License · CASP, VASP, stablecoin issuer
Crypto-assets
Trading platforms, custody, exchange and stablecoins under MiCA and local regimes.
Compare
Statutory minimum capital, side by side.
The legal floor in each jurisdiction. It is a starting point for comparison, not a budget: the regulator sets the capital your bank will actually need.
- SeychellesVirtual asset service provider licence USD 25kUSD 25,000
- United Arab Emirates (onshore)Virtual Asset Service Provider (VASP) licence, Dubai USD 27kAED 100,000
- AustriaCrypto-asset service provider authorisation under MiCA USD 56kEUR 50,000
- BelgiumAuthorisation as a crypto-asset service provider (MiCA Art. 63 CASP) USD 56kEUR 50,000
- CyprusCrypto-asset service provider authorisation (MiCA) USD 56kEUR 50,000
- EstoniaAuthorisation as a crypto-asset service provider under MiCA USD 56kEUR 50,000
- FranceCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- GermanyCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- IrelandCrypto-asset service provider (CASP) authorisation under MiCAR USD 56kEUR 50,000
- ItalyCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- LithuaniaCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- LuxembourgCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- MaltaCrypto-asset service provider authorisation (MiCA) USD 56kEUR 50,000
- NetherlandsCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- PolandCrypto-asset service provider authorisation under MiCA (not yet available in Poland) USD 56kEUR 50,000
- PortugalCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- SpainCrypto-asset service provider (CASP) authorisation under MiCA USD 56kEUR 50,000
- LiechtensteinCrypto-asset service provider authorisation under MiCAR USD 56kEUR 50,000
- JapanCrypto-asset exchange service provider registration USD 63kJPY 10,000,000
- BahrainCrypto-asset service licence (Category 1 to 4) USD 66kBHD 25,000
- SingaporeDigital payment token service under an MPI licence USD 195kSGD 250,000
- Labuan (Malaysia)Labuan credit token business licence (non-security tokens and digital asset platforms) USD 244kMYR 1,000,000
- Hong KongVirtual asset trading platform licence (VATP), AMLO and SFO USD 637kHKD 5,000,000
- BahrainStablecoin issuer licence USD 665kBHD 250,000
- PhilippinesVirtual asset service provider (VASP) certificate of authority USD 794kPHP 50,000,000
- SwitzerlandDLT trading facility licence USD 1.2mCHF 1,000,000
- United Arab Emirates: Abu Dhabi Global Market (ADGM)Financial Services Permission for Issuing a Fiat-Referenced Token USD 2mUSD 2,000,000
- Hong KongStablecoin issuer licence USD 3.2mHKD 25,000,000
- United Arab Emirates (onshore)Payment Token Services licence (issuance, conversion, custody and transfer) USD 4.1mAED 15,000,000
Not charted (no statutory figure, or currency without a reference rate): Gibraltar, Guernsey, Isle of Man, Jersey, Monaco, Switzerland, United Kingdom, Qatar (QFC), United Arab Emirates (onshore), United Arab Emirates: Abu Dhabi Global Market (ADGM), United Arab Emirates: Dubai International Financial Centre (DIFC), Australia, Japan, New Zealand, Singapore, South Korea, Antigua and Barbuda, Bahamas, Bermuda, British Virgin Islands, Canada, Cayman Islands, Curaçao, Dominica, Mauritius, South Africa. See each jurisdiction page.
Statutory minimums from each regulator. Converted at ECB reference rates or official pegs of 2026-10-08. Log scale. These are legal minimums only: the regulator sets the capital each bank must actually hold, usually far higher, and it must be the shareholders’ own liquid funds.
The path
From plan to licence.
The usual sequence for this licence. Each regulator’s own process and timeline are on its jurisdiction page.
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Services
Which crypto-asset services: trading platform, exchange, custody, transfer, advice. They set the capital class.
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Home state
One member state under MiCA, or a local regime elsewhere (Switzerland, UAE, Hong Kong, Singapore, Caribbean).
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Application
Programme of operations, governance, custody and segregation, ICT and DORA resilience, AML and travel rule.
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Assessment
Completeness check then decision; under MiCA 25 and 40 working days after a complete file.
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Passport
Notification to operate in other member states, without a second licence.
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Banking
Fiat accounts and custody partners, which depend on a strong compliance record.
What the regulator will ask for
The application file.
- 01Programme of operations and list of services
- 02Own funds and insurance
- 03Custody and segregation policy
- 04ICT and DORA resilience documentation
- 05AML/CFT and travel rule procedures
- 06Complaints handling and conflicts of interest policies
- 07Fit-and-proper documents for management and shareholders
Before you apply
Watch, then read.
Crypto-asset service providers under MiCA
How MiCA licenses crypto-asset service providers in the EU: services, capital classes, white papers, transition, reverse solicitation and the travel rule.
Regulation guide · 11 minStablecoin regulation worldwide and the GENIUS Act
How the EU, Hong Kong, Singapore, the UK and the UAE regulate fiat-backed stablecoins, and why the US GENIUS Act matters to issuers elsewhere.
Explainer · 9 minCompliance: AML, KYC and sanctions
FATF standards, customer due diligence, beneficial ownership, PEPs, sanctions, monitoring, suspicious activity reports, the EU AML package and the travel rule.
Next step
Get a licensing plan for your case.
Tell us the activities, markets and capital you have in mind. We reply with the jurisdictions that fit and what each regulator will expect.