VASP vs CASP: Same Crypto Business, Very Different Regulatory Outcomes

VASP vs CASP: Same Crypto Business, Very Different Regulatory Outcomes

If you are building or scaling a crypto or digital asset business, the jurisdiction you choose is not a formality — it is a strategic decision that affects banking access, investor confidence, and long-term scalability.

Here is how VASP and CASP-style regimes compare across key markets:

Poland — Virtual Asset Service Provider• Registration-based framework with relatively low entry barriers• Fast to obtain and cost-efficient• Limited regulatory depth and weaker international perception• Often used as a short-term entry point rather than a long-term regulatory base

Lithuania — Virtual Asset Service Provider transitioning to CASP• Historically one of the fastest routes into the European Union• Increasing requirements around capital, substance, and governance• Clear transition path toward full Crypto Asset Service Provider compliance under MiCA• Well-suited for exchanges, custodians, and crypto-fintech platforms planning EU scale

Switzerland — Crypto Licensing via Self-Regulatory Organizations• Not branded as VASP or CASP, but widely considered the institutional benchmark• Supervision through licensed Self-Regulatory Organizations• Strong credibility with banks, investors, and counterparties• Higher compliance costs, offset by regulatory clarity and global reputation

Canada — Money Services Business Registration• Mandatory registration for crypto businesses• Robust anti-money laundering and reporting obligations• No regulatory passporting, but strong trust with regulators and financial institutions• Ideal for companies targeting North American markets

Key takeaway:

Speed and low cost → Poland

Long-term European Union positioning → Lithuania

Institutional credibility and banking strength → Switzerland

North American regulatory clarity → Canada

There is no universally “best” crypto license.

The right choice depends on your business model, target markets, capital structure, and risk tolerance.

Regulation is not a checkbox — it is part of your growth strategy.

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