Compare crypto licensing jurisdictions

Filter crypto licensing jurisdictions by the constraints that actually drive the decision: budget, market access, tax, capital, local substance and the activities you need. Non-matching jurisdictions stay visible with the reasons, then jump straight to the full guide or a tailored consultation. Setting up the company first? Compare company-formation jurisdictions.

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7 of 7 match

Jurisdictions are compared on the criteria that drive the decision. Non-matching options stay visible (dimmed, with the reasons) so you can see what relaxing a filter would unlock. Figures are indicative and for comparison only; confirm specifics in the full guide or a consultation.

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About this comparator

This comparator covers all 41 crypto licensing jurisdictions in the Jagelski & Partners guide library, from MiCA member states to offshore VASP regimes. The filters run on the axes that drive a licensing decision: budget, market access and EU passporting, tax treatment, minimum capital, local substance, reputational standing and the activities the licence must cover. Data is stated as of June 2026 and re-verified before publication. A non-matching card is not a rejection: it stays visible, dimmed, with the exact filters it fails, so you can see what relaxing one constraint would unlock. Figures are indicative; confirm specifics in the full guide or a consultation.

Every record is compiled from the corresponding full jurisdiction guide, which is built on regulator primary sources: the licensing statute, official regulator handbooks and registers, and published fee schedules. Each record is then checked against a pinned-fact validation matrix before publication, so the figures on a card trace back to a verified source rather than a third-party aggregator.

All records are stated as of June 2026 and re-verified before publication. Licensing regimes move quickly, and capital floors, fee schedules and timelines can change mid-year, so treat the cards as a shortlisting tool and confirm the current position in the full jurisdiction guide or a consultation before committing to an application.

Only that it fails one or more of your active filters; the reasons are listed on the dimmed card. It is not a verdict on the jurisdiction itself. Relaxing a single filter, often budget or timeline, can return strong candidates to the shortlist, which is why non-matching jurisdictions stay visible instead of disappearing.

All 50 crypto licensing jurisdictions at a glance

The interactive filters need JavaScript; the full comparison dataset is below. Every figure is compiled from the corresponding full jurisdiction guide and re-verified before publication.

