Case Study · Crypto · MiCA / CASP
MiCA, made legible: how, when and where — turned into a sequence a founder could run.
Anonymised orientation work for an EU crypto prospect. No institution names, no confidential review content — just how the pathway was made clear.
The Question
An EU crypto founder came in with the question most prospects actually have: how does MiCA work, when does authorisation as a CASP need to happen relative to raising and launching, and where should the entity and substance sit? Underneath it was the real worry — how to get banking, given that providers had already been cautious about virtual-asset activity.
What we mapped
We translated the MiCA / CASP pathway into plain language: which permissions the activity required, what a national competent authority would expect on governance and substance, and how the fiat-banking story has to stay joined to the on-chain controls rather than told separately. The orientation made clear what reviewers test first and where the common failure points are for a crypto file in the EU.
The plan
The output was a sequence, not a promise: authorisation and genuine substance first, the controls and flow-of-funds evidence built alongside, and banking conversations approached only once the file could be read end to end. The founder left with a readiness roadmap and an evidence plan they could execute — outcomes on licensing and accounts remain with the regulator and providers and their due diligence.
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