Jurisdiction Decision Guide

Answer three questions to find the best jurisdictions for your crypto business.

Licensing requirements by jurisdiction

The 13 licensing regimes this guide recommends from, ordered by indicative capital requirement.

Japan — FSA CAESP Registration

  • Capital requirement: JPY 10M+ (~$67K)
  • Typical authorisation timeline: 12-18 months
  • Permitted activities: Exchange, Custody, Transfer / Payments
  • Region: Asia-Pacific

United Kingdom — FCA Registration (MLR 2017)

  • Capital requirement: No fixed minimum
  • Typical authorisation timeline: 6-18 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Advisory
  • Region: European Union

Liechtenstein — FMA TVTG Registration

  • Capital requirement: CHF 100,000+
  • Typical authorisation timeline: 3-6 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Advisory
  • Region: European Union

Germany — BaFin Crypto Custody License

  • Capital requirement: EUR 125,000+
  • Typical authorisation timeline: 6-12 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Advisory
  • Region: European Union

Malta — MFSA VFA License

  • Capital requirement: EUR 50,000 - 730,000
  • Typical authorisation timeline: 6-12 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Advisory
  • Region: European Union

European Union — MiCA CASP Authorization

  • Capital requirement: EUR 50,000 - 150,000
  • Typical authorisation timeline: 6-18 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Lending, Advisory, Stablecoin Issuance
  • Region: European Union

Singapore — MAS Major Payment Institution

  • Capital requirement: SGD 250,000+
  • Typical authorisation timeline: 6-12 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Lending, Advisory
  • Region: Asia-Pacific

Canada — MSB Registration + Provincial

  • Capital requirement: Varies by province
  • Typical authorisation timeline: 6-12 months
  • Permitted activities: Exchange, Custody, Transfer / Payments
  • Region: North America

Switzerland — FINMA FinTech / SRO

  • Capital requirement: CHF 300,000+
  • Typical authorisation timeline: 6-12 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Advisory
  • Region: European Union

United States — FinCEN MSB + State MTLs

  • Capital requirement: Varies ($10K - $5M+ per state)
  • Typical authorisation timeline: 12-24 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Lending
  • Region: North America

Bahrain — CBB Crypto-Asset License

  • Capital requirement: BHD 25,000 - 200,000
  • Typical authorisation timeline: 3-9 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Advisory
  • Region: Middle East

Hong Kong — SFC VATP License

  • Capital requirement: HKD 5M+
  • Typical authorisation timeline: 6-12 months
  • Permitted activities: Exchange, Custody, Advisory
  • Region: Asia-Pacific

United Arab Emirates — VARA License (Dubai)

  • Capital requirement: AED 1M - 15M
  • Typical authorisation timeline: 3-9 months
  • Permitted activities: Exchange, Custody, Transfer / Payments, Lending, Advisory
  • Region: Middle East

Budget bands

  • Low (< $100K)
  • Medium ($100K - $500K)
  • High (> $500K)