{
 "meta": {
  "schema_version": 2,
  "name": "Crypto Licensing Jurisdictions",
  "dataset": "crypto-licensing",
  "description": "One record per jurisdiction covered by the Jagelski & Partners crypto-licensing guides, including jurisdictions whose recorded position is that no licensing regime exists (licence_model = none): regime name and model, regulator, legal framework, minimum capital in the native currency, licence term, application timeline, corporate-tax headline rate and model, FATF status, FSRB body, retail access, EU passporting, and the Year-1 cost band. Headline fields only; the reasoning and the cost model behind them stay on the jurisdiction guides and the live comparator.",
  "version": "2026-09-05",
  "released": "2026-09-05",
  "as_of": "2026-09-05",
  "extraction_note": "Values are the matrix's recorded values on meta.source.extracted_on. The release label is not a row-wide verification date: each guide states what each figure was verified against and when.",
  "columns": [
   "jurisdiction",
   "slug",
   "region",
   "legal_system",
   "licence_type",
   "licence_model",
   "regulators",
   "legal_framework",
   "licence_term",
   "min_capital_native",
   "capital_basis",
   "year1_cost_band",
   "timeline_months_min",
   "timeline_months_max",
   "corporate_tax_headline_pct",
   "corporate_tax_model",
   "fatf_status",
   "fsrb_body",
   "retail_access",
   "eu_passporting",
   "source_guide"
  ],
  "field_dictionary": {
   "jurisdiction": "Jurisdiction name (English)",
   "slug": "Stable identifier; also the guide's URL segment",
   "region": "europe_eea | caribbean | middle_east | asia_pacific | americas | central_asia | africa | pacific | europe_other",
   "legal_system": "common | civil | hybrid",
   "licence_type": "Name of the regime as the regulator styles it",
   "licence_model": "registration | licence | authorisation | registration+licence | none (no licensing regime recorded)",
   "regulators": "Competent authority or authorities; several joined with '; '",
   "legal_framework": "Operative instrument establishing the regime",
   "licence_term": "Validity of the permission as issued",
   "min_capital_native": "Statutory minimum capital floor in the currency the law names, as authored on the guide; the author's own approximate USD glosses are removed, statutory USD amounts remain",
   "capital_basis": "none_riskbased | fixed_tiered | nta | paidup_plus_liquid | ebcm | activity_tiered",
   "year1_cost_band": "Year-1 operating cost band ex paid-in capital: low (<$100k) | moderate ($100-300k) | high ($300-750k) | very_high (>$750k); empty where the guide records no band",
   "timeline_months_min": "Application-to-permission timeline, lower bound, months; empty where no statutory or observed timeline is recorded",
   "timeline_months_max": "Application-to-permission timeline, upper bound, months; empty where no statutory or observed timeline is recorded",
   "corporate_tax_headline_pct": "Headline corporate income tax rate, percent",
   "corporate_tax_model": "zero | distributed_profits | territorial | partial_exemption | standard | free_zone",
   "fatf_status": "clear | greylisted | blacklisted, as recorded in the matrix at extraction (the guide states which FATF statement the value was verified against)",
   "fsrb_body": "FATF-style regional body that evaluates the jurisdiction (not the FATF list status)",
   "retail_access": "permitted | restricted | mixed | professional_only",
   "eu_passporting": "true if the permission passports across the EU/EEA",
   "source_guide": "The jurisdiction guide this record is mined from, on jagelski.com"
  },
  "empty_cell_rule": "An empty cell means only that this release exports no value for that field. The inventory enumerates those cells; it does not distinguish not-applicable, not publicly benchmarkable, unknown or transcription-gap cases. Consult the linked guide and its sources before relying on an empty cell.",
  "licence": {
   "name": "CC BY 4.0",
   "long_name": "Creative Commons Attribution 4.0 International",
   "url": "https://creativecommons.org/licenses/by/4.0/"
  },
  "publisher": {
   "name": "Jagelski & Partners",
   "legal_name": "Jagelski & Partners OÜ",
   "registry_code": "17569307",
   "url": "https://jagelski.com/",
   "contact": "hello@jagelski.com"
  },
  "landing_page": "https://jagelski.com/data/",
  "live_comparator": "https://jagelski.com/compare-crypto-licensing/",
  "concept_doi_note": "The concept DOI (all versions) is recorded in manifest.json and on the landing page, not in a versioned file: Zenodo mints it at first publication and a versioned file never changes afterwards.",
