Do registered AIFMs need MiCA authorisation to provide crypto-asset services?
Registered AIFMs: MiCA auth
Section titled “Registered AIFMs: MiCA auth”| Authority | ESMA |
| Q&A ID | ESMA_QA_2397 |
| Status | Answer Published |
| Published | April 2025 |
| Legal basis | Article 60 MiCA |
| Source | ESMA Q&A |
Question
Section titled “Question”Does Article 60 paragraph 5 MiCA apply to registered (sometimes referred to as sub-threshold) Alternative Investment Fund Managers referred to in Article 3(2) AIFMD (Directive 2011/61/EU)?
Answer
Section titled “Answer”Article 60(5) provides that “A UCITS management company or an alternative investment fund manager may provide crypto-asset services equivalent to the management of portfolios of investment and non-core services for which it is authorised [emphasis added] under Directive 2009/65/EC or Directive 2011/61/EU if it notifies the competent authority of the home Member State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.”
Alternative investment fund managers referred to in Article 3(2) of the AIFMD are exempt from authorisation under the AIFMD – they are instead simply registered. As such they may not provide crypto-asset services on the basis of a notification under Article 60(5) of MiCA.
Source: ESMA original document