MiCA authorisation process crypto: Securing a scalable, EU-compliant operating model
Consultants at ECOVIS ProventusLaw helped a client develop scalable, EU-compliant business models to obtain the MiCA CASP license – a case study.
Client Information
Our client is a globally regulated cryptocurrency service provider operating within the European Union under the brand BACKPACK EU (Trek Technologies SIA). The company sought 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).
The challenge for the client
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.
We 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. Our team has successfully advised clients through more than 40 end-to-end FinTech licensing processes, resulting in regulatory authorisations.
Inga Karulaitytė, Attorney-at-Law, Partner, Head of Banking and Finance & FinTech, CAMS, ECOVIS ProventusLaw, Vilnius/Riga, Lithuania/Latvia
The task for Ecovis
ECOVIS ProventusLaw worked with BACKPACK throughout the authorisation process, resulting in the granting of the MiCA CASP licence at the end of May 2026. The consultancy covered 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 desired outcome
Our client was granted the MiCA CASP license at the end of May 2026.
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