VASP/CASP Licensing
GlobalEffective: Varies by jurisdiction
Registration and licensing requirements for virtual asset service providers
licensing
Summary
Over 70 jurisdictions have implemented crypto-specific licensing frameworks as of 2026. Key trends: convergence toward FATF Travel Rule compliance, increasing capital requirements, mandatory local substance (directors, offices, servers), stablecoin-specific licensing carve-outs, and growing enforcement against unlicensed operators. Capital requirements range from zero (India FIU registration) to millions (UAE VARA exchange: AED 15M, Switzerland banking: CHF 10M+).
Key Requirements
- Registration with national authority
- Fit-and-proper management assessment
- Capital requirements (vary by jurisdiction)
- Ongoing compliance obligations
- Periodic regulatory reporting
- Governance and operational standards
- Local substance requirements (most jurisdictions)
- Over 70 jurisdictions have implemented crypto-specific licensing frameworks as of 2026. Key trends: convergence toward FATF Travel Rule compliance, in
Jurisdictions Implementing This Framework
AD Andorra AE United Arab Emirates AF Afghanistan AG Antigua and Barbuda AM Armenia AR Argentina AT Austria AU Australia BA Bosnia and Herzegovina BE Belgium BF Burkina Faso BG Bulgaria BH Bahrain BI Burundi BJ Benin BR Brazil BS Bahamas BT Bhutan BW Botswana BZ Belize CA Canada CD Democratic Republic of the Congo CG Congo CH Switzerland CI Cote d'Ivoire CN China CR Costa Rica CU Cuba CV Cabo Verde CY Cyprus CZ Czech Republic DE Germany DK Denmark DM Dominica DO Dominican Republic EE Estonia EU European Union FJ Fiji FM Micronesia FR France GA Gabon GB United Kingdom GD Grenada GE Georgia GI Gibraltar GR Greece GW Guinea-Bissau GY Guyana HK Hong Kong HR Croatia HT Haiti HU Hungary ID Indonesia IE Ireland IL Israel IN India IQ Iraq IR Iran IS Iceland IT Italy JE Jersey JM Jamaica JO Jordan KE Kenya KG Kyrgyzstan KH Cambodia KM Comoros KR South Korea KY Cayman Islands LA Laos LC Saint Lucia LK Sri Lanka LS Lesotho LT Lithuania LU Luxembourg LV Latvia MC Monaco MD Moldova ME Montenegro MG Madagascar MH Marshall Islands MK North Macedonia ML Mali MN Mongolia MT Malta MU Mauritius MV Maldives MW Malawi MX Mexico MZ Mozambique NA Namibia NG Nigeria NO Norway NR Nauru OM Oman PE Peru PH Philippines PL Poland PT Portugal PW Palau PY Paraguay QA Qatar RO Romania RS Serbia RU Russia RW Rwanda SA Saudi Arabia SB Solomon Islands SC Seychelles SE Sweden SG Singapore SI Slovenia SK Slovakia SN Senegal SR Suriname SS South Sudan ST Sao Tome and Principe SZ Eswatini TH Thailand TL Timor-Leste TM Turkmenistan TN Tunisia TV Tuvalu TW Taiwan TZ Tanzania UA Ukraine UG Uganda US United States UY Uruguay VA Holy See VG British Virgin Islands WS Samoa YE Yemen ZM Zambia ZW Zimbabwe
135 jurisdictions reference this framework
Related Articles
- Andorra -- Enforcement Actions Regulatory Overview Grade A AD
- Andorra -- Licensing Requirements Regulatory Overview Grade A AD
- United Arab Emirates -- Licensing Requirements Regulatory Overview Grade A AE
- United Arab Emirates -- Cryptocurrency Tax Framework Regulatory Overview Grade A AE
- Afghanistan -- Licensing Requirements Regulatory Overview Grade A AF
- Antigua and Barbuda -- Enforcement Actions Regulatory Overview Grade A AG
- Armenia -- AML/CFT Compliance Regulatory Overview Grade B AM
- Armenia -- Travel Rule Implementation Regulatory Overview Grade B AM
- Argentina -- AML/CFT Compliance Regulatory Overview Grade A AR
