Why Choose Costa Rica for Crypto?
Costa Rica suits operators who want a low-friction Latin American footprint with institutional plumbing and territorial taxation. The country issues no crypto-specific licence; crypto businesses operate as ordinary S.A. or S.R.L. entities under general commercial law, with AML/CFT obligations layered on through Law 7786 where activities trigger SUGEF inscription as an APNFD. End-to-end set-up runs 3 to 6 months at a typical first-year cost between USD 6,500 and 18,000.
Territorial Taxation and OECD Membership
Costa Rica taxes only Costa Rica-source income. Corporate income tax is 30% on local-source profits with a tiered scale of 5% to 20% for SMEs whose gross income falls below CRC 122,145,000;[16] foreign-source revenue from crypto exchange, custody, or transfer services performed outside the country is generally outside the Costa Rican tax base, subject to economic-substance tests reformed in 2023 for passive foreign-source income. The country joined the OECD as its 38th member on ,[6] which carries more weight in correspondent-banking conversations than Panama’s status as a long-standing non-member. Costa Rica signed the CARF MCAA on , ahead of Panama’s signature; domestic implementing legislation remains pending as of .
No Crypto Licence, Real Compliance Plumbing
Costa Rica has neither a VASP licence nor a CASP authorisation. Compare this with the British Virgin Islands, where the VASP Act 2022 has been in force since , or peers where a Phase 2 licensing regime now governs custody. The compliance burden in Costa Rica is real but lighter: SUGEF inscription as an APNFD under Articles 15 and 15 bis of Law 7786, governed by Acuerdo SUGEF 11-18, plus mandatory beneficial-ownership filing through the Registro de Transparencia y Beneficiarios Finales (RTBF) annually in April. The Expediente 25.340 reform approved in second debate on [1] introduces a dedicated VASP inscription track once the implementing reglamento publishes within three months of Gaceta promulgation.
USD-Friendly Banking and a Live Institutional Crypto Product
The colón circulates alongside the United States dollar in everyday commerce, and most operating accounts run in USD. Banco Nacional de Costa Rica (BNCR), which holds more than USD 7 billion in assets and serves over 2.1 million clients,[8] launched BN ETF Bitcoin on , the first Bitcoin-exposed investment fund offered by a regulated bank in Central America. The product invests in a portfolio of ETFs with Bitcoin exposure rather than holding spot Bitcoin directly; minimum investment is USD 100 and settlement is in dollars. The signal matters for crypto operators: a state bank now distributes a Bitcoin-exposure product to retail clients, which has eased the institutional conversation around onboarding crypto businesses.
Stable Democracy and US Time-Zone Alignment
Costa Rica abolished its standing army in 1948 and operates in the Central Standard Time zone (UTC minus 6). Both factors matter to operators serving North American markets: business hours overlap with the US Eastern and Pacific time zones, and the political environment is materially more stable than several Caribbean and Central American peers. Unlike Saint Lucia, which carries a Caribbean light-touch reputation but limited institutional banking depth, Costa Rica combines tier-2 onshore banking with offshore-style tax treatment.
Regulatory Framework
Crypto is legal in Costa Rica but is not legal tender. Cryptocurrencies are treated as virtual or intangible assets per Dirección General de Tributación (DGT) Private Letter Ruling MH-DGT-OF-0460-2023, dated .[14] No statute prohibits the activity, and the Banco Central de Costa Rica’s tolerancia vigilante position permits circulation and exchange of crypto for lawful purposes while maintaining that crypto cannot transit the national SINPE payments system.[9]
What “SUGEF VASP registration” means in Costa Rica
SUGEF VASP registration is the AML/CFT supervisory inscription with the Superintendencia General de Entidades Financieras under Acuerdo SUGEF 11-18 and (once in force) Article 15 quáter of Law 7786 as inserted by Expediente 25.340. The bill text states that the inscription no constituye una autorización para operar: it is registration as an obligated subject, not a licence to conduct crypto business.[1] Tax treatment of crypto follows DGT Ruling MH-DGT-OF-0460-2023: crypto held as a business activity is subject to corporate income tax; exchange, custody, and key-safekeeping services are subject to corporate income tax and IVA at 13%.[14]
Regulatory History
Costa Rica’s crypto policy has been incremental rather than legislative. The Banco Central de Costa Rica issued its foundational comunicado on , confirming that Bitcoin and similar crypto-assets do not benefit from BCCR backing and cannot be considered foreign currency under the exchange regime.[7] BCCR Technical Note 001/2019 and a series of public statements through 2021 established the tolerancia vigilante doctrine: circulation of crypto for lawful purposes is permitted because no law expressly prohibits it.
Three legislative attempts have preceded the May 2026 reform. Expediente 22.837 (the Executive’s first VASP AML bill) cleared first debate on but was reverted by an Article 148 bis motion and archived on by four-year statutory expiration. Expediente 23.415, the Ley de Mercado de Criptoactivos sponsored by Deputy Johana Obando in November 2022, proposed a full MiCA-style market framework including crypto-specific tax exemptions but has never advanced significantly.[15] The current vehicle, Expediente 25.340, was filed in December 2025 and approved by unanimous second debate on via a dispensa de todo trámite motion.[1][3]
The Liberty Reserve case remains the political backdrop. Liberty Reserve incorporated in Costa Rica in 2006, was denied a Costa Rican money-transmitter licence in 2011, and was shut down by the US Southern District of New York on . Founder Arthur Budovsky pled guilty and was sentenced to 20 years’ imprisonment plus a USD 500,000 fine on ; prosecutors estimated USD 6 billion in laundered funds across more than 5.5 million user accounts.[20] Every Costa Rican crypto-policy debate since has carried the Liberty Reserve weight, and the new SUGEF mandate in Expediente 25.340 directly addresses the gap that case exposed.[11]
Recent Regulatory Developments
- : Expediente 25.340 approved in second debate by unanimous vote.[1] Adds Article 15 quáter to Law 7786, mandates SUGEF VASP registration, introduces fines of 2 to 100 base salaries (range CRC 924,400 to 46,220,000 at the 2026 base salary of CRC 462,200[13]), and includes the GAFI Travel Rule for cross-border virtual-asset transfers. Awaiting Executive sanction and Gaceta publication; reglamento due within three months of publication.[2]
- : Expediente 22.837 archived by four-year statutory expiration after an Article 148 bis motion reverted it from second to first debate.
- : BN ETF Bitcoin launched by BNCR, public availability from ;[8] first Bitcoin-exposure investment fund offered by a regulated Central American bank.
- : DGT Private Letter Ruling MH-DGT-OF-0460-2023 issued,[14] classifying crypto as virtual or intangible assets and confirming corporate income tax and IVA treatment.
- : GAFILAT Follow-up Report re-rates Recommendation 15 (new technologies / virtual assets) from Compliant to Non-Compliant,[10] flagging the absence of a VASP framework. This is the direct driver of Expediente 25.340.