Jurisdiction	Licence / regime	Minimum capital	Year-1 cost	Timeline	Corporate tax	FATF status
Abu Dhabi (ADGM)	ADGM FSRA Financial Services Permission (FSP)	USD 250,000–500,000 base plus EBCM	USD 1.1–3.0m	6–18 months	9%	Clear
Antigua and Barbuda	Digital Asset Business licence (activity-based) + renewable Sandbox licence	No fixed paid-up share capital in the Act for the company. Statutory deposit (minimum risk capital) scaled by activity and client assets under management: EC$50,000-100,000 (~US$18,500-37,000) most categories; EC$100,000-300,000 (~US$37,000-111,000) for an exchange, by turnover band. Held as cash, a bank line of credit, or liability insurance, deposited with or approved by the Commission	Illustrative all-in Year-1 cash outlay roughly US$30,000-US$60,000+ (non-exchange, smallest band, excluding the locked statutory deposit); exchange materially higher	2–4 months	25%	Clear
Argentina	PSAV (Virtual Asset Service Provider) registration with the CNV; mandatory, 5 activity categories	Minimum net worth by category: USD 150,000 (Cat. 1, 2, 4); USD 75,000 (Cat. 3); USD 35,000 (Cat. 5). Halved (to USD 75,000 / 37,500 / 17,500) where the provider transacts less than USD 2,500,000 over the prior 12 months. Client virtual assets are segregated and excluded from net worth (Article 16).	USD 25,000–60,000	3–6 months	35%	Clear
Australia	AUSTRAC DCE/VASP registration + ASIC AFSL + DAP/TCP (from 9 Apr 2027)	None (AUSTRAC) / AUD 50,000 NTA (AFSL base)	AUD 250,000–600,000 + capital lock-up	5–8 months	30%	Clear
Bahamas	Digital asset business registration under DARE (2 fee classes: digital asset exchange; all other digital asset businesses) plus token offering filings	No fixed statutory minimum; DARE s.15 sufficient-financial-resources test, case-by-case SCB assessment	47,000–150,000 USD	3–6 months	0%	Clear
Belize	Digital Asset Services Licence	No bespoke digital-asset capital figure in SI 162/2025; reg.6(1) requires compliance with the FSC (Capital Requirements) Regulations 2020 and the Economic Substance Act 2019, proportionate to risk and scale. No crypto-specific paid-up capital figure published as of June 2026. Circulating USD 75,000-500,000 figures relate to forex/securities/IFSC-era licences, not the digital asset licence	USD 20,000 government fees (USD 5,000 application + USD 15,000 licence under SI 162/2025 Schedule); plus professional setup, capital and substance costs	3–6 months	0%	Clear
Bermuda	DABA Digital Asset Business Licence (Class T / Class M / Class F)	USD 100,000 baseline net assets (Class M, Class F); USD 10,000 (Class T); BMA discretion to direct materially higher amounts based on activity, scale, and risk	USD 600,000–1,500,000 (Class F)	6–12 months	0%	Clear
British Virgin Islands	VASP Registration	None	USD 40,000–156,000	4–6 months	0%	Grey-listed
Bulgaria	MiCA CASP authorisation	EUR 50,000	EUR 75,000-EUR 200,000+ (excl. paid-in capital); Class 1 ~EUR 75,000-120,000, Class 3 ~EUR 200,000-350,000+	4–9 months	10%	Grey-listed
Canada	Dual-track: CSA securities registration (restricted dealer / investment dealer) + CIRO membership, plus FINTRAC money services business (MSB) registration; no single unitary crypto licence	CAD 50,000 (registered dealer, NI 31-103); none for a FINTRAC-only MSB	CAD 250,000–600,000+ (full registered platform: capital, regulator/CIRO fees, legal, compliance build, custody, insurance)	12–24 months	26.5%	Clear
Cayman Islands	VASP Registration or Licence (dual-track)	None (statutory)	USD 150,000–500,000 (Registration) / 300,000–1,500,000+ (Licence)	3–12 months	0%	Clear
Comoros (Anjouan)	International Brokerage and Clearing House Licence with crypto activities certificate	No fixed minimum	USD 20,000 to USD 50,000 indicative (working planning number USD 30,000 to USD 50,000 including banking infrastructure)	1–2 months	0%	Clear
Costa Rica	No crypto licence; SUGEF VASP AML registration (voluntary APNFD today; mandatory under Article 15 quater post-Expediente 25.340)	No fixed minimum (nominal CRC 10,000–100,000 declared in practice)	USD 6,500–18,000 (entity + advisory + APNFD inscription + first-year ongoing; banking excluded)	3–6 months	30%	Clear
