What is MiCA grandfathering?

Grandfathering under MiCA Article 143(3) allowed entities that were lawfully providing crypto-asset services under national rules before 30 December 2024 to continue operating until 1 July 2026 (in most states) or until they receive or are refused a MiCA authorisation.

Does grandfathering give EU passporting rights?

No. ESMA's Q&A is explicit: grandfathered firms do not receive an EU passport unless and until they obtain a full MiCA CASP authorisation from their home NCA. National registration alone does not equal cross-border MiCA passporting.

What happens when grandfathering ends?

Firms must hold a MiCA authorisation to continue EU services, rely on a group entity that is authorised and passporting, or wind down EU client activity. Operating without authorisation after the transitional period risks enforcement by NCAs and ESMA-coordinated supervision.

MiCA guides

MiCA Grandfathering Explained: Can Legacy VASPs Still Operate?

MiCA Article 143 grandfathering let pre-2024 VASPs keep serving EU clients during a transitional period. Learn what grandfathering covers, what it does not include, and why it is not the same as EU passporting.

Published 2026-05-23 · CASP Tracker

Grandfathering vs MiCA authorisation

Grandfathering was a breathing room mechanism — not a permanent licence. It preserved continuity for firms already on national crypto registers while NCAs built MiCA authorisation pipelines. A MiCA CASP authorisation, by contrast, is the durable EU-wide credential that unlocks passporting under MiCA Articles 64 and 65.

What grandfathering does not cover

Automatic passporting into all 30 EEA jurisdictions
New services not previously offered under national law
Issuance of asset-referenced or e-money tokens (separate MiCA titles)
Permanent exemption from capital, governance, and AML requirements

How to tell if a firm has moved beyond grandfathering

Look for a MiCA CASP entry on the ESMA interim register with an authorisation date and enumerated services. On CASP Tracker, authorised entities show their home member state, LEI where published, permitted services, and passported EU jurisdictions.

If a platform markets heavily in the EU but has no CASP authorisation and only cites a legacy national registration, treat the July 2026 deadline as a hard risk date in your due diligence.

Frequently asked questions

What is MiCA grandfathering?: Grandfathering under MiCA Article 143(3) allowed entities that were lawfully providing crypto-asset services under national rules before 30 December 2024 to continue operating until 1 July 2026 (in most states) or until they receive or are refused a MiCA authorisation.
Does grandfathering give EU passporting rights?: No. ESMA's Q&A is explicit: grandfathered firms do not receive an EU passport unless and until they obtain a full MiCA CASP authorisation from their home NCA. National registration alone does not equal cross-border MiCA passporting.
What happens when grandfathering ends?: Firms must hold a MiCA authorisation to continue EU services, rely on a group entity that is authorised and passporting, or wind down EU client activity. Operating without authorisation after the transitional period risks enforcement by NCAs and ESMA-coordinated supervision.