DriveWealth’s European arm secured a MiCA licence from the Bank of Lithuania, giving the U.S.‑origin broker‑as‑a‑service a single authorised entity for both securities and crypto‑assets across the EU.
MiCA’s Two‑Phase Roll‑Out and What It Covers
The Markets in Crypto‑Assets Regulation (MiCA) was adopted by the EU Parliament on 20 April 2023 and has been fully applicable since December 2024. It creates a EU‑wide framework for crypto‑assets, security tokens and stablecoins, and brings crypto‑asset issuers, trading platforms, exchanges and custodian‑wallet providers under a single set of rules. MiCA also permits banks and investment firms already authorised under MiFID II to engage in crypto‑asset activities.
The regulation was introduced in two phases. The first, effective 30 June 2024, required authorisation and supervision of asset‑referenced tokens (ART) and e‑money tokens (EMT). The second phase, effective 30 December 2024, extended authorisation to all other crypto‑assets and to crypto‑asset service providers (CASPs). The European Securities and Markets Authority has drafted technical standards on own funds, qualified holdings, stress testing and remuneration for ART and EMT issuers.
Compliance Hurdles for Service Providers
While creating a token can now be done in minutes, the compliance burden has not eased. The Netherlands Authority for the Financial Markets (AFM) warns that offerors must publish a white paper, ensure that only a legal entity markets the asset, and provide fair, clear and non‑misleading information. Failure to meet these obligations can trigger enforcement action.
National supervisors, rather than the European Banking Authority or the European Central Bank, oversee CASPs with fewer than 15 million active EU users. This threshold, noted by ECB board member Elizabeth McCaul, would have excluded the likes of Binance and the collapsed FTX, but it also means that each national regulator must allocate resources to review applications—a point highlighted by the Central Bank of Ireland’s internal audit, which flagged “considerable time pressure” in its first year of MiCA implementation.
Strategic Edge of a Single‑Entity Licence
DriveWealth’s Lithuanian licence builds on an existing MiFID II authorisation from the same regulator, creating a “single EU entity regulated for both securities and crypto‑assets.” For banks, fintechs, digital wallets and brokers, this translates into one integration point and one regulatory partner for U.S. equities, ETFs, fixed income, options and, soon, crypto‑assets. The company claims the licence will shave years off the time required to build custody and compliance infrastructure, allowing partners to launch new products in weeks rather than months.
Other firms are following the same playbook. By securing dual authorisation under MiFID II and MiCA, they can offer a unified multi‑asset experience across the European Economic Area, sidestepping the need for separate licences in each member state. This creates a competitive advantage over non‑EU players that must either set up multiple subsidiaries or rely on third‑party licences, both of which increase cost and regulatory complexity.
Supervisory and Enforcement Realities
National authorities retain the primary supervisory role, meaning that a CASP must navigate the regulatory expectations of each jurisdiction where it operates. The Bank of Lithuania’s proactive stance—granting the licence and coordinating with the EU’s technical standards—illustrates a more streamlined approach, but it is not the norm. In Ireland, the Central Bank’s new approval procedures reflect the growing pains of scaling oversight under MiCA.
Enforcement remains a key lever. The AFM’s reminder to consumers about misleading claims underscores that regulators are prepared to act against non‑compliant issuers, even as the market expands.
What This Means for Non‑EU Firms
For firms outside the EU, a MiCA licence obtained through a cooperative jurisdiction like Lithuania offers a shortcut to the single‑market advantage. It reduces the “follow‑the‑money” trail to one regulated conduit, simplifies KYC and AML processes, and aligns crypto‑asset services with the same regulatory foundation as traditional securities. The catch is that the licence must satisfy the full suite of MiCA requirements—including the technical standards on capital and stress testing—before the provider can operate EU‑wide.
In practice, this means that non‑EU firms can now present a unified front to European investors, but they must invest in the compliance infrastructure that MiCA demands. Those that succeed will enjoy faster market entry and lower operational friction; those that ignore the rules risk enforcement actions and reputational damage.
The next milestone for DriveWealth is the phased rollout of its crypto‑asset services, with details to be announced later this year.
Sources
- DriveWealth Receives MiCA Authorization from the Bank of Lithuania to Provide Crypto-Asset Services Across the EU – AOL
- Markets in Crypto-Assets
- Launching crypto-assets has become easy, complying with the rules has not
- Today's Crypto News: Bitcoin, Ether and Altcoin Insights
- Growing pains for the Central Bank under the EU’s new crypto rules – The Currency
- DSA outlines U.S. crypto regulation priorities at Washington summit
Photo: Ke an (CC BY-SA 4.0)
