Where is the Best Place to Register a VASP/CASP Company in Europe in 2025?

Starting in 2025, the European Union’s MiCA regulations (Markets in Crypto-Assets Regulation) take effect. These rules require member states to align their national laws with unified EU standards. Despite this harmonization, licensing requirements and costs still vary significantly between countries. This article explores the options for obtaining a VASP/CASP license in Central and Eastern European countries, focusing on Lithuania, Estonia, and Slovakia. Each country is rated on the difficulty of obtaining a license, using a scale from 1 (easy) to 5 (very difficult or impossible).

Thompson&Stein operates in these countries and offers comprehensive support for obtaining VASP/CASP licenses. We specialize in registration procedures, provide residency services, and offer ready-made companies with licenses. Our experienced team, including AML officers, ensures smooth assistance at every stage. With our expertise, we help clients quickly and efficiently start their business operations in full compliance with the law.

VASP company registration in Estonia

Estonia is known for its advanced e-governance and favorable environment for tech companies. However, stricter rules introduced in 2023 have increased the demands for registering VASP/CASP entities. Estonia remains an attractive destination for firms valuing a technologically sophisticated ecosystem.

VASP requirements in Estonia:

• Share capital: at least €100,000.
• A physical office in Estonia with the necessary technical infrastructure.
• Board members must be Estonian residents.
• Compliance with AML/KYC procedures following EU standards.
• A comprehensive audit of IT systems during the licensing process.

Advantages of registering a VASP company in Estonia:

• Advanced digital administration.
• Stable regulations aligned with MiCA.

Disadvantages of registering a VASP company in Estonia:

• High registration and operational costs.
• Lengthy licensing process.

Difficulty level: 4 – The procedure can take up to 12 months and involves significant legal and operational expenses.

VASP company registration in Lithuania

Lithuania has become a popular choice for crypto companies due to moderate requirements and a crypto-friendly regulatory environment. In recent years, licensing demands have tightened, but the process remains feasible for well-prepared firms.

VASP requirements in Lithuania:

• Minimum share capital: €125,000, fully deposited into a Lithuanian bank account.
• A Lithuanian resident as an AML officer responsible for compliance and reporting.
• Mandatory reporting in the Lithuanian language.
• Anticipated further tightening of criteria due to the increasing number of licenses issued.

Advantages of registering a VASP company in Lithuania:

• Fast application processing by local regulators.
• Ability to passport the license across the EU.
• Clear regulatory requirements.

Disadvantages of registering a VASP company in Lithuania:

• Requirement to open a Lithuanian bank account can be time-consuming.
• Limited availability of qualified personnel locally.

Difficulty level: 3 – Challenges arise from banking requirements and hiring qualified staff.

VASP company registration in Poland

Poland offers a growing crypto market, but MiCA-related changes have halted new registrations. This poses a challenge for entrepreneurs who previously viewed Poland as a convenient location.

VASP requirements in Poland (until December 30, 2024):

• Registration with the National Court Register (KRS).
• Notification of activity to the General Inspector of Financial Information (GIIF).
• Implementation of AML/KYC procedures.
• Physical presence in Poland.

VASP changes in Poland as of December 30, 2024:

Under MiCA, Poland will cease registering new VASP entities. Companies must now register in other EU countries.

Advantages of registering a VASP company in Poland:

• Until December 30, 2024, access to a growing local market.
• Companies already registered can continue operating under MiCA.

Disadvantages of registering a VASP company in Poland:

• No new registrations allowed after the end of 2024.

Difficulty level: 5 – Currently, it is impossible to obtain a license.

VASP company registration in Slovakia

Slovakia, though less prominent, offers straightforward registration procedures and favorable conditions for crypto businesses. Its simple regulations make it particularly appealing to small and medium-sized enterprises.

VASP requirements in Slovakia:

• Minimum share capital: €5,000.
• A Slovak resident on the board or as an employed AML officer.
• Adherence to AML/KYC standards.

Advantages of registering a VASP company in Slovakia:

• Simple and quick registration procedures.
• Low operational costs.
• Favorable taxes for crypto-related businesses.
• No implementation of MiCA regulations – operations are based directly on the directive.

Disadvantages of registering a VASP company in Slovakia:

• Limited availability of specialists compared to Lithuania or Estonia.

Difficulty level: 2 – The process takes approximately 60 days and is relatively straightforward.

MiCA and VASP/CASP Registration

The MiCA regulations, effective from 2024, require VASP entities to:

• Protect consumers and comply with AML standards.
• Report activities to relevant national authorities.
• Obtain licenses meeting EU norms, enabling operations across the single market.

MiCA simplifies cross-border expansion but imposes strict compliance standards. Businesses planning international operations must consider procedural differences across countries.

Where is the best place to register a VASP company in Europe?

Currently, Slovakia is the most advantageous location for registering crypto companies. Its straightforward procedures, favorable taxes, and lack of complex MiCA implementation make it an ideal choice for many entrepreneurs. Lithuania ranks second, offering a stable regulatory environment and fast registration. Estonia, while demanding, remains a viable option for companies seeking an advanced technological framework. Due to new regulations, Poland is no longer recommended for new registrations.

Contact Thompson&Stein to receive professional assistance at every stage of registering or purchasing a ready-made VASP company. Our experts will help you choose the best solution and guide you through the entire process.