Crypto-asset services without a CASP authorisation: the notification regime under Article 60 MiCA
Regulation (EU) 2023/1114 on markets in crypto-assets (the “MiCA Regulation”) provides two routes to the market for crypto-asset services. The general route is authorisation as a crypto-asset service provider (CASP) under Articles 62 and 63. The special route is a notification to the competent authority under Article 60, reserved for entities that are already subject to sectoral financial-market regulation.
The National Bank of Slovakia (“NBS”) published a notification form and an annexes checklist on 24 August 2026. This article sets out the eligible entities, the scope of the exemption and the deadlines; the form and the annexes are covered in Parts 2 and 3 of the series.
The short answer
- Who: a credit institution, central securities depository, investment firm, electronic money institution, UCITS management company, AIF manager and market operator (Art. 59(1)(b) in conjunction with Art. 60(1)–(6)).
- To what extent: only for services equivalent to the existing sectoral authorisation; only a credit institution has the full scope (Art. 60(1)).
- Who not: a payment institution — it needs an authorisation under Art. 63.
- Deadline: the notification must reach the NBS at least 40 working days before the first provision of the service; until it is complete, the services may not be provided (Art. 60(8)).
- Scope of the exemption: Articles 62–64, 67, 83 and 84 do not apply; all other crypto-asset service provider obligations apply in full (Art. 60(10)).
Which entities may provide crypto-asset services by notifying the NBS?
The list of entities is exhaustive and is set out in Art. 59(1)(b) in conjunction with Art. 60(1)–(6) of the MiCA Regulation. The scope of the entitlement differs for each entity and is derived from the scope of its sectoral authorisation.
| Entity | Crypto-asset services it may notify | MiCA provision |
|---|---|---|
| Credit institution | all crypto-asset services | Art. 60(1) |
| Central securities depository | only custody and administration of crypto-assets on behalf of clients | Art. 60(2) |
| Investment firm | services equivalent to the investment services for which it is authorised under MiFID II | Art. 60(3) |
| Electronic money institution | custody, administration and transfer of crypto-assets, solely for the e-money tokens it issues | Art. 60(4) |
| UCITS management company / AIF manager | reception and transmission of orders, advice and portfolio management, within the scope of the UCITS/AIFMD authorisation | Art. 60(5) |
| Market operator | operating a trading platform for crypto-assets | Art. 60(6) |
Can a payment institution use the notification regime?
No. Payment institutions are not listed in Art. 59(1)(b) or in Art. 60. To provide crypto-asset services they need an authorisation under Art. 63 of the MiCA Regulation.
Which crypto-asset services may an investment firm notify?
An investment firm may notify only those crypto-asset services that are equivalent to the investment and ancillary services listed in its authorisation. The equivalence criterion is set out in the second subparagraph of Art. 60(3):
| Crypto-asset service | Equivalent service under Annex I MiFID II |
|---|---|
| custody and administration of crypto-assets | ancillary service, Section B(1) |
| operating a trading platform | operating an MTF and OTF, Section A(8) and (9) |
| exchange of crypto-assets for funds or other crypto-assets | dealing on own account, Section A(3) |
| execution of orders on behalf of clients | execution of orders on behalf of clients, Section A(2) |
| placing of crypto-assets | underwriting and placing with or without a firm commitment, Section A(6) and (7) |
| reception and transmission of orders | reception and transmission of orders, Section A(1) |
| advice on crypto-assets | investment advice, Section A(5) |
| portfolio management of crypto-assets | portfolio management, Section A(4) |
A practical example: an investment firm authorised for the reception and transmission of orders and for investment advice may notify advice on crypto-assets and the reception and transmission of orders for crypto-assets. To exchange crypto-assets for funds it needs its authorisation extended to dealing on own account, or an authorisation under Art. 63.
Which provisions of the MiCA Regulation do not apply to the notifying entity?
Under Art. 60(10), the following do not apply to an entity providing crypto-asset services on the basis of a notification:
- Arts. 62 and 63 — the application for authorisation and its assessment,
- Art. 64 — withdrawal of authorisation,
- Art. 67 — prudential requirements,
- Arts. 83 and 84 — assessment of a proposed acquisition of a qualifying holding.