- Argentina -- Licensing Requirements Regulatory Overview Grade B AR
- Argentina -- Securities Classification Regulatory Overview Grade A AR
- Argentina -- Stablecoin Regulations Regulatory Overview Grade A AR
- Argentina -- Cryptocurrency Tax Framework Regulatory Overview Grade B AR
- Austria -- Custody Regulations Regulatory Overview Grade B AT
- Austria -- Enforcement Actions Regulatory Overview Grade B AT
- Austria -- Licensing Requirements Regulatory Overview Grade A AT
- Bosnia and Herzegovina -- Custody Regulations Regulatory Overview Grade A BA
- Bosnia and Herzegovina -- Licensing Requirements Regulatory Overview Grade B BA
- Belgium -- Licensing Requirements Regulatory Overview Grade B BE
- Belgium -- Travel Rule Implementation Regulatory Overview Grade A BE
- Burkina Faso -- AML/CFT Compliance Regulatory Overview Grade B BF
- Bulgaria -- Custody Regulations Regulatory Overview Grade B BG
- Bahrain -- Licensing Requirements Regulatory Overview Grade A BH
- Burundi -- Travel Rule Implementation Regulatory Overview Grade A BI
- Benin -- AML/CFT Compliance Regulatory Overview Grade A BJ
- Benin -- Travel Rule Implementation Regulatory Overview Grade A BJ
- Brazil -- Regulatory Status Regulatory Overview Grade A BR
- Bahamas -- Licensing Requirements Regulatory Overview Grade A BS
- Bhutan -- AML/CFT Compliance Regulatory Overview Grade A BT
- Botswana -- Stablecoin Regulations Regulatory Overview Grade B BW
- Belize -- Licensing Requirements Regulatory Overview Grade A BZ
- Belize -- Travel Rule Implementation Regulatory Overview Grade A BZ
- Canada -- Licensing Requirements Regulatory Overview Grade A CA
- Canada -- 2026 Regulatory Updates Regulatory Overview Grade B CA
- Democratic Republic of the Congo -- AML/CFT Compliance Regulatory Overview Grade A CD
- Congo -- AML/CFT Compliance Regulatory Overview Grade B CG
- Congo -- Travel Rule Implementation Regulatory Overview Grade A CG
- Cote d'Ivoire -- AML/CFT Compliance Regulatory Overview Grade B CI
- China -- Licensing Requirements Regulatory Overview Grade A CN
- Costa Rica -- Licensing Requirements Regulatory Overview Grade B CR
- Cuba -- AML/CFT Compliance Regulatory Overview Grade A CU
- Cuba -- Stablecoin Regulations Regulatory Overview Grade A CU
- Cabo Verde -- AML/CFT Compliance Regulatory Overview Grade B CV
- Cyprus -- Travel Rule Implementation Regulatory Overview Grade A CY
- Czech Republic -- Licensing Requirements Regulatory Overview Grade A CZ
- Czech Republic -- Securities Classification Regulatory Overview Grade A CZ
- Germany -- AML/CFT Compliance Regulatory Overview Grade B DE
- Germany -- Licensing Requirements Regulatory Overview Grade A DE
- Denmark -- Licensing Requirements Regulatory Overview Grade A DK
- Dominica -- AML/CFT Compliance Regulatory Overview Grade A DM
- Dominica -- Licensing Requirements Regulatory Overview Grade A DM
- Dominica -- Stablecoin Regulations Regulatory Overview Grade A DM
- Dominican Republic -- AML/CFT Compliance Regulatory Overview Grade A DO
- Estonia -- Licensing Requirements Regulatory Overview Grade B EE
- European Union — Regulatory Status Grade A EU
- Fiji -- Stablecoin Regulations Regulatory Overview Grade A FJ
- Micronesia -- Securities Classification Regulatory Overview Grade A FM
- France -- AML/CFT Compliance Regulatory Overview Grade A FR
- France -- Regulatory Status Regulatory Overview Grade A FR
- Gabon -- Licensing Requirements Regulatory Overview Grade A GA
