Successful Cases of MiCA / CASP Licensing in the EU – How RUE Guides the Way

The introduction of the Markets in Crypto-Assets Regulation (MiCA) represents a significant milestone in the evolution of the European digital finance landscape. For the first time, the European Union has introduced a unified legal framework to regulate crypto-asset activities in all 27 member states. This significant development brings clarity, stability and trust to a market that had long operated under fragmented national legislation.

Under MiCA, companies providing crypto-asset services — including exchanges, wallet providers, custodians, portfolio managers and advisory firms — must obtain a Crypto-Asset Service Provider (CASP) licence from a national competent authority. Once granted, this licence becomes passportable, enabling the company to operate legally in every EU country without requiring further authorisations. This simplifies compliance and unlocks a truly borderless European crypto market, strengthening investor protection and institutional confidence. However, the process of obtaining a MiCA licence is far from simple for crypto businesses. The regulation requires comprehensive documentation, robust governance structures and advanced risk management systems — all of which must be aligned with EU financial standards. This is where Regulated United Europe (RUE) can help. With years of experience helping clients secure VASP licences under national frameworks in Estonia, Lithuania, Poland, the Czech Republic and beyond, RUE has become a leading consultancy for guiding projects through the MiCA transition.

Since early 2024, RUE’s legal and compliance experts have been working closely with clients to prepare their MiCA applications. This often involves a complete transformation of compliance processes, including updating AML/CFT frameworks and IT security controls, and establishing clear governance layers, risk registers and internal audit functions. RUE’s approach combines local legal expertise in multiple EU jurisdictions with centralised strategic oversight, ensuring that each client’s licensing process is seamless, transparent and ready for regulation. The impact of MiCA has already begun to reshape the industry. Several high-profile exchanges have set the standard for successful authorisation under the new regime. For example, Kraken, one of the world’s largest and most reputable crypto exchanges, was one of the first global companies to receive a MiCA licence in Ireland — a milestone that reinforced the EU’s credibility as a regulatory leader. Similarly, Bitvavo, a Netherlands-based exchange with over one million users, secured its licence in 2025, setting an example for EU-based crypto companies adapting to MiCA with confidence and strategic foresight.

These authorisations signal the start of a new chapter in crypto regulation — one in which only companies with robust compliance systems, transparent governance and robust customer protection measures will succeed. The EU is sending a clear message that the future of crypto lies in responsible growth backed by strong legal foundations, not unregulated innovation.

Within this new environment, RUE has been assisting numerous clients — from blockchain start-ups to established fintech firms — in obtaining their CASP licences. Our team provides comprehensive legal and compliance support, including drafting applications, designing AML/KYC procedures, structuring governance, and communicating with regulators. This proactive approach ensures that clients not only meet MiCA requirements, but also build sustainable business models that are ready for cross-border scalability and investor trust.

Through its combination of experience, precision and collaboration with regulatory bodies, Regulated United Europe continues to play a defining role in the successful adoption of MiCA across the European Union, helping businesses to navigate complexity and transform regulation into opportunity.

RUE’s Role in Early MiCA Licensing Cases

From late 2024 onwards, Regulated United Europe (RUE) has been actively supporting clients across the European Union in obtaining their Crypto-Asset Service Provider (CASP) authorisations under the recently introduced MiCA Regulation. As one of the first consultancy firms to prepare and submit MiCA applications in multiple EU jurisdictions, RUE has become a trusted bridge between innovative businesses and European regulators.

RUE’s role in these early licensing cases has been both strategic and operational. The firm’s approach begins long before the official application is filed. Each project begins with an in-depth analysis of the client’s business model, risk profile and target market, in order to determine the most suitable Member State in which to seek authorisation. As each EU country implements MiCA within its own administrative structure — some under national financial authorities and others under digital finance departments — selecting the right jurisdiction is crucial. RUE’s pan-European presence, with legal teams and local partners in Estonia, Lithuania, Poland, the Czech Republic, Malta, Spain, Cyprus and other EU states, enables the firm to evaluate every option with precision and match each client’s needs to the most efficient regulatory environment.

Once the strategic foundation has been established, RUE’s legal and compliance experts collaborate closely with the client to prepare the extensive documentation package required under MiCA. This includes detailed white papers, governance and risk management frameworks, AML/CFT programmes, capital adequacy structures, fit-and-proper documentation for management and various internal control policies. Every component is tailored to the regulator’s expectations, ensuring full alignment with EU directives and local supervisory standards.

Throughout the application process, RUE acts as the client’s official point of contact with the relevant national authority. The firm’s specialists handle all correspondence with regulators, clarify technical points and assist in drafting responses to requests for additional information. This close collaboration and transparent communication helps to ensure that each application moves forward efficiently and without delay.

