What is a VASP licence?
A VASP — Virtual Asset Service Provider — is a business that handles crypto on customers' behalf: exchanging, transferring, holding or issuing virtual assets. Doing so legally requires registration or licensing under anti-money-laundering rules.
What a VASP is
The category comes from the Financial Action Task Force (FATF), which defines a Virtual Asset Service Provider as a business that, for or on behalf of customers, does any of: exchange between crypto and fiat, exchange between crypto assets, transfer of virtual assets, custody/administration of virtual assets, or participation in their issuance and sale.
If a business does those things commercially, it generally has to register or be licensed — and meet AML obligations — to do so legally.
What a VASP licence requires
Holding a VASP registration isn’t a rubber stamp. It comes with obligations:
- a full AML programme — KYB/KYC, screening, transaction monitoring, reporting;
- the Travel Rule on qualifying transfers;
- governance, a nominated compliance officer (e.g. an MLRO), and record-keeping;
- ongoing supervision by the relevant regulator.
The main regimes
| Regime | What it is |
|---|---|
| National VASP registers | Country-level registration under FATF/AML rules (e.g. Poland’s VASP register) |
| MiCA (EU) | A harmonised CASP authorisation that can be passported across the EU once held |
| RPAA + MSB (Canada) | Payment Service Provider registration under the Retail Payment Activities Act, supervised by the Bank of Canada, plus Money Services Business registration with FINTRAC |
A business operating across borders often holds more than one.
KwiikPay’s status
KwiikPay is registered as a VASP in Poland and, in Canada, as a Payment Service Provider under the Retail Payment Activities Act (RPAA) — supervised by the Bank of Canada — and a Money Services Business with FINTRAC. That licensed footing — plus a full AML programme and enhanced due diligence — is what lets it move stablecoins and fiat for businesses on a compliant rail.
FAQs
What is a VASP?
A Virtual Asset Service Provider is any business that, on behalf of customers, exchanges crypto for fiat or other crypto, transfers virtual assets, holds/custodies them, or participates in issuing or selling them. The term comes from the FATF standards.
Which activities need a VASP registration or licence?
Typically: crypto-to-fiat and crypto-to-crypto exchange, custody/wallet services, transferring virtual assets for customers, and certain issuance or brokering activities. Pure peer-to-peer use of your own wallet generally does not.
What is the difference between a VASP registration and MiCA?
Many countries run a national VASP register under FATF/AML rules. In the EU, MiCA introduces a harmonised 'CASP' (Crypto-Asset Service Provider) authorisation that, once held, can be passported across the bloc. They address the same activities at different levels.
Is KwiikPay a licensed VASP?
KwiikPay is registered as a VASP in Poland and, in Canada, as a Payment Service Provider under the Retail Payment Activities Act (RPAA, supervised by the Bank of Canada) and a Money Services Business with FINTRAC. It does not claim any licence it does not hold.