Cyprus	MiCA CASP authorisation	€50,000	€350,000–€700,000	8–14 months	15%	Clear
Czech Republic	MiCA CASP authorisation	€50,000 (Class 1) / €125,000 (Class 2) / €150,000 (Class 3) per MiCAR Annex IV	€200,000–€475,000 (excluding initial capital)	9–18 months	21%	Clear
Dominica	Virtual Asset Business certificate of registration (single type)	No fixed minimum capital. The 2024 Regulations (reg 6) require capital and liquidity adequate to the nature, size and complexity of the business; the FSU may require additional capital/liquidity by written notice on the risk profile. Quasi-capital protections: 40% of total client funds in escrow with a registered trust/custodial provider (Act s11); custodian must hold more of each virtual asset than its client obligations (reg 10); mandatory insurance on FSU terms (reg 25)	Government fees EC$43,200 (application EC$10,800 + registration EC$32,400) ~USD 16,000; professional costs (formation, resident representative, AML build, insurance, banking) separate and not publicly benchmarked because no registrant is on the public record	3–6 months	25%	Clear
El Salvador	CNAD Digital Asset Service Provider (DASP / PSAD) registration	USD 2,000 paid-in (general Salvadoran corporate law); 5% (USD 100) payable at incorporation, balance within 12 months. CNAD may require additional capital based on risk profile	USD 60,000–120,000	3–6 months	0%	Clear
Estonia	MiCA CASP authorisation	€50,000	€80,000–€220,000	6–12 months	0%	Clear
Georgia	Virtual Asset Service Provider (VASP) registration with the National Bank of Georgia, by activity	None (statutory). No VASP-specific minimum capital; a Georgian LLC can be formed with nominal share capital. NBG assesses financial soundness case-by-case where client assets are held. Separately, general company law requires a JSC to have GEL 100,000 authorised capital (25% paid in), but an LLC has no minimum.	USD 15,000–40,000 (incl. GEL 5,000 state fee, formation, legal, AML/CFT documentation, registered office)	2–4 months	15%	Clear
Gibraltar	DLT Provider Licence (custodial) / Virtual Asset Arrangement Provider Licence (non-custodial, from 27 October 2025)	No fixed statutory minimum; risk-based under Principle 3; market practice £100,000–£250,000+ for low-complexity firms, £1m+ for full custodial exchanges	£250,000–£800,000+	9–12 months	15%	Clear
Hong Kong	SFC VATP licence (SFO Type 1 + Type 7 + AMLO Part 5B)	HKD 8m (5m paid-up + 3m liquid)	HKD 15m–23m incl. capital; HKD 7m–15m operating ex capital	12–18 months	16.5%	Clear
Ireland	MiCA CASP authorisation (Class 1/2/3)	EUR 50,000	~EUR 350,000-800,000+ ex-capital (credible Class 2/3, professional route)	12–18 months	12.5%	Clear
Kazakhstan	AIFC Digital Asset Service Provider (DASP) authorisation	USD 10,000 (Advising on Investments / Arranging Deals / Arranging Custody) to USD 250,000 (Providing Custody, Dealing as Principal)	USD 90,000–180,000 (incl. AFSA fees, formation, legal, compliance, substance, technology audit; excl. capital deposit)	4–12 months	0%	Clear
Kyrgyzstan	Virtual Asset Exchange Operator (AVA) / Virtual Asset Trading Operator (ATOC) authorisation	KGS 40,000,000 (~USD 460,000) for AVA exchange office; KGS 300,000,000 (~USD 3.4M) for ATOC trading operator from 01 July 2026	USD 35,000-65,000 advisory + paid-up capital	2–3 months	10%	Clear
Labuan (Malaysia)	Money Broking Business with Digital Asset activity (primary); also Credit Token, STO Issuer, Securities Licensee, Fund Manager, Section 134 Exchange, Payment System Operator	RM 300,000 (Fund Manager working funds); RM 500,000 (STO Issuer); RM 1,000,000 (Credit Token / Securities Licensee); RM 1,500,000 (Money Broker DA, primary pathway)	USD 90,000–USD 250,000 (range across pathways and complexity)	4–6 months	3%	Clear
Latvia	MiCA CASP authorisation	EUR 50,000 (Class 1) / EUR 125,000 (Class 2) / EUR 150,000 (Class 3)	EUR 185,000-EUR 500,000 (incl. capital, government fees, legal, MLRO, substance)	6–9 months	0%	Clear
Lithuania	MiCA CASP authorisation	€50,000	€124,000–€420,500	4–8 months	17%	Clear
Malta	MiCA CASP authorisation	€50,000	€350,000–€900,000	9–18 months	35%	Clear