However, RUE’s involvement doesn’t end once the licence is granted. One of the firm’s core strengths lies in its post-authorisation support — a service that has become increasingly important as MiCA introduces new ongoing obligations for licensed entities. RUE continues to guide clients after approval, helping them to implement internal audits, monitor capital requirements and adapt their compliance systems as ESMA and EBA issue new technical standards. This ongoing partnership ensures that every RUE client remains fully compliant and operationally ready for future regulatory updates.

In early 2025, RUE’s efforts began to pay off, with several of its clients being among the first wave of companies to receive MiCA authorisations in the EU. Each success represented a regulatory milestone, as well as the culmination of months of careful planning, documentation and collaboration between RUE’s internal team and local legal partners. These cases demonstrated the firm’s deep understanding of the new regulation, combining legal accuracy with practical business insight.

RUE’s involvement in these initial MiCA licensing processes has firmly established the firm as a benchmark of reliability and expertise in European crypto compliance. Clients consistently praise the firm for its professionalism, clarity and dedication, from initial consultation to final authorisation. This trust-based, hands-on approach has helped RUE stand out as a long-term strategic partner rather than a transactional service provider.

As MiCA becomes fully applicable across the EU, RUE continues to expand its capabilities, refine its internal procedures and build even stronger relationships with regulators across Member States. The firm’s proactive attitude, combined with its extensive experience in VASP licensing and AML frameworks, establishes Regulated United Europe as one of the most qualified and trusted advisors for MiCA compliance and VASP licensing in the European Union.

Success stories across the EU – verified MiCA licensing projects

As the Markets in Crypto-Assets Regulation (MiCA) gradually transforms Europe’s digital finance sector, a new generation of crypto service providers has successfully transitioned to full Crypto-Asset Service Provider (CASP) authorisation.

Regulated United Europe (RUE) has played an active role in this transformation, assisting clients through every stage of the process — from documentation and compliance to regulator dialogue and post-authorisation alignment. Thanks to its established partnerships across the EU and its direct coordination with supervisory bodies such as the Netherlands Authority for the Financial Markets (AFM), Germany’s BaFin and the Malta Financial Services Authority (MFSA), RUE continues to be a trusted advisor for businesses seeking secure and compliant market entry under MiCA.

The Netherlands

In the Netherlands, a blockchain-based launchpad and community funding platform achieved MiCA authorisation under the supervision of the AFM.

RUE’s Dutch compliance team helped the company refine its governance model, adjust its internal AML/CFT procedures and align its token launch mechanics with MiCA’s transparency and investor protection standards. Careful coordination was required between RUE’s legal experts and AFM compliance officers to ensure that the project’s innovative token economy met the regulator’s expectations.

By facilitating constructive communication with the Dutch authorities and ensuring that all supporting documentation was prepared according to ESMA templates, RUE helped the company secure its MiCA registration efficiently. Today, the company stands as an example of how blockchain innovation and strict EU compliance can coexist under proper legal guidance.

Germany

Another project in Germany, a fast-growing fintech company offering digital trading infrastructure for both traditional and crypto-based assets, successfully obtained CASP authorisation through the Federal Financial Supervisory Authority (BaFin).

Germany is known for its particularly high supervisory standards, and the MiCA licensing process under BaFin involves extensive checks on financial soundness, risk management and governance documentation. RUE’s bilingual legal advisors collaborated directly with Traders Place’s management to prepare detailed reports on capital adequacy, IT system resilience, and internal audit procedures, ensuring full compliance with MiCA’s prudential and operational criteria.

Through proactive engagement with BaFin case officers and an understanding of local regulatory expectations, RUE managed to guide the client seamlessly through all feedback rounds. This approval has established the company as one of the first MiCA-compliant financial technology companies in Germany and has reinforced RUE’s reputation for managing complex, multi-layered authorisation processes with precision and efficiency.

Malta

In Malta, another company — an established exchange platform focusing on secure digital asset trading — successfully transitioned from its previous Virtual Financial Asset (VFA) authorisation to a CASP licence under the Malta Financial Services Authority (MFSA).

RUE’s internal compliance division, together with Maltese partner lawyers, managed the re-authorisation process, revising the company’s white paper, internal control systems and client asset safeguarding mechanisms to reflect MiCA’s enhanced governance requirements. This project required technical expertise and an in-depth knowledge of the MFSA’s supervisory approach, which RUE has developed through years of collaboration.

