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Crypto licence
Applying for the licence or registration your crypto-asset services require, in the EU under MiCA or in the regimes beyond it.
- MiCA, VARA and the offshore regimes
- Capital and fees from the regulators
- Application prepared with you
What the licence allows and who needs it
A crypto licence or registration authorises a company to exchange, hold, broker or trade crypto-assets for clients. In the European Union the Markets in Crypto-Assets Regulation (MiCA) replaced the national registrations with one authorisation and one passport; Dubai, Seychelles, Mauritius, Hong Kong and Singapore run regimes of their own; the United Kingdom is moving from registration to full authorisation.
What you need depends on the services (exchange, custody, brokerage, a trading platform, transfers) and on where your clients are. Each country below opens with the regulator's capital, fees and process.
Countries
Each country opens with the regulator, the licence, the capital, the fees the regulator publishes, the requirements, the documents, the steps and the sources we checked, with the date we checked them.
| Country | Regulator | Minimum capital | Government fees | Timeline | Last reviewed | |
|---|---|---|---|---|---|---|
| Cyprus | CySEC (MiCA) | €50,000 to €150,000 | CySEC fees | 25 + 40 working days from a complete application (statutory) | 2026-11-11 | |
| Malta | MFSA (MiCA) | €50,000 to €150,000 | MFSA fees | 25 + 40 working days from a complete application (statutory) | 2026-11-11 | |
| Lithuania | Bank of Lithuania (MiCA) | €50,000 to €150,000 | Bank of Lithuania fees | 25 + 40 working days from a complete application (statutory) | 2026-11-11 | |
| United Kingdom | FCA | Set by the incoming regime | FCA application fee | Ask us | 2026-11-11 | |
| Dubai (UAE) | VARA | AED 100,000 to AED 1,500,000 by activity | AED 40,000 to AED 100,000 application, plus annual supervision | Ask us | 2026-11-11 | |
| Seychelles | FSA Seychelles | US$25,000 to US$100,000 by activity | SCR 75,000 application; annual base SCR 75,000 plus an activity fee | Ask us | 2026-11-11 | |
| Mauritius | FSC Mauritius | Set by FSC rules per class | FSC processing and annual fees | Ask us | 2026-11-11 | |
| British Virgin Islands | BVI FSC | Adequate to the risk | FSC registration fees | Ask us | 2026-11-11 | |
| Cayman Islands | CIMA | Set by CIMA | Per CIMA's fee schedule | Ask us | 2026-11-11 | |
| Hong Kong | SFC | HK$5,000,000 paid-up capital | SFC application and annual fees | Ask us | 2026-11-11 | |
| Singapore | MAS | S$100,000 or S$250,000 base capital | MAS application and annual fees | Ask us | 2026-11-11 |
Cyprus
An EU-wide passport for exchange, custody, brokerage and trading-platform services, authorised in Cyprus under MiCA.
- Regulator
- Cyprus Securities and Exchange Commission (CySEC)
- Authorisation
- Crypto-asset service provider (CASP), MiCA Articles 59 to 63
- Initial capital
- €50,000, €125,000 or €150,000 by class (Annex IV)
- Statutory review
- 25 working days (completeness) + 40 working days (assessment)
- Passport
- EU and EEA
What the authorisation allows
A crypto-asset service provider (CASP) authorised under MiCA may offer custody and administration, operate a trading platform, exchange crypto-assets for funds or other crypto-assets, execute, place, receive and transmit orders, advise and manage portfolios, and provide transfer services, for clients across the EU and EEA after a notification to each host state.
Which capital class applies
MiCA Annex IV sets three classes: €50,000 for Class 1 (orders, placing, transfer, advice, portfolio management), €125,000 for Class 2 (adds custody and exchange) and €150,000 for Class 3 (adds operating a trading platform), or one quarter of the previous year's fixed overheads if that is higher (Article 67). The same amounts apply in every member state.
