AUSTRIA Law and Practice Contributed by: Oliver Völkel, Jara Erhard and Bryan Hollmann, CERHA HEMPEL
within the EU, and the FMA requires at least one EU/ EEA‑resident director when granting a CASP licence. Grandfathering and Transitional Rules MiCA introduced transitional (“grandfathering”) provi- sions for existing crypto businesses that were author- ised or registered under national law before it became fully applicable. Austria made use of these options but opted for relatively strict timelines: registered vir- tual asset service providers (VASPs) were allowed to continue operating only until 31 December 2025 while transitioning to a full CASP licence. Firms that did not obtain MiCA authorisation by that date had to cease their business operations. 3.2 Set-Up Requirements Pre-Licensing Discussions With the Austrian FMA The Austrian FMA provides a roadmap (available here) as well as additional information (available here) for CASPs intending to set up operations in Austria. It actively encourages future applicants to reach out as early as possible for informal preliminary discussions to allow sufficient time for preparation and co-ordina- tion. When requesting a meeting, the FMA asks that a questionnaire be completed (available here). Note that both the pre-licensing discussions as well as the whole licensing proceedings can be conducted in English. Presence and Local Personnel Requirements Under MiCA All CASPs wishing to file an application with the Aus- trian FMA must also have their registered office in Austria, from which they conduct at least part of their services, and must appoint at least one managing director who is resident in the EEA (see 3.1 Licens- ing Requirements , “Territorial Scope”). For the money laundering reporting officer (MLRO), the FMA typically also requires an EEA resident that is fit and proper under the Austrian Financial Markets Anti-Money
ranges between EUR20,000 and EUR125,000, and for an EMI it is EUR350,000. In addition, firms must hold ongoing own funds, calculated under the applicable regulatory methods (eg, method A based on 10% of the previous year’s fixed overheads). Where multiple licences are required (eg, a dual licence as CASP and payment institution (see 6.2.2 Stable- coin Regulation ), the initial capital and own-funds requirements apply cumulatively; in practice, this means that the minimum hard-core capital is added up (eg, EUR150,000 + EUR20,000), and the ongoing own-funds requirement is then calculated on top. 3.3 Change of Control The FMA is responsible for ensuring that both the management and the (direct and indirect) beneficial owners of all supervised entities are profession- ally suitable and personally reliable. As a result, any person intending to acquire or increase a qualifying holding in a CASP must notify the FMA in advance of entering into a binding agreement. The legal basis for the ownership-control procedure for CASPs is Com- mission Delegated Regulation (EU) 2025/414. As part of the authorisation, this CDR applies as well and detailed information and documentation must be submitted for each proposed qualifying shareholder and, where the shareholder is a legal person, also for its executive management. This typically includes: • criminal record extracts; • financial information; • a list of beneficial owners; • CVs; • a description of business activities; • disclosure of any links to politically exposed per- sons; • a description of financial and non-financial inter- ests; • annual financial statements; • certificate of good standing; and • information on the financing structure. 3.4 Passporting Under MiCA, a CASP licence granted by the FMA in Austria is an EU-wide authorisation that can be pass- ported to all other EU/EEA member states. The CASP
Laundering Act (FM-GwG). Prudential Requirements
Prudential requirements depend on the type of licence and the concrete services that are intended to be pro- vided. For a CASP, the minimum hard core capital rang- es between EUR50,000 and EUR150,000, depending on the service profile, while for a payment institution it
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