Can a non-regulated holding company act as commercial counterparty to a licensed CASP subsidiary?
CASP group structure: holding company
Section titled “CASP group structure: holding company”| Authority | ESMA |
| Q&A ID | ESMA_QA_2746 |
| Status | Question Published |
| Published | 5 January 2026 |
| Legal basis | Article 59 MiCA |
| Source | ESMA Q&A |
Question
Section titled “Question”Under MiCA, can a group structure exist where a non-regulated holding company acts as the principal commercial counterparty (contracting customers, maintaining relationships, issuing invoices), while a licensed CASP within the same group performs and executes the regulated crypto-asset services without directly contracting with or invoicing end customers, provided all MiCA requirements (governance, outsourcing, conflicts of interest, conduct of business) are met?
Answer
Section titled “Answer”ESMA has not yet published an answer to this question. Its current status in the ESMA Q&A register is Question Published (submitted 5 January 2026). This page will be updated if and when ESMA publishes a response.
Source: ESMA original document