Requirements
- A company with its registered office and effective management in the member state
- Fit-and-proper owners and managers; at least one director resident in the EU
- Prudential safeguards: own funds or an insurance policy, and a wind-down plan
- Segregation of clients' crypto-assets and funds; custody policy and key management
- Governance, ICT risk management (DORA), complaints handling, conflicts of interest and market-abuse controls
- Anti-money-laundering programme and the transfer-of-funds (travel) rule
Documents
- The programme of operations: services, target markets, marketing and projections
- Policies: custody, segregation, ICT and security, business continuity, AML, complaints, conflicts
- Evidence of the initial capital and of its source
- Good-repute evidence for shareholders, directors and key staff
Steps and timeline
The competent authority has 25 working days to confirm the application is complete, then 40 working days to assess it; a request for information can pause the clock for up to 20 working days (Article 63).
Last reviewed: 2026-11-11
Malta
Malta carried its 2018 virtual financial assets regime into MiCA; the MFSA is one of the EU's most experienced crypto supervisors.
- Regulator
- Malta Financial Services Authority (MFSA)
- Authorisation
- Crypto-asset service provider (CASP), MiCA Articles 59 to 63
- Initial capital
- €50,000, €125,000 or €150,000 by class (Annex IV)
- Statutory review
- 25 working days (completeness) + 40 working days (assessment)
- Passport
- EU and EEA
What the authorisation allows
A crypto-asset service provider (CASP) authorised under MiCA may offer custody and administration, operate a trading platform, exchange crypto-assets for funds or other crypto-assets, execute, place, receive and transmit orders, advise and manage portfolios, and provide transfer services, for clients across the EU and EEA after a notification to each host state.
Which capital class applies
MiCA Annex IV sets three classes: €50,000 for Class 1 (orders, placing, transfer, advice, portfolio management), €125,000 for Class 2 (adds custody and exchange) and €150,000 for Class 3 (adds operating a trading platform), or one quarter of the previous year's fixed overheads if that is higher (Article 67). The same amounts apply in every member state.
Requirements
- A company with its registered office and effective management in the member state
- Fit-and-proper owners and managers; at least one director resident in the EU
- Prudential safeguards: own funds or an insurance policy, and a wind-down plan
- Segregation of clients' crypto-assets and funds; custody policy and key management
- Governance, ICT risk management (DORA), complaints handling, conflicts of interest and market-abuse controls
- Anti-money-laundering programme and the transfer-of-funds (travel) rule
Documents
- The programme of operations: services, target markets, marketing and projections
- Policies: custody, segregation, ICT and security, business continuity, AML, complaints, conflicts
- Evidence of the initial capital and of its source
- Good-repute evidence for shareholders, directors and key staff
Steps and timeline
The competent authority has 25 working days to confirm the application is complete, then 40 working days to assess it; a request for information can pause the clock for up to 20 working days (Article 63).
Last reviewed: 2026-11-11
Lithuania
A fintech-minded supervisor with a large population of licensed EMIs and payment firms, now authorising CASPs under MiCA.
- Regulator
- Bank of Lithuania
- Authorisation
- Crypto-asset service provider (CASP), MiCA Articles 59 to 63
- Initial capital
- €50,000, €125,000 or €150,000 by class (Annex IV)
- Statutory review
- 25 working days (completeness) + 40 working days (assessment)
- Passport
- EU and EEA
What the authorisation allows
A crypto-asset service provider (CASP) authorised under MiCA may offer custody and administration, operate a trading platform, exchange crypto-assets for funds or other crypto-assets, execute, place, receive and transmit orders, advise and manage portfolios, and provide transfer services, for clients across the EU and EEA after a notification to each host state.
Which capital class applies
MiCA Annex IV sets three classes: €50,000 for Class 1 (orders, placing, transfer, advice, portfolio management), €125,000 for Class 2 (adds custody and exchange) and €150,000 for Class 3 (adds operating a trading platform), or one quarter of the previous year's fixed overheads if that is higher (Article 67). The same amounts apply in every member state.