Marshall Islands	DAO LLC (non-profit or for-profit), standard LLC, IBC. No active VASP licensing regime	No fixed minimum	USD 11,500-25,000	2–5 months	0%	Clear
Mauritius	VASP licence (Classes M, O, R, I, S) + ITO issuer registration	Class M MUR 2,000,000 (~USD 44,000); Class R MUR 5,000,000 (~USD 110,000); Class S MUR 6,500,000 (~USD 145,000); Classes O and I and ITO issuer have no fixed floor (sufficient working capital, Class O on a 12-month forward test)	~USD 55,000-150,000 (Class S full exchange); ~USD 30,000-60,000 (Class O/I build), excluding paid-in class capital	6–9 months	15%	Clear
Nevis (Federation of Saint Kitts and Nevis)	VASP Registration (federation regime; no Nevis-specific instrument)	None fixed in the Act; client-asset coverage required (s.9(1)) or undertaking for out-of-jurisdiction assets (s.9(2)); 15% client-fund escrow with a registered trust company (s.9A, 2021 amendment)	EC$240,000-EC$340,000 (approx. US$89,000-US$126,000) including government fees, structuring, and compliance	3–6 months	25%	Clear
New Zealand	FSPR registration + DIA AML/CFT supervision (no dedicated crypto licence)	None	NZD 50,000–150,000	4–6 months	28%	Clear
Oman	Interim VASP registration (AML/CFT); full VASP licence under the VARF pending	No published VASP minimum capital figure as of June 2026. The VARF, which would set capital tiers, remains in draft; minimum capital was a 2023 consultation question but no number has been set	Not published. No VASP registration fee released; the VARF (which would set licence and annual fees) remains in draft. Budget covers Omani entity formation, legal and AML build, and audit readiness	1–1 months	15%	Clear
Panama	No dedicated crypto licence (structured under general corporate + AML law)	No fixed minimum. Standard S.A. authorised capital USD 10,000 (not required to be paid in)	USD 8,000-25,000	2–4 months	25%	Clear
Poland	MiCA CASP Authorisation (regime not yet operational; KNF not yet accepting applications as of June 2026)	€50,000 (Class 1) / €125,000 (Class 2) / €150,000 (Class 3) under MiCA Annex IV	~€124,000 (Class 1) / ~€281,000 (Class 2) / ~€423,000 (Class 3), indicative of a MiCA CASP authorisation via an operational EU regime; Polish KNF fees not yet fixed	4–8 months	19%	Clear
Portugal	MiCA CASP Authorisation	€50,000 (Class 1) / €125,000 (Class 2) / €150,000 (Class 3)	€135,000–€443,000 (Year-1 total incl. locked own-funds capital, varies by service class)	6–12 months	19%	Clear
Romania	MiCA CASP authorisation	EUR 50,000 / EUR 125,000 / EUR 150,000 by MiCA Annex IV class, or 25% of fixed overheads, whichever is higher	EUR 100,000-EUR 220,000	6–9 months	16%	Clear
Saint Kitts and Nevis	VASP Registration	None prescribed in the Act (s.18 reserves power to set capital regulations to the Minister, not yet exercised as of May 2026)	EC$240,000-EC$340,000 (approx. US$89,000-US$126,000) including government fees, structuring, and compliance	4–9 months	25%	Clear
Saint Lucia	Virtual Asset Business Licence	No published statutory minimum capital figure on the face of the VABA; 15% client-fund escrow required (s.12(1)). Capital floors prescribed in SI No. 37 of 2025 (gazetted text not text-extractable as of May 2026); adequacy assessed against three-year financial projections and risk profile	USD 35,000-65,000	4–6 months	30%	Clear
Saint Vincent and the Grenadines	Virtual Asset Business (VAB / VASP) registration	EC$300,000 registered share capital, of which EC$50,000 (~USD 18,500) must be paid up; minimum paid-up capital of EC$50,000 maintained on an ongoing basis. Separate statutory deposit of EC$100,000 (~USD 37,000) or 25% of financial obligations to clients, whichever is greater (refundable)	Government EC$16,000 (application EC$4,000 + registration EC$12,000, approx. USD 5,980); advisor-reported all-in roughly USD 50,000-80,000+ for a three-to-four-officer application incl. statutory deposit, PI insurance, due-diligence levies and professional fees (not gazetted)	3–4 months	30%	Clear
