Licence types
Virtual asset service providers (VASPs)
Exchanges, brokers, custodians and stablecoin issuers under MiCA and local regimes. Compared across 60 regimes. Figures are the statutory minimums from each regulator; real capital needs are usually higher.
| Jurisdiction | Licence | Minimum capital | Timeline | Risk |
|---|---|---|---|---|
| Austria Europe (EU) | Crypto-asset service provider authorisation under MiCA FMA (competent authority under MiCA-VVG s. 1) | EUR 50,000 | Not published | Standard |
| Belgium Europe (EU) | Authorisation as a crypto-asset service provider (MiCA Art. 63 CASP) FSMA (NBB for securities firms, EMIs and payment institutions already under its prudential supervision) | EUR 50,000 | Not published | Standard |
| Cyprus Europe (EU) | Crypto-asset service provider authorisation (MiCA) CySEC | EUR 50,000 | MiCA art. 63: completeness check within 25 working days, decision within 40 working days of a complete application; no month figure is set | Standard |
| Estonia Europe (EU) | Authorisation as a crypto-asset service provider under MiCA Finantsinspektsioon | EUR 50,000 | Completeness check within 25 working days, then assessment within 40 working days, which may be paused for up to 20 working days | Standard |
| France Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA AMF | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Germany Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA BaFin | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Ireland Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCAR Central Bank of Ireland | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Italy Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA CONSOB in consultation with Banca d'Italia (specialised CASPs); Banca d'Italia in consultation with CONSOB for EMIs and payment institutions | EUR 50,000 | Completeness check within 25 working days, then a decision within 40 working days of a complete application (suspension for information requests up to 20 working days); decision notified within 5 further working days | Standard |
| Lithuania Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA Bank of Lithuania | EUR 50,000 | MiCA art. 63: completeness check within 25 working days, then decision within 40 working days of a complete application, with up to 20 working days of suspension for information requests | Standard |
| Luxembourg Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA CSSF | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Malta Europe (EU) | Crypto-asset service provider authorisation (MiCA) MFSA | EUR 50,000 | MiCA art. 63: completeness check within 25 working days, decision within 40 working days of a complete application; no month figure is set | Standard |
| Netherlands Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA AFM | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Poland Europe (EU) | Crypto-asset service provider authorisation under MiCA (not yet available in Poland) None designated. KNF appears on ESMA's list of competent authorities with a caveat that it has not been formally designated; it is competent only for e-money token issuers. | EUR 50,000 | Not published | Standard |
| Portugal Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA CMVM (publishes the list of crypto-asset service providers); the exact national allocation of MiCA powers between CMVM and Banco de Portugal was not verified | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Spain Europe (EU) | Crypto-asset service provider (CASP) authorisation under MiCA CNMV (the Banco de España supervises issuers of e-money tokens and asset-referenced tokens) | EUR 50,000 | MiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests) | Standard |
| Gibraltar Europe (non-EU) | DLT provider (Part 7 permission) GFSC | Not published | Not published | Standard |
| Guernsey Europe (non-EU) | Virtual asset service provider licence (Part III VASP) GFSC | Not published | Not published | Standard |
| Isle of Man Europe (non-EU) | Designated business registration as a virtual asset service provider (VASP) IOMFSA | Not published | Not published | Standard |
| Jersey Europe (non-EU) | Virtual asset service provider (Schedule 2 business) registration JFSC (AML/CFT/CPF supervision) | Not published | Not published | Standard |
| Liechtenstein Europe (non-EU) | Crypto-asset service provider authorisation under MiCAR FMA Liechtenstein (Fintech Unit) | EUR 50,000 | Not published | Standard |
| Monaco Europe (non-EU) | Agrément for digital asset and crypto-asset service providers Ministre d'État, after a reasoned opinion of a consultative commission chaired by the Minister of Finance and Economy (services on financial tokens fall under the CCAF) | Not published | Not published | High risk |
| Switzerland Europe (non-EU) | DLT trading facility licence FINMA | CHF 1,000,000 | Not published | Standard |
| Switzerland Europe (non-EU) | Self-regulatory organisation (SRO) membership for crypto and payment service providers A FINMA-recognised self-regulatory organisation | Not published | Not published | Standard |
| United Kingdom Europe (non-EU) | Cryptoasset business registration (Money Laundering Regulations) FCA (AML/CTF supervisor for cryptoasset businesses since 10 January 2020) | Not published | FCA has 3 months to decide once it has all the information it needs | Standard |
| United Kingdom Europe (non-EU) | FSMA authorisation for regulated cryptoasset activities (new regime) FCA | Not published | Not published | Standard |
| Bahrain Middle East | Crypto-asset service licence (Category 1 to 4) Central Bank of Bahrain | BHD 25,000 | Not published | Standard |
| Bahrain Middle East | Stablecoin issuer licence Central Bank of Bahrain | BHD 250,000 | Not published | Standard |
| Qatar (QFC) Middle East | QFC token service licence (validation, token generation, token custody, operating a token exchange, token transfer) QFC Authority (token services); QFC Regulatory Authority where the activity relates to investment tokens | Not published | Not published | Standard |
| United Arab Emirates (onshore) Middle East | Payment Token Services licence (issuance, conversion, custody and transfer) Central Bank of the UAE | AED 15,000,000 | Not published | Standard |
| United Arab Emirates (onshore) Middle East | Virtual Asset Service Provider (VASP) licence, Dubai Virtual Assets Regulatory Authority (VARA) | AED 100,000 | Not published | Standard |
