CASP - Crypto-Asset Service Provider
The EU's MiCA-licensed counterpart to the FATF VASP - a single-passport regime covering exchange, custody, execution, advice, transfer, placement and portfolio management of crypto-assets.
Definition
A Crypto-Asset Service Provider (CASP) is a legal person whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, authorised under MiCA Article 59. CASP authorisation is granted by a national competent authority but valid across the EU through the standard passporting mechanism.
Services covered
- Custody and administration of crypto-assets.
- Operation of a trading platform.
- Exchange of crypto-assets for funds or other crypto-assets.
- Execution, placement, reception/transmission of orders.
- Advice on crypto-assets.
- Portfolio management.
- Transfer services.
Authorisation requirements
Minimum capital tied to services rendered (€50k, €125k or €150k), fit and proper management body, governance and outsourcing rules, ICT under DORA, complaints handling, conflict-of-interest management, segregation of client assets, AML/CFT framework, and - for trading platforms - surveillance arrangements with STOR filing capability.
Transitional periods
Member states may grant transitional periods to entities already operating under a national VASP regime as of 30 December 2024. The transitional window varies (12 to 18 months) and the supervisory practice during the window varies significantly between member states.