Denmark based CASP4.8/5Don'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. A CASP license is issued by a national regulator (in Penning's case, the Danish FSA / Finanstilsynet) and is passportable across the EU. This page explains what a CASP license actually grants, what it requires, and what it doesn't cover.
MiCA defines ten crypto-asset services. A CASP license authorises a firm to offer a specific subset of these — each one has its own conduct rules, capital requirement, and ongoing prudential obligations. Penning is authorised for the services 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 — Penning operates as a brokerage and holds no client crypto: assets are delivered directly to your own wallet.
Running an order book or matching engine where clients can buy and sell crypto-assets at displayed prices. This is the class-3 service under MiCA's capital requirements.
Allowing clients to convert crypto-assets to fiat (EUR, DKK) and vice versa. This is the on-ramp / off-ramp service.
Crypto-to-crypto swaps — the foundation of services like Penning Native Swap.
Routing and filling client orders, with MiFID II-style best-execution obligations and post-trade transparency requirements.
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 broker function.
Personalised investment recommendations to clients. Triggers MiFID-style suitability and conflict-of-interest rules.
Managing a client's crypto-asset portfolio on a discretionary basis under a written mandate — the basis for Penning Invest.
Moving crypto-assets between addresses or accounts on behalf of clients — settlement, withdrawal, and on-chain transfer services.
€50,000 for class-1 services (reception/transmission, execution, placement, advice, portfolio management, transfer), €125,000 for class-2 (custody, exchange), €150,000 for class-3 (trading platform operation). Penning meets the class-2 threshold.
Client assets a CASP holds must sit in accounts that are operationally and legally segregated from the firm's own funds. Penning keeps client fiat in segregated Danish client bank accounts. Client crypto is not held by Penning: although custody is included in the authorisation, Penning operates as a brokerage and delivers purchased assets directly to the client's own wallet at settlement.
EU-resident management body, conflicts-of-interest policy, complaints handling, business continuity plan, ICT risk-management framework under DORA, and a designated compliance and risk function.
Full alignment with the EU's anti-money-laundering framework, including the Travel Rule for crypto transfers above the €1,000 threshold and ongoing transaction monitoring.
Periodic reports to the home-state regulator on capital adequacy, large exposures, complaints, ICT incidents, and material outsourcing. Public disclosure obligations on a quarterly basis.
Penning operates under a CASP license granted by the Danish FSA — passported across the EU.