> 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/mica/recitals/21.md).

# Recital 21

MiCA Recital 21 — Regulation (EU) 2023/1114.

|                 |                                                                                 |
| --------------- | ------------------------------------------------------------------------------- |
| **Instrument**  | Regulation (EU) 2023/1114 (MiCA)                                                |
| **Source**      | [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114) |
| **Status**      | In force                                                                        |
| **Review rule** | Legal-text changes require human review                                         |

### (21)

It is necessary to lay down specific rules for entities that provide services related to crypto-assets. A first category of such services consists of ensuring the [operation of a trading platform for crypto-assets](https://headlesslaw.com/definitions/mica/operation-of-a-trading-platform-for-crypto-assets/), exchanging crypto-assets for [funds](https://headlesslaw.com/definitions/mica/funds/) or other crypto-assets, [providing custody and administration of crypto-assets on behalf of clients](https://headlesslaw.com/definitions/mica/providing-custody-and-administration-of-crypto-assets-on-behalf-of-clients/), and [providing transfer services for crypto-assets on behalf of clients](https://headlesslaw.com/definitions/mica/providing-transfer-services-for-crypto-assets-on-behalf-of-clients/). A second category of such services consists of the [placing of crypto-assets](https://headlesslaw.com/definitions/mica/placing-of-crypto-assets/), the reception or transmission of orders for crypto-assets on behalf of clients, the [execution of orders for crypto-assets on behalf of clients](https://headlesslaw.com/definitions/mica/execution-of-orders-for-crypto-assets-on-behalf-of-clients/), [providing advice on crypto-assets](https://headlesslaw.com/definitions/mica/providing-advice-on-crypto-assets/) and [providing portfolio management of crypto-assets](https://headlesslaw.com/definitions/mica/providing-portfolio-management-of-crypto-assets/). Any person that provides crypto-asset services on a professional basis in accordance with this Regulation should be deemed to be a ‘[crypto-asset service provider](https://headlesslaw.com/definitions/dora/crypto-asset-service-provider/)’.


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