like kaupr.io mirrors the Nordic entries in readable form.
kaupr.io's Nordic MiCA tracker →An authorisation is not a blanket. A custody-only CASP is not authorised to manage portfolios; a broker is not necessarily authorised to run an exchange. Check that what the firm sells you is inside what it is licensed for.
A provider serving EU customers that appears in neither register is operating without authorisation. No register entry, no license — walk away.
Penning's entry: Penning Financial Services ApS, FTID 10902, authorised 15/01/2026, seven services. Check first — then decide.
Penning operates under a CASP license granted by the Danish FSA — passported across the EU. You just saw how to verify it.