Freedom to provide crypto services & MiCA

Why freedom to provide services matters in relation to MiCA?

Every EU citizen and every legal person established in the European Union is entitled to provide or make use of services in another EU Member State, and this includes crypto services. This is the "freedom to provide services" and what this right means is that an EU citizen wishing to use the services of a company established in another EU Member State is subject to the freedom to provide those services. Such provision does not require registration or a licence, much like an EU citizen from Poland arriving in Paris to buy a baguette from a French bakery. As long as there is no active marketing or selling activity of such an entity relating to another Member State, there should not be any registration or authorisation requirement.

In terms of MiCA, what it means is that as long as there are no MiCA authorisation requirements applicable, local regulations apply. In such a case, if any EU customer approaches a crypto company registered in another EU country, such a company may freely provide its services to that customer.

So, as long as we wait for MiCA authorisation to enter into force, all local authorisations or registrations still apply, and entities having such authorisations or registrations may continue to provide services to other Member States' citizens, should they approach those companies and wish to have those services delivered to them.