The company’s smooth MiCA transition demonstrated the tangible results that RUE‘s partnership-based model — combining EU-wide regulatory knowledge with trusted local collaboration — can deliver, even in complex cross-regulatory conversions.

These licensing achievements in the Netherlands, Germany and Malta show that success under MiCA is not limited to major exchanges or global brands. With the right guidance, clear communication and a structured compliance roadmap, emerging fintech and blockchain firms can also meet the EU’s demanding standards and operate confidently across borders.

RUE’s involvement in these projects highlights its close working relationship with European regulators and its dedication to helping each client build a compliant, future-ready business within the EU’s evolving digital finance ecosystem, not just obtain a licence.

Why these successes matter

The introduction of the Markets in Crypto-Assets (MiCA) Regulation has reshaped the European financial ecosystem by establishing a single, harmonised legal framework for all crypto-asset service providers (CASPs). What was once a fragmented regulatory environment, with national VASP regimes varying from one member state to another, is now being unified under one standard of transparency, accountability, and consumer protection.

For many companies, this transformation presents both challenges and opportunities. Those who began preparing early — often guided by experienced legal partners such as Regulated United Europe (RUE) — are now emerging as frontrunners in this new financial landscape. Their success under MiCA not only demonstrates their ability to meet stringent EU requirements, but also their foresight in building trust and scalability into their business from the outset.

One of the most powerful advantages of obtaining a MiCA licence is pan-European passporting. Unlike previous national authorisations, a MiCA licence enables companies to operate freely across all 27 EU and EEA member states, eliminating the need for multiple registrations or local authorisations. This single regulatory passport opens up unprecedented growth opportunities, enabling companies to expand their operations seamlessly — from Amsterdam to Warsaw and from Vilnius to Madrid — with full legal certainty.

Beyond operational flexibility, a MiCA licence also carries immense institutional weight. Financial institutions, payment providers and investors now regard MiCA-authorised companies as stable, compliant and trustworthy partners. For years, the crypto industry suffered from an image problem, being perceived as risky, underregulated or speculative. The adoption of MiCA changes that narrative. Holding this licence clearly demonstrates that we meet the highest European standards of governance, capital adequacy and consumer protection.

RUE has observed firsthand how this newfound credibility transforms client relationships. Licensed entities now report smoother integration with banking partners, greater acceptance by institutional investors, and increased willingness to collaborate with traditional financial institutions. Companies that once struggled to open accounts or secure liquidity partnerships, for example, can now present their MiCA authorisations with confidence as proof of compliance.

These successful licensing cases also represent regulatory longevity. As the EU transitions from national VASP regimes to the unified MiCA structure between 2024 and 2025, many previously registered companies will face the difficult task of renewing or reapplying under stricter rules. However, RUE’s clients are ahead of the curve, already compliant with MiCA’s prudential, operational and IT risk management requirements. This safeguards their operations through the transitional phase and ensures their regulatory stability for years to come.

The first-mover advantage in this evolving market cannot be overstated. Those who complete their MiCA authorisation early will benefit from being part of a smaller, elite group of EU-recognised CASPs and gain early access to markets that will soon become increasingly competitive. With over 500 MiCA applications expected EU-wide by 2026, regulators are prioritising companies with robust documentation, transparent ownership structures and proven compliance systems — all areas in which RUE’s legal team excels.

These achievements at Regulated United Europe are no coincidence. They are the result of years of preparation, strategic thinking and close collaboration with European regulators. RUE’s experience with previous licensing regimes — such as the Estonian VASP, Lithuanian crypto licensing, and Polish financial authorisations — has allowed the firm to develop unique internal frameworks for document standardisation, regulator feedback management, and risk assessment methodologies. This experience translates directly into time savings, smoother communication and faster approvals for RUE’s clients.

In an industry that evolves as rapidly as digital finance, staying ahead of the regulatory curve is just as important as complying with it. Clients who partnered with RUE early on have already secured a place at the forefront of the European crypto economy — not just as participants, but as recognised leaders. Their success stories demonstrate that achieving MiCA compliance is not just about obtaining a licence, but about establishing a lasting foundation of trust, compliance and growth within one of the world’s most advanced regulatory environments.

How RUE is shaping the future of MiCA licensing in the EU

The story of Regulated United Europe (RUE) is deeply intertwined with the evolution of the European crypto regulatory landscape. From the early days of decentralised finance to the current transition under the Markets in Crypto-Assets Regulation (MiCA), RUE has continuously adapted, expanded and innovated to meet the highest standards of European financial compliance. However, what truly sets RUE apart is its strategic vision and commitment to shaping the future of compliant digital finance in Europe.

