MiCA authorisation process crypto: Securing a scalable, EU-compliant operating model

BACKPACK EU is a globally regulated cryptocurrency service provider operating within the European Union seeking legal advisory services in relation to its application to the Bank of Latvia for authorisation as a crypto-asset service provider (CASP) under the Markets in Crypto-Assets Regulation (MiCA). Companies seeking MiCA authorisation face a complex regulatory process. The client needed to prepare the application package and translate its existing operating model into a MiCA-compliant framework suitable for passporting across the EEA.

ECOVIS ProventusLaw worked with BACKPACK throughout the authorisation process, providing comprehensive consultancy covering the key areas:

- MiCA CASP licensing and regulatory strategy
- Preparation for regulatory notification and meetings with the regulator
- Regulatory business model for CASP activities (custody, transfers, exchange, and order execution)
- Governance structure and board-level accountability
- Internal control and risk management frameworks
- Internal policies and procedures, user agreement, outsourcing

The team at ECOVIS ProventusLaw has successfully advised clients through more than 40 end-to-end FinTech licensing processes, resulting in regulatory authorisations. This extensive experience was leveraged to guide BACKPACK through the full MiCA authorisation process.

BACKPACK EU was granted the MiCA CASP license at the end of May 2026. The successful authorisation demonstrates ECOVIS ProventusLaw's capability to guide crypto-asset businesses through the full MiCA authorisation process – from regulatory strategy, assessment and structuring of CASP business models and application package preparation, to governance design and internal control, including AML/CFT and sanctions compliance frameworks.