MiCA implementation in Croatia

Manimama's experts are well versed in the complexities of cryptocurrency regulation and are committed to sharing their findings with businesses and individuals navigating this dynamic sector.

Indeed, our legal team recently finalized a comprehensive study on the national implementation of the Markets in Crypto-assets Regulation (MiCA) in various EU countries. The legal research not only highlights the differences in how MiCA is adopted at the national level, but also offers standard rules for compliance. Today we offer you an insight into the specifics of obtaining a cryptocurrency license in Austria under the new MiCA provisions.

Current requirements (prior to MiCA implementation)

Virtual asset service providers intending to conduct their activities from the territory of Croatia are required to obtain authorization from the Hrvatskoj agenciji za nadzor financijskih usluga (“Hanfa”). 

In order to legally provide virtual asset services to a local company in Croatia, you must:

1) Register a local legal entity (e.g. LLC, minimum authorized capital of 2,650 euros).

2) Have a registered address in Croatia (the address can be virtual, but it must be a physical mailing address).

3) Submit an application via email to HANFA. The application must include information about the company, its beneficiaries, shareholders and directors, the directors must prove that they have the necessary knowledge and experience in the cryptosphere, and there must be information about the employee who will perform the role of the AML officer.

4) Documents should be attached to the application, namely: AML documentation, certificate of no criminal record for beneficiaries, shareholders and directors. HANFA may require a business plan if necessary

Has the jurisdiction enacted a law/draft law implementing MiCA?

Draft Bill NACRT PRIJEDLOGA ZAKONA O PROVEDBI UREDBE (EU) BR. 2023/1114 O TRŽIŠTIMA KRIPTOIMOVINE

Who is the regulator under the law/draft law implementing MiCA?

Hrvatskoj agenciji za nadzor financijskih usluga (“Hanfa”)

Hrvatska narodna banka (“HNB”)

Requirements for future CASPs stipulated by the national legislation implementing MiCA, the presence of national peculiarities

CASP must apply to Hanfa for permission. With its regulations, Hanfa defines in more detail the content of the application for the issuance of a work permit, but currently does not have any resolution that would regulate this content and, accordingly, the requirements for CASP.

The period of time by which the CASP must comply with the new requirements, as well as the procedure for notifying the regulator of compliance with the new requirements

Legislation has not yet determined by what time CASP must meet the new requirements. In the Hanfa newsletter from December 28, 2023, the regulatory body notes that existing registered VASPs or those registering by December 30, 2024, must obtain authorization by June 2026. But this term can be reduced if the corresponding provision is provided by national legislation.

Is there a transition period before the full implementation of MiCA?

After December 30, 2024, CASPs must create, submit to the competent authority and publish a descriptive document containing the information they are required to publish (“crypto-asset white paper”).

In the Hanfa newsletter from December 28, 2023, the regulatory body notes that CASPs that were registered before December 30, 2024 will be able to continue to provide equivalent MiCA services during a longer transition period (until June 2026), but only those services for which they were registered. If after December 30, 2024 CASP decides to provide additional or other types of services, without authorization, CASP will not be able to provide them.

The ability of a CASP from a jurisdiction with a transition period to operate freely in a jurisdiction without a transition period starting from January 1, 2025.

The relevant provisions have not yet been adopted

Liability provided for CASPs that continue to operate at the place of registration without meeting the new requirements

A fine of up to EUR 5,000,000.00 is imposed on a legal entity, which cannot be less than 1% or more than 5% of the total net income realized and determined in the annual financial report for this business year.


Manimama Legal & Growth Agency provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.


The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.