RUE understands that every MiCA application is not just a bureaucratic formality, but the foundation upon which future digital financial ecosystems will be built. Each successful authorisation represents a carefully constructed framework of governance, trust and operational excellence. To achieve this, RUE combines legal expertise with industry foresight, ensuring that every project it supports is built to last beyond regulatory transitions.

Over the years, RUE has built a cross-border operational infrastructure spanning nearly all major European jurisdictions. Its headquarters in Estonia serve as the strategic centre of operations, while its local entities in Lithuania, the Czech Republic and Poland, as well as its affiliated partners in Malta, Cyprus and Spain, provide localised legal, accounting and compliance expertise. This structure enables RUE to manage MiCA licensing projects from both a pan-European and local perspective, offering clients the dual advantages of EU-level strategy and national-level precision.

A crucial part of RUE’s approach lies in its internal methodology, developed through years of practical licensing experience. The process begins with a Regulatory Gap Analysis, in which RUE’s specialists evaluate a client’s current operational model against MiCA’s requirements. This stage identifies missing policies, insufficient capital buffers or governance gaps that must be addressed. The second phase involves document structuring and standardisation, during which the RUE team prepares a full suite of MiCA-compliant documentation, including the business plan, risk management framework, AML/CFT policy, ICT risk and security reports, and internal control mechanisms.

Unlike many consulting firms that rely on generic templates, RUE tailors each submission to the specific regulatory culture of the target jurisdiction. For example, when working with BaFin in Germany, the focus is on technical precision and prudential detail, whereas when assisting clients in Malta or Lithuania, greater emphasis is placed on transparency, internal governance and ICT security controls. This jurisdiction-sensitive approach ensures that every application reflects not only MiCA’s harmonised EU requirements, but also local supervisory expectations — often the deciding factor in a regulator’s final approval.

Another core strength of RUE lies in its ongoing relationships with regulatory authorities across the EU. Over time, RUE’s lawyers and compliance officers have developed professional rapport and mutual trust with officials from institutions such as the Bank of Lithuania, the Czech National Bank, the Polish Ministry of Finance, the Netherlands Authority for the Financial Markets (AFM), the Malta Financial Services Authority (MFSA) and BaFin in Germany. While this does not imply preferential treatment, it does reflect RUE’s commitment to maintaining transparency, professionalism and constructive dialogue with regulatory bodies — values that are consistently appreciated by regulators in the licensing process.

In addition to traditional legal consultancy, RUE has invested heavily in digital transformation and automation tools to support MiCA projects. The firm uses AI-assisted compliance checkers and documentation verification systems to detect potential inconsistencies in client submissions before they reach the regulator. These innovations reduce delays, minimise the risk of rejection and enhance the overall reliability of RUE’s work. By integrating technology into the legal process, RUE increases efficiency and ensures that its clients are prepared for the future of regtech-driven compliance.

As of 2025, RUE is managing dozens of active MiCA licensing projects across the EU, ranging from crypto exchanges and wallet providers to token issuers and custodians. Many of these clients are not large corporations, but rather emerging fintech and blockchain start-ups that rely on RUE’s expertise to help them navigate the complex regulatory environment of the European Union. RUE acts as both a legal advisor and a strategic partner for these clients, providing end-to-end support — from structuring business models and preparing financial projections to maintaining ongoing compliance after the licence is granted.

The strength of RUE’s operations also stems from its human capital. With a team of over 30 internal and external legal experts, the company brings together professionals with backgrounds in financial law, AML/CTF compliance, IT risk management and European regulatory affairs. This diversity of knowledge ensures that each MiCA project is approached holistically, covering all critical areas — from governance and prudential requirements to cybersecurity and cross-border service structuring.

Furthermore, RUE’s leadership is committed to educating and informing the market. By continuously publishing insightful articles, regulatory updates and case studies, RUE helps businesses to understand the evolving implications of MiCA and related EU frameworks, such as DORA, the AML Regulation and the TFR. This proactive communication strengthens not only RUE’s public credibility, but also reinforces its mission to make complex regulation accessible, practical and growth-oriented for every business entering the European market.

As Europe establishes itself as a global hub for regulated digital finance, RUE is leading this transformation, helping both established institutions and new entrants to build their foundations under MiCA. The company’s goals for the next two years are clear: to expand its network further across Asia and the Middle East, combining European regulatory expertise with international innovation, and to continue setting the standard for responsible, transparent and forward-looking compliance solutions.

RUE‘s work is not just about achieving regulatory success; it’s about shaping the new identity of the European crypto ecosystem — one that is safe, trusted and globally respected.

RUE’s expanding success in the Czech Republic: over 70 MiCA applications submitted.

