MiCA Compliance for CASPs — Start Screening Today
Automated transaction monitoring with OFAC and EU sanctions screening that meets Articles 68 and 92. Designed for CASPs screening EURC, EURe, agEUR, and cross-border stablecoin counterparties. Self-serve. From $99/month.
What Is MiCA?
The Markets in Crypto-Assets Regulation (MiCA) is the European Union's comprehensive regulatory framework for crypto-assets, adopted as Regulation (EU) 2023/1114. It establishes uniform rules across all 27 EU member states for the issuance, offering, and provision of services related to crypto-assets — replacing the patchwork of national regulations that preceded it.
For compliance teams, MiCA creates binding obligations around transaction monitoring, sanctions screening, record-keeping, and suspicious activity reporting. These are not optional guidelines — non-compliance carries administrative penalties and potential management bans for individuals.
MiCA rolled out in two phases. Titles III and IV, covering asset-referenced tokens and e-money tokens, took effect on 30 June 2024. The remaining provisions — including CASP authorization under Title V — applied from 30 December 2024, with a transitional period allowing CASPs already operating under national law to continue until 30 June 2026.
Who Must Comply Under MiCA?
MiCA defines a crypto-asset service provider (CASP) as any legal person whose occupation or business involves providing crypto-asset services professionally. This includes exchanges, custodial wallet providers, platforms offering trading or transfer services, and firms providing crypto-asset advice or portfolio management.
If your business operates in the EU — or serves EU customers — and touches any of these activities, MiCA applies. CASPs that were already operating before 30 December 2024 under national licensing frameworks can continue under a transitional period, but that window closes on 30 June 2026. After that date, only CASPs holding a MiCA authorization issued by a national competent authority may continue operating.
Third-country firms serving EU clients remotely are also affected. MiCA does not provide a general equivalence regime, meaning non-EU firms cannot passively serve EU customers without authorization. If you handle crypto-assets for anyone in the EU, the regulation reaches you.
The MiCA Deadline Is Real
The transitional period under MiCA Article 143 expires on 30 June 2026 for crypto-asset service providers. After that date, every CASP operating in the EU must hold a national authorization and demonstrate functioning compliance infrastructure — including monitoring of enforcement events and token issuer activity. CASPs that have not applied for or received authorization by this date must cease operations in the EU. The penalties for non-compliance are not theoretical.
What MiCA Requires ↔ What Eagle Virtual Provides
| MiCA Requirement | What It Means | Eagle Virtual Coverage |
|---|---|---|
| Article 68: Record-keeping | Maintain records of all services, orders, and transactions for at least 5 years | Audit trail exports in CSV and PDF with block-level granularity and timestamp evidence |
| Article 68: Risk management | Implement policies and procedures for risk identification and mitigation | 6-level evidence quality scoring (L0-L5) with proximity-based risk classification |
| Article 68: Transaction records | Record sufficient detail on each transaction to reconstruct it | Full transfer history across supported chains with 35.0B+ indexed transactions |
| Article 92: Suspicious activity | Detect and assess transactions that may involve market abuse or financial crime | Proximity-based risk scoring — measures hop distance to EU sanctions, issuer enforcement events, and other risk sources across the transaction graph |
| Article 92: Report "without undue delay" | Submit suspicious transaction reports to authorities promptly | Real-time blacklist alerts as enforcement events occur on-chain — no batch delays |
| Transfer of Funds Reg: Travel Rule | Identify and verify originator/beneficiary for crypto transfers | Counterparty address screening with risk assessment and audit evidence |
For each screened address, CASPs receive a risk band, confidence band, direct status flags (OFAC and EU sanctions, issuer freezes), top risk drivers, and a coverage state — structured evidence designed for MiCA recordkeeping and audit requirements. Learn more about how risk scoring works.
How Eagle Virtual Compares
| Eagle Virtual | Chainalysis | Scorechain | |
|---|---|---|---|
| Price | $99/mo | ~EUR 100K/yr | ~EUR 500/mo |
| Self-serve signup | Yes | No (4-8 week sales cycle) | Trial only |
| Evidence model | Full on-chain proof paths | Proprietary black-box score | Aggregated score |
| Stablecoin enforcement alerts | Real-time | Delayed | Delayed |
| Chains monitored | Multi-chain today | 20+ | 9 |
| API access | Included | Enterprise tier only | Included |
| Bulk screening | Up to 1,000/request | Custom | Limited |
MiCA Compliance Checklist
Check off each item your business has addressed. Eagle Virtual covers 6 of the 7 requirements.