Regulatory Overlap
Four overlapping regimes shape the Costa Rica compliance picture:
- Law 7786 (AML/CFT, 1998 as amended). Articles 15 and 15 bis create the APNFD obligation, triggered when an entity’s activity is sensitive to ML/TF risk.[21] Acuerdo SUGEF 11-18 governs inscription mechanics.[4]
- Law 9416 (Transparency and Beneficial Ownership, 2016). RTBF annual declaration filed via the BCCR’s Central Directo platform between 1 and 30 April each year. UBO threshold is 25% of capital or voting rights. Non-filing blocks Registro Nacional certifications and triggers fines of 3 to 100 base salaries.[12]
- Law 9635 (Tax Modernisation, 2018). Imposes 13% IVA on services including crypto exchange, custody, and key-safekeeping per DGT Ruling MH-DGT-OF-0460-2023.[14]
- OECD CARF (signed, implementation pending). Costa Rica signed the CARF MCAA on ; domestic implementing legislation is still pending, with Expediente 24.811 (Executive proposal, February 2025) and the 25.340 implementing reglamento the likely vehicles.[18]
Regulatory Transition: Pre-25.340 to Post-25.340
The Old Regime
The pre-25.340 baseline rests on Law 7786 Articles 15 and 15 bis and Acuerdo SUGEF 11-18. Inscription as an APNFD was voluntary where the activity triggered the AML obligation, and many crypto operators ran without inscription on the basis that their activity did not clearly fall within the Article 15 categories. The regime ends on Executive sanction of Expediente 25.340 and Gaceta publication, followed by three months for the reglamento.
The New Regime
Under Law 7786 as amended by Expediente 25.340, a new Article 15 quáter makes SUGEF VASP registration mandatory, with a prohibition on dealing with unregistered VASPs.[1] The VASP obligations (KYC, UBO identification, sanctions screening, the Travel Rule, and STR reporting) are set out under Permitted Activities and Requirements above; the penalty range under Enforcement below.
Key Deadlines
| Milestone | Date | Impact |
|---|---|---|
| Second debate approval | [1] | Bill text locked |
| Executive sanction | Pending as of | Law signed |
| Gaceta publication | Pending as of | Statutory clock starts |
| Reglamento publication | Within 3 months of Gaceta publication[2] | VASP inscription mechanics defined |
| First mandatory inscriptions | Reglamento date plus transition window | Operators in scope must inscribe |
Practical Implications
Operators in the market today should complete voluntary APNFD inscription now where their activity arguably falls within Articles 15 or 15 bis. Inscription evidence eases banking onboarding and positions the entity for streamlined conversion to the VASP track once the reglamento publishes. Operators outside Article 15/15 bis today will receive a defined onboarding window post-reglamento; staying ahead of that window protects banking relationships.
Permitted Activities and Regulatory Treatment
Costa Rica does not issue licence types for crypto activity. The compliance question is which AML obligations apply, not which licence to choose. As of , the relevant categories are Article 15 (money-changing, transfers, fiduciary management) and Article 15 bis (broader catch-all including company-formation services and any activity sensitive to LC/FT risk) of Law 7786. Post-25.340, a fourth category (Article 15 quáter VASP activity) overlays the existing two.
Covered Activities (Post-25.340)
Article 15 quáter of Law 7786, as inserted by Expediente 25.340, captures four core VASP activities aligned with FATF Recommendation 15:[1]
- Exchange between virtual assets and legal-tender currencies. Centralised exchanges, OTC desks, fiat on-ramp and off-ramp providers. Exchange between two virtual assets is not separately listed in the bill text but is captured by Article 15 bis where customer-facing.
- Transfer of virtual assets. Wallet-to-wallet transfer services, custody-to-counterparty transfers, payment processors handling crypto.
- Custody and administration of virtual assets or of instruments enabling control of virtual assets. Custodial wallet providers, key-management services, exchange custody arms.
- Issuance, offering, or sale of virtual assets. Token issuance platforms, ICO/IEO/IDO operators, primary issuance of stablecoins.
For each activity, the bill applies the same obligations as for existing CONASSIF AML-regulated entities, including FATF Travel Rule information requirements for cross-border transfers.[1]
What Does NOT Require Registration
The following activities fall outside the SUGEF inscription perimeter as of :
- Pure non-custodial wallet software providers. Where the operator never controls user keys, the activity does not meet the custody trigger.
- Pure peer-to-peer matching without custody or settlement intermediation. True P2P platforms that neither hold funds nor settle trades typically fall outside the inscription perimeter, though SUGEF retains discretion under Article 15 bis where activity sensitivity emerges.
- Personal trading and personal holdings. Individual investment activity is not a business and is subject only to DGT capital-income/capital-gains treatment under the 2023 ruling.
- Mining and validator infrastructure. Activity does not fall within the FATF VASP definition and is not separately licensed in Costa Rica. Tax treatment follows general business rules.
- DAO governance participation, DeFi protocol use, and NFT collection. No specific guidance has been issued; absent custodial or fiat-exchange features, these fall outside the SUGEF perimeter.
Requirements
Costa Rica imposes no fixed capital minimum, no local-director requirement (with one exception), and no formal substance test for crypto businesses. The binding requirements are corporate-law minima for the chosen entity type, beneficial-ownership disclosure through RTBF, AML/CFT controls under Law 7786 where SUGEF inscription applies, and tax-residency substance where the operator intends to claim territorial-source treatment on foreign income.
Costa Rica Requirements Table
| Requirement | Standard |
|---|---|
| Entity types permitted | Sociedad Anónima (S.A.) or Sociedad de Responsabilidad Limitada (S.R.L.) under Código de Comercio (Law 3284) |
| Minimum shareholders / partners | S.A.: 2 at constitution; S.R.L.: 1 |
| Minimum directors / managers | S.A.: 3 (President, Secretary, Treasurer) plus 1 comisario (statutory auditor); S.R.L.: 1 gerente |
| Foreign ownership | 100% permitted |
| Resident director | Not required (one exception: resident agent mandatory if no director domiciled in Costa Rica) |
| Resident agent | Mandatory if no director domiciled in Costa Rica; must be a Costa Rican attorney with local office |
| Registered office | Mandatory for service of process; physical premises not mandated |
| Minimum capital | No fixed minimum; nominal CRC 10,000–100,000 declared in practice |
| Beneficial ownership disclosure | RTBF annual declaration via Central Directo, 1–30 April; threshold 25% of capital or voting rights[12] |
| AML/CFT inscription | Voluntary as APNFD under Law 7786 Articles 15 / 15 bis (current); mandatory as VASP under Article 15 quáter post-25.340[1] |
| Tax registration | Mandatory with DGT via ATV platform; municipal patente per local municipality |
| Social security registration | CCSS registration mandatory if hiring local employees; INS workman’s compensation insurance |
| Accounting records | Books in Spanish; retained 5 years (10 years where books contain UBO data) |
| Firma Digital | Required for RTBF and most tax filings; available only to Costa Rican citizens and legal residents. Non-resident shareholders typically execute a general power of attorney to a Costa Rican professional |
Fit-and-Proper Assessment
No formal fit-and-proper assessment applies in the pre-25.340 regime because no licence is issued. Acuerdo SUGEF 11-18 imposes director and beneficial-owner disclosure during APNFD inscription, but the regime is registration-based, not approval-based. Post-25.340, the reglamento is expected to introduce fit-and-proper screening; the bill text references the same standards as apply to existing CONASSIF AML-regulated entities,[1] suggesting fit-and-proper criteria will mirror the SUGEF financial-entity framework.
