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---
title: "Recital 21"
type: regulation
legal_status: in_force
source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114
shortTitle: "Recital 21"
instrument_type: level1_regulation
authority: Commission
binding: true
binding_character: binding
mica_level2: false
legal_basis: Regulation (EU) 2023/1114
instrument: mica
celex: 32023R1114
text_version: "Regulation (EU) 2023/1114, OJ L 150, 9.6.2023"
source_url: "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng"
check_status: matched
verified: true
last_checked: 2026-11-09
---

*In force · Regulation (EU) 2023/1114, OJ L 150, 9.6.2023 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)*

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://www.headlesslaw.com/definitions/mica/operation-of-a-trading-platform-for-crypto-assets), exchanging crypto-assets for [funds](https://www.headlesslaw.com/definitions/mica/funds) or other crypto-assets, [providing custody and administration of crypto-assets on behalf of clients](https://www.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://www.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://www.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://www.headlesslaw.com/definitions/mica/execution-of-orders-for-crypto-assets-on-behalf-of-clients), [providing advice on crypto-assets](https://www.headlesslaw.com/definitions/mica/providing-advice-on-crypto-assets) and [providing portfolio management of crypto-assets](https://www.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://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider)’.