VASP, CASP & MiCA: The Crypto Licence Terms

If you are shopping for a crypto licence in 2026, three acronyms come up on every page (VASP, CASP and MiCA), and they are used loosely enough to cause real, expensive mistakes. This guide sorts them out plainly: what each one means, what actually changed in the EU, and how to pick a jurisdiction without paying for the wrong licence.

What MiCA actually changed

MiCA, the EU’s Markets in Crypto-Assets Regulation, is the law. It replaced a patchwork of 27 national crypto rules with a single, EU-wide regime, and it created one licence type for firms that provide crypto services: the Crypto-Asset Service Provider (CASP) authorisation. Before MiCA, most EU states ran their own light-touch registrations, usually labelled VASP (Virtual Asset Service Provider). Those national VASP registrations were retired when the transition window closed on 1 July 2026.

The practical effect is the single biggest upgrade in crypto licensing to date: a CASP licence issued by any one EU regulator lets you serve customers in every EU/EEA country on a notification basis. You license once and passport everywhere, instead of applying country by country.

CASP, explained

A CASP authorisation is a real financial-services licence, not a registration. It requires a local company with genuine substance, fit-and-proper management, an AML officer, a DORA-compliant technology programme, and initial capital set by the service class you run:

Those tiers are set by MiCA, so they are identical in every EU country. That is the key insight for choosing a jurisdiction: you do not pick an EU country for cheaper capital — the capital is the same everywhere. You pick it for the regulator’s speed, the ecosystem, the tax rate and the banking.

So what is a VASP now?

“VASP” is the older, broader term — and it is still the right word in two places:

Inside the EU, VASP is legacy. It refers to the pre-MiCA national registrations, which lost their EU effect when the transition window closed. If a provider offers you an “EU VASP licence” in 2026, they mean a CASP authorisation, or a registration that has already expired — ask which, because the old one no longer authorises EU-facing services.

Outside the EU, VASP is current. Offshore and Asian jurisdictions never adopted MiCA and run their own regimes, still called VASP registration or licensing — for example Georgia (National Bank of Georgia), Seychelles, BVI and St. Vincent. These do not passport into the EU, but they are faster, cheaper and often lightly taxed.

Choosing a jurisdiction in 2026

The first decision is simple: do you need the EU market?

Many groups run both (a CASP for the EU and a VARA or offshore VASP for the rest of the world) because no single licence covers every market. Which combination fits comes down to where your clients are: our best crypto licences by market breakdown maps each route to the job it actually does.

One practical consequence of that consolidation is that authorisation is now trivially checkable by anyone: see what the public CASP register exposes about your scope.

The deadline has now passed — and the field thinned out

That deadline is behind us, and the shake-out was steep. As of early July 2026, only around 280 CASPs were authorised across the EU — against the 3,000-plus VASPs that held national registrations before MiCA, a conversion rate near one in six. Even large names moved late: Binance withdrew its MiCA application from Greece’s regulator on 24 June 2026, halting new EU sign-ups while it regrouped. ESMA has told unauthorised firms to wind down their EU-facing services in an orderly way, and national authorities can fine unlicensed operators up to €5 million or 5% of turnover.

The takeaway for anyone still on an old EU VASP registration is blunt: it no longer authorises anything in the EU. If Europe is your market, a CASP is the only route — file in a fast, cost-efficient member state (Lithuania or Bulgaria) and pause EU onboarding until it issues. If your users are non-EU, an offshore VASP serves them without the CASP build. We set out the post-deadline playbook in what unlicensed EU crypto firms do now, and the crypto licence cost comparison maps the field on price.

Outside the EU the picture is far less settled, and that is worth weighing before you assume a wait is safe. On the stablecoin side specifically, the US has a federal statute on the books with no final rules to build against yet. A statute alone gives you nothing to file into, whereas the MiCA regime is already operating.

Christina S.

Crypto Licensing at Vantegris

Christina S. is part of the Vantegris team, which prepares and files licence applications across 40+ jurisdictions. This article was reviewed by Vladyslav S. (Compliance & Legal).

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This article is for general informational purposes only and is not legal, tax or financial advice. Consult a qualified professional before acting.