Requirements
- A company with its registered office and effective management in the member state
- Fit-and-proper owners and managers; at least one director resident in the EU
- Prudential safeguards: own funds or an insurance policy, and a wind-down plan
- Segregation of clients' crypto-assets and funds; custody policy and key management
- Governance, ICT risk management (DORA), complaints handling, conflicts of interest and market-abuse controls
- Anti-money-laundering programme and the transfer-of-funds (travel) rule
Documents
- The programme of operations: services, target markets, marketing and projections
- Policies: custody, segregation, ICT and security, business continuity, AML, complaints, conflicts
- Evidence of the initial capital and of its source
- Good-repute evidence for shareholders, directors and key staff
Steps and timeline
The competent authority has 25 working days to confirm the application is complete, then 40 working days to assess it; a request for information can pause the clock for up to 20 working days (Article 63).
Last reviewed: 2026-11-11
United Kingdom
Registration today, full authorisation soon: the UK is moving crypto exchanges, custodians and dealers into a FSMA regime with capital and conduct rules.
- Regulator
- Financial Conduct Authority (FCA)
- Today
- Registration as a cryptoasset business under the Money Laundering Regulations 2017
- Coming
- Full authorisation for cryptoasset activities under the Financial Services and Markets Act (the 2025 Cryptoassets Order); applications open before the regime starts
- Market
- United Kingdom
What the licence allows
A UK crypto business today registers with the FCA for anti-money-laundering supervision and must follow the financial promotions rules. The government has legislated a full regime: exchanges, custodians, dealers and stablecoin issuers will need FCA authorisation with capital, conduct and resilience rules, in a gateway that opens ahead of the regime's start date.
Requirements
- A UK company with its key management in the UK
- An MLRO and a financial-crime framework the FCA finds effective; the registration refusal rate has been high
- Financial promotions approved by an authorised person, with the risk warnings and cooling-off period
- Under the new regime: prudential, conduct, safeguarding and operational-resilience requirements by activity
Last reviewed: 2026-11-11
Dubai (UAE)
A regulator dedicated to virtual assets alone: eight licensable activities with published capital and fees, and a two-stage approval.
- Regulator
- Virtual Assets Regulatory Authority (VARA), Dubai
- Activities
- Advisory, broker-dealer, custody, exchange, lending and borrowing, management and investment, transfer and settlement, issuance
- Paid-up capital
- AED 100,000 (advisory) to AED 1,500,000 (exchange without a VARA-licensed custodian), or 15% to 25% of fixed annual overheads if higher
- Application fee
- AED 40,000 (advisory, transfer and settlement) or AED 100,000 (other activities), plus an annual supervision fee
- Scope
- Dubai, outside the DIFC
What the licence allows
VARA licenses each virtual-asset activity separately under its own rulebook. A broker-dealer that uses a VARA-licensed custodian needs AED 400,000 of paid-up capital; an exchange that does, AED 800,000; custody, AED 600,000. Capital is held in a UAE bank trust account or a surety bond with VARA as beneficiary and reconciled monthly.
Requirements
- A Dubai company (mainland or free zone, outside the DIFC) with an office in Dubai
- Fit-and-proper owners and senior management; a compliance officer and MLRO
- Policies under the compulsory rulebooks: compliance and risk, market conduct, technology and information, and the activity rulebook
- Capital in a trust account or surety bond, per activity
Steps and timeline
Two stages: an Approval to Incorporate lets you set up the company but not operate; the full VASP licence follows the review of the complete application, interviews and the payment of the remaining fees. Conditions may attach before go-live.
Last reviewed: 2026-11-11
Seychelles
A new, complete licensing regime for wallets, exchanges, brokers and investment providers, with fees published in rupees and modest capital.
