Definitions of the MiCA, CASP, VASP and AML/CFT terms used in VASPnet research, with regulatory sources.
The MiCA route that lets certain regulated financial institutions, such as banks and investment firms, offer crypto-asset services by notification.
The standard MiCA route for a firm to become an authorised crypto-asset service provider, by applying to the regulator of its home member state.
California's licensing law for digital financial asset businesses, administered by the Department of Financial Protection and Innovation (DFPI).
The national regulator a member state designates to authorise and supervise crypto-asset service providers under MiCA.
The checks a firm runs on another crypto provider before sending it customer funds or data, starting with its legal entity and licence.
A firm permitted under MiCA to provide crypto-asset services, such as custody or transfers, to clients in the EU.
ESMA's public list of crypto-asset service providers authorised under MiCA, published as downloadable files while the full register is built.
The FATF standard that requires countries to license or register VASPs and supervise them for anti-money laundering.
The FATF standard on payment transparency for wire transfers. Applied to crypto transfers, it is known as the Travel Rule.
The US federal registration that crypto exchangers and transmitters must file with FinCEN. It is a registration, not a licence.
The 2025 US federal law that sets licensing, reserve and anti-money laundering rules for issuers of payment stablecoins.
The EEA member state where a CASP has its registered office. Its regulator grants the CASP's MiCA authorisation and supervises it.
An EEA country where a CASP provides services through a MiCA passport, while holding its licence from another country's regulator.
A national crypto registration granted before MiCA. Holding one gives a firm no MiCA permission.
A 20-character code that identifies a legal entity worldwide, issued under the Global LEI System.
The EU regulation that sets one licensing and conduct regime for crypto-asset service providers and token issuers across the EEA.
The right of a CASP authorised in one EEA member state to provide its crypto-asset services in other member states without a local licence.
The period when firms registered under national law before MiCA could keep serving customers while seeking authorisation. It ended by 1 July 2026.
ESMA's list of firms that national regulators have flagged for providing crypto-asset services in the EU without MiCA authorisation.
New York's licence for virtual currency business activity, issued by the New York State Department of Financial Services since 2015.
A VASP that serves customers in a country from a base elsewhere, often without a licence or registration in that country.
The narrow MiCA exception that lets a non-EU firm serve an EU client only when the client approached the firm on their own initiative.
The licence most US states require before a firm transmits money, including crypto in many states, for residents of that state.
The EU regulation that applies the Travel Rule to crypto-asset transfers, requiring CASPs to send and check sender and recipient details.
The rule that crypto transfers between providers must carry identifying information about the sender and the recipient.
The US Bank Secrecy Act rule that requires financial institutions to pass sender and recipient details with transfers of $3,000 or more.
A set of legal entities under common ownership that operate as one crypto business, often across several countries and licences.
The FATF term for a business that exchanges, transfers or holds virtual assets for or on behalf of its customers.