The practical fit-and-proper test in Costa Rica today is the banking onboarding interview, not a regulatory hurdle. Banks routinely decline crypto-business onboarding without SUGEF inscription evidence and clean director documentation.
Local Representation
Resident agent is the binding local-presence requirement. The agent must be a Costa Rican attorney with a local office, must be appointed in the constitutive deed, and serves as the legal address for service of process. The agent does not need to be a director or shareholder. Annual cost typically runs USD 500 to 1,900 depending on the firm’s service breadth (basic registered-address agency at the lower end; full company-secretarial work at the upper end). In practice, operators bundle resident-agent service with the registered-office and annual-filing function through the same Costa Rican law firm.
AML/CFT and Travel Rule
The binding AML/CFT regime is Law 7786 supplemented by CONASSIF Acuerdo 12-21 (AML risk-prevention reglamento).[22] Where SUGEF inscription applies, operators must implement KYC and customer due diligence with risk-based classification, PEP identification per SUGEF Acuerdo 13-19, beneficial-ownership identification, sanctions screening, ongoing transaction monitoring, and STR reporting to the UIF within the ICD.
Travel Rule status: not yet enforced as a standalone obligation under the pre-25.340 regime. Expediente 25.340 embeds the FATF Travel Rule directly into Article 15 quáter, requiring VASPs to obtain and maintain originator and beneficiary information at the FATF standard for cross-border virtual-asset transfers.[1] Implementation details (threshold amounts and data fields) will arrive in the reglamento.
SUGEF expects AML policies that reference Law 7786, Acuerdo SUGEF 11-18, and the specific operational realities of the operator’s business model; a generic policy carried over from another jurisdiction is not treated as Costa Rica-compliant.
Application Process
Costa Rica’s set-up process runs five stages from pre-incorporation to operational banking. The post-June 2025 digital filing regime issues a numeric cédula jurídica within 5 to 7 business days; La Gaceta publication adds 8 days. Total realistic timeline runs 3 to 6 months end-to-end, with banking as the single most variable element.
Application language: Spanish. All filings with SUGEF, the Registro Nacional, and the DGT are conducted in Spanish through the SUGEF Directo, Crear Empresa, and ATV platforms respectively. Document translations into Spanish must be certified.
Pre-application engagement: None available. SUGEF does not offer formal pre-application meetings for APNFD or (anticipated) VASP applicants. The closest equivalent is informal consultation through a Costa Rican attorney experienced in SUGEF filings.
Visual Timeline
Entity Formation
Forming a Costa Rica entity is the first step. See the full Costa Rica company formation guide →. Includes name reservation (or, post-Law 10729 of , automatic numeric cédula assignment), beneficial-owner identification, notarial constitution deed, Registro Nacional filing through the Crear Empresa platform, and La Gaceta publication.
Tax and Municipal Registration
DGT inscription through the ATV platform; municipal patente per local jurisdiction; CCSS social-security registration if hiring; INS workman’s compensation insurance.
SUGEF APNFD Inscription
Filed through the SUGEF Directo IPO (Inscripción de Personas Obligadas) system. Requires firma digital, AML documentation, IBAN-linked exclusive-use bank account per registered activity, and Tipo 1/2/3 risk classification per Acuerdo SUGEF 13-19. Voluntary today; mandatory for VASPs post-25.340 reglamento.
Banking Onboarding
State or private banks. Most variable stage. State and private banks typically require SUGEF inscription evidence, AML documentation, and director KYC. EMI parallel onboarding (European, UK) often runs concurrently and reduces critical-path dependency on local banking.
RTBF Filing and Operational Launch
Annual RTBF declaration during the 1–30 April window through Central Directo. First-year filings outside the April window are filed via general power of attorney to a Costa Rican firma-digital holder.
Jagelski & Partners’ specialist compliance partners draft Costa Rica-specific AML/CFT policies, the Enterprise-Wide Risk Assessment, the Travel Rule implementation plan, and the sanctions screening framework as part of the engagement. The compliance documentation is the most time-intensive component of any Costa Rica VASP set-up: 6 to 10 weeks of specialist work that generic templates cannot shortcut.
Required Documents
Costa Rican notarial and SUGEF practice requires a standardised set of corporate, personal, and compliance documentation. The DGT and SUGEF publish item lists; the substantive depth lives in the underlying instruments, not in any one filing form. Per SUGEF’s APNFD guidance for Acuerdo 11-18,[5] the inscription review focuses on whether the AML programme is genuinely tailored to the applicant’s business model.
Corporate Documents
- Notarial constitutive deed (escritura constitutiva) drafted by a Costa Rican notary, executed in Spanish, registered with the Registro Nacional via the Crear Empresa platform.
- Articles of association integrated into the constitutive deed for S.A. and S.R.L. entities.
- Cédula jurídica issued by the Registro Nacional (post-Law 10729 numeric format: e.g. “3-101-XXXXXX”).
- La Gaceta publication record for the constitution notice.
- Board / director / gerente appointments evidenced by registered acts.
Personal Documents (all directors, officers, beneficial owners)
- Passport or cédula for each director, officer, signatory, and beneficial owner (25% or greater).
- Criminal-record certificate (antecedentes penales) from the country of residence and from any country where the individual has resided in the preceding five years, apostilled or legalised.
- Bank reference letter for directors and beneficial owners.
- CV / professional resume documenting relevant experience.
- Proof of address (utility bill or bank statement, within three months).
Compliance Documentation
The compliance documentation is the most heavily scrutinised component of any Costa Rica VASP set-up. Jagelski & Partners’ specialist compliance partners draft each of these documents as part of the engagement: bespoke and Costa Rica-specific, not templates adapted from other jurisdictions. Each document must reflect the applicant’s specific business model, risk profile, and operational structure.
- AML/CFT Policy Manual: Operational manual covering CDD, risk classification, transaction monitoring, sanctions screening, and STR procedures, referenced to Law 7786 and Acuerdo SUGEF 11-18.
What it covers
The AML/CFT Policy Manual is the operational backbone of any Costa Rica APNFD or VASP inscription. SUGEF expects the document to identify the obligated subject under Law 7786 Article 15 (or 15 bis or 15 quáter post-25.340), name the compliance officer with their cédula and SUGEF certification status, and describe the firm-specific risk-based methodology. SUGEF rejection of the manual is the single most common cause of inscription delay; templates from other Latin American jurisdictions trigger rework. The manual must align with the firm’s actual operational reality.
