MiCA SERVICE · ARTICLE 3(1)(16)(E) · LAST UPDATED
What is "Order execution" under MiCA Article 3(1)(16)(e)?
Order execution is one of ten crypto-asset services defined by the EU's Markets in Crypto-Assets Regulation. 8 of the 13 MiCA-authorised crypto exchanges we track hold an authorisation for this service today.
What does "Order execution" mean under MiCA?
Execution of orders for crypto-assets on behalf of clients
What does this service mean for me as a user?
The exchange can place orders for you on third-party venues (smart-routing). Less common in retail crypto; relevant for brokerage-style services.
Which exchanges hold a MiCA authorisation for Order execution?
8 of the 13 MiCA-authorised crypto exchanges we track hold an authorisation that includes this service.
| Provider | Home Member State | Authorised on | Total services held |
|---|---|---|---|
| OKX | Malta | 8 of 10 | |
| Bitpanda | Austria | 7 of 10 | |
| Bitstamp | Luxembourg | 7 of 10 | |
| Coinbase | Luxembourg | 7 of 10 | |
| Gemini | Malta | 7 of 10 | |
| Kraken | Ireland | 7 of 10 | |
| Crypto.com | Malta | 6 of 10 | |
| Trade Republic | Germany | 4 of 10 |
Sourced from the ESMA Register of Crypto-Asset Service Providers, retrieved 14 May 2026.
Where is this service defined in EU law?
The Markets in Crypto-Assets Regulation - Regulation (EU) 2023/1114 - defines "Order execution" in Article 3(1)(16)(e). 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 , offering "Order execution" 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.
- Placing - Underwriting or distributing new crypto-asset issuances.
- Order R&T - Receiving and transmitting orders to other venues for execution.
- Advice - Personalised investment advice on crypto-assets.
- Portfolio mgmt - Discretionary management of a crypto portfolio.
- Transfer services - Moving crypto between addresses, including off-platform withdrawals.
Sources cited on this page
- ESMA - Markets in Crypto-Assets Regulation (MiCA) and Register of CASPs
- Regulation (EU) 2023/1114 (MiCA) on EUR-Lex
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