EN
The European crypto landscape is undergoing a structural shift. The introduction of Markets in Crypto-Assets Regulation marks the end of a fragmented regulatory environment and sets a new standard for CASP companies operating across the EU.
For many businesses, this means transitioning from the VASP model often limited to basic AML registration to a fully regulated CASP framework with significantly higher expectations.
MiCA brings a clear advantage: once authorised, CASPs can passport their services across all EU member states. At the same time, it raises the bar for governance, compliance, and critically financial infrastructure. One of the biggest practical challenges in this new environment is not just obtaining a licence, but ensuring stable access to fiat payment systems.
In theory, becoming a regulated CASP should improve access to financial services.
In practice, traditional banks often remain cautious when working with crypto-related businesses. This is driven not only by regulatory requirements, but by internal risk policies, transaction monitoring concerns, and broader supervisory pressure.
As a result, even licensed CASPs may face:
This creates a gap between regulatory compliance and the ability to operate efficiently with EUR payments.
In this environment, relying on a single banking partner introduces a real operational risk.
Account reviews, temporary restrictions, or policy changes can directly impact the ability to process transactions. For businesses handling ongoing payment flows, this can disrupt operations.
For this reason, many CASP companies choose to work with more than one financial provider. This approach helps:
Rather than being excessive, this diversification is increasingly becoming a standard practice.
Another important factor is pricing.
Financial services for CASP companies are typically more expensive due to enhanced compliance requirements, ongoing monitoring, and risk management processes. Fees can vary significantly depending on the provider and the complexity of the business model.
In practice, companies tend to evaluate providers not only based on cost, but on a balance between:
Choosing the lowest-cost option often introduces additional risks.
In this landscape, Electronic Money Institutions (EMIs) are playing an increasingly important role.
Unlike many traditional banks, EMIs are designed to support digital and cross-border business models. Their infrastructure and approach are often better aligned with the needs of CASP companies.
EMIs can provide:
This makes them not just an alternative to banks, but a practical operational layer between crypto companies and the traditional financial system.
At Paylar, we provide a European IBAN opened in the company’s name — a business account used as an operational layer for incoming and outgoing EUR transactions.
This setup is designed to support day-to-day payment activity, allowing CASP companies to manage their EUR flows in a structured and predictable way.
While CASPs remain responsible for safeguarding client funds, having a well-structured operational account helps support internal fund organisation, reconciliation, and reporting required under MiCA.
In practice, this means:
The account is used strictly for the company’s own operational purposes, rather than for holding end-client accounts.
MiCA brings long-needed regulatory clarity to the European crypto market. However, it does not fully eliminate the practical challenges associated with financial access.
For CASP companies, the focus is shifting from simply obtaining a licence or opening an account to building a resilient financial setup.
This includes:
In this context, EMIs and specifically operational accounts opened in the company’s name play a key role in bridging the gap between regulatory requirements and real-world financial operations.