On 1 July 2026, all EU/EEA transition periods for MiCA expired. Seven Swiss crypto service providers have now obtained MiCA authorization through EU or EEA subsidiaries. Notably, two of them secured it only in the final days of June.
MiCA (Markets in Crypto-Assets Regulation, EU 2023/1114) is the EU-wide framework for providers of crypto services. It has applied in full since 30 December 2024. A CASP authorization allows firms to offer custody, trading, order execution and portfolio management across the EU. This works through a passporting procedure. Single licenses per country therefore no longer apply. The national transition periods expired on a staggered basis. Austria and Germany ended as early as the close of 2025. France, Malta and Liechtenstein, meanwhile, followed only on 1 July 2026. Because Switzerland is not an EU/EEA member, FINMA cannot grant such a license. Swiss firms therefore need a subsidiary in an EU or EEA state. As an EEA member, Liechtenstein has become the preferred entry point. The ESMA register most recently listed around 244 authorized CASPs across 25 EU/EEA countries. Of these, only around 210 stemmed from conversions of earlier VASP registrations. With more than 1,200 such pre-registrations across the EU, this corresponds to a conversion rate of roughly 17%. Germany leads the register with 57 authorizations from BaFin.
Subscribe to our newsletter
The best articles of the week, directly delivered into your mailbox.
First MiCA CASP licenses via Austria and France
AMINA Bank from Zug, the former SEBA Bank, made the start. Its Austrian subsidiary AMINA (Austria) AG received the MiCA CASP license in October 2025 from Austria's FMA. It was the first crypto banking group worldwide with such an authorization. The license covers custody, trading, transfer services, portfolio management and staking. At the same time, the bank was already notified in 13 EU countries at the point of issuance. Later it aims to reach more than 30 European markets.
Two further providers chose the route via France's AMF. Relai from Zurich first secured its authorization on 27 October 2025 through the Paris subsidiary Relai EU SASU. The provider specializes in the purchase and sale of Bitcoin and relies on self-custody. Its offering also includes instant SEPA transfers. SwissBorg from Lausanne followed later, on 11 March 2026, with the entity Blocknodes SAS. In doing so, the platform migrated its EU user base from the Estonian company Swissborg Solutions OÜ to France. Whereas Relai remains tightly focused on Bitcoin, SwissBorg covers a broader spectrum. This furthermore includes custody, order execution, transfers, portfolio management and advisory services.
Also present through an EU subsidiary is Crypto Finance AG from Zurich, part of Deutsche Börse Group since its acquisition. Crypto Finance (Deutschland) GmbH, based in Frankfurt, operates under BaFin supervision. An official date for the BaFin authorization is not publicly documented. However, the AMF passporting whitelist already shows a notification to France from March 2025 onward. This presupposes a prior authorization.
Bitcoin Suisse, Sygnum and RuleMatch secure MiCA license via Liechtenstein
RuleMatch from Zurich opened the run of Liechtenstein licenses on 3 June 2026. Its Vaduz subsidiary RULEMATCH Europe AG received the MiCA CASP authorization from Liechtenstein's FMA. This covers the operation of a trading platform for crypto assets as well as their custody and transfer services. The business model differs from that of the banks. RuleMatch operates a pure trading platform for banks, investment firms and other MiCA-licensed institutions in the EEA. As a pure market operator, the exchange never acts as a counterparty or market maker. According to its own statements, the company is moreover the first MiCA institution in Liechtenstein to complete the full licensing process. It did not use the simplified procedure available to already regulated institutions.
Shortly before the deadline, two further heavyweights followed. Bitcoin Suisse has operated its subsidiary Bitcoin Suisse (Europe) AG in Vaduz since 2018. Originally this company was registered under Liechtenstein's TVTG regime. On 23 June 2026, Liechtenstein's FMA granted it the MiCA CASP authorization. It covers trading, custody and staking for institutional clients and wealthy private investors. At the same time, it opens access to EEA passporting for selected markets.
Only three days later, Sygnum Bank followed, operating from Zurich and Singapore. Its subsidiary Sygnum Europe AG, likewise based in Vaduz, had been registered under the TVTG since 23 September 2024. This registration formed the preliminary stage for the later authorization. On 26 June 2026, Liechtenstein's FMA finally granted the CASP authorization. Operationally, the company went live on 30 June 2026. The service spectrum ranges from fiat and digital asset accounts through trading, including Bitcoin, to institutional custody. In addition, the services encompass a Crypto Yield Fund and a bank-to-bank infrastructure for EU banks. Through the notification procedure, the authorization covers all 30 EEA states.
Liechtenstein's appeal lies in its dual role. As an EEA member, the principality has adopted MiCA. A single CASP therefore permits services in all 30 EEA states via notification. For non-EU firms such as the two Swiss houses, this route consequently offers broad access. Specifically, it opens the entire single market from a single jurisdiction. Moreover, the national TVTG regime provided a regulatory bridge over which firms such as Bitcoin Suisse and Sygnum could position themselves early. RuleMatch shows, however, that the full licensing route without a TVTG preliminary stage is also open.
Why Taurus forgoes MiCA authorization
Not every prominent Swiss provider holds a MiCA CASP authorization. That, however, is not an omission in every case. The Geneva company Taurus specializes in custody infrastructure and the tokenization of financial instruments for banks. Instead, in May 2026 it received a MiFID II investment license from Cyprus's CySEC. This targets tokenized securities such as bonds, fund units, shares and structured products. It does not cover crypto assets in the MiCA sense. The license does, however, match the B2B focus on institutional banks as counterparties. Banks prefer to work with fully regulated counterparties, co-founder Sébastien Dessimoz explains regarding the orientation. For Switzerland, Taurus additionally holds a FINMA license. A MiCA CASP application is in preparation at the provider.
The situation is different for 21Shares from Zurich. As an issuer of crypto ETPs (Exchange Traded Products), the company falls primarily under MiFID, AIFMD and the prospectus rules. ETPs count as securities in regulatory terms. A pure ETP issuance is therefore structurally not an activity subject to MiCA CASP requirements. The missing entry in the ESMA register consequently likewise poses no regulatory problem.
Smaller houses such as Mt. Pelerin and Bity from western Switzerland do not yet actively serve the EU market. On its own website, Mt. Pelerin explicitly notes that its services are not available to EU customers. Measured against the EU-wide conversion rate of around 17%, Swiss providers perform above average overall. Seven authorized houses within a limited base ultimately point to a high regulatory readiness in the Swiss cluster.
