MiCA CASP vs VASP: What EU Stablecoin Rules Mean for Platforms

MiCA replaced national VASP registrations with a single EU-wide licence called CASP (Crypto-Asset Service Provider). The transitional period for pre-MiCA VASPs closed on 30 June 2026; platforms now serve EU users by holding a CASP authorization directly or by operating with a licensed partner.

MiCA (the EU's Markets in Crypto-Assets regulation) replaces the patchwork of national VASP registrations with a single, EU-wide licence called CASP — Crypto-Asset Service Provider. Since 30 December 2024, platforms offering stablecoin services in the EU need a CASP authorization from a national competent authority or must operate with a licensed partner. The transitional period for pre-MiCA VASPs closed on 30 June 2026.

How it works

1. Authority decides scope. A national competent authority (e.g. AFM in NL, BaFin in DE, AMF in FR) authorizes a CASP for specific services: custody, exchange fiat-crypto, transfer, execution, portfolio management, advice. 2. Passport across the EU. Once authorized in one member state, a CASP can passport into the other 26 without re-licensing — same principle as MiFID II. 3. Ongoing obligations. Capital requirements (EUR 50k / 125k / 150k depending on services), governance, complaint handling, AML/CFT, safeguarding of client assets, disclosures, and market-abuse rules. 4. Transitional period (closed). Member states allowed existing VASP-registered firms to keep operating for up to 18 months after 30 Dec 2024 while they finished their CASP application. The window closed on 30 June 2026; firms without an authorization or a licensed-partner arrangement can no longer offer in-scope services to EU users. 5. Enforcement. ESMA maintains the EU register of CASPs; national authorities supervise and can withdraw authorization.

Who it's for

Three ways platforms typically operate today

1. Licensed themselves. The platform holds its own CASP (or equivalent) and Venly Finance acts as a pure technology provider. 2. Partner-regulated (default). The platform operates with licensed partners across the EU; Venly Finance's MiCA authorization is in progress. 3. Venly-managed custody. The platform uses Venly's custody and orchestration; the licensed entity operates the customer-facing service.

Legacy: what "VASP registration" was

Before MiCA, each member state ran its own Virtual Asset Service Provider register (5AMLD-derived, AML-only). Firms typically registered in one country (e.g. FR PACTE, IT OAM, PL KAS, LT FCIS) and did not gain EU-wide rights. Those registers are being retired as CASP authorizations are issued; the national VASP register was never the same thing as a MiCA CASP licence and did not passport.

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