- Enterprise-Wide Risk Assessment: ML/TF, operational, technology, and jurisdictional risk identification, with risk-scoring methodology and mitigation matrix.
What it covers
The Enterprise-Wide Risk Assessment documents the firm’s identification and assessment of ML/TF, technology, and jurisdictional risks. SUGEF’s Acuerdo 13-19 risk-based methodology requires the firm to position itself in Tipo 1, 2, or 3 risk classification and to evidence the risk inputs supporting that classification. Costa Rica-specific risk inputs (counterparty geography, customer profile, product complexity) must be reflected. The assessment is the foundation for the compliance officer’s annual report to SUGEF.
- Sanctions Screening Procedures: Procedural document covering OFAC SDN, EU consolidated list, UN Security Council, Costa Rica UIF lists, and screening-frequency protocols.
What it covers
Costa Rica VASPs must screen against multiple sanctions lists: OFAC SDN, the EU consolidated financial-sanctions list, UN Security Council sanctions lists, and Costa Rica UIF-published designated persons. Screening is required at onboarding, at counterparty designation, and on a recurring schedule that is risk-based but typically daily for high-risk segments. SUGEF examiners commonly request evidence of screening hits, false-positive triage records, and escalation logs.
- KYC and Client Onboarding (incl. KYB): Customer due diligence, enhanced due diligence for PEPs and high-risk profiles, beneficial-ownership identification, document-collection and verification standards.
What it covers
The KYC procedure must implement risk-based classification per Acuerdo SUGEF 13-19, identification of politically exposed persons per Article 15, beneficial-ownership identification at 25% threshold, and ongoing monitoring. For institutional clients, the KYB component must include cross-border ownership-tree review and source-of-funds verification. SUGEF examiners pay particular attention to the firm’s handling of jurisdictions with limited corporate transparency.
- Travel Rule Implementation: Procedures for obtaining, retaining, and transmitting originator and beneficiary information for cross-border virtual-asset transfers per FATF Recommendation 16.
What it covers
Travel Rule implementation is required under Expediente 25.340 Article 15 quáter once in force.[1] The procedures must specify how the firm obtains, retains, and transmits originator and beneficiary information for cross-border virtual-asset transfers, the data fields covered, the counterparty due-diligence applied to receiving VASPs, and the protocol for transfers to or from unhosted wallets. The threshold for Travel Rule applicability will arrive in the reglamento; firms should plan for the FATF standard of USD/EUR 1,000.
- Transaction Monitoring Framework: Rules-based and behavioural monitoring scenarios, alert thresholds, false-positive management, escalation paths to STR filing.
What it covers
The Transaction Monitoring Framework must document scenario design (typology-based rules: structuring, rapid movement, sanctions-adjacent activity), threshold-setting logic, alert triage, and the escalation path to STR filing with the UIF. Costa Rica’s UIF sits within the ICD and receives STRs through a defined electronic channel. The framework should evidence at least annual scenario review and the firm’s documented response to UIF feedback.
- Restricted Countries and Jurisdictions Matrix: Internal list of jurisdictions where the firm declines or restricts service, with rationale tied to FATF, OFAC, and EU lists.
What it covers
The restricted-jurisdictions matrix must identify FATF black-listed and grey-listed countries (current as of February 2026: Costa Rica is not on either list), OFAC comprehensively sanctioned jurisdictions, EU high-risk third countries, and any firm-specific restrictions. The matrix must be reviewed at least at every FATF plenary cycle (February, June, October) and after material sanctions updates.
- STR/SAR Procedures: Internal procedure for suspicious-transaction reporting to the UIF, including the trigger criteria, internal escalation, and tipping-off prohibition.
What it covers
STR procedures are governed by Law 7786 Articles 25–27 and require reports to the UIF (within ICD) where the firm identifies operations that lack apparent economic or lawful justification. Procedures must cover the internal escalation chain, the compliance-officer review, the documentation standard, the prohibition on tipping off the client, and record-retention requirements (10 years for STR-related records).
- Compliance Monitoring Programme: Annual compliance-officer report, periodic testing schedule, breach-handling procedures.
What it covers
The Compliance Monitoring Programme defines the compliance officer’s annual report to senior management and to SUGEF, the periodic testing schedule (typically risk-based, quarterly for high-risk areas), and the breach-handling procedures including remediation timelines and escalation to the board. SUGEF examiners review the annual report and the prior year’s testing logs at inspection.
- Risk Appetite Statement: Recommended. Senior-management-approved statement of the categories of risk the firm accepts, those it restricts, and the quantitative limits applied.
What it covers
A Risk Appetite Statement is not explicitly required by Acuerdo SUGEF 11-18 but is standard practice and SUGEF examiners commonly request it. The statement should articulate management-approved positions on counterparty types, product complexity, jurisdictional exposure, and operational concentration; it should also state the quantitative limits and the override approval pathway.
- Data Protection Policies: Compliance with Law 8968 (Protection of Persons Against the Processing of Their Personal Data) and Decree 37554-JP.
What it covers
Data protection in Costa Rica is governed by Law 8968 of 2011 and Decree 37554-JP, supervised by PRODHAB (Agencia de Protección de Datos de los Habitantes). The policy must address consent, purpose limitation, data-subject rights, breach-notification timing, cross-border transfer mechanics (relevant for cloud-based custody and KYC providers), and integration with the AML record-retention obligation.
Business Plan and Financial Projections
Three-year revenue, customer-acquisition, and cost projections; product roadmap; counterparty list (categories, not names); banking and EMI strategy; technology stack and custody architecture. SUGEF does not formally require a business plan for APNFD inscription, but banks require one at onboarding and the post-25.340 VASP reglamento is expected to introduce a formal requirement.
Technology and Operational Documentation
Custody architecture (hot/cold segregation, key-management procedures), cybersecurity policy, business-continuity plan, incident-response procedures, and third-party-risk register. Costa Rica has no formal ICT-risk regulation equivalent to DORA; technology documentation is required by banks and is anticipated in the post-25.340 reglamento.
Costs and Pricing
Costa Rica is one of the lowest-cost crypto operating jurisdictions in Latin America. Total Year 1 cost runs USD 6,500 to 18,000 for a standard set-up (entity + advisory + APNFD inscription + first-year ongoing), with annual maintenance from USD 4,500 to 12,000 thereafter. The cost variance reflects entity-level (S.A. versus S.R.L.), advisory tier (local-firm versus international firm), and SUGEF inscription scope. Government fees are minor; advisory and compliance documentation costs dominate.
