Crypto glossary
CASP / VASP (crypto service provider)
A CASP or VASP is a business that provides crypto services to customers, such as exchange, custody or transfers, and must be licensed or registered to do so.
VASP, short for virtual asset service provider, is the term used by the FATF for firms that exchange, transfer, hold or administer crypto-assets on behalf of others. CASP, or crypto-asset service provider, is the equivalent term in the EU's MiCA regulation. Both cover centralized exchanges, brokers, custodial wallets and similar intermediaries, but not people who simply use self-custody wallets.
Under MiCA, a CASP authorized by one national regulator can offer its services across the whole EU through passporting, and must meet rules on capital, governance, safekeeping of client assets, complaints handling and market abuse. Outside the EU, VASPs are typically registered or licensed by financial regulators or financial intelligence units, and they all carry anti-money-laundering duties such as KYC and the Travel Rule.
Checking whether a platform holds the right authorization in your country is a basic safety step. A licence does not guarantee solvency, but unlicensed platforms leave users with fewer protections if something goes wrong.
Example
An exchange authorized as a CASP by a regulator in one EU country can serve customers in Spain, France or Italy without a separate licence in each, as long as it notifies those markets.