Of all the European jurisdictions preparing for the full implementation of the Markets in Crypto-Assets Regulation (MiCA), the Czech Republic has rapidly emerged as one of the most strategic and forward-looking.
For Regulated United Europe (RUE), this jurisdiction plays a particularly important role — not only because of its stable legal framework and growing fintech ecosystem, but also because RUE’s Czech legal team has become one of the most active and experienced groups in the entire European MiCA licensing process.

As of 2025, RUE’s Czech branch has successfully prepared and submitted over 70 MiCA applications on behalf of clients from across the European Union and beyond. These include a diverse portfolio of companies — from crypto-asset exchanges and wallet providers to payment gateway developers and blockchain custody solutions. Each project reflects RUE’s commitment to ensuring that every client entering the Czech market does so in full compliance with MiCA’s operational, prudential and governance standards.

The Czech Republic offers an attractive environment for companies seeking to establish a MiCA-compliant presence in the EU. With its modernised Trade Licensing Office, competitive business costs and transparent corporate registration system, the country has positioned itself as a welcoming jurisdiction for crypto and fintech innovation. RUE identified this potential early on and strategically expanded its presence by forming a dedicated local legal and compliance team specialising in both Czech and EU financial law.

Composed of Czech-qualified lawyers, AML specialists, and corporate advisors, this local team works in close coordination with RUE’s headquarters to provide end-to-end assistance, from company formation and regulatory analysis to full MiCA licence application drafting and submission.
Over time, RUE’s Czech experts have developed a precise understanding of how the Czech National Bank (ČNB) and the Trade Licensing Office interpret MiCA provisions. This allows the firm to design applications that fully align with local regulatory expectations.

The 70+ MiCA applications already submitted through RUE’s Czech team are an impressive milestone in terms of volume, and many of these projects have passed the initial verification and feedback phases with minimal revisions required, reflecting the team’s success rate. This efficiency reflects RUE’s meticulous documentation process, standardised templates and proactive regulator communication strategy.

One of RUE’s most distinguishing qualities in the Czech market is its direct, professional relationship with local authorities. RUE engages in ongoing dialogue with regulatory officials rather than approaching the process as a distant consultancy, providing clarification when needed and facilitating mutual understanding between innovative crypto businesses and traditional supervisory bodies.
This transparent, hands-on approach has earned RUE a reputation as a trusted compliance intermediary, recognised for its professionalism and the quality of its submissions.

Clients who choose to apply for MiCA authorisation in the Czech Republic through RUE benefit from a comprehensive regulatory service, including:

• Comprehensive legal and regulatory preparation of MiCA documentation
• Support in establishing the corporate entity and internal governance structure
• Preparation of AML/CFT frameworks and risk assessment reports that comply with the Czech AML Act No. 253/2008 Coll.
• Drafting of business plans, financial forecasts and prudential requirements documentation under Article 67 of MiCA.
• Assistance with ICT and operational risk management reports in line with DORA and ESMA guidelines.

In addition to legal documentation, RUE’s Czech team offers strategic guidance to help clients select the most appropriate service category (exchange, custody, advice, or transfer) and organise their internal operations in accordance with the MiCA proportionality principle.

The company’s growing portfolio of Czech-based MiCA projects demonstrates its commitment to scalability, reliability and market leadership. With each new authorisation, RUE reinforces the Czech Republic’s reputation as one of Europe’s leading regulatory hubs for digital finance and continues to set the benchmark for excellence in compliance consulting.

Looking ahead, RUE plans to expand its Czech operations further, enhancing cooperation with local financial institutions and strengthening its post-licensing support for clients already authorised under MiCA.
Through this sustained presence, the company is committed to building an ecosystem where innovation and regulation move in harmony, ensuring that both local and international clients can grow securely within the European single market.

RUE’s ongoing mission: supporting existing and new market entrants across the EU.

Even as MiCA implementation progresses, Regulated United Europe (RUE) continues to play a vital and active role in supporting both existing and new market participants.
For companies that have already operated under national VASP frameworks in countries such as Estonia, Lithuania, Poland, the Czech Republic and Malta, the transition to MiCA represents both an obligation and an opportunity. Meanwhile, for those entering the European market for the first time, MiCA provides a clear, harmonised legal framework for operating legally and securely within all 27 EU member states.

RUE’s legal and compliance teams are currently assisting both groups, helping long-established crypto companies to upgrade their licences to MiCA/CASP authorisation and guiding new market entrants through the entire process of formation, structuring and licensing. This dual focus makes RUE one of the few advisory firms in Europe offering comprehensive support for transitional compliance and new market entry.