Crypto-asset service provider
CASPAlso called miCA-authorised crypto firm, crypto service provider
A crypto-asset service provider is a firm authorised under the EU's MiCA regulation to provide crypto services, such as custody, running a trading platform, exchange or transfer services. Authorisation in one member state lets the firm serve clients across the EU. Outside the EU, the FATF term virtual asset service provider covers similar firms.
How it works
A firm applies to the national regulator in its home member state, showing its governance, capital, fit and proper management, safeguarding of client assets, complaints handling and anti-money laundering controls. Once authorised, it appears on ESMA's register and can passport its services to other member states by notification. Banks, investment firms and some other regulated firms can provide crypto services through a simpler notification route instead.
The CASP label sits alongside the FATF term virtual asset service provider (VASP), used in AML law worldwide. Every CASP is an obliged entity under EU AML rules and must apply customer due diligence, transaction monitoring and the crypto travel rule. Banks onboarding a crypto firm check whether it holds MiCA authorisation for the services it offers, or in the UK, FCA registration as a cryptoasset business.
The rules
Requires authorisation as a CASP, sets prudential, governance, custody and conduct rules, and allows services to be passported across the EU.
Firms providing crypto-asset services in the EUEnded the grandfathering period; firms without CASP authorisation can no longer provide crypto services in the EU.
Firms providing crypto services under national law before 30 December 2024Requires VASPs to be licensed or registered and to apply the same AML and counter-terrorist financing measures as other financial institutions.
Virtual asset service providers, through national lawRequires cryptoasset businesses to register with the FCA for AML supervision; full FCA authorisation under the Cryptoassets Regulations 2026 applies from 25 October 2027.
UK cryptoasset businessesCommon questions
What is the difference between a CASP and a VASP?
CASP is the EU legal status granted under MiCA, covering conduct, prudential and AML duties. VASP is the FATF term used in AML standards worldwide. Most firms that are VASPs under FATF would need CASP authorisation to serve EU clients.
Can a CASP authorised in one country serve clients across the EU?
Yes. After authorisation by its home regulator, a CASP notifies the services and member states it plans to cover, and can then serve clients there without a separate licence.
Do banks need CASP authorisation to offer crypto services?
No. Credit institutions, investment firms and certain other regulated firms can provide crypto services after notifying their regulator in advance, without a separate CASP authorisation.
