Module 2 · Chapter 6

The Passport, the Map of Regulators, and the Country That Left

One notification lets an authorised crypto firm serve clients across the EU. This chapter shows how the passport works, where firms choose to be authorised, and why it stops at the UK.

≈ 11 min read 8-question test

In this chapter

  • How one notification opens other EU countries to Halcyon
  • Why a client who “came to you” rarely helps
  • Where crypto firms get authorised, and why the UK is closed

6.1The passport in one paragraph

Halcyon is authorised in Ireland, but it may serve clients across the EU. The passport lets a CASP authorised in one member state offer the same services in any other, after a notification (Article 65). The passport stops at the EU's border.

The regulator that authorised the firm is its home authority, and for Halcyon that is the Central Bank. The regulator of each other country where it serves clients is a host authority. The host authority is told about the firm, not asked to approve it.

Key point

A CASP is authorised once, at home, and then notifies each new country. It needs no new authorisation, office or capital in the countries it adds.

Also in this chapter

  1. How Halcyon's notification worked
  2. Who supervises a passported firm
  3. Adding a country or a service
  4. Why reverse solicitation is not a way into a market
  5. Where crypto firms choose to be authorised
  6. Why the UK is closed to Halcyon
  7. Your job

Preview

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