| United Arab Emirates (onshore) Middle East | Virtual asset service provider licence (federal, outside Dubai and the financial free zones) Capital Market Authority (formerly SCA) | Not published | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Regulated Activities in relation to Virtual Assets (Virtual Asset framework, COBS Chapter 17) FSRA | Generally the PRU capital for the same activity in traditional assets. Virtual asset custody: higher of USD 250,000 or six months' annual audited expenditure. MTF using virtual assets: six months' operational expenses plus a buffer of up to six further months, held in fiat (MIR 3.2) | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Financial Services Permission for Issuing a Fiat-Referenced Token FSRA | USD 2,000,000 | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Financial Services relating to Crypto Tokens (DFSA Crypto Token regime) DFSA | Depends on the activity's prudential category: e.g. USD 2 million for Dealing as Principal (Category 2), USD 200,000 for Dealing as Agent or operating an ATS (Category 3A), USD 1 million where the only service is Providing Custody of Crypto Assets (Category 3B) (PIB 3.6.2) | Not published | Standard |
| Australia Asia-Pacific | AFSL and market licensing for digital asset products and services (ASIC INFO 225), plus AUSTRAC registration ASIC (financial product services); AUSTRAC (AML/CTF registration) | Not published | Not published | Standard |
| Hong Kong Asia-Pacific | Virtual asset trading platform licence (VATP), AMLO and SFO SFC | HKD 5,000,000 | Not published | Standard |
| Hong Kong Asia-Pacific | Stablecoin issuer licence HKMA | HKD 25,000,000 | Not published | Standard |
| Japan Asia-Pacific | Crypto-asset exchange service provider registration FSA (via the local Finance Bureau) | JPY 10,000,000 | Not published | Standard |
| Japan Asia-Pacific | Electronic payment instruments (stablecoin) service provider registration FSA (via the local Finance Bureau) | Not published | Not published | Standard |
| Labuan (Malaysia) Asia-Pacific | Labuan credit token business licence (non-security tokens and digital asset platforms) Labuan FSA | MYR 1,000,000 | Not published | Standard |
| New Zealand Asia-Pacific | Virtual asset service provider: FSPR registration and AML/CFT reporting entity Companies Office (registration); Department of Internal Affairs (AML/CFT supervisor) | Not published | Not published | Standard |
| Philippines Asia-Pacific | Virtual asset service provider (VASP) certificate of authority BSP | PHP 50,000,000 | Not published | Standard |
| Singapore Asia-Pacific | Digital payment token service under an MPI licence MAS | SGD 250,000 | Not published | Standard |
| Singapore Asia-Pacific | Digital token service provider licence (DTSP) MAS | Not published | Not published | Standard |
| South Korea Asia-Pacific | Virtual asset service provider report (KoFIU) Korea Financial Intelligence Unit (Commissioner of KoFIU) | Not published | Not published | Standard |
| Antigua and Barbuda Americas & Caribbean | Digital asset business licence (Class A or Class B) Financial Services Regulatory Commission | Not published | Not published | Standard |
| Bahamas Americas & Caribbean | Registration as a digital asset business (including digital asset exchange) Securities Commission of The Bahamas | Not published | Not published | Standard |
| Bermuda Americas & Caribbean | Digital asset business licence (Class F full, Class M modified, Class T test) Bermuda Monetary Authority (Authorisation and Licensing Committee for digital assets) | Not published | Not published | Standard |
| British Virgin Islands Americas & Caribbean | Virtual assets service provider registration Financial Services Commission | Not published | FSC aims to give initial comments within 6 weeks and to conclude applications within six months of initial submission | High risk |
| Canada Americas & Caribbean | Crypto asset trading platform registration (restricted dealer or investment dealer) with exemptive relief Provincial securities regulators (principal regulator) and CIRO; FINTRAC MSB registration also required for virtual currency dealing | Not published | Not published | Standard |
| Cayman Islands Americas & Caribbean | Virtual asset service provider registration or licence (including sandbox licence) Cayman Islands Monetary Authority | Not published | Not published | Standard |
| Curaçao Americas & Caribbean | Virtual asset service provider licence (vergunning virtuele activa dienstverlener) Centrale Bank van Curaçao en Sint Maarten (CBCS) | Not published | CBCS decides within 60 days of a complete application and receipt of the application fee | Standard |
| Dominica Americas & Caribbean | Virtual asset business registration Financial Services Unit | Not published | FSU must decide within ninety days of a complete application (S.R.O. 19 of 2024, reg. 4) | Standard |
| Mauritius Africa | Virtual Asset Service Provider licence, Class M (Virtual Asset Broker-Dealer) Financial Services Commission | MUR 2,000,000 | Not published | Standard |
| Mauritius Africa | Virtual Asset Service Provider licence, Class O (Virtual Asset Wallet Services) Financial Services Commission | No fixed amount: sufficient working capital in fiat to continue business for 12 months on realistic forecasts | Not published | Standard |
| Mauritius Africa | Virtual Asset Service Provider licence, Class R (Virtual Asset Custodian) Financial Services Commission | MUR 5,000,000 | Not published | Standard |
| Mauritius Africa | Virtual Asset Service Provider licence, Class S (Virtual Asset Market Place) Financial Services Commission | MUR 6,500,000 | Not published | Standard |
| Mauritius Africa | Virtual Asset Service Provider licence, Class I (Virtual Asset Advisory Services) Financial Services Commission | No fixed amount: sufficient working capital to meet debts as they fall due | Not published | Standard |
| Seychelles Africa | Virtual asset service provider licence Financial Services Authority | USD 25,000 | FSA service standard: 3 months to 2 years from a complete application, depending on complexity | Standard |
| South Africa Africa | Financial services provider (FSP) licence for crypto asset services Financial Sector Conduct Authority | Not published | Not published | Standard |
Sources are listed on each jurisdiction page. Information only, not legal advice.