  "release_policy": "Deliberate releases of the headline slice (owner-called, quarterly by default). Each release captures the matrix on meta.source.extracted_on and is then frozen; the live comparator is updated continuously and may be ahead.",
  "record_count": 50,
  "empty_cells": [
   {
    "slug": "dominica",
    "column": "year1_cost_band"
   },
   {
    "slug": "romania",
    "column": "timeline_months_min"
   },
   {
    "slug": "romania",
    "column": "timeline_months_max"
   }
  ],
  "source": {
   "matrix": "Website/data/crypto-licensing-matrix.json",
   "matrix_sha256": "5ec145639c8c1f371759c396355d01653b0711075feb932df0843331d1852f6a",
   "generator": "Pipelines/open-data/build.py",
   "generator_sha256": "c81d9ad0242674c21f3f8ac547ca72cc0ea784a6322824f811f0bbf8116da4b5",
   "git_commit": "0c541cb9654d37fb39bc5ce09404146cad228718",
   "git_tree_dirty": false,
   "extracted_on": "2026-09-05",
   "matrix_snapshot": "Pipelines/open-data/inputs/crypto-licensing-jurisdictions-2026-09-05.matrix.json",
   "generator_snapshot": "Pipelines/open-data/inputs/crypto-licensing-jurisdictions-2026-09-05.build.py"
  },
  "cite_as": "Jagelski & Partners (2026). Crypto Licensing Jurisdictions: crypto-licensing-jurisdictions (release 2026-09-05) [Data set]. https://doi.org/10.5281/zenodo.22334373",
  "doi": "10.5281/zenodo.22334373"
 },
 "records": [
  {
   "jurisdiction": "Abu Dhabi (ADGM)",
   "slug": "abu-dhabi",
   "region": "middle_east",
   "legal_system": "common",
   "licence_type": "ADGM FSRA Financial Services Permission (FSP)",
   "licence_model": "authorisation",
   "regulators": "ADGM FSRA",
   "legal_framework": "ADGM Financial Services and Markets Regulations (FSMR); FSRA Virtual Asset Framework and Guidance",
   "licence_term": "indefinite (supervision-fee model)",
   "min_capital_native": "USD 250,000–500,000 base plus EBCM",
   "capital_basis": "ebcm",
   "year1_cost_band": "very_high",
   "timeline_months_min": "6",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "9",
   "corporate_tax_model": "free_zone",
   "fatf_status": "clear",
   "fsrb_body": "MENAFATF",
   "retail_access": "professional_only",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/abu-dhabi/"
  },
  {
   "jurisdiction": "Antigua and Barbuda",
   "slug": "antigua-and-barbuda",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "Digital Asset Business licence (activity-based) + renewable Sandbox licence",
   "licence_model": "licence",
   "regulators": "Financial Services Regulatory Commission (FSRC)",
   "legal_framework": "Digital Assets Business Act 2020 (No. 16 of 2020; amended by No. 29 of 2020); Digital Assets Business Regulations 2021 (No. 38 of 2021)",
   "licence_term": "annual (annual licence fee + statutory deposit maintained); Sandbox renewable every six months",
   "min_capital_native": "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 most categories; EC$100,000-300,000 for an exchange, by turnover band. Held as cash, a bank line of credit, or liability insurance, deposited with or approved by the Commission",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "low",
   "timeline_months_min": "2",
   "timeline_months_max": "4",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/antigua-and-barbuda/"
  },
  {
   "jurisdiction": "Argentina",
   "slug": "argentina",
   "region": "americas",
   "legal_system": "civil",
   "licence_type": "PSAV (Virtual Asset Service Provider) registration with the CNV; mandatory, 5 activity categories",
   "licence_model": "registration",
   "regulators": "Comisión Nacional de Valores (CNV); Unidad de Información Financiera (UIF)",
   "legal_framework": "Law 27.739 (amending AML Law 25.246); CNV General Resolutions 994/2024 and 1058/2025; UIF Resolution 49/2024; Company Law 19.550",
   "licence_term": "indefinite (mandatory inscription in the Registro de PSAV; continuous supervision; annual oversight fee)",
   "min_capital_native": "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 (Cats. 1 and 2), USD 37,500 (Cat. 3) and USD 75,000 (Cat. 4) where the provider is under USD 2,500,000 over the prior 12 months - TRANSACTED volume for Cats. 1 to 3, CUSTODIED volume for Cat. 4. Category 5 is excluded from the reduction by CNV NORMAS Title XIV Chapter III Article 9, so USD 35,000 applies at any volume. A provider registered in two or more categories meets the most demanding threshold. Client virtual assets are segregated and excluded from net worth (Article 16)",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "low",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "35",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "GAFILAT",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/argentina/"
  },
  {
   "jurisdiction": "Australia",
   "slug": "australia",
   "region": "asia_pacific",
   "legal_system": "common",
