Who supervises CASPs under MiCA?

Each CASP is supervised by the National Competent Authority (NCA) of its home member state. Penning is supervised by the Danish FSA (Finanstilsynet). The European Securities and Markets Authority (ESMA) coordinates supervision at the EU level and supervises the largest "significant" CASPs directly.

Does MiCA require segregated custody?

Yes — for CASPs that custody crypto-assets on behalf of clients, those assets must be held in client accounts that are operationally and legally segregated from the firm's own assets. Penning is authorised for custody but does not currently offer it as a product: we broker trades and deliver assets directly to your own wallet, so Penning holds no client crypto. Client EUR/DKK is held in segregated client accounts at a Danish bank.

Can a non-EU firm offer crypto services in the EU?

Only if the firm is authorised as a CASP in an EU member state (typically via an EU subsidiary) or operates under the limited "reverse solicitation" exemption. Direct cross-border solicitation of EU customers without an EU license is no longer permitted.

What does MiCA mean for stablecoins?

Stablecoin issuers serving the EU must be authorised as either electronic-money tokens (EMTs) or asset-referenced tokens (ARTs). Several USD-only stablecoins (including some that didn't pursue MiCA authorisation) have been delisted in the EU. EUR-pegged stablecoins from EU-authorised issuers are advantaged under the framework.

Is Penning fully MiCA-compliant?

Yes. Penning operates under a CASP license granted by the Danish FSA, passported across the EU. Client EUR/DKK is held in segregated client accounts at a Danish bank, client crypto is never held by Penning — we broker trades and deliver assets directly to your own wallet — and we file the required prudential reports under the full MiCA regime.

Denmark based CASP4.8/5

MiCA — What the EU's Markets in Crypto-Assets Regulation Actually Means

MiCA (Regulation (EU) 2023/1114) is the EU's single rulebook for crypto-assets. It requires every crypto-asset service provider to hold a CASP license from a national supervisor, enforces capital and custody-segregation rules, and regulates stablecoin issuers. It applies across all 27 member states, replacing national regimes from December 2024.

MiCA (Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114) is the EU's unified framework for crypto-asset service providers and crypto-asset issuers. It applies in all 27 EU member states from December 2024 and replaces the patchwork of national licenses that preceded it. This page is a plain-language reference: who MiCA covers, what it requires, and what the license Penning operates under actually grants.

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Don't take this page's word for it — verify Penning in the Finanstilsynet register (FTID 10902) →

MiCA at a glance

EU 2023/1114

Single EU rulebook

Member states

Dec 2024

CASP rules apply

FTID 10902

Penning's license (Finanstilsynet)

What MiCA covers

Service providers (CASPs)

Firms that custody, exchange, transmit, advise on, or place crypto-assets on behalf of clients. They need a CASP license to operate in the EU. Penning is one.

Issuers

Entities that publicly offer crypto-assets. Most of MiCA's issuer rules target stablecoin issuers — electronic-money tokens (EMTs) and asset-referenced tokens (ARTs). Crypto-assets that already qualify as MiFID financial instruments sit outside MiCA.

Penning holds 7 of MiCA's 10 services

A CASP license authorises a specific subset of ten regulated services — each with its own conduct rules and capital requirement. Penning is authorised for seven.

Custody & administrationPenning holds

Operating a trading platformNot in license

Exchange for fiatPenning holds

Exchange between crypto-assetsPenning holds

Execution of ordersPenning holds

Placing of crypto-assetsNot in license

Reception & transmission of ordersPenning holds

Investment adviceNot in license

Portfolio managementPenning holds

Transfer servicesPenning holds

See what each service authorises on the CASP license page →

Custody: 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.

Verify the license yourself

Penning is listed in Finanstilsynet's public register under FTID 10902. Check the license and its scope directly with the Danish regulator.

Open the Finanstilsynet register

One license, 27 markets

Danish FSA license27 EU/EEA markets

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 similar to how MiFID II investment firms passport.

What MiCA requires of a CASP

Minimum capital

€50,000–€150,000, depending on the services offered.

Client-asset segregation

Client assets held separately from the firm's own assets.

EU-resident management

A management body resident in the EU.

Conflicts-of-interest policy

An established, documented conflicts policy.

Complaints handling

A formal complaints-handling procedure.

ICT risk management

Operational and ICT resilience under DORA.

AML / KYC

Obligations aligned with the EU AML framework.

Ongoing supervision

Prudential supervision by the home-state regulator.

See how Penning meets these in practice →

Stablecoins, stated plainly

MiCA requires stablecoin issuers to be EU-authorised, fully backed in segregated reserves, with monthly disclosures. Penning lists three stablecoins and states each one's issuer status:

StablecoinIssuer status

USDCIssued by a MiCA-authorised e-money institution (Circle, licensed in France).

Aryze eEURIssuer not yet EU-authorised — the Copenhagen-founded issuer has said it is pursuing an EMI license and a MiCA-aligned setup in Denmark.

PayPal USD (PUSD)Issuer not yet EU-authorised.

Issuer status reflects MiCA authorisation, not safety or availability — all three are tradable on Penning today. How Penning protects your assets →

What MiCA does not cover

Outside MiCA's direct scope:

NFTs (genuinely unique & non-fungible)
Fully on-chain DeFi (no identifiable intermediary)
Crypto-assets that are MiFID financial instruments
Wholesale-only services & intra-group transfers

Keep exploring

Buy & sell on the Broker Desk

Compare Penning vs alternatives

The CASP license — what it grants

A deeper look at the ten regulated services a CASP license authorises.

Penning's security & compliance setup

Client-asset protection, ICT risk, capital — how Penning meets MiCA in practice.

About Penning

The firm behind the license — Denmark's first CASP-licensed crypto platform.

MiCA FAQ

FAQ

MiCA was adopted in May 2023, published in the Official Journal in June 2023, and entered into force in June 2023 with a phased application. The stablecoin rules (Titles III and IV) started applying in June 2024, and the rest (including the CASP regime) started applying in December 2024.

Learn more in the Academy

How to choose a regulated crypto exchange in the EU Is crypto legal in Denmark?Are crypto exchanges safe? How EU regulation protects you

Trade on a MiCA-licensed platform

Penning is Denmark's first CASP-licensed crypto platform — fully MiCA-compliant across the EU.

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