VASP licence vs CASP licence: what changed under MiCA
VASP registration was the old national model; a CASP authorisation is the MiCA model. Here is the difference, and what it means for a business that held a VASP registration before MiCA.
Damex, Editorial team4 min read
A VASP registration and a CASP authorisation are two different things. VASP, virtual asset service provider, was the term used under the older national registration regimes that applied before MiCA, Europe's consolidated crypto regulatory framework introduced in 2026. CASP, crypto-asset service provider, is the authorisation defined by MiCA itself. The short version: VASP registration was national and varied by country, while a CASP authorisation is the single EU-wide standard brought by European regulation that has replaced it. By 13 October 2026, there are only approximately 370 registered CASPs in Europe, compared to the 3,781 VASPs that were registered in Europe prior to 1 July 2026.
What a VASP registration was
Before MiCA, many EU countries ran their own national registration regimes for virtual asset service providers, tied to anti-money-laundering rules. A VASP registration in one member state did not automatically allow a business to operate across the EU, and the requirements differed from country to country. It was a patchwork.
What a CASP authorisation is
A CASP authorisation is granted under MiCA to provide specific crypto-asset services, such as custody, exchange, execution and transfer. Unlike the old national registrations, a CASP authorisation is built for the EU single market and can be passported across member states. It is the standard that MiCA put in place of the national VASP regimes.
What changed in the transition
MiCA introduced transitional arrangements that let firms operating under older national regimes continue for a limited period while they sought a CASP authorisation. That window has been closing. The practical effect is that a national VASP registration is no longer a durable basis for serving EU markets; the destination is a CASP authorisation, held directly or accessed through an authorised partner.
What this means for a business that held a VASP registration
A business that held a VASP registration before MiCA now generally needs a CASP authorisation to keep serving EU clients. It can apply for its own, or reach EU markets through a MiCA-authorised partner that already holds one. The trade-offs are set out in our comparison of a MiCA licence versus a MiCA partner.
Where Damex fits
In respect of servicing within the EU, Damex Digital Ltd is authorised by the Malta Financial Services Authority as a Crypto-Asset Service Provider and a Financial Institution under MiCA and the FIA, so a business can reach EU markets through Damex's regulated infrastructure.
Frequently asked questions
What is the difference between a VASP and a CASP?
VASP, virtual asset service provider, was the term under the older national registration regimes before MiCA. CASP, crypto-asset service provider, is the authorisation defined by MiCA. A CASP authorisation is EU-wide; VASP registration was national.
Is a VASP registration still valid under MiCA?
MiCA allowed a transitional period for firms under older national regimes, but that window has closed. The durable basis for serving EU markets is now a CASP authorisation.
Do I need a CASP authorisation to serve EU clients?
Generally yes, for the covered crypto-asset services. A business can obtain its own or reach EU markets through a MiCA-authorised partner that already holds one.
Can a CASP authorisation be used across the EU?
Yes. Unlike the old national VASP registrations, a CASP authorisation is built for the single market and can be passported across member states.
Disclaimer
This article is for information purposes only and does not constitute financial, investment, tax or legal advice. Crypto-assets and stablecoins are high risk. Their value can go down as well as up and you may lose the full value. Stablecoins, including e-money tokens and asset-referenced tokens, may lose their peg, and redemption rights are generally against the issuer, not Damex. Crypto-asset services are not covered by deposit guarantee or investor compensation schemes. In the EEA, crypto-asset services are provided by Damex Digital Ltd, authorised by the Malta Financial Services Authority as a CASP under MiCA (EU) 2023/1114. Crypto-asset services and payment services are provided under separate regulatory frameworks. Availability depends on your jurisdiction and is set out in the relevant terms and conditions.