- Gabon -- Travel Rule Implementation Regulatory Overview Grade A GA
- United Kingdom -- Licensing Requirements Regulatory Overview Grade A GB
- United Kingdom -- Regulatory Status Regulatory Overview Grade B GB
- Grenada -- Sanctions Compliance Regulatory Overview Grade A GD
- Grenada -- Stablecoin Regulations Regulatory Overview Grade A GD
- Georgia -- Travel Rule Implementation Regulatory Overview Grade A GE
- Gibraltar -- Licensing Requirements Regulatory Overview Grade A GI
- Greece -- Travel Rule Implementation Regulatory Overview Grade A GR
- Guinea-Bissau -- Licensing Requirements Regulatory Overview Grade A GW
- Guyana -- AML/CFT Compliance Regulatory Overview Grade A GY
- Hong Kong — Licensing Requirements Grade A HK
- Hong Kong -- Regulatory Status Regulatory Overview Grade A HK
- Croatia -- Custody Regulations Regulatory Overview Grade A HR
- Croatia -- Licensing Requirements Regulatory Overview Grade A HR
- Haiti -- Licensing Requirements Regulatory Overview Grade B HT
- Hungary -- Custody Regulations Regulatory Overview Grade B HU
- Hungary -- Securities Classification Regulatory Overview Grade A HU
- Hungary -- Regulatory Status Regulatory Overview Grade A HU
- Indonesia -- Licensing Source Discovery Regulatory Overview Grade A ID
- Indonesia -- Licensing Requirements Regulatory Overview Grade A ID
- Ireland — Licensing Requirements Grade B IE
- Ireland -- VASP Registry Regulatory Overview Grade B IE
- Ireland -- Sanctions Compliance Regulatory Overview Grade A IE
- Israel -- Sanctions Compliance Regulatory Overview Grade A IL
- India -- Licensing Requirements Regulatory Overview Grade A IN
- Iraq -- Licensing Requirements Regulatory Overview Grade A IQ
- Iran -- Travel Rule Implementation Regulatory Overview Grade A IR
- Iceland -- Custody Regulations Regulatory Overview Grade B IS
- Iceland -- Licensing Requirements Regulatory Overview Grade B IS
- Iceland -- Travel Rule Implementation Regulatory Overview Grade A IS
- Italy -- Licensing Requirements Regulatory Overview Grade A IT
- Italy -- Stablecoin Regulations Regulatory Overview Grade A IT
- Jersey -- Licensing Requirements Regulatory Overview Grade A JE
- Jersey -- Sanctions Compliance Regulatory Overview Grade A JE
- Jersey -- Securities Classification Regulatory Overview Grade A JE
- Jersey -- Stablecoin Regulations Regulatory Overview Grade B JE
- Jamaica -- AML/CFT Compliance Regulatory Overview Grade A JM
- Jamaica -- Custody Regulations Regulatory Overview Grade A JM
- Jordan -- AML/CFT Compliance Regulatory Overview Grade A JO
- Jordan -- Licensing Requirements Regulatory Overview Grade B JO
- Jordan -- Securities Classification Regulatory Overview Grade A JO
- Kenya -- Regulatory Status Regulatory Overview Grade A KE
- Kenya -- Travel Rule Implementation Regulatory Overview Grade A KE
- Kyrgyzstan -- Travel Rule Implementation Regulatory Overview Grade A KG
- Cambodia -- Sanctions Compliance Regulatory Overview Grade A KH
- Comoros -- Sanctions Compliance Regulatory Overview Grade A KM
- Comoros -- Travel Rule Implementation Regulatory Overview Grade A KM
- South Korea -- AML/CFT Compliance Regulatory Overview Grade A KR
- South Korea -- Regulatory Status Regulatory Overview Grade A KR
- Cayman Islands -- Licensing Requirements Regulatory Overview Grade A KY
- Cayman Islands -- Cryptocurrency Tax Framework Regulatory Overview Grade A KY
- Cayman Islands -- Travel Rule Implementation Regulatory Overview Grade A KY
- Laos -- Travel Rule Implementation Regulatory Overview Grade A LA
