Question 1

How long does MiCA CASP authorization actually take in practice?

Accepted Answer

The statutory minimum is approximately 65 working days (25 for completeness + 40 for review). In practice, preparation adds 4–12 weeks, and NCA RFI rounds can extend total timelines significantly. Lithuania and Cyprus are fastest at 3–5 months total. Germany and France typically take 6–12 months. Most well-prepared applicants targeting faster NCAs complete the process in 4–7 months.

Question 2

What is an NCA Request for Information (RFI) and how should I respond?

Accepted Answer

An RFI is a formal written query from the NCA asking for clarification, additional documentation, or revision of submitted materials. The clock on your authorization review pauses during an RFI period. Respond within the given deadline (typically 10–20 working days), be precise and complete, and address every sub-question. Poorly handled RFIs are the most common cause of delays beyond 6 months.

Question 3

Can I start operating while my CASP application is being reviewed?

Accepted Answer

Only if you previously held national VASP registration before December 30, 2024, and your jurisdiction's grandfathering period is still active. New applicants cannot commence services until authorization is granted. The grandfathering period for most EU states ends July 1, 2026.

Question 4

What happens if my application is refused?

Accepted Answer

The NCA must give written reasons for refusal. You have the right to appeal through administrative and judicial channels in the member state. Common refusal grounds: management body does not meet fit-and-proper standards, inadequate AML/KYC procedures, insufficient capital. Applicants typically resubmit after addressing the identified deficiencies.