Question 1

Do I need to convert my VASP registration to a CASP license?

Accepted Answer

Yes, if you serve EU clients. MiCA replaces national VASP registration regimes across the EU. Firms that held VASP registrations before 30 December 2024 may continue operating under a grandfathering period. Most EU member states set this transitional period to end July 1, 2026. After that date, a valid CASP authorization is required.

Question 2

Can I keep my non-EU VASP registration and serve EU clients?

Accepted Answer

No. There is no third-country VASP passporting under MiCA. Foreign firms without EU establishment cannot provide crypto-asset services to EU retail clients. To legally operate in the EU market post-July 2026, you must establish an EU legal entity and obtain CASP authorization.

Question 3

Is a CASP license the same as a VASP registration in different countries?

Accepted Answer

No. A VASP registration under FATF recommendations is primarily an AML/CFT compliance registration. It does not grant client protection rights, impose capital requirements, or passport across borders. A CASP license is a full financial services authorization with prudential, conduct, and AML requirements, and it grants a single EU-wide passport.

Question 4

Which countries had VASP registration regimes before MiCA?

Accepted Answer

Many EU states had pre-MiCA VASP or virtual asset registration regimes: France (PSAN), Germany (crypto custody license under KWG), Malta (VFA license under MFSA), Lithuania (FNTT registration), Poland (VASP registration). These have been or are being replaced by MiCA CASP authorization. Outside the EU, the UK (FCA VASP), UAE (VARA), and Singapore (MAS) maintain separate national regimes.