Government / Regulatory Fees
| Fee | Amount (USD equivalent, June 2026) | Source |
|---|---|---|
| Registro Nacional registration tax | ~150–300 | Code-of-Commerce filing rates |
| Legal stamps (timbres): Bar Association, education, fiscal | ~100–250 | Standard tariff |
| La Gaceta publication | ~50–100 | Imprenta Nacional tariff |
| Notarial fees (regulated tariff) | ~500–1,500 (entry to full) | Costa Rican Notarial Code |
| Annual Corporation Tax (Law 9428) | ~180–360 (scaled to base salary) | Law 9428 |
| SUGEF APNFD inscription | No fee for the inscription itself | Acuerdo SUGEF 11-18[5] |
| Municipal patente | Varies by municipality, typically 0.1–0.5% of revenue | Local municipal codes |
| RTBF annual filing | No fee for filing; fines for non-filing 3–100 base salaries | Law 9416 / Decree 44390-H[12] |
The headline number to remember is that government fees in Costa Rica are small. The cost of doing this properly is in the advisory and compliance documentation, not in regulator filings.
Total Cost Summary
| Line item | Year 1 (USD) | Annual ongoing (USD) |
|---|---|---|
| Government and notarial fees | 900–2,400 | 230–460 |
| Resident agent (Costa Rican attorney) | 500–1,900 | 500–1,900 |
| Registered office | 300–2,400 | 300–2,400 |
| Company formation advisory (S.A. or S.R.L.) | 800–4,500 | n/a |
| SUGEF APNFD inscription advisory | 500–5,000 | n/a (annual compliance officer cost below) |
| Compliance documentation (AML/CFT policy manual, risk assessment, sanctions framework, Travel Rule, transaction monitoring, KYC/KYB) | 2,500–6,000 | 1,000–2,500 (annual refresh) |
| Accounting, tax filings, RTBF, annual returns | 1,000–2,400 | 1,800–3,600 |
| Compliance officer (part-time or outsourced) | n/a | 600–1,800 |
| Total Year 1 (no banking) | 6,500–18,000 | n/a |
| Annual ongoing (Year 2+) | n/a | 4,500–12,000 |
Banking application costs are excluded above: they run USD 0 to 5,000 depending on bank, EMI mix, and onboarding complexity. Costa Rica notarial fees follow a regulated tariff; the variance reflects scope (entry-level S.R.L. versus full-service S.A. with nominee director arrangements).
Timeline
| Stage | Duration | Cumulative |
|---|---|---|
| Pre-incorporation (UBO collection, structuring, firma digital arrangements) | 1–2 weeks | 1–2 weeks |
| Notarial incorporation and Registro Nacional filing | 1–4 weeks | 2–6 weeks |
| Tax / municipal / CCSS / INS registration | 2–3 weeks | 4–9 weeks |
| SUGEF APNFD inscription (where activity falls within Law 7786 Articles 15 / 15 bis) | 4–8 weeks | 8–17 weeks |
| Banking onboarding (state, private, or EMI) | 4–12 weeks | 12–29 weeks |
| Total realistic end-to-end | 3–6 months |
Costa Rica’s post-June 2025 digital-filing regime issues a numeric cédula jurídica within 5 to 7 business days of submission via the Crear Empresa platform, with La Gaceta publication adding 8 days. The bottleneck is no longer notarial filing; it is the SUGEF inscription review and banking onboarding. Operators with non-resident principals lose 1 to 2 weeks arranging firma-digital powers of attorney; this is the most overlooked piece of the schedule.
Taxation
Costa Rica is a territorial-tax jurisdiction: corporate income tax of 30% applies to Costa Rica-source profits, but income earned from sources outside Costa Rica is generally outside the tax base subject to economic-substance tests. For crypto operators serving non-Costa Rican customers from a Costa Rica-domiciled entity, the effective corporate tax rate on foreign-source revenue can be 0%, provided the entity holds sufficient economic substance to satisfy the 2023 reform’s passive foreign-source income test.
Costa Rica has not enacted domestic Pillar Two legislation. The OECD Global Minimum Tax (GloBE) applies to multinational groups with consolidated revenue exceeding EUR 750 million, a threshold unlikely to affect standalone Costa Rica-domiciled VASPs.
Crypto Tax Treatment
| Tax | Rate | Crypto application |
|---|---|---|
| Corporate Income Tax | 30% standard; tiered 5–20% for SMEs below CRC 122,145,000 gross | Local-source income only; foreign-source crypto revenue outside base subject to substance[16] |
| Capital Gains Tax (passive) | 15% | Personal crypto returns per DGT Ruling MH-DGT-OF-0460-2023[14] |
| Value-Added Tax (IVA) | 13% | Applies to crypto exchange, custody, and key-safekeeping services per DGT 2023 ruling[14] |
| Withholding Tax (dividends) | 15% | Non-resident shareholders |
| Withholding Tax (interest, royalties) | 15% | Non-resident counterparties |
| Payroll tax | n/a (employer social security 26.67%) | CCSS contribution on local payroll |
| Stamp duty | n/a on most commercial documents | Notarial transactions carry timbres |
Territorial Source and the 2023 Substance Reform
Costa Rica’s territorial principle means crypto revenue earned from services performed outside Costa Rica for non-resident clients generally falls outside the tax base. The 2023 reform (Law 10381), adopted to secure removal from the EU list of non-cooperative jurisdictions in , narrowed this for passive foreign-source income where the receiving entity lacks sufficient economic substance. The reform did not change the general territorial rule for active business income; it tightened the treatment of holding-company arrangements and pure passive structures.
In practice, operators with genuine local operations (office, staff, decision-making, customer service) generally qualify; pure shell structures do not. The legal-firm guidance is consistent: substance must be genuine, not nominee-only.[14]
CRS/CARF Reporting
Costa Rica implemented the OECD Common Reporting Standard (CRS) and reports automatically through the AEOI framework. The Crypto-Asset Reporting Framework (CARF) is signed but not yet implemented: Costa Rica signed the CARF MCAA on ; Panama followed on . Expediente 24.811 (Executive proposal, February 2025) and the Expediente 25.340 implementing reglamento are the likely vehicles for domestic implementation; first reporting under CARF is anticipated 2027 or 2028.[18]
Ongoing Compliance & Post-Registration
A Costa Rica crypto entity carries a recurring compliance load whether or not SUGEF inscription applies. The minimum annual obligations are corporate (annual corporation tax, accounting filings, RTBF declaration, annual tax return D-101) plus AML/CFT (where inscribed) and municipal (patente renewal). Annual operating cost runs USD 4,500 to 12,000 depending on scope.
Annual Reporting Obligations
- Corporate income-tax return D-101, filed annually by covering the prior fiscal year (1 January to 31 December).
- Annual Corporation Tax (Law 9428), due January, scaled to base salary.
- RTBF beneficial-ownership declaration, filed via Central Directo during 1–30 April. Non-filing blocks Registro Nacional certifications and triggers fines 3–100 base salaries.[12]
- Municipal patente renewal, annual per local municipality.
- CCSS social-security and INS workman’s-compensation contributions, monthly where employees are on payroll.
- Compliance officer annual report to senior management and (where inscribed) to SUGEF.
- AML training records for staff with customer-contact roles.
