Activities

What is it?

You operate a marketplace where users exchange crypto-assets against each other or against fiat. Highest-volume regulated crypto activity; needs a CASP exchange authorisation (€125K capital min) under MiCA, plus state-by-state MTLs in the US. Market-abuse rules and trade surveillance are core obligations.

Applicable regimes

MiCA CASP exchange tier · BitLicense (NY) + state MTLs · MAS MPI · VARA · SFC VASP.

Examples

Coinbase, Kraken, Binance, Bitstamp, Bitpanda, Sologenic (XRPL DEX UX).

What is it?

You safekeep, store or administer crypto-assets for clients — holding the keys, signing on their behalf, or running an issuing gateway. MiCA Art. 75 + Germany's pioneering KWG § 1.1a (since Jan 2020). Strict client-asset segregation, insurance proportional to AUM, and direct liability for losses are mandatory.

Applicable regimes

MiCA Art. 75 · KWG § 1.1a (DE) · NY Trust Charter · OCC trust bank · MAS DPT custody · DABA (Bermuda).

Examples

Anchorage, Fireblocks, BitGo, Boerse Stuttgart Digital, Tangany, finoa, Ripple Custody (Metaco).

What is it?

You move value on behalf of users — accepting payments, settling merchants, issuing crypto-payment cards. Touches PSD2 / ZAG (Germany) / RD-Ley 19/2018 (Spain) and MiCA CASP transfer scope (Art. 70). Strong customer authentication (SCA) and FATF Travel Rule are non-negotiable.

Applicable regimes

PSD2 / ZAG (DE) / RD-Ley 19/2018 (ES) · MiCA CASP Art. 70 transfer · EMI if e-money issuance.

Examples

Crypto.com Pay, BitPay, Spritz Finance, Stables (USDC card), Block (Cash App for crypto).

What is it?

You let users buy crypto with fiat (on-ramp) and / or sell crypto for fiat (off-ramp). Combines a payment-institution licence (banking-side) with a CASP exchange + custody scope (crypto-side). The most-used surface for retail crypto adoption — heavily KYC-gated.

Applicable regimes

PSD2 PI + MiCA CASP exchange + custody · ZAG (DE) · BdE PI (ES) · FinCEN MSB + state MTLs (US).

Examples

MoonPay, Ramp Network, Transak, Stripe Crypto, Bitso (LATAM), GateHub (XRPL).

What is it?

You move money or stablecoins between currencies and across borders. Remittance corridors (LATAM, Africa, APAC), B2B settlement, FX. Requires a payment-institution licence in each base + Travel Rule R.16 strict messaging + cross-border CDD enhancements. Ripple Payments via XRPL ODL is the flagship XRPL example.

Applicable regimes

PSD2 PI + MiCA CASP transfer · FATF Travel Rule R.16 · Bermuda DABA + Ireland CASP common combo.

Examples

Ripple Payments (XRPL ODL), Bridge.xyz, Felix Pago (US-LATAM WhatsApp), Yellow Card (Africa).

What is it?

You manage crypto-assets on behalf of investors — discretionary portfolio management, crypto fund manager, robo-advisor. Falls under MiFID II + AIFMD/UCITS in the EU and SEC RIA regime in the US. CASP "portfolio management on crypto-assets" sub-scope under MiCA. Substantial capital + governance requirements.

Applicable regimes

MiFID II investment-firm + AIFMD · MiCA CASP portfolio-management scope · SEC Investment Advisers Act.

Examples

Bitwise (crypto ETFs), Galaxy Digital, Hashdex, 21Shares, Ondo (tokenised funds).

What is it?

You operate or offer crypto derivative instruments — perpetual swaps, futures, options. Mostly out of MiCA scope (carved out as financial instruments under MiFID II in the EU; CFTC jurisdiction in the US under the CLARITY Act 2025). FCA banned retail crypto derivatives in the UK. Singapore restricts to accredited investors.

Applicable regimes

MiFID II investment-firm · CFTC commodity-derivative + CLARITY Act · FCA retail ban · MAS accredited-only.

Examples

Deribit (BTC/ETH options), Bybit, dYdX, GMX (DeFi perps).

What is it?

You operate a platform that distributes new tokens to investors — IDO/ICO/IEO marketplaces, token-sale syndication. The hardest crypto activity to fit under one clean regime: prospectus rules apply if tokens are securities, MiCA whitepaper notification if utility, broker-dealer scrutiny in most jurisdictions.

Applicable regimes

Prospectus Regulation if securities · MiCA Art. 8 whitepaper · broker-dealer regime in many juris.

Examples

CoinList, Polkastarter, DAO Maker, Sologenic Coinfield Launch.

What is it?

You issue a crypto-asset that aims to maintain a stable value by referencing another asset — typically a fiat currency (1 token = 1 USD) or a basket. Under MiCA: EMT (single-fiat) or ART (asset-referenced). The strictest token-issuance regime everywhere — reserves must be 1:1 segregated and audited.

Applicable regimes

MiCA EMT/ART · GENIUS Act (US) · MAS Single-Currency Stablecoin (SG) · HKMA Stablecoin Ordinance · Banco de España EMI.

Examples

RLUSD (Ripple/XRPL), USDC (Circle), EURC (Circle), EURI (Banking Circle).

What is it?

You issue or operate a marketplace for unique digital assets. MiCA Art. 2(2)(a) carves out genuine 1-of-1 NFTs — but a fungible / fractionalised "NFT" series is a regular crypto-asset (CASP if traded). If the NFT carries revenue rights, regulators will treat it as a security regardless of branding.