   "licence_type": "AUSTRAC VASP registration (ex-DCE, auto-rolled 31 Mar 2026) + ASIC AFSL + DAP/TCP (from 9 Apr 2027)",
   "licence_model": "registration+licence",
   "regulators": "AUSTRAC (AML/CTF); ASIC (financial services); ATO (tax)",
   "legal_framework": "AML/CTF Act 2006; Corporations Act 2001; Corporations Amendment (Digital Assets Framework) Act 2026",
   "licence_term": "AUSTRAC 3-yr re-registration; AFSL indefinite",
   "min_capital_native": "None (AUSTRAC) / AUD 50,000 NTA (AFSL base)",
   "capital_basis": "nta",
   "year1_cost_band": "high",
   "timeline_months_min": "5",
   "timeline_months_max": "8",
   "corporate_tax_headline_pct": "30",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF/APG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/australia/"
  },
  {
   "jurisdiction": "Bahamas",
   "slug": "bahamas",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "Digital asset business registration under DARE (2 fee classes: digital asset exchange; all other digital asset businesses) plus token offering filings",
   "licence_model": "registration",
   "regulators": "Securities Commission of The Bahamas (SCB)",
   "legal_framework": "Digital Assets and Registered Exchanges Act, 2024 (DARE Act, in force 29 July 2024), with the DARE (Fees) Rules, 2024 and the DARE AML/CFT Rules, 2022; repealed and replaced the original DARE Act, 2020",
   "licence_term": "annual (registration renewed annually by 31 January under DARE s.13)",
   "min_capital_native": "No fixed statutory minimum; DARE s.15 sufficient-financial-resources test, case-by-case SCB assessment",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "moderate",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/bahamas/"
  },
  {
   "jurisdiction": "Belize",
   "slug": "belize",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "Digital Asset Services Licence",
   "licence_model": "licence",
   "regulators": "Financial Services Commission of Belize (Belize FSC)",
   "legal_framework": "Financial Services Commission Act 2023 (s.81); Digital Asset Services Licensing Regulations 2025 (SI 162/2025); FSC (Amendment) Act 2026 (Act No. 8 of 2026)",
   "licence_term": "transitional (temporary licence; must convert to a full Part VI licence by 31 December 2027)",
   "min_capital_native": "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",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/belize/"
  },
  {
   "jurisdiction": "Bermuda",
   "slug": "bermuda",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "DABA Digital Asset Business Licence (Class T / Class M / Class F)",
   "licence_model": "licence",
   "regulators": "Bermuda Monetary Authority (BMA)",
   "legal_framework": "Digital Asset Business Act 2018 (DABA 2018:28)",
   "licence_term": "Class F indefinite (no specified term); Class T and Class M granted for a specified period",
   "min_capital_native": "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 (Class T USD 10,000 is a time-bound test licence, not an operating floor)",
   "capital_basis": "nta",
   "year1_cost_band": "very_high",
   "timeline_months_min": "6",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/bermuda/"
  },
  {
   "jurisdiction": "British Virgin Islands",
   "slug": "bvi",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "VASP Registration",
   "licence_model": "registration",
   "regulators": "BVI Financial Services Commission (FSC)",
   "legal_framework": "Virtual Assets Service Providers Act, 2022 (Act No. 17 of 2022)",
   "licence_term": "indefinite (annual renewal fee)",
   "min_capital_native": "None",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "moderate",
   "timeline_months_min": "4",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "greylisted",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/bvi/"
  },
  {
   "jurisdiction": "Bulgaria",
   "slug": "bulgaria",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Financial Supervision Commission (FSC / Komisia za finansov nadzor); Bulgarian National Bank (BNB) for e-money tokens",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA) + Bulgarian Markets in Crypto-Assets Act (MICAL), State Gazette No. 54 of 4 July 2025, in force 8 July 2025; FSC Ordinance No. 76 of 12 June 2025 (fees)",
   "licence_term": "indefinite (annual supervision fee)",
   "min_capital_native": "EUR 50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "4",
   "timeline_months_max": "9",
   "corporate_tax_headline_pct": "10",
   "corporate_tax_model": "standard",
   "fatf_status": "greylisted",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/bulgaria/"
  },
  {
   "jurisdiction": "Canada",
   "slug": "canada",
   "region": "americas",
   "legal_system": "common",
