CASP Licence: Key lessons from practice

In the course of February 2026, the Czech National Bank issued 6 CASP licences, and we managed to obtain two of them for our clients – Czech cryptocurrency trading platform and Czech cryptocurrency exchange. The total number of applications submitted was almost 250.

Below we summarise the practical lessons we have learned from the licensing process.

Services as the focus of the licence: proper definition saves time and costs, and reduces risks

The first and essential step is to clearly define what services the applicant intends to provide.

A simple list will not suffice – it is necessary to clearly explain to the regulator what rights the customers will have in relation to the service, and how the whole service will be structured in legal and technical terms. This, then, is the basis for everything else: the amount of initial capital, the set-up of internal processes, staffing, contractual documentation with customers, IT security, and more.

The MiCA Regulation covers a wide range of services. The most common business model of crypto-asset service providers is to enable customers to trade crypto-assets. This can be achieved in a number of ways, whether by means of exchange, transmission of orders, execution of orders, or the operation of a trading platform.

We therefore focus below on a more detailed overview of the different options.

Crypto-asset trading – basic overview

Exchange of crypto-assets

The counterparty to the trade is directly the provider using their own capital. This is similar to trading for one’s own account as regulated by the Capital Market Business Act.

Execution of orders

The provider executes the order on behalf of the customer with a third party or in the marketplace, with the aim of achieving the best possible result for the customer – in terms of price, cost, speed and other parameters.

Transmission of orders

The provider does not execute the order itself, nor is it a counterparty to the trade. It only transmits the order to another crypto-asset service provider who will buy or sell the crypto-asset on behalf of the customer.

Operation of a trading platform

The platform matches the buy and sell orders of multiple customers with each other in its own marketplace, according to predefined system rules.

The fundamental difference from the other trading methods is that the platform creates its own market for crypto-assets where supply meets demand. Moreover, in the world of crypto-assets, retail investors can enter the trading platform (exchange) directly – without the need for an intermediary. This is a significant difference from the traditional market for investment instruments, where a broker is usually necessary.

Crypto-asset transfers and their types

The second major area, besides trading, involves the various forms of crypto-asset transfers. At the outset, it is useful to distinguish whether the transfer takes place within the crypto-asset custody service and whether the transactions are recorded on-chain or off-chain. On this basis, crypto-asset transfers can be broadly classified into three basic types.

Deposit / withdrawal from custody

This is a transfer of crypto-assets exclusively between the customer and the provider – either in the form of a deposit (from the customer to the provider) or a withdrawal (from the provider to the customer) within the crypto-asset custody service. Transfers to third parties are not allowed in this model.

Internal transfer

This occurs between customers of the same provider within its platform. The transfer is captured only in the provider’s internal records (off-chain) – it is not recorded in the distributed ledger (blockchain).

External transfer

The transfer of a crypto-asset from one address to a third party address. This is a standard transaction recorded directly in the blockchain (on-chain).

This distinction is critical to assessing whether the offered product requires licensing of a transfer service for crypto-assets. Depending on how the product works, it may not always entail a regulated transfer service of crypto-assets on behalf of the customer. This means higher demands on security, authorisation of orders, and handling of potential incidents – including compliance with the Travel Rule.

Of particular note are transfers of electronic money tokens (EMT). In its opinions of June 2025[1] and February 2026[2], the European Banking Authority (EBA) points out that some services in relation to EMT may simultaneously qualify as payment services. For the provider, this means either the need to obtain a payment institution licence, or to work with someone who holds one. It is very important not to underestimate this and to clarify early on whether the service, as intended, will also require an authorisation to provide payment services. 

Other services related to crypto-assets

Another and equally important area is the provision of crypto-asset custody service. This service is normally the basis on which providers build the other services mentioned above. The provision of a crypto-asset custody service includes both the custody and administration of crypto-assets and the means of access to such crypto-assets. Within this service, it is crucial to have a properly set up segregation of client assets, a system that allows unambiguous identification of crypto-assets, transaction policy, controls, procedures in the event of insolvency, etc.

As a final note on the differentiation of services, it is important to mention that, in addition to the above services, the placing of crypto-assets, the provision of advice on crypto-assets and the provision of crypto-asset portfolio management are also regulated. In the first wave of licensing, none of the applicants was granted an authorisation for these services. However, these are very interesting services that can diversify providers’ product portfolios (e.g. by introducing the popular copy trading product).

Conclusion: A licence is a start, not the goal

In summary, the categorisation of the above services is not merely a formality. Each of the services entails different regulatory obligations, requirements for transparency, market liquidity, funding options, costs, and risks that the provider will bear. It is therefore important to consider your own possibilities, take into account the specifics of each service and decide which path to take when designing a business model.

Preparation for the CASP licence is a complex discipline where law, technology and day-to-day operations meet. Experience plays as important a role as expertise – it is not enough to know what the rules say, but you also need to know how to translate them into a workable and defensible setting.

Rigorous preparation, insight and work with details can help to navigate, especially where there is still interpretive ambiguity due to the relative novelty of crypto-asset regulation.

At HAVEL & PARTNERS, our goal is not only to help you obtain the relevant authorisations. We want the result to be a business model that will stand up to long-term operation – from day one.