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

Venly Finance | Updated September 28, 2026

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 (the 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). Venly Finance's position: SOC 2 Type 2 certified. Our own licences are in flight and flows run on licensed partner rails today.
  3. Managed wallets. The platform uses managed wallets through Venly Finance; a licensed entity performs the regulated activity and 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.

Sources

Reader questions

Is a VASP registration the same as a MiCA CASP licence?

No. National VASP registers were AML-only and did not passport across the EU. A MiCA CASP authorization is a full prudential licence that grants EU-wide passport rights.

Can a platform still operate without its own CASP?

It depends on the platform's role, flow and jurisdiction. Many platforms operate with a licensed partner. The transitional period for pre-MiCA VASPs closed on 30 June 2026, so operating without either an authorization or a licensed-partner arrangement is no longer an option.

Does Venly Finance hold a MiCA CASP authorization?

SOC 2 Type 2 certified. Our own licences are in flight and flows run on licensed partner rails today.

When did MiCA apply to stablecoin services?

MiCA's CASP regime has applied since 30 December 2024. The stablecoin-issuer rules (ART/EMT under Titles III & IV) applied earlier, from 30 June 2024.

Does a CASP need to hold client funds?

Only if authorized for custody. Firms can be authorized for narrower services (e.g. execution or transfer only) with correspondingly lower capital requirements.