> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/esma-qa-2746-casp-group-structure.md).

# CASP group structure: holding company

|                 |                                                                                                                                               |
| --------------- | --------------------------------------------------------------------------------------------------------------------------------------------- |
| **Authority**   | ESMA                                                                                                                                          |
| **Q\&A ID**     | ESMA\_QA\_2746                                                                                                                                |
| **Status**      | Question Published                                                                                                                            |
| **Published**   | 5 January 2026                                                                                                                                |
| **Legal basis** | [Article 59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md) MiCA |
| **Source**      | [ESMA Q\&A](https://www.esma.europa.eu/publications-data/questions-answers/2746)                                                              |

### Question

Under MiCA, can a [group](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/group.md) structure exist where a non-regulated holding company acts as the principal commercial counterparty (contracting customers, maintaining relationships, issuing invoices), while a licensed CASP within the same group performs and executes the regulated [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) services without directly contracting with or invoicing end customers, provided all MiCA requirements (governance, outsourcing, conflicts of interest, conduct of business) are met?

***

### Answer

> **ESMA has not yet published an answer to this question.** Its current status in the ESMA Q\&A register is *Question Published* (submitted 5 January 2026). This page will be updated if and when ESMA publishes a response.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2746)

### Related

* [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) — defined term used on this page
* [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/tofr/crypto-asset.md) — defined term used on this page
* [subsidiary](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/subsidiary.md) — defined term used on this page
* [group](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/group.md) — defined term used on this page


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://www.mica.wtf/eu-level/q-and-a/esma-qa-2746-casp-group-structure.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.