Crypto Licensing · MiCA
VASP License in Europe
A VASP license in Europe is the regulatory approval that lets a business legally provide virtual asset services — exchange, custody, transfer or brokerage of crypto. Since 30 December 2024, the EU’s Markets in Crypto-Assets Regulation (MiCA) has replaced the old patchwork of national VASP registrations with a single, passportable authorisation called a CASP license (Crypto-Asset Service Provider). If you serve EU customers, this is the page that explains what you actually need in 2026, what it costs, how long it takes, and which regulator to approach.
- MiCA
- the single EU regime that replaced 27 national VASP registers
- €50k–150k
- tiered minimum capital, by the services you offer
- 4–9 mo
- realistic end-to-end, including substance and assessment
- 1 Jul 2026
- the latest date the VASP transition window can run to
Where VASP licensing in Europe actually stands in 2026
VASP is the legacy term, CASP is the new EU standard. Under MiCA (Regulation (EU) 2023/1114), national VASP registers are being phased out in favour of an EU-wide CASP authorisation.
One license, 27 markets. A CASP authorisation can be passported across all EU/EEA member states — you authorise once and serve the whole bloc.
Transitional deadline. Existing VASPs have a grandfathering window that ends, at the latest, on 1 July 2026 (shorter in several member states). Acting now avoids a gap in your right to operate.
Capital matters. MiCA sets tiered minimum capital of €50,000, €125,000 or €150,000 depending on the services you offer.
Plan for 4–9 months. End-to-end, including preparation, local substance and the national competent authority’s assessment.
What is a VASP license, and how is it different from a CASP license?
A VASP (Virtual Asset Service Provider) is the term defined by the Financial Action Task Force (FATF) and carried into EU anti-money-laundering law. Before MiCA, each member state ran its own VASP register — Estonia, Lithuania, Poland, the Czech Republic, Germany and France (the PSAN regime) each had separate rules, fees and timelines. A CASP (Crypto-Asset Service Provider) is the harmonised authorisation created by MiCA (Regulation (EU) 2023/1114). It covers the same activities but replaces 27 national regimes with one rulebook and one passport. In practice, getting a VASP license in Europe in 2026 means obtaining a CASP authorisation under MiCA.
| Feature | VASP (legacy / national) | CASP (MiCA) |
|---|---|---|
| Legal basis | AMLD5 + national law | MiCA Regulation (EU) 2023/1114 |
| Geographic scope | Single country register | EU/EEA-wide passport |
| Status in 2026 | Being phased out (transition to 1 Jul 2026) | The current EU standard |
| Supervisor | National AML registrar | National competent authority under ESMA / EBA framework |
| Minimum capital | Low / nationally set | €50k–150k, tiered by service |
| Passporting | No | Yes, across 27 states |
Who regulates crypto licensing in the EU?
MiCA is supervised at EU level by two authorities: the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). Day-to-day authorisation, however, is handled by each country’s national competent authority (NCA) — for example BaFin in Germany, the AMF in France, CySEC in Cyprus and the MFSA in Malta. You apply to one NCA; once authorised, that CASP license works across the EU.
Which crypto services need a license?
MiCA lists the crypto-asset services that trigger a CASP authorisation. If your business does any of the following for EU clients, you need to be licensed.
- 1
Custody and administration of crypto-assets on behalf of clients
- 2
Operation of a trading platform (exchange)
- 3
Exchange of crypto for fiat or for other crypto-assets
- 4
Execution, placement, reception and transmission of orders
- 5
Providing advice or portfolio management on crypto-assets
- 6
Transfer services and crypto-asset brokerage
How much does a VASP / CASP license cost in Europe?