- Saint Lucia -- Stablecoin Regulations Regulatory Overview Grade A LC
- Saint Lucia -- Travel Rule Implementation Regulatory Overview Grade A LC
- Sri Lanka -- AML/CFT Compliance Regulatory Overview Grade A LK
- Sri Lanka -- Licensing Requirements Regulatory Overview Grade A LK
- Lesotho -- Licensing Requirements Regulatory Overview Grade A LS
- Lesotho -- Travel Rule Implementation Regulatory Overview Grade A LS
- Luxembourg -- Custody Regulations Regulatory Overview Grade B LU
- Luxembourg -- Enforcement Actions Regulatory Overview Grade A LU
- Luxembourg -- Licensing Requirements Regulatory Overview Grade B LU
- Luxembourg -- Sanctions Compliance Regulatory Overview Grade A LU
- Luxembourg -- Securities Classification Regulatory Overview Grade A LU
- Luxembourg -- Regulatory Status Regulatory Overview Grade B LU
- Luxembourg -- Cryptocurrency Tax Framework Regulatory Overview Grade B LU
- Latvia -- Custody Regulations Regulatory Overview Grade A LV
- Latvia -- Licensing Requirements Regulatory Overview Grade A LV
- Latvia -- Regulatory Status Regulatory Overview Grade A LV
- Monaco -- Licensing Requirements Regulatory Overview Grade A MC
- Moldova -- Custody Regulations Regulatory Overview Grade A MD
- Montenegro -- Custody Regulations Regulatory Overview Grade B ME
- Montenegro -- Licensing Requirements Regulatory Overview Grade B ME
- Madagascar -- AML/CFT Compliance Regulatory Overview Grade A MG
- Madagascar -- Licensing Requirements Regulatory Overview Grade A MG
- Madagascar -- Travel Rule Implementation Regulatory Overview Grade A MG
- Marshall Islands -- Licensing Requirements Regulatory Overview Grade A MH
- North Macedonia -- Licensing Requirements Regulatory Overview Grade B MK
- Mali -- AML/CFT Compliance Regulatory Overview Grade A ML
- Mongolia -- AML/CFT Compliance Regulatory Overview Grade A MN
- Mongolia -- Custody Regulations Regulatory Overview Grade A MN
- Mongolia -- Sanctions Compliance Regulatory Overview Grade A MN
- Mauritius -- Stablecoin Regulations Regulatory Overview Grade A MU
- Maldives -- Custody Regulations Regulatory Overview Grade A MV
- Malawi -- Licensing Requirements Regulatory Overview Grade B MW
- Mexico -- Licensing Requirements Regulatory Overview Grade A MX
- Mexico -- Status Source Discovery Regulatory Overview Grade A MX
- Mozambique -- Travel Rule Implementation Regulatory Overview Grade A MZ
- Namibia -- AML/CFT Compliance Regulatory Overview Grade B NA
- Namibia -- Stablecoin Regulations Regulatory Overview Grade B NA
- Nigeria -- Enforcement Actions Regulatory Overview Grade A NG
- Norway -- Custody Regulations Regulatory Overview Grade B NO
- Norway -- Licensing Requirements Regulatory Overview Grade B NO
- Norway -- Regulatory Status Regulatory Overview Grade A NO
- Nauru -- Licensing Requirements Regulatory Overview Grade A NR
- Oman -- AML/CFT Compliance Regulatory Overview Grade A OM
- Peru -- Custody Regulations Regulatory Overview Grade A PE
- Peru -- Licensing Requirements Regulatory Overview Grade B PE
- Philippines -- Travel Rule Implementation Regulatory Overview Grade A PH
- Poland -- AML/CFT Compliance Regulatory Overview Grade A PL
- Poland -- Licensing Requirements Regulatory Overview Grade A PL
- Portugal -- Licensing Requirements Regulatory Overview Grade B PT
- Palau -- Travel Rule Implementation Regulatory Overview Grade A PW
- Paraguay -- Securities Classification Regulatory Overview Grade A PY
- Paraguay -- Stablecoin Regulations Regulatory Overview Grade A PY