Renewal Fees / Supervision Fees
No SUGEF renewal fee applies under the pre-25.340 APNFD regime; the inscription persists once granted and is reviewed at SUGEF examination cycles. Post-25.340, the reglamento is expected to introduce a supervision-fee structure for VASPs along the lines of existing CONASSIF-regulated entities; rate detail is pending the reglamento.
Recurring costs in the absence of regulator renewal fees: resident agent (USD 500–1,900), registered office (USD 300–2,400), accounting and tax filings (USD 1,800–3,600), RTBF advisory (USD 300–600), compliance officer (USD 600–1,800 part-time, more for full-time), and the annual compliance documentation refresh (USD 1,000–2,500).
Regulatory Inspections
SUGEF inspections of APNFDs are risk-based and typically focus on the AML programme’s design quality, the firm’s risk classification under Acuerdo SUGEF 13-19, and evidence of ongoing transaction monitoring. Inspections are scheduled with notice for routine cycles and conducted without notice where SUGEF receives intelligence from the UIF or counterparty regulators. Post-25.340, the supervisory cadence for VASPs is expected to align with the financial-entity cycle once the reglamento defines the supervisor’s powers.
Enforcement
Pre-25.340 enforcement is limited to general Law 7786 powers: fines, public censure, and referral to the Ministerio Público for criminal money-laundering offences. Post-25.340 introduces VASP-specific penalties: fines of 2 to 100 base salaries (range CRC 924,400 to 46,220,000 at the 2026 base salary of CRC 462,200, approximately USD 1,800 to 89,000),[1] plus a prohibition on dealing with unregistered VASPs. SUGEF is also charged with ensuring that persons engaged in money-laundering activities do not operate in Costa Rica.[1]
The Liberty Reserve case remains the touchstone for enforcement-reach assessments. Costa Rica has an active Mutual Legal Assistance Treaty (MLAT) with the United States and a long extradition track record in crypto-adjacent matters.[20]
Banking
Costa Rica is one of the more workable banking jurisdictions in Latin America for crypto operators, but it is not easy. State banks and large private banks routinely decline crypto-business onboarding without SUGEF inscription evidence, AML documentation, and director KYC. Operators with all three in order can open accounts in 4 to 12 weeks; operators missing any can wait indefinitely.
The launch of BN ETF Bitcoin by BNCR was a watershed:[8] the largest state bank distributing a Bitcoin-exposure product to retail clients signals top-down institutional acceptance of crypto as an asset class. Operating-account onboarding has not eased uniformly, but the conversation has shifted. Per Acuerdo SUGEF 11-18 Article 22, banks may open APNFD accounts pending SUGEF inscription but must keep the account inactive until inscription evidence is produced.[5]
External European and UK Electronic Money Institutions (EMIs) and payment institutions are widely used by Costa Rica crypto operators as a parallel solution. The typical pattern places primary operating cash in a multi-currency fintech platform licensed in a major EU member state and maintains a colón-denominated reserve account onshore for tax and supplier payments. Multi-currency neobanks domiciled in Lithuania, Spain, or the United Kingdom serve this segment.
The common mistake is sequencing banking after SUGEF inscription rather than in parallel. In practice, banking onboarding starts with KYC documentation that overlaps materially with SUGEF inscription packs; running them concurrently shortens the critical path by 6 to 10 weeks for operators with clean directors.
Jagelski & Partners’ banking partner network includes 90+ institutions across European EMIs, multi-currency fintech platforms, Caribbean-domiciled neobanks, and regional Latin American banks with crypto risk appetite. A licence without banking access is a certificate on the wall: learn about our Banking service →
Pre-qualified introductions pull the 4–12 week onboarding range towards its floor. The partner network maintains live account-opening routes in every jurisdiction Jagelski & Partners services, and banking feasibility is confirmed at the scoping stage, before any licence application is filed.
European and UK EMIs, multi-currency fintech platforms, Caribbean-domiciled neobanks, and regional Latin American banks with crypto risk appetite, paired with the onshore colón reserve account most operators keep for tax and supplier payments.
Explore Banking SolutionsFATF Status & International Standing
Costa Rica is not on the FATF grey or black list as of .[10] Costa Rica is a member of GAFILAT (Grupo de Acción Financiera de Latinoamérica), the regional FATF-style body, and was placed in enhanced follow-up after its July 2015 fourth-round mutual evaluation. The most recent follow-up report, adopted in 2023, re-rated Costa Rica’s Recommendation 15 (new technologies and virtual assets) from Compliant to Non-Compliant, flagging the absence of a VASP framework. This is the direct policy driver behind Expediente 25.340.[10] The 4th-round cycle concluded with a December 2024 final follow-up.
EU Market Access
A Costa Rica crypto entity does not have EU passporting rights, and MiCA contains no third-country equivalence regime under which the European Commission could recognise a Costa Rica registration as equivalent to a CASP authorisation.
MiCA Article 61 permits third-country firms to serve EU clients only when the client initiates contact entirely on their own initiative, for the specific crypto-asset or service requested. ESMA’s guidelines (published , applicable from ) interpret this restrictively: any form of EU-targeted marketing, EU-language website content, geo-targeted advertising, app-store availability in EU stores, or use of EU-based influencers constitutes solicitation that voids the exemption.[19] The exemption is designed for isolated contacts, not systematic EU market access.
For a detailed analysis of what constitutes solicitation and the documentation requirements, see Reverse Solicitation Under MiCA →.
Advantages and Limitations
Costa Rica offers low regulatory friction, territorial taxation, and OECD-member institutional credibility, against banking caution, no EU passporting, and the political backdrop of the Liberty Reserve case. The trade-off is workable for operators serving non-EU markets; less workable for operators whose core market is European.
- No crypto-specific licence required as of . Lowest regulatory friction of any sizeable Latin American jurisdiction.
- Territorial taxation can produce a 0% effective rate on foreign-source crypto revenue, subject to the 2023 economic-substance reform.
- OECD membership since carries weight in correspondent-banking conversations.[6]
- USD-friendly operating environment with deep dollarised commercial infrastructure and live institutional Bitcoin exposure via BN ETF Bitcoin.[8]
- UTC minus 6 time zone aligns business hours with US Eastern and Pacific markets.
- No EU passporting and no third-country equivalence under MiCA. Mitigation: operators targeting EU clients can obtain a separate CASP authorisation in an EU member state (full market access via passporting) or, for isolated genuinely unsolicited contacts only, may fall within the narrow reverse-solicitation exemption under MiCA Article 61.
- Banking onboarding remains the practical bottleneck. Mitigation: parallel sequencing of SUGEF inscription, EMI onboarding, and local bank applications shortens the critical path; institutional-grade AML documentation is a precondition for serious bank consideration.
- Liberty Reserve reputational legacy persists in correspondent-banking conversations. Mitigation: real economic substance, clean director documentation, and inscription evidence neutralise the legacy at the diligence stage; pure shell structures amplify it.
- Implementation of Expediente 25.340 is pending. Mitigation: voluntary APNFD inscription now positions the entity for streamlined conversion to the post-25.340 VASP track and de-risks the banking conversation in the interim.