Applicable regimes

MiCA Art. 2(2)(a) carve-out · JONUM (FR) · general consumer law · CASP if fungible/fractional.

Examples

OpenSea (marketplace), Sorare (regulated under JONUM in France), Bored Ape Yacht Club.

What is it?

XRPL-native token type (XLS-33) bundling on-chain compliance primitives directly into the protocol: transfer fees, freezing, holder limits, mandatory metadata. Fits well for regulated tokenisation projects (RWA, security-token-light) without needing a smart-contract layer.

Applicable regimes

MiCA "other crypto-asset" Art. 4 · or Kryptowertpapier (eWpG, DE) if structured as security · whitepaper notification.

Examples

Tokenised treasuries on XRPL, regulated stablecoins, on-chain bonds (DZ Bank pilot).

What is it?

You tokenise a traditional asset (debt, equity, real estate, art, commodities, fund shares) onto a blockchain. The tokenised wrapper inherits the legal nature of the underlying — issued under securities law (eWpG / WpHG / Prospectus Regulation) almost always. One of the fastest-growing regulated crypto verticals.

Applicable regimes

eWpG Kryptowertpapier (DE) · LMV (ES) · MiFID II + Prospectus Regulation · DLT Pilot Regime (EU).

Examples

Ondo Finance (US Treasuries), Aktionariat (Swiss equity tokens), AlphaPoint, Backed.

What is it?

You issue a token that grants access to a digital service / product without any financial expectation (no rights to revenue, dividends, or governance over assets). MiCA Art. 3(1)(5) covers this — whitepaper notification to the home NCA, no full authorisation required. The lightest crypto-asset issuance path in the EU.

Applicable regimes

MiCA Art. 3(1)(5) — whitepaper notification only · GwG/AML if marketplace operator.

Examples

Sky (formerly MakerDAO governance), CHZ (Chiliz fan tokens), basic XRPL IOU community tokens.

What is it?

You issue a token that confers financial rights — revenue share, equity, debt, voting on assets. Outside MiCA scope by design; falls under the full national securities regime (WpHG / LMV / Securities Act). Public offering needs an approved prospectus or a clear exemption (qualified investors, < €8M, etc.).

Applicable regimes

WpHG/eWpG (DE) · LMV (ES) · MiFID II · Prospectus Regulation · Securities Act + Howey Test (US).

Examples

Aktionariat (Swiss equity tokens), tZERO (US security tokens), Polymath/Polymesh.

What is it?

Your token combines characteristics of multiple regimes — utility access + revenue share + governance rights. Regulators apply a "pick-the-strictest" approach: if any feature looks like a security or e-money, the strictest regime applies. Best practice: consult the regulator early (BaFin Sondieren, CNMV pre-consultation) BEFORE launch.

Applicable regimes

Pick-the-strictest of MiCA EMT/ART/utility + WpHG securities + national e-money rules.

Examples

Many DeFi governance tokens with revenue-share — typically SEC scrutiny in the US.

What is it?

You provide staking services for users — taking custody of their crypto, running validators, distributing rewards. Outside MiCA explicit scope but ESMA + national NCAs treat custodial staking as ancillary CASP service. SEC sued Coinbase + Kraken for unregistered securities offerings (staking-as-a-service ruling, 2023). Highly evolving regime.

Applicable regimes

MiCA CASP custody scope (if custodial) · SEC Howey Test (US) · ESMA staking guidance pending.

Examples

Lido, Coinbase Earn, Kraken Earn, P2P Validator, Figment.

What is it?

You operate a platform that lets users lend crypto (earning yield) or borrow against collateral. The Celsius/Voyager/BlockFi failures (2022) made regulators very cautious. Outside explicit MiCA scope but EBA pushing for a banking-style framework. SEC has won several enforcement cases (BlockFi $100M settlement, 2022).

Applicable regimes

Banking licence in many juris · MTL (US) · SEC Howey if lending product = security · EBA crypto-lending paper pending.

Examples

Aave (DeFi), Compound (DeFi), Nexo (CeFi, post-restructuring), Maple Finance (institutional).

What is it?

You build a smart-contract-based financial application — DEX, AMM, lending pool, derivatives DApp. Regulators apply substance-over-form: if the operator routes orders, controls funds, or controls fees, they assume CASP-equivalent responsibility. Truly decentralised protocols (no central operator) currently sit in a grey zone.

Applicable regimes

MiCA CASP if central operator · MiFID II if MTF · ESMA DeFi consultation pending.

Examples

Uniswap, Aave, Curve (Ethereum); XRPL native AMM (no central operator).

What is it?

You build a non-financial DApp — identity verification, social network, supply-chain tracking, voting, DAO tooling. MiCA explicitly excludes these from its scope. Standard data-protection (GDPR/DSGVO) and consumer law apply. The lightest regulatory layer in crypto.

Applicable regimes

GDPR / DSGVO · consumer law · GwG/AML only if value-transfer functionality.

Examples

Lens Protocol (social), ENS (Ethereum naming), Worldcoin ID, XRPL identity wallets.

What is it?

You build a crypto-native game or GameFi platform with in-game tokens, NFT items, or play-to-earn mechanics. As soon as game tokens have measurable cash-out value, gambling regulators step in (DGOJ in Spain, GGL in Germany, GLI in the UK, ANJ's JONUM in France). France pioneered the JONUM regime to license P2E games separately from traditional gambling.

Applicable regimes

JONUM (FR) · DGOJ (ES) · GGL (DE) · MGA (Malta) · UK Gambling Commission · Curaçao licence.

Examples

Sorare (FR JONUM), Axie Infinity, Sky Mavis, The Sandbox, Gods Unchained.