Crypto-asset service provider

Spec sheet // Glossary // CASP
Glossary / C / Crypto-asset service provider
Glossary · Regulatory change

Crypto-asset service provider

CASPAlso called miCA-authorised crypto firm, crypto service provider

Definition

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.

APPLICATIONASSESSMENTAUTHORISEDPASSPORT
Fig. 1 · Crypto-asset service provider
MiCA Title V · MiCA transitional measures · FATF Recommendation 15
Key rulesMiCA Title V · MiCA transitional measures · FATF Recommendation 15 · MLRs cryptoasset registration
Applies toFirms providing crypto-asset services in the EU
RegionsGlobal · UK · EU
01

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.

Step 1Check registerConfirm authorisation on the ESMA or national register.
Step 2Confirm servicesMatch the services offered to those authorised.
Step 3Review AML controlsAssess due diligence, monitoring and travel rule set-up.
Step 4Assess custodyCheck how client assets are segregated and safeguarded.
Step 5MonitorTrack changes in licence status and enforcement.
02

The rules

EU · 30 December 2024MiCA Title VRegulation (EU) 2023/1114 on markets in crypto-assets, Title V on authorisation and operating conditions for crypto-asset service providers

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 EU
EU · 1 July 2026MiCA transitional measuresRegulation (EU) 2023/1114, Article 143(3)

Ended 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 2024
Global · June 2019FATF Recommendation 15FATF Recommendation 15 and its Interpretive Note, as applied to virtual asset service providers

Requires 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 law
UK · 10 January 2020MLRs cryptoasset registrationMoney Laundering Regulations 2017, as amended to cover cryptoasset exchange providers and custodian wallet providers

Requires 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 businesses
03

Common 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.