   "licence_type": "Dual-track: CSA securities registration (restricted dealer / investment dealer) + CIRO membership, plus FINTRAC money services business (MSB) registration; no single unitary crypto licence",
   "licence_model": "registration+licence",
   "regulators": "Canadian Securities Administrators (CSA) / CIRO; FINTRAC (AML)",
   "legal_framework": "Provincial securities legislation + National Instrument 31-103; PCMLTFA; CSA Staff Notices 21-327 / 21-329",
   "licence_term": "Securities registration indefinite (ongoing CIRO/OSC fees); FINTRAC MSB renews every 2 years",
   "min_capital_native": "None for a FINTRAC-only MSB (the primary route); CAD 50,000 (registered dealer, NI 31-103)",
   "capital_basis": "nta",
   "year1_cost_band": "high",
   "timeline_months_min": "12",
   "timeline_months_max": "24",
   "corporate_tax_headline_pct": "26.5",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/canada/"
  },
  {
   "jurisdiction": "Cayman Islands",
   "slug": "cayman-islands",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "VASP Registration or Licence (dual-track)",
   "licence_model": "registration+licence",
   "regulators": "Cayman Islands Monetary Authority (CIMA)",
   "legal_framework": "Virtual Asset (Service Providers) Act (2024 Revision)",
   "licence_term": "indefinite (annual fee)",
   "min_capital_native": "None (statutory)",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "very_high",
   "timeline_months_min": "3",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "restricted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/cayman-islands/"
  },
  {
   "jurisdiction": "Comoros (Anjouan)",
   "slug": "comoros",
   "region": "africa",
   "legal_system": "civil",
   "licence_type": "International Brokerage and Clearing House Licence with crypto activities certificate",
   "licence_model": "licence",
   "regulators": "Anjouan Offshore Finance Authority (AOFA)",
   "legal_framework": "Offshore Finance Authority Act 003 of 2005; Government Notices 004 and 005 of 2005; International Business Companies Act 2005",
   "licence_term": "one-year (annual renewal payment)",
   "min_capital_native": "No fixed minimum",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "1",
   "timeline_months_max": "2",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "clear",
   "fsrb_body": "GIABA",
   "retail_access": "professional_only",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/comoros/"
  },
  {
   "jurisdiction": "Costa Rica",
   "slug": "costa-rica",
   "region": "americas",
   "legal_system": "civil",
   "licence_type": "No crypto licence; SUGEF VASP AML registration (voluntary APNFD today; mandatory under Article 15 quater post-Expediente 25.340)",
   "licence_model": "registration",
   "regulators": "Superintendencia General de Entidades Financieras (SUGEF); Banco Central de Costa Rica (BCCR)",
   "legal_framework": "Law 7786 (AML/CFT); Acuerdo SUGEF 11-18; Codigo de Comercio (Law 3284); Expediente 25.340 (Article 15 quater, approved 25 May 2026, not yet in force)",
   "licence_term": "indefinite (no licence issued; inscription persists once granted)",
   "min_capital_native": "No fixed minimum (nominal CRC 10,000–100,000 declared in practice)",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "30",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "GAFILAT",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/costa-rica/"
  },
  {
   "jurisdiction": "Cyprus",
   "slug": "cyprus",
   "region": "europe_eea",
   "legal_system": "common",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Cyprus Securities and Exchange Commission (CySEC)",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA); Cyprus AML alignment via Law 96(I)/2025",
   "licence_term": "indefinite",
   "min_capital_native": "€50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "8",
   "timeline_months_max": "14",
   "corporate_tax_headline_pct": "15",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/cyprus/"
  },
  {
   "jurisdiction": "Czech Republic",
   "slug": "czech-republic",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Česká národní banka (CNB / Czech National Bank)",
   "legal_framework": "MiCAR (Reg. (EU) 2023/1114) + Act No. 31/2025 Coll. (Digital Finance Act) + Act No. 32/2025 Coll.",
   "licence_term": "indefinite",
   "min_capital_native": "€50,000 (Class 1) / €125,000 (Class 2) / €150,000 (Class 3) per MiCAR Annex IV",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "9",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "21",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/czech-republic/"
  },
  {
   "jurisdiction": "Dominica",
   "slug": "dominica",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "Virtual Asset Business certificate of registration (single type)",
   "licence_model": "registration",