The exemption is based on the fact that the adequacy of own funds, the ownership structure and the repute of the managers were already assessed in the proceedings for the sectoral authorisation.
Which crypto-asset service provider obligations apply in full?
All the others — in particular the rules of conduct towards clients, governance and conflict-of-interest requirements, the safeguarding of clients’ crypto-assets and funds (Art. 70), outsourcing (Art. 73) and the specific requirements for individual services (Arts. 75–82). For this reason the NBS requires, within the notification, detailed policies and procedures demonstrating readiness to meet these obligations from day one.
Must the entity resubmit information the NBS already holds?
No. Under Art. 60(9) it need not resubmit identical information already provided to the competent authority — but in the notification it must expressly state that the previously submitted information is still up to date.
When may crypto-asset services begin after the NBS notification?
The notification must reach the NBS at least 40 working days before the first provision of the service (Art. 60(1)–(6)), which is roughly two months. The NBS does not issue an authorisation decision — it assesses the completeness of the notification.
- Within 20 working days of receipt, the NBS assesses whether the notification contains all the required information (Art. 60(8)).
- If the notification is incomplete, the NBS informs the entity without delay and sets a period to supplement it, at most 20 working days. During that period the 40-working-day period does not run.
- The NBS may request further clarifications later too; these requests no longer interrupt the running of the period.
- After verifying completeness, the NBS forwards the information to ESMA, which enters the entity in the register under Art. 109 at the latest by the day services start (Art. 60(12)).
The decisive point is the last sentence of Art. 60(8): the entity may not begin to provide crypto-asset services while the notification is incomplete. A late or incomplete notification therefore directly pushes back the launch date. The entitlement is moreover accessory to the sectoral authorisation — withdrawal of the latter extinguishes it too (Art. 60(11)).
In practice: the NBS recommends contacting it before filing the notification at crypto@nbs.sk. A preliminary consultation is an effective way to avoid a request to supplement and an interruption of the period.
Preparing a notification under Article 60 MiCA?
STEINIGER | law firm provides an equivalence analysis of the planned crypto-asset services against the scope of the sectoral authorisation, the preparation of the notification and representation in communication with the NBS. Book a consultation →
Legislation and sources
- Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) — Arts. 59, 60, 62–64, 67, 70, 73, 75–84, 109,
- Directive 2014/65/EU (MiFID II) — Annex I, Sections A and B,
- Directives 2009/65/EC (UCITS) and 2011/61/EU (AIFMD),
- NBS: publication of the notification form and the annexes checklist, 24 August 2026.
MiCA Article 60 series: Part 1 — The notification regime (who without authorisation) · Part 2 — The NBS notification form · Part 3 — Annexes to the notification
Frequently asked questions
Does a bank need a MiCA authorisation to provide crypto-asset services?
No. A credit institution may provide all crypto-asset services if it notifies the NBS at least 40 working days before the first provision of the service (Art. 60(1) MiCA).
Can a payment institution use the Article 60 MiCA notification?
No. Payment institutions are not listed in Art. 59(1)(b) or in Art. 60. To provide crypto-asset services they need an authorisation under Art. 63.
Which crypto-asset services may an investment firm notify?
Only services equivalent to the investment and ancillary services for which it is authorised under MiFID II. The equivalence criterion is in the second subparagraph of Art. 60(3).
Do prudential requirements apply to the notifying entity?
No. Art. 67 does not apply under Art. 60(10). The other crypto-asset service provider obligations, notably Arts. 70, 73 and 75–82, apply in full.
When may crypto-asset services begin after filing the notification?
At the earliest after 40 working days from receipt of the notification and only if it is complete. During the period set by the NBS to supplement it, the period does not run (Art. 60(8)).
What happens to the entitlement if the entity loses its sectoral authorisation?
The entitlement to provide crypto-asset services on the basis of the notification is extinguished together with the withdrawal of the relevant sectoral authorisation (Art. 60(11)).