- GAFILAT fifth-round mutual evaluation is upcoming. Mitigation: build the AML programme to FATF standards from inception; the firm’s compliance posture is its own protection regardless of national-level evaluation outcomes.
How Costa Rica Compares
Costa Rica sits in the Central America peer group alongside Panama (no licence; Bills 247/326 pending), El Salvador (formal DASP authorisation under LEAD 2023, 0% tax on digital-asset activities for licensees), and Saint Lucia from the Caribbean light-touch tier (VABA licensing under the Virtual Asset Business Act 2022, administered by the FSRA). Cyprus provides the EU cross-tier reference: MiCA CASP authorisation with full 30-state passporting. Each plays a different role in the buyer’s decision.
| Factor | Costa Rica | Panama | El Salvador | Saint Lucia | Cyprus (EU ref.) |
|---|---|---|---|---|---|
| Licence Type | No licence; SUGEF VASP AML registration pending (Exp. 25.340) | No licence; Bills 247/326 pending | DASP licence under LEAD 2023 + BTCSP under Bitcoin Law | Virtual Asset Business Licence (VABA) | MiCA CASP authorisation |
| Regulator | SUGEF (AML) / BCCR (monetary) | SBP (banking) / Asamblea | CNAD (Comisión Nacional de Activos Digitales) | FSRA | CySEC |
| Timeline | 3–6 months | 4–8 weeks (corp); banking variable | 3–6 months | 3–4 months | 6–12 months |
| Min. Capital | No fixed minimum | Nominal | USD 2,000 | USD 50,000 | EUR 50,000–150,000 |
| Total Year 1 Cost | USD 6,500–18,000 | USD 5,000–15,000 | USD 12,000–25,000 | USD 25,000–50,000 | EUR 80,000–200,000+ |
| Corporate Tax | 30% local; 0% effective foreign-source (territorial) | 25% local; territorial | 0% on digital-asset activities for DASP licensees; 30% otherwise | 30% (territorial) | 12.5% standard CIT |
| Local Presence | Resident agent if no local director | Resident agent | Local compliance officer mandatory | Registered agent | Substantive local presence |
| EU Passporting | No | No | No | No | Yes (30 EEA states) |
| FATF Status | Not listed; R.15 Non-Compliant 2023 follow-up | Not listed (removed from EU AML list 9 July 2025)[17] | Not listed | Not listed | Not listed |
| Best For | Non-EU operators, territorial tax, low friction | LatAm operators, USD environment, larger banking | Bitcoin-positioned brand, 0% on DASP activities | Caribbean light-touch, speed priority | Operators needing full EU market access |
Compare every crypto jurisdiction side by side →
Within Central America, Costa Rica and Panama are the two remaining jurisdictions with no operative crypto licence. Costa Rica’s OECD membership and territorial-tax mechanics make it the credibility-weighted choice; Panama’s larger banking sector and longer history of international finance make it the operational-depth choice.
Against El Salvador, the trade-off is brand versus tax mechanics: El Salvador’s Bitcoin-legal-tender brand is a recruiting and PR asset for crypto-native operators, and the 0% rate on DASP-licensed digital-asset activities is materially better than Costa Rica’s territorial structure for operators whose revenue is primarily domestic. Costa Rica wins on regulatory simplicity for operators whose revenue is genuinely foreign-source.
When Costa Rica Is the Right Choice
Choose Costa Rica if:
- Your customer base is primarily outside the European Union and outside Costa Rica.
- You value OECD-member institutional credibility above licence-as-brand signalling.
- You want a low-cost, low-friction set-up with real territorial-tax mechanics.
- You can accept 4 to 12 weeks of banking onboarding work as a known cost.
Consider alternatives if:
- You need systematic EU market access: Cyprus, Lithuania, or Malta via MiCA CASP authorisation.
- You want a Bitcoin-native brand and 0% tax on licensed digital-asset activities: El Salvador’s DASP licence under LEAD 2023.
- You need larger banking depth at the cost of an additional jurisdiction: Panama.
- You prioritise speed over institutional weight: Saint Lucia’s VABA registration.
Not sure which column is you? Ask Emma. She compares these jurisdictions in seconds, in your language.
Common Mistakes in Costa Rica Applications
Costa Rica’s regulatory simplicity hides three structural traps that catch first-time applicants. SUGEF’s guidance on Acuerdo 11-18 is published and clear, but operators consistently misjudge the operational realities. Banking is harder than the legal framework suggests; tax is more nuanced than the territorial headline implies; and the firma-digital constraint affects every filing pathway.
- Treating SUGEF inscription as voluntary indefinitely. In the pre-25.340 regime, inscription was voluntary where activity arguably fell outside Articles 15 and 15 bis. Post-25.340, the perimeter widens through Article 15 quáter and the voluntary path narrows. Operators who treat inscription as optional today are likely to be in scope post-reglamento.
- Underestimating the firma-digital constraint for non-resident principals. Firma digital is required for RTBF filings and most tax filings; only Costa Rican citizens and legal residents can hold it. Non-resident shareholders must arrange a general power of attorney to a Costa Rican professional, which takes 1 to 2 weeks plus apostille time and often delays the overall schedule.
- Adapting a generic AML manual. SUGEF expects Costa Rica-specific procedures that reference Law 7786, Acuerdo SUGEF 11-18, and the firm’s specific business model. Templates from other Latin American or offshore jurisdictions trigger rework at inscription review and again at banking onboarding.
- Assuming territorial tax delivers 0% without substance. The 2023 reform narrowed territorial treatment for passive foreign-source income where the entity lacks economic substance. Operators planning to claim 0% effective rate on foreign-source revenue must have genuine local operations, decision-making, and personnel.
- Sequencing banking after SUGEF inscription. SUGEF inscription and banking onboarding share material KYC and documentation requirements. Running them sequentially adds 6 to 10 weeks to the critical path. Run them in parallel.
- Forgetting the RTBF April window. RTBF beneficial-ownership filing is annual in April. Non-filing blocks Registro Nacional certifications, which freezes the entity’s ability to update directors, change registered office, or evidence good standing to banks. Calendar the April window from Year 1.
Frequently Asked Questions
Yes. Crypto is legal in Costa Rica but is not legal tender; only the Costa Rican colón has legal-tender status under Law 7558. Cryptocurrencies are treated as virtual or intangible assets per DGT Private Letter Ruling MH-DGT-OF-0460-2023.[14] Costa Rica’s Banco Central position, articulated in 2017 and confirmed since, is tolerancia vigilante: circulation and exchange of crypto for lawful purposes are permitted because no law expressly prohibits them, but crypto cannot transit the SINPE national payments system.