- Qatar -- Regulatory Status Regulatory Overview Grade A QA
- Romania -- Custody Regulations Regulatory Overview Grade B RO
- Serbia -- AML/CFT Compliance Regulatory Overview Grade A RS
- Serbia -- Travel Rule Implementation Regulatory Overview Grade A RS
- Russia -- Licensing Requirements Regulatory Overview Grade A RU
- Rwanda -- AML/CFT Compliance Regulatory Overview Grade B RW
- Rwanda -- Regulatory Status Regulatory Overview Grade A RW
- Rwanda -- Travel Rule Implementation Regulatory Overview Grade A RW
- Saudi Arabia -- AML/CFT Compliance Regulatory Overview Grade A SA
- Saudi Arabia -- Licensing Requirements Regulatory Overview Grade A SA
- Solomon Islands -- AML/CFT Compliance Regulatory Overview Grade B SB
- Solomon Islands -- Regulatory Status Regulatory Overview Grade A SB
- Seychelles -- Stablecoin Regulations Regulatory Overview Grade A SC
- Sweden -- Travel Rule Implementation Regulatory Overview Grade A SE
- Slovenia -- Custody Regulations Regulatory Overview Grade A SI
- Slovenia -- Licensing Requirements Regulatory Overview Grade A SI
- Slovakia -- AML/CFT Compliance Regulatory Overview Grade A SK
- Senegal -- Securities Classification Regulatory Overview Grade A SN
- Suriname -- Stablecoin Regulations Regulatory Overview Grade B SR
- South Sudan -- Travel Rule Implementation Regulatory Overview Grade A SS
- Sao Tome and Principe -- AML/CFT Compliance Regulatory Overview Grade B ST
- Eswatini -- Securities Classification Regulatory Overview Grade A SZ
- Thailand -- Licensing Requirements Regulatory Overview Grade A TH
- Thailand -- Stablecoin Regulations Regulatory Overview Grade A TH
- Timor-Leste -- AML/CFT Compliance Regulatory Overview Grade A TL
- Timor-Leste -- Travel Rule Implementation Regulatory Overview Grade A TL
- Turkmenistan -- Licensing Requirements Regulatory Overview Grade B TM
- Tunisia -- Securities Classification Regulatory Overview Grade A TN
- Tuvalu -- Securities Classification Regulatory Overview Grade A TV
- Taiwan -- Securities Classification Regulatory Overview Grade A TW
- Taiwan -- Stablecoin Regulations Regulatory Overview Grade A TW
- Tanzania -- AML/CFT Compliance Regulatory Overview Grade A TZ
- Ukraine -- Travel Rule Implementation Regulatory Overview Grade A UA
- Uganda -- Licensing Requirements Regulatory Overview Grade B UG
- United States — Regulatory Status Grade A US
- United States -- Licensing Requirements Regulatory Overview Grade A US
- Uruguay -- Securities Classification Regulatory Overview Grade A UY
- Uruguay -- Travel Rule Implementation Regulatory Overview Grade A UY
- Holy See -- Securities Classification Regulatory Overview Grade A VA
- British Virgin Islands -- AML/CFT Compliance Regulatory Overview Grade B VG
- British Virgin Islands -- Custody Regulations Regulatory Overview Grade A VG
- British Virgin Islands -- Licensing Requirements Regulatory Overview Grade A VG
- British Virgin Islands -- Regulatory Status Regulatory Overview Grade A VG
- Samoa -- Custody Regulations Regulatory Overview Grade A WS
- Samoa -- Licensing Requirements Regulatory Overview Grade A WS
- Yemen -- Securities Classification Regulatory Overview Grade A YE
- Yemen -- Regulatory Status Regulatory Overview Grade A YE
- Zambia -- Securities Classification Regulatory Overview Grade A ZM
- Zambia -- Travel Rule Implementation Regulatory Overview Grade A ZM
- Zimbabwe -- Travel Rule Implementation Regulatory Overview Grade A ZW
Last updated: 2026-04-12. View all frameworks