There are three cost layers: regulatory fees, minimum capital, and the project cost of building a compliant operation (legal, AML/KYC, local directors and office). Regulatory application fees vary by NCA and are usually the smallest line. The numbers below are indicative ranges — always confirm current figures with the national competent authority.
| Jurisdiction (NCA) | Typical authorisation time | Indicative minimum capital | Notes |
|---|---|---|---|
| Lithuania (Bank of Lithuania) | 4–6 months | €50k–150k | Popular, fintech-friendly onboarding |
| Malta (MFSA) | 5–9 months | €50k–150k | Deep crypto track record under MiCA |
| Cyprus (CySEC) | 5–8 months | €50k–150k | Strong for brokerage / advisory firms |
| Germany (BaFin) | 6–12 months | €50k–150k | High bar, high market credibility |
| France (AMF) | 6–12 months | €50k–150k | PSAN holders transitioning to CASP |
| Ireland (Central Bank) | 6–12 months | €50k–150k | Access to English-speaking EU base |
Beyond capital and fees, budget for local substance (a real office, qualified directors and a compliance officer), an AML/KYC framework, audited financials and ongoing reporting. For most applicants the realistic all-in first-year project cost runs well into six figures once substance and compliance are included.
How long does CASP authorisation take?
Once you file a complete application, the NCA has a defined window to assess completeness and then decide. In practice, the regulator’s clock is only part of the story — preparation, capital injection and building local substance usually take longer than the assessment itself. Plan for 4–9 months end-to-end, and longer in Germany or France. The single biggest cause of delay is an incomplete or weak application, especially on the AML and governance side.
Do I need a MiCA license to serve EU customers?
Yes. If you provide crypto-asset services to clients in the EU, MiCA requires authorisation as a CASP — regardless of where your company is incorporated. Reverse solicitation (a client approaching you entirely on their own initiative) is interpreted very narrowly by ESMA, so it is not a reliable basis for serving the EU market without a license. Operating without authorisation risks enforcement, frozen banking and loss of payment rails.
Can I passport an EU crypto license across the EU?
Yes — that is the central advantage of MiCA. After your home NCA authorises you as a CASP, you submit a notification to operate in other member states and can then serve customers across the EU/EEA without 27 separate licenses. This passport is exactly why a single, well-chosen jurisdiction now beats stacking multiple legacy VASP registrations.
Common pitfalls when getting a crypto license in Europe
Treating it as a paperwork exercise.
NCAs assess your real governance, AML controls and financial standing — not just a form.
Underestimating substance.
A registered address is not enough; regulators expect genuine local management and a compliance function.
Ignoring the banking side.
A license without a crypto-friendly bank account or payment rail is half a business. Banking should be arranged in parallel, not after.
Missing the transition deadline.
Relying on a legacy VASP registration past your member state’s cut-off can interrupt your right to operate.
Get your VASP / CASP license with BankMyCapital
BankMyCapital helps high-risk and crypto businesses choose the right EU jurisdiction, structure a MiCA-ready application, and — critically — line up the banking and payment rails that a license alone does not guarantee. We work with crypto exchanges, custodians, brokers and OTC desks across the EU and offshore.
Crypto Licensing
The overview: every crypto authorisation route we place against, EU and offshore.
ExploreCASP License
The MiCA authorisation in detail — the standard your VASP registration transitions into.
ExploreOffshore Crypto License
When an offshore structure fits the model better than a full EU CASP authorisation.
ExploreLicensing
Our licensing service across all high-risk verticals, sequenced to the banking conversation.
ExploreCrypto & Digital
Fiat on/off-ramp structuring and rails that hold across a full compliance review.
ExploreCrypto & Web3 Industry
How banking, licensing and processing fit together for a crypto business.
ExploreFrequently asked questions
Is a VASP license still valid in 2026?
Existing national VASP registrations remain valid only during your member state’s MiCA transitional period, which ends by 1 July 2026 at the latest. To keep operating afterwards you must hold a CASP authorisation.
What is the cheapest country to get a crypto license in the EU?
Cheapest is misleading — total cost is driven by capital, substance and compliance, not headline fees. Lithuania, Cyprus and Malta are often the most cost-effective routes, but the best choice depends on your services and banking needs.
Do I need separate licenses for each EU country?
No. One CASP license can be passported across the EU/EEA via notification, so you authorise in a single member state and serve all 27.
What is the minimum capital for a CASP under MiCA?
MiCA sets tiered minimums of €50,000, €125,000 or €150,000 depending on which crypto-asset services you provide.
Can BankMyCapital arrange banking for a licensed crypto firm?
Yes. Banking is our core focus. We connect authorised CASPs with crypto-friendly banks and EMIs across the EU and offshore so your license translates into a working business.
Know which EU jurisdiction fits, before you file
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