   "regulators": "Financial Services Unit (FSU), Ministry of Finance; Eastern Caribbean Securities Regulatory Commission (ECSRC) for securities-type virtual assets",
   "legal_framework": "Virtual Asset Business Act, No. 1 of 2022 (gazetted 2 June 2022); Virtual Asset Business Regulations 2024 (made under s22 of the Act)",
   "licence_term": "to 31 December of year of issue (annual renewal by 31 January)",
   "min_capital_native": "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)",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/dominica/"
  },
  {
   "jurisdiction": "El Salvador",
   "slug": "el-salvador",
   "region": "americas",
   "legal_system": "civil",
   "licence_type": "CNAD Digital Asset Service Provider (DASP / PSAD) registration",
   "licence_model": "registration",
   "regulators": "Comisión Nacional de Activos Digitales (CNAD); Banco Central de Reserva (BCR) for the Bitcoin Service Provider registry",
   "legal_framework": "Digital Assets Issuance Law (LEAD), Decreto Legislativo No. 643 (2023), reformed 3 October 2024",
   "licence_term": "indefinite (annual renewal fee)",
   "min_capital_native": "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",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "moderate",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "free_zone",
   "fatf_status": "clear",
   "fsrb_body": "GAFILAT",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/el-salvador/"
  },
  {
   "jurisdiction": "Estonia",
   "slug": "estonia",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Finantsinspektsioon (FSA)",
   "legal_framework": "Krüptovaraturu seadus (Crypto-Asset Market Act)",
   "licence_term": "indefinite",
   "min_capital_native": "€50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "6",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "distributed_profits",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/estonia/"
  },
  {
   "jurisdiction": "Georgia",
   "slug": "georgia",
   "region": "europe_other",
   "legal_system": "civil",
   "licence_type": "Virtual Asset Service Provider (VASP) registration with the National Bank of Georgia, by activity",
   "licence_model": "registration",
   "regulators": "National Bank of Georgia (NBG); Financial Monitoring Service (FMS) (AML/CFT)",
   "legal_framework": "Law on Facilitating the Prevention of Money Laundering and the Financing of Terrorism (VASP amendments in force 1 January 2023); NBG Rule on VASP Registration approved by Decree N94/04 of 13 June 2023, effective 1 July 2023",
   "licence_term": "indefinite (single one-off GEL 5,000 registration fee; no annual licence fee, no renewal)",
   "min_capital_native": "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.",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "2",
   "timeline_months_max": "4",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "distributed_profits",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/georgia/"
  },
  {
   "jurisdiction": "Gibraltar",
   "slug": "gibraltar",
   "region": "europe_other",
   "legal_system": "common",
   "licence_type": "DLT Provider Licence (custodial) / Virtual Asset Arrangement Provider Licence (non-custodial, from 27 October 2025)",
   "licence_model": "licence",
   "regulators": "Gibraltar Financial Services Commission (GFSC)",
   "legal_framework": "Financial Services (DLT Providers and VAA Providers) Regulations 2020 (LN 2020/012), under the Financial Services Act 2019",
   "licence_term": "indefinite (continuous supervision fees; no renewal)",
   "min_capital_native": "No fixed statutory minimum; risk-based under Principle 3; market practice £100,000–£250,000+ for low-complexity firms, £1m+ for full custodial exchanges",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "very_high",
   "timeline_months_min": "9",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "15",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/gibraltar/"
  },
  {
   "jurisdiction": "Hong Kong",
   "slug": "hong-kong",
   "region": "asia_pacific",
   "legal_system": "common",
   "licence_type": "SFC VATP licence (SFO Type 1 + Type 7 + AMLO Part 5B)",
   "licence_model": "licence",
   "regulators": "Securities and Futures Commission (SFC); HKMA (stablecoins)",
   "legal_framework": "Securities and Futures Ordinance (Cap 571); AMLO (Cap 615) Part 5B; Stablecoins Ordinance (Cap 656)",
   "licence_term": "indefinite",
   "min_capital_native": "HKD 8m (5m paid-up + 3m liquid)",
   "capital_basis": "paidup_plus_liquid",
   "year1_cost_band": "very_high",
   "timeline_months_min": "12",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "16.5",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "FATF/APG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/hong-kong/"
  },
  {
   "jurisdiction": "Ireland",
   "slug": "ireland",
