Capital adequacy, complaints handling, and operational resilience finalised. A practical read for operators already authorised.
What Phase II covers
MiCA’s technical standards are issued in phases. Phase I covered classification of crypto-assets and disclosure requirements for ARTs and EMTs. Phase II covers operational requirements for CASP authorisation: capital adequacy, organisational requirements, complaints handling, and business continuity. The August 2026 draft represents the finalised operative text that NCAs across the EU are now applying. For operators holding CASPs granted under the transitional period (national registrations grandfathered into CASP status), Phase II standards apply from the next annual review cycle. Lithuania’s FI has been among the more active NCAs in requiring updates.
Capital adequacy — what changed
The base capital requirement under Phase I was EUR 50,000–150,000 depending on service type. Phase II introduces a variable overlay: the higher of the fixed minimum or a percentage of fixed overhead, calculated annually. For active CASPs with meaningful revenue, the effective capital floor rises as the business grows. The calculation methodology — using the prior year’s fixed overhead — creates a one-year lag that can produce capital requirement spikes for fast-growing operators. Phase II also clarifies that capital must be held in instruments qualifying as Tier 1 under the relevant national capital adequacy framework.
The variable overlay is the change most existing CASP holders have not modelled correctly. A EUR 2M overhead business has a capital floor well above the EUR 150,000 minimum — typically EUR 500K–750K depending on the service category multiplier.GSS Legal — MiCA practice
Complaints handling and operational resilience
Phase II introduces a formal complaints handling framework: a written complaints policy published on the CASP’s website; a dedicated complaints channel for EU-resident clients; a 15 business day acknowledgment requirement; a 35 business day resolution target; and quarterly complaints data reporting to the NCA. Operational resilience requirements have been strengthened materially — CASPs must maintain a tested business continuity plan, a technology and cybersecurity risk framework aligned to DORA, and incident reporting to the NCA within 4 hours of a major operational incident. Several operators who received CASP authorisations before DORA’s crypto coverage was clarified are now retrofitting their ICT risk frameworks.
Travel Rule alignment
Phase II confirms MiCA’s Travel Rule requirements align with the FATF standard: CASPs must collect and transmit originator and beneficiary information for all transfers above EUR 1,000. For CASP-to-CASP transfers, transmission must be machine-readable and automated — manual workarounds used during the transitional period are no longer compliant. For transfers to unhosted wallets above EUR 1,000, operators must apply risk-based measures and obtain originator self-certification.
Impact on existing CASP holders
For CASPs authorised under the transitional period, NCA review cycles are the trigger for Phase II compliance assessments. Lithuania’s FI has notified holders that Phase II compliance will be assessed at the first annual review after the August 2026 effective date. The compliance gap is typically concentrated in three areas: variable capital recalculation, DORA-aligned ICT risk framework, and complaints handling infrastructure. For operators currently in the application pipeline, NCAs have indicated they will not accept Phase I dossiers for applications filed after September 2026.
What operators do now
Three immediate actions for existing CASP holders: recalculate your capital floor using the Phase II variable overlay against your most recent annual accounts; commission a gap assessment of your ICT risk framework against DORA Article 6 requirements; and document your complaints handling procedure and publish it before your next NCA review. For operators in the pipeline, confirm that the dossier being prepared reflects Phase II standards — not the Phase I templates in wide circulation through mid-2026.
