MiCA, VASP and Hong Kong: three perimeters, not one product
MiCA is EU law. National VASP registers and Hong Kong AMLO/SFC classes are different files. Do not buy a company hoping the licence travels.
A Polish or Czech VASP company is not a MiCA CASP authorisation. An Estonian OÜ with a legacy crypto story is not a current passport. Hong Kong VASP (AMLO) and SFC licence types are a separate Asia-facing track.
Characterise the activity first: exchange, custody, brokerage, advisory, issuance, or corporate-only. Then pick a home state. Dual-home groups exist; they are two workstreams, not a shortcut.
When you buy a VASP vehicle, you buy the shares and whatever permissions still attach — subject to change-of-control filings. You do not buy banking, exchange listings or a clean supervisory history unless the file says so.
This note is general information, not legal advice. Requirements change and are assessed case by case.