Stablecoins Under MiCA: The USDT Question
MiCA requires stablecoin issuers to hold either an Electronic Money Institution (EMI) authorization for e-money tokens or meet asset-referenced token requirements. This has immediate practical consequences for compliance teams.
Tether has not obtained EMI authorization in the EU, leading exchanges including Coinbase Europe, Bitstamp, and Kraken to delist or restrict USDT for EU customers. However, delisting does not eliminate exposure. Existing USDT holdings, historical transactions, and non-EU counterparties still require monitoring and screening. If your business has any exposure to USDT — past or present — that exposure must remain visible and auditable.
Euro-denominated stablecoins such as EURC (issued by Circle), EURe (issued by Monerium), and agEUR (issued by Angle Protocol) are positioned as MiCA-compliant alternatives. Eagle Virtual screens all of these assets in the same workflow, alongside USDT enforcement events, so compliance teams can monitor both legacy exposure and MiCA-aligned stablecoin activity from a single interface.
For CASPs handling cross-border transfers, counterparty screening must cover both the stablecoin itself and the addresses involved. A transfer of EURC to a wallet with proximity to blacklisted addresses or issuer enforcement events carries the same compliance risk as any other asset.
Getting Started
If your CASP is preparing for MiCA authorization — or maintaining compliance post-authorization — transaction monitoring infrastructure should be in place early. Eagle Virtual supports the technical screening requirements in three steps:
1. Screen your existing portfolio. Run your wallet addresses against OFAC, EU sanctions, and stablecoin issuer blacklists. The free wallet risk check provides an immediate baseline.
2. Integrate API-based screening. Connect screening to your onboarding and transaction workflows. The API accepts single addresses or bulk batches of up to 1,000 addresses per request, returning risk bands, evidence quality scores, and direct status flags. See the API documentation for details.
3. Establish ongoing monitoring. Eagle Virtual tracks enforcement events in real time — when a stablecoin issuer freezes a wallet or a new sanctions designation is published, any affected addresses in your portfolio are flagged automatically.
Frequently Asked Questions
Is Eagle Virtual a full MiCA compliance solution?
Eagle Virtual supports the transaction-monitoring, sanctions-screening, and evidence workflows that MiCA compliance teams need around Articles 68 and 92. It does not replace internal governance policies, legal counsel, or the CASP licensing application itself. Eagle Virtual is the screening infrastructure layer, while your compliance team handles the organizational requirements.
Which MiCA articles does Eagle Virtual address?
Eagle Virtual supports workflows relevant to Article 68 (record-keeping, risk management, and transaction monitoring), Article 92 (suspicious-activity detection), and the Transfer of Funds Regulation recast (counterparty address screening for Travel Rule compliance). It should be used as the screening and monitoring layer within a broader MiCA compliance program.
Can Eagle Virtual help with a CASP license application?
Yes. National competent authorities reviewing CASP applications need to see that the applicant has functioning transaction monitoring and sanctions screening infrastructure. Eagle Virtual can help demonstrate that readiness with audit trail exports and evidence-quality scoring, but it is only one part of a broader licensing package.
How does Eagle Virtual handle the USDT delisting issue under MiCA?
MiCA requires stablecoin issuers to hold an Electronic Money Institution (EMI) authorization in the EU. Tether has not obtained this authorization, leading several EU exchanges to delist USDT for EU customers. Eagle Virtual tracks all USDT enforcement events regardless of delisting status, because existing USDT holdings, historical transactions, and non-EU counterparties still require monitoring. If your business has any exposure to USDT — past or present — Eagle Virtual ensures that exposure is visible and auditable.
How long does it take to become MiCA-ready?
Transaction monitoring and sanctions screening infrastructure can be operational in hours — Eagle Virtual is self-serve. The broader CASP authorization process typically takes 6 to 12 months, depending on your national competent authority and organizational readiness. Starting the infrastructure early gives compliance teams audit evidence they can reference during the licensing application, and demonstrates to regulators that monitoring capabilities are already functioning.
What Eagle Virtual provides: On-chain transaction screening (OFAC + EU sanctions), exposure monitoring, enforcement event tracking, and evidence export for MiCA workflows.
What you handle separately: CASP licensing, governance, KYC/KYB, SAR filing, and full Travel Rule messaging.
The Deadline Is Approaching
MiCA enforcement begins 1 July 2026. Start building your compliance infrastructure today with automated transaction monitoring, sanctions screening, and audit-ready evidence — or read more about compliance monitoring workflows.