What is "Advice" under MiCA Article 3(1)(16)(h)?

Where is this service defined in EU law?

The Markets in Crypto-Assets Regulation - Regulation (EU) 2023/1114 - defines "Advice" in Article 3(1)(16)(h). An exchange must obtain a separate sub-authorisation for each MiCA service it wishes to offer; holding one service does not imply the others. National competent authorities issue these authorisations exchange by exchange and service by service.

What if my exchange does not hold this authorisation?

From 1 July 2026, offering "Advice" to EEA residents without the corresponding MiCA authorisation is a breach of Regulation (EU) 2023/1114. Some exchanges hold a partial MiCA authorisation that excludes specific services; in those cases the exchange may continue to operate but is not legally allowed to offer the missing service to EEA residents.

What are the other MiCA services?

The full list of ten MiCA services defined in Article 3(1)(16):

• Custody - The exchange holds your crypto in its own wallets, subject to MiCA's segregation rules.
• Trading platform - Operating an order book where users place orders against each other.
• Exchange for funds - Crypto-to-fiat conversion, such as BTC to EUR.
• Exchange for crypto - Crypto-to-crypto conversion, such as BTC to ETH.
• Order execution - Placing orders on third-party venues on behalf of clients.
• Placing - Underwriting or distributing new crypto-asset issuances.
• Order R&T - Receiving and transmitting orders to other venues for execution.
• Portfolio mgmt - Discretionary management of a crypto portfolio.
• Transfer services - Moving crypto between addresses, including off-platform withdrawals.