Seychelles	VASP Licence (four categories: Virtual Asset Wallet Provider, Virtual Asset Exchange, Virtual Asset Broking, Virtual Asset Investment Provider)	USD 25,000–100,000 paid-up by category (Schedule, SI 72 of 2024): Wallet Provider USD 75,000, Exchange USD 100,000, Broking USD 50,000, Investment Provider USD 25,000; from the beginning of year 3, additionally at least 2.5% of annual turnover where that exceeds the category minimum	USD 55,000–158,000 (excl. paid-up capital); FSA fees in SCR (application SCR 75,000 + registration SCR 22,500 + Year-1 annual licence fee SCR 75,000–375,000 by category)	3–6 months	1.5%	Clear
Singapore	MAS Payment Services Act DPT service licence: Standard Payment Institution (SPI) or Major Payment Institution (MPI); plus FSM Act 2022 Part 9 Digital Token Service Provider (DTSP) regime for Singapore-based providers serving only overseas customers	SGD 100,000 base capital (SPI); SGD 250,000 base capital (MPI), plus SGD 100,000–200,000 MPI security deposit	SGD 1,500,000–3,000,000+ all-in (incl. base capital and MPI security deposit)	9–12 months	17%	Clear
Slovakia	MiCA CASP authorisation	€50,000	€40,000–€85,000	3–9 months	10%	Clear
South Africa	Crypto Asset FSP authorisation (FAIS Category I; Category II for discretionary)	No fixed monetary minimum for Category I advice-only	ZAR 750,000–2,800,000 (~EUR 37,000–140,000)	6–12 months	27%	Clear
Spain	MiCA CASP Authorisation	EUR 50,000 (Class 1) / EUR 125,000 (Class 2) / EUR 150,000 (Class 3)	~EUR 158,000 (Class 1) to ~EUR 510,000 (Class 3), incl. locked own-funds capital	5–9 months	25%	Clear
Switzerland	No single crypto licence. Activity-based, five authorisation routes: SRO affiliation under AMLA (AML only, no FINMA licence); FinTech licence (Banking Act Art. 1b); securities-firm licence (FinIA); DLT trading facility licence (FinMIA Arts. 73a ff); full banking licence (Banking Act). FinIA reform (consultation closed 6 Feb 2026) would replace the FinTech licence with new Payment Institution and Crypto Institution categories from ~2027	Route-dependent. SRO/AML route: none fixed (adequate operating funds still required). FinTech licence: CHF 300,000 and 3% of public deposits held. Securities-firm licence: CHF 1.5 million. DLT trading facility: CHF 1m (no custody/settlement/clearing), CHF 5m (with them), CHF 500,000 floor for small facilities. Banking licence: CHF 10 million (often higher in practice)	SRO route ~CHF 20,000–60,000+; FinTech licence ~CHF 200,000–500,000+; banking-grade / DLT trading facility CHF 1m+ (all excluding regulatory capital)	2–24 months	11.7%	Clear
United Arab Emirates	VARA VASP / ADGM FSP / DFSA Crypto Token (3 regulators)	AED 100,000 (VARA Advisory floor)	AED 1.5–10m (USD 410k–2.7m)	4–18 months	9%	Clear
United Kingdom	FCA cryptoasset registration under the Money Laundering Regulations 2017 (live now, AML-only); FSMA authorisation for regulated cryptoasset activities from 25 October 2027	None for the live MLR registration. Proposed FSMA own funds (permanent minimum requirement, PMR, from 25 October 2027): £75,000 dealing as agent / arranging deals; £150,000 custody, trading platform, or staking; £350,000 qualifying stablecoin issuer (highest figure applies where both stablecoin issuance and custody are carried out). Own funds = highest of PMR, fixed overhead requirement, and K-factor requirement; figures are proposals (CP25/14, CP25/42) as of June 2026, not final rules.	£150,000–£500,000 advisory and compliance (Year-1, excluding own funds)	9–18 months	25%	Clear
Uzbekistan	NAPP crypto licence (activity-specific: crypto-exchange / crypto-store / crypto-depository / mining-pool)	5,000 BCV (~USD 144,000) for crypto-exchange, of which 3,000 BCV (~USD 86,500) reserved in a separate Uzbek commercial-bank account at the date of application; not numerically specified for crypto-store / crypto-depository / mining-pool on the NAPP page	USD 200,000-2,800,000 (varies by licence category)	3–6 months	0%	Clear
Vanuatu	VASP Licence (Classes D, D.1, D.2, D.3, D.4) + ITO Licence	VT 200,000,000 (≈ USD 1.69m at May 2026)	USD 1.5m–1.9m for one class, excluding capital (VFSC fees + on-island substance + advisory); ~USD 3.2m–3.6m including the VT 200m capital	9–15 months	0%	Clear

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