No. As of , Costa Rica issues no crypto-specific licence. Crypto operators incorporate an ordinary Sociedad Anónima or Sociedad de Responsabilidad Limitada and apply Law 7786 AML/CFT obligations where the activity falls within Articles 15 or 15 bis. On the Asamblea Legislativa approved Expediente 25.340 in second debate, introducing mandatory SUGEF VASP AML registration once the implementing reglamento publishes within three months of Gaceta promulgation.[1]
Three to six months end-to-end. Entity formation runs 1 to 4 weeks (post-June 2025 digital filing issues a cédula jurídica within 5 to 7 business days plus 8 days for La Gaceta publication). Tax and municipal registration adds 2 to 3 weeks. SUGEF APNFD inscription, where activity falls within Articles 15 or 15 bis, runs 4 to 8 weeks. Banking onboarding is the variable element at 4 to 12 weeks. Parallel sequencing of SUGEF inscription and banking shortens the critical path materially.
There is no single Ley Marco de Criptoactivos enacted in Costa Rica. Three distinct bills are commonly conflated: Expediente 22.837 (Executive AML reform, archived by statutory expiration); Expediente 23.415 (Ley de Mercado de Criptoactivos, sponsored by Deputy Johana Obando, pending in committee with no significant advancement); and Expediente 25.340, the active vehicle, approved in second debate on ,[1] which is an AML reform inserting Article 15 quáter into Law 7786 rather than a comprehensive crypto-market framework.
Costa Rica is a territorial-tax jurisdiction. Corporate income tax is 30% on Costa Rica-source profits with tiered scales of 5% to 20% for SMEs below CRC 122,145,000 gross income.[16] Foreign-source crypto revenue is generally outside the tax base subject to the 2023 economic-substance reform for passive foreign-source income. Crypto-related services are subject to IVA at 13% per DGT Ruling MH-DGT-OF-0460-2023.[14] Personal crypto returns fall under the 15% capital-income/capital-gains regime.
Yes, with prerequisites. State banks and large private banks routinely require SUGEF APNFD inscription evidence, institutional-grade AML documentation, and director KYC before considering crypto-business onboarding. Onboarding timelines run 4 to 12 weeks with all prerequisites in order. Operators typically combine an onshore colón-denominated reserve account with a multi-currency fintech platform licensed in a major EU member state for operating cash. The launch of BN ETF Bitcoin by BNCR has eased the institutional conversation.[8]
Not on a systematic basis. A Costa Rica registration does not grant EU market access or passporting rights, and MiCA contains no third-country equivalence regime. MiCA Article 61 permits third-country firms to serve EU clients only when the client initiates contact entirely on their own initiative for the specific service requested. ESMA’s guidelines published and applicable from interpret this restrictively: EU-targeted marketing, EU-language website content, geo-targeted advertising, app-store availability, or EU-based influencer reach all void the exemption.[19] Operators seeking systematic EU market access should obtain a separate CASP authorisation in an EU member state. See Reverse Solicitation Under MiCA for detail.
No. Costa Rica is not on the FATF grey list or black list as of .[10] Costa Rica is a GAFILAT member and was placed in enhanced follow-up after its July 2015 fourth-round mutual evaluation; the 4th-round cycle concluded with a December 2024 final follow-up. The 2023 follow-up report re-rated Costa Rica’s Recommendation 15 (virtual assets) from Compliant to Non-Compliant, flagging the absence of a VASP framework. This was the direct policy driver behind Expediente 25.340.[10] The fifth-round mutual evaluation is anticipated post-2026.
Expediente 25.340 introduces mandatory SUGEF VASP registration, not a licence. The distinction matters: registration is AML/CFT supervisory inscription confirming the firm’s compliance with obligated-subject duties; it is not an authorisation to operate a crypto business. The bill text explicitly preserves this distinction, stating la inscripción ante la Sugef no constituye una autorización para operar.[1] The reglamento, due within three months of Gaceta publication, will define inscription mechanics, supervisory fees, and any fit-and-proper screening.
Costa Rica has no crypto or tokenisation law. A token is only regulated if it independently qualifies as a security, in which case the conventional securities law applies via SUGEVAL. There is no dedicated tokenised-securities framework and no crypto licence to extend to one. Where the vehicle is a fund, route via fund licensing.
Set Up Your Costa Rica Crypto Business
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References
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- Delfino.cr, Asamblea aprueba regulación de criptoactivos contra lavado de dinero, , delfino.cr, accessed .
- El Financiero, Plataformas de criptomonedas en Costa Rica deberán registrarse ante Sugef y reportar operaciones sospechosas, elfinancierocr.com, accessed .
- Asociación Bancaria Costarricense, Diputados presentan nueva iniciativa que busca regular los activos virtuales y sus proveedores, abc.fi.cr, accessed .
- SUGEF, Preguntas frecuentes APNFDs (February 2023), sugef.fi.cr, accessed .
- SUGEF, Capacitación Acuerdo SUGEF 11-18 (18 March 2025), sugef.fi.cr, accessed .
- OECD, OECD welcomes Costa Rica as its 38th Member, oecd.org, accessed .
- La Nación, Banco Central advierte de riesgos al utilizar criptomonedas como el bitcoin, nacion.com, accessed .
- Banco Nacional de Costa Rica, Fondos en criptomonedas y S&P 500 ya se encuentran disponibles para el público en general, bncr.fi.cr, accessed .
- La Nación, Banco Central se declara tolerante y vigilante con las criptomonedas, nacion.com, accessed .
- GAFILAT, Costa Rica Follow-Up Reports (2018, 2023, 2024), fatf-gafi.org, accessed .
- Tico Times, Costa Rica Moves Forward with Crypto Regulation to Combat Financial Crime, ticotimes.net, accessed .
- Consortium Legal, Register of Transparency and Ultimate Beneficiaries (RTBF) in Costa Rica, consortiumlegal.com, accessed .
- Poder Judicial de Costa Rica, Salario base 2026 (Sesión 113-2025), pj.poder-judicial.go.cr, accessed .
- STEP, Costa Rican tax authority clarifies tax treatment of crypto-assets, step.org, accessed .
- EY, Costa Rica: Proyecto de Ley de Mercado de Criptoactivos, ey.com, accessed .
- PwC, Costa Rica Corporate Tax Summaries, taxsummaries.pwc.com, accessed .
- KPMG, Panama: Removal from EU list of high-risk third countries, kpmg.com, accessed .
- Delfino.cr, Ejecutivo presenta proyecto para que proveedores de servicios de criptoactivos en el país deban reportar información a Hacienda, delfino.cr, accessed .
- European Securities and Markets Authority, Guidelines on reverse solicitation under MiCA (ESMA35-1872330276-2030), esma.europa.eu, accessed .
- United States Department of Justice, Liberty Reserve Founder Sentenced to 20 Years, justice.gov, accessed .
- Procuraduría General de la República (SCIJ), Ley sobre estupefacientes, sustancias psicotrópicas y legitimación de capitales (Law 7786), pgrweb.go.cr, accessed .
- CONASSIF, Reglamento para la prevención del riesgo de legitimación de capitales (Acuerdo CONASSIF 12-21), conassif.fi.cr, accessed .