VASP CASP MiCA: what's the difference
VASP CASP MiCA: What's the difference?
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Cryptocurrency regulation in Europe is rapidly evolving, and understanding the differences between concepts such as VASP, CASP, and MiCA is becoming essential for successful business. Jurisprudential provides comprehensive services for company registration , obtaining crypto licenses, and drafting all necessary documentation.
What is VASP?
A VASP (Virtual Asset Service Provider) is a virtual asset service provider (VASP) designated by the FATF. These companies provide cryptocurrency exchange services, cryptocurrency wallet management, and other digital asset transactions. VASP registration requires compliance with strict AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements. We provide full support in establishing your company and developing all necessary AML documents. Learn more about our AML/KYC services.
What is CASP?
CASP (Crypto-Asset Service Provider) is a term defined in the MiCA (Markets in Crypto-Assets) regulation, which will come into effect in 2025. CASPs cover a wide range of services, including the issuance, exchange, and management of crypto assets. We offer support in adapting your crypto project to the new regulations, including assistance in developing a business plan that will pass financial due diligence. Explore our business plan financial analysis services.
What is the difference between VASP and CASP?
Although VASP and CASP are often mentioned together, there are important differences between them:
- Legal definitions: VASP was introduced by FATF and covers a wide range of crypto services, including the exchange and management of virtual assets. CASP, on the other hand, is regulated by MiCA and covers only those providers operating in EU countries.
- Obligations to comply with the law: VASP must comply with AML/KYC requirements and operate in accordance with global FATF standards. CASP, under MiCA, will be required to comply with additional requirements, including consumer protection and financial market stability.
- Areas of activity: While VASP can operate globally, CASP operates strictly within the EU. Explore the benefits of doing business in Europe with our help on business relocation.
Why do you need a VASP or CASP license?
Without the proper license, your cryptocurrency activities may be deemed illegal, resulting in fines and the freezing of your bank accounts. We help you avoid these risks by ensuring full legal compliance. We also advise on the legal declaration of cryptocurrency income, which is especially important when planning your tax strategy. Learn how to properly declare cryptocurrency in Europe.
What do we offer?
Our company provides a full range of services for startups and large crypto projects, including:
- Company registration in the best jurisdictions for crypto projects, which allows minimizing tax risks and facilitating access to international markets.
- Development of AML/KYC policy to comply with regulatory requirements, which is necessary to protect against money laundering.
- Creation of crypto exchangers in full compliance with regulatory requirements, which is important for stable operation and protection of your clients' interests. Check out our solutions for creation of a crypto exchanger.
- Help in communicating with banks, including support in passing compliance and opening accounts in foreign banks. Read more about our services in the section assistance in communicating with the bank.
Our approach includes a thorough analysis of your business plan, preparation of all necessary documents, and support with bank compliance. We work with leading banks and help you avoid account freezes while ensuring compliance with all regulations. For more information, see the bank compliance section.
For official information on the MiCA regulation, we recommend that you read the document on the European Union website.
Understanding the differences between VASP, CASP and MiCA is crucial to successfully running a crypto project in Europe. Jurisprudential offers reliable and efficient solutions for registration, obtaining licenses and creating your crypto projects on a turnkey basis. Contact us for advice and protection of your interests.