- Regulator
- Financial Services Authority (FSA)
- Law
- Virtual Asset Service Providers Act 2024 (in force 1 September 2024)
- Licences
- Wallet provider, exchange, broking, investment provider
- Fees
- SCR 75,000 application (SCR 22,500 for a registration); annual base fee SCR 75,000 plus SCR 75,000 to SCR 375,000 by activity
- Paid-up capital
- Set by the 2024 capital regulations: US$25,000 to US$100,000 by activity
What the licence allows
The 2024 Act brought every virtual-asset service in Seychelles under licence: wallets (custodial and non-custodial), exchanges, broking and investment services. Mining facilities, mixers and tumblers are prohibited. Firms that operated before the Act had to apply by 31 December 2024.
Requirements
- A Seychelles company with a physical office fit for inspections and record keeping
- A local compliance function: MLRO and deputy MLRO
- Paid-up capital held at a Seychelles bank or a Basel II-compliant institution approved by the FSA
- AML/CFT programme and the FSA's institutional risk assessment
- Cyber-security, custody and client-asset segregation arrangements
Last reviewed: 2026-11-11
Mauritius
A full FATF-aligned framework with five licence classes, administered by the same commission that licenses investment dealers.
- Regulator
- Financial Services Commission (FSC)
- Law
- Virtual Asset and Initial Token Offering Services Act 2021
- Classes
- M (broker-dealer), O (wallet services), R (custodian), I (marketplace), S (advisory)
- Company
- A Mauritius company, usually a Global Business Company
What the licence allows
Mauritius was among the first to legislate the FATF virtual-asset standards in full. Each class of service has its own licence, capital and conduct rules; a marketplace (Class I) and a custodian (Class R) carry the heaviest requirements.
Requirements
- Fit-and-proper owners and officers; two Mauritius-resident directors for a GBC
- A compliance officer, MLRO and deputy MLRO
- Capital and insurance as the FSC rules set per class
- Custody, cyber-security and client-asset segregation standards
Last reviewed: 2026-11-11
British Virgin Islands
Registration under the 2022 VASP Act, often beside a SIBA licence in the same group.
- Regulator
- BVI Financial Services Commission (FSC)
- Law
- Virtual Assets Service Providers Act 2022 (in force 1 February 2023)
- Form
- Registration with the FSC, separate from SIBA
What the registration allows
Exchanges, custodians and other virtual-asset service providers register with the FSC under the 2022 Act, a regime distinct from securities investment business. A group that offers both CFDs and crypto needs both.
Requirements
- A BVI company with an authorised representative
- Fit-and-proper directors and owners; a compliance officer and MLRO
- Policies for AML/CFT, custody, cyber-security and client assets
- Capital and insurance adequate to the business
Last reviewed: 2026-11-11
Cayman Islands
An institutional centre for token funds and exchanges, with registration first and licensing for custody and platforms.
- Regulator
- Cayman Islands Monetary Authority (CIMA)
- Law
- Virtual Asset (Service Providers) Act
- Form
- Registration for most services; a licence for custodians and trading platforms in the second phase
What the registration allows
Cayman phased its regime: registration first, then licensing for custody and trading platforms. Fund-related token issuers and exchanges serving institutional clients are the typical applicants.
Requirements
- A Cayman company with a registered office
- Fit-and-proper owners and directors; AML officers
- Cyber-security, custody and client-asset arrangements CIMA finds adequate
Last reviewed: 2026-11-11
Hong Kong
A premium Asian licence for exchanges that want retail investors, with high custody standards and HK$5,000,000 of paid-up capital.
- Regulator
- Securities and Futures Commission (SFC)
- Licence
- Virtual asset trading platform (VATP) under the AMLO, with SFO Type 1 and Type 7 licences for security tokens
- Capital
- Paid-up share capital of at least HK$5,000,000 and liquid capital of at least HK$3,000,000
- Clients
- Retail allowed, with suitability and product checks
What the licence allows
A licensed platform may admit retail investors to large-cap tokens, subject to suitability, and must keep 98% of client assets in cold storage through a wholly owned subsidiary, with insurance or compensation arrangements.
