Crypto-asset service provider (CASP)

The EU category established by Regulation (EU) 2023/1114 (MiCA). It covers ten listed services, including custody and administration, operation of a trading platform, exchange of crypto-assets for funds or other crypto-assets, execution, reception and transmission of orders, placing, advice, portfolio management and transfer services. Under MiCA, a CASP is a legal person or other undertaking authorised to provide crypto-asset services, although certain already-regulated financial institutions may provide them under a notification procedure.

CASP and the FATF VASP concept overlap but are not identical. MiCA establishes an authorisation and conduct regime, including capital requirements and the possibility of passporting across the EU; CASPs are also subject to applicable EU AML/CFT obligations. The FATF VASP definition is an international standard implemented through national legislation and can include natural persons.

The two frameworks also differ in scope. MiCA expressly lists services such as advice, portfolio management, and reception and transmission of orders, which the FATF definition does not name separately, although some related activities may fall within its broader categories. Crypto-assets qualifying as financial instruments fall under the relevant EU financial-services legislation, including MiFID II, rather than MiCA. Both MiCA and FATF look beyond the label applied to an asset when considering NFTs, but their tests differ: MiCA focuses on uniqueness and non-fungibility, while FATF also considers whether an NFT is used in practice for payment or investment purposes.