The EU’s Markets in Crypto-Assets Regulation, known as MiCA (Regulation EU 2023/1114), is the world’s first comprehensive legal framework for crypto-asset markets. It changed the rules for everyone operating in the European crypto space. One of its less-discussed requirements has nothing to do with blockchain technology. It concerns how a company proves who it is.
That is where the LEI code comes in.
What Is MiCA and Who Does It Cover?
MiCA was adopted by the European Parliament in April 2023 and entered into force in June 2023. It rolled out in two phases. The first phase, effective from 30 June 2024, covered asset-referenced tokens (ARTs) and e-money tokens (EMTs). The second phase, effective from 30 December 2024, extended the framework to all crypto-asset service providers, referred to as CASPs.
A CASP (Crypto-Asset Service Provider) is any legal entity that provides regulated crypto-asset services on a professional basis. This includes exchanges, custody providers, brokers, trading platforms, and portfolio managers. A CASP authorised in one EU member state gains passporting rights to operate across all 27 member states.
MiCA replaced the patchwork of national virtual asset regimes that previously varied across the EU. Member states could grant a transitional period of up to 18 months for companies already operating under a national framework before 30 December 2024. The absolute deadline for all CASPs is 1 July 2026. After that date, no CASP may operate in the EU without a valid MiCA authorisation.
Why Does MiCA Require an LEI Code?
The LEI code, or Legal Entity Identifier, is a 20-character alphanumeric code that uniquely identifies a legal entity anywhere in the world. It follows the ISO 17442 standard and sits in a publicly accessible global database administered by GLEIF, the Global Legal Entity Identifier Foundation. Every LEI links to verified registration data that is updated annually.
MiCA references the LEI as the standard identifier for regulated entities. This is consistent with how it already applies across EU financial regulation, including MiFID II, EMIR, and SFTR. Commission Delegated Regulation (EU) 2025/421 makes the LEI requirement explicit. It specifies that anyone drawing up a MiCA-compliant white paper must identify their legal entity using a valid ISO 17442 LEI code.
A white paper under MiCA is the mandatory public disclosure document that issuers must publish before any crypto-asset goes to market. Without a valid LEI, a compliant white paper cannot be produced. That means the path to MiCA authorisation is blocked at one of its most fundamental steps.
What the LEI Code Means for CASPs in Practice
For a CASP going through MiCA authorisation, the LEI code is a prerequisite, not a detail to sort out later.
White paper compliance requires a valid LEI. Delegated Regulation (EU) 2025/421 makes this a hard technical requirement. The white paper must be machine-readable, submitted in iXBRL format as of 23 December 2025, and classifiable in the ESMA register. The LEI is part of the data structure that makes this classification possible.
Regulatory submissions and ongoing reporting also use the LEI as the standard entity identifier. ESMA maintains a public register of authorised CASPs, and the LEI runs consistently across that infrastructure.
Regulated platforms increasingly rely on LEI verification in their AML, KYC, and KYB onboarding processes. For CASPs with institutional clients, the LEI enables faster identity checks through the GLEIF database rather than manual document review.
The LEI Code and Other Regulations That Apply to CASPs
MiCA does not operate in isolation. DORA, the Digital Operational Resilience Act, has applied since January 2025 and covers many CASPs once authorised. It requires financial entities to identify their ICT service providers, and the LEI is the identifier used in that process.
The FATF Travel Rule, integrated into MiCA requirements, obliges CASPs to pass sender and recipient information with every crypto-asset transfer. Having an LEI in place supports compliance across all of these frameworks at the same time. You register the LEI once and it works across all applicable regulations as long as it stays current.
What If Your Company Is Not a CASP?
MiCA targets service providers, not companies that use crypto-assets for their own purposes. If your company buys or sells crypto as part of managing its own assets, MiCA does not impose direct obligations on you.
The practical reality is more nuanced, though.
The exchanges and platforms you use are CASPs. They must carry out identity verification and apply AML controls for business clients. This means they run KYB processes during onboarding, and these processes increasingly include a request for an LEI code. A single verifiable identifier from the GLEIF database is faster and more reliable than a set of documents in different formats and languages.
Companies with an LEI code move through onboarding faster. Companies without one face additional requests, longer wait times, or complications when opening business accounts on regulated platforms. As more CASPs align their onboarding with MiCA standards, this friction is likely to grow.
The FATF Travel Rule adds another layer. When your company transfers crypto assets, the CASP on your side must pass identifying information about the transaction. If the counterparty is also a legal entity with an LEI, that process runs cleanly. If not, alternative verification routes add time for everyone involved.
An LEI is not legally required for a company that only uses crypto without providing services. But for any company that interacts regularly with regulated platforms, it removes a predictable source of friction before that friction becomes a real problem. Registration takes a few minutes, the LEI is issued almost immediately, and the price is lower than most expect.
Where MiCA Authorisation Stands Today
By late 2025, more than 40 CASP authorisations had been granted across the EU. The Netherlands and Germany issued the majority of licences. The numbers remain small relative to the size of the European crypto market, which reflects how demanding the authorisation process is.
Transitional periods vary by country. France, Malta, Luxembourg, and Estonia adopted the maximum 18-month window, giving CASPs in those countries until 1 July 2026. The Netherlands and Poland chose shorter periods that expired by mid-2025.
ESMA has warned that last-minute applications face heightened regulatory scrutiny. CASPs operating without authorisation once their transitional period ends must implement orderly wind-down plans. Any CASP still in the transitional phase should be well into its authorisation process by now.
How to Get an LEI Code
Getting an LEI code is straightforward. A company applies through an accredited LEI registration agent. The agent verifies the entity’s data against official company registries and submits it to the GLEIF system. The process takes a few minutes and the LEI is issued almost immediately.
The LEI must be renewed annually to stay valid. An expired LEI does not meet regulatory requirements, including the MiCA white paper obligation. If your LEI is coming up for renewal, renew it here before it lapses.
If your company does not yet have an LEI code, you can register here.
What It Comes Down To
MiCA brought to the crypto sector the identity standards that have defined regulated financial markets for years. For CASPs, the LEI code sits at the foundation of the authorisation process. A compliant white paper requires it. No white paper means no MiCA licence, and no licence means no legal basis to operate as a crypto-asset service provider in the EU after 1 July 2026.
For companies that are not CASPs but interact with regulated platforms, the picture is different but the direction is the same. The LEI is not a legal requirement, but it is becoming the practical standard for smooth access to the regulated crypto ecosystem in Europe.
The code itself is simple to obtain. Getting that part sorted early is one of the easier decisions in an otherwise demanding compliance journey.