Requirements
- A Hong Kong company with responsible officers approved by the SFC
- A Hong Kong custody subsidiary and the SFC's custody, cyber-security and key-management standards
- Token admission committee and due diligence; market surveillance
- External assessment reports before and after licensing
Last reviewed: 2026-11-11
Singapore
Crypto services sit inside Singapore's payment-services regime: a demanding but globally respected licence for exchanges and custodians.
- Regulator
- Monetary Authority of Singapore (MAS)
- Licence
- Standard or Major Payment Institution licence for digital payment token services (Payment Services Act 2019)
- Base capital
- S$100,000 (standard) or S$250,000 (major), plus a security deposit for a major institution
- Management
- At least one executive director resident in Singapore
What the licence allows
Buying, selling, exchanging, transferring and safeguarding digital payment tokens are licensable payment services in Singapore. MAS discourages retail speculation: no incentives, no credit, and risk-awareness tests for retail customers.
Requirements
- A Singapore company with a permanent place of business
- Fit-and-proper directors and controllers; a resident executive director
- Segregation of customer assets in trust; 90% of customer assets in cold storage
- Technology risk management and AML/CFT notices
Last reviewed: 2026-11-11
What regulators look at
The detail differs by country. Applications are usually assessed on:
- Capital: the minimum the licence requires, held in a form the regulator accepts, and where it comes from
- People: fit-and-proper owners, directors and the compliance, risk and anti-money-laundering officers
- Substance: a physical office, local directors or staff where the country requires them
- Policies: the business plan, the compliance manual, risk management and the protection of client money
- Systems: the trading or payment platform, its security, its records and its outsourcing
What we do and what you provide
What we do
- Compare the countries that license your activity against your plan, clients and capital
- Prepare the application file and the policies with you
- Coordinate with the regulator during the review and answer its questions
- Set out the obligations once licensed, and keep the calendar
What you provide
- A business plan for the crypto-asset services
- Background documents for owners, directors and key staff
- Evidence of the capital and its source
- Decisions on structure, staff and office
Steps and timeline
- 1ConsultationWe talk through what you need, where you operate and what you already have in place.
- 2PlanYou receive a plan that sets out the steps, the documents and the parties involved, so you can decide how to proceed.
- 3Set-upWe prepare the applications and documents with you and coordinate with the providers involved.
- 4Ongoing supportAfter set-up, we stay available for renewals, changes and questions.
Your choice, our commitment
Your business model
The structure follows how your business works and where it operates.
Your resources
We start from the documents and people you already have, and say clearly what is still needed.
Support
Questions about the company, the accounts and the licence are handled in one conversation.
Clear next steps
You see what each step involves before you decide to go ahead.
Frequently asked questions
Still have a question?
Talk to usHow long does it take?
It depends on the jurisdiction, the provider and the documents involved. We give you an estimate for the licence after the consultation.
What does it cost?
Costs depend on the jurisdiction and on the services you choose. We set them out for the licence after the consultation, before any work starts.
Do I need to travel?
Some steps can be completed remotely and others need you in person. We tell you which applies to your case before you start.
Is the licence guaranteed?
No. The regulator decides. We prepare the application so it is complete and consistent with the regulator's requirements.
Where do the facts on this page come from?
From the regulators' and registries' own publications, linked in each country's dialog with the date we last checked them. Rules change; we confirm the current position in the consultation before anything starts.
Used in these set-ups
What comes next
Each service leads to the next: the structure, then the accounts, then the payments and the licence.
Plan your licence application
Talk to us- IncorporationForming a company or foundation, and keeping it in good standing.Talk to us
- BankingBusiness and personal accounts, and accepting payments.Talk to us
- LicensingFinancial licences for regulated activities.Talk to us
- InvestmentsOpening investment accounts for a company or for yourself.Talk to us