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# ESMA Q\&A 2417 — Q\&A — Primary-issuance transfers by the issuer: CASP authorisation \[Answer Published]

*Answer Published · ESMA Q\&A register, 18 June 2026 ·* [*Official source*](https://www.esma.europa.eu/publications-data/questions-answers/2417)

|                      |                                                                                                                                                                  |
| -------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Authority**        | ESMA                                                                                                                                                             |
| **Q\&A ID**          | ESMA\_QA\_2417                                                                                                                                                   |
| **Answer published** | 18 June 2026                                                                                                                                                     |
| **Question date**    | 27 January 2025                                                                                                                                                  |
| **Legal basis**      | [Article 4(5)](/mica/articles/4.md) [MiCA](/mica.md); [Article 4(3)](/mica/articles/4.md) [MiCA](/mica.md); [Article 3(1)](/mica/articles/3.md) [MiCA](/mica.md) |

#### Question

According to [Article 4(5)](/mica/articles/4.md) of MiCA, crypto-asset transfer services are exempt from requiring CASP authorization if they are linked to public offerings that qualify as exempt under Article 4(3) (with exceptions). However, the wording leaves room for interpretation as to whether it is mandatory for issuers to either be authorized or subcontract with a CASP for transfer services in the case of non-exempt public offerings. To provide greater legal certainty for the primary market, it would be helpful to clarify the following:

Can the issuer itself conduct a public offering of a crypto-asset other than asset-referenced tokens or e-money tokens, transferring the tokens directly from the issuance smart contract to a personal wallet, without being required to obtain CASP authorization or subcontract custody and transfer services under an authorized CASP, even if the offering does not fall under the exemptions of Article 4(3) as referenced in Article 4(5)?

***

#### Answer

Yes. Artice 3(1)17) defines custody services as “the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets...”. In turn, [Article 3(1)](/mica/articles/3.md)(26) of MiCA defines the provision of “transfer services for crypto-assets on behalf of clients” as the provision of “services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another”. Where an issuer, in the context of the primary issuance of its token, sends the issued crypto-assets to the wallet /account of the persons having purchased them, they are not conducting transfer services or custody services on behalf of another person.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2417)


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