   "region": "europe_eea",
   "legal_system": "common",
   "licence_type": "MiCA CASP authorisation (Class 1/2/3)",
   "licence_model": "authorisation",
   "regulators": "Central Bank of Ireland (CBI)",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA), applied via SI No. 607/2024 (European Union (Markets in Crypto-Assets) Regulations 2024, commenced 8 November 2024). Legacy: VASP AML registration under the Criminal Justice (MLTF) Act 2010 as amended by the 2021 Amendment Act (closed)",
   "licence_term": "indefinite",
   "min_capital_native": "EUR 50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "12",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "12.5",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/ireland/"
  },
  {
   "jurisdiction": "Kazakhstan",
   "slug": "kazakhstan",
   "region": "central_asia",
   "legal_system": "hybrid",
   "licence_type": "AIFC Digital Asset Service Provider (DASP) authorisation",
   "licence_model": "authorisation",
   "regulators": "Astana Financial Services Authority (AFSA)",
   "legal_framework": "AIFC Rules on Digital Asset Activities (DAA), AIFC Rules No. FR00062 of 2023; in force 1 January 2024 (consolidated v2 from 1 January 2025)",
   "licence_term": "indefinite (annual supervision fee)",
   "min_capital_native": "USD 10,000 (Advising on Investments / Arranging Deals / Arranging Custody) to USD 250,000 (Providing Custody, Dealing as Principal)",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "moderate",
   "timeline_months_min": "4",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "free_zone",
   "fatf_status": "clear",
   "fsrb_body": "EAG",
   "retail_access": "restricted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/kazakhstan/"
  },
  {
   "jurisdiction": "Kyrgyzstan",
   "slug": "kyrgyzstan",
   "region": "central_asia",
   "legal_system": "civil",
   "licence_type": "Virtual Asset Exchange Operator (AVA) / Virtual Asset Trading Operator (ATOC) authorisation",
   "licence_model": "authorisation",
   "regulators": "Financial Market Regulation and Supervision Service (Gosfinnadzor) - supervision, control and licence control (Cabinet of Ministers Resolution No. 516 of 30 July 2026; Law No. 12 Article 11); Policy and regulation moved to a separate authority under Law No. 12 Article 10 in 2026; the designating instrument was not obtainable from a primary source on 2026-08-25 (every gov.kg host, including the state legal database, was DNS-dead) and is recorded here as unverified",
   "legal_framework": "Law of the Kyrgyz Republic No. 12 'On Virtual Assets' (21 January 2022, as amended by Laws No. 81 of 05.08.2022, No. 18 of 30.01.2023, No. 137 of 10.07.2025, No. 180 of 31.07.2025 (in force 09.02.2026) and No. 3 of 19.01.2026); Cabinet of Ministers Resolution No. 514 of 16 September 2022 (Annex 1: trading operator / crypto-exchange; Annex 3: virtual-asset exchange operator), as amended through Resolution No. 625 of 30.09.2025 and Resolution No. 516 of 30 July 2026",
   "licence_term": "indefinite (no renewal cycle, non-transferable)",
   "min_capital_native": "KGS 40,000,000 for AVA exchange office; KGS 300,000,000 for ATOC trading operator from 01 July 2026 under Presidential Decree No. 112 of 13 March 2026. Resolution No. 514's own floor (paragraph 48, KGS 10bn) was repealed by Resolution No. 516 of 30 July 2026",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "low",
   "timeline_months_min": "2",
   "timeline_months_max": "4",
   "corporate_tax_headline_pct": "10",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "EAG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/kyrgyzstan/"
  },
  {
   "jurisdiction": "Labuan (Malaysia)",
   "slug": "labuan",
   "region": "asia_pacific",
   "legal_system": "common",
   "licence_type": "Money Broking Business with Digital Asset activity (primary); also Credit Token, STO Issuer, Securities Licensee, Fund Manager, Section 134 Exchange, Payment System Operator",
   "licence_model": "licence",
   "regulators": "Labuan Financial Services Authority (Labuan FSA)",
   "legal_framework": "Labuan Financial Services and Securities Act 2010 (LFSSA); Labuan Islamic Financial Services and Securities Act 2010 (LIFSSA); Labuan Business Activity Tax Act 1990 (LBATA)",
   "licence_term": "indefinite (annual licence fee due on or before 15 January under s.189 LFSSA / s.150 LIFSSA)",
   "min_capital_native": "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)",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "moderate",
   "timeline_months_min": "4",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "3",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "APG",
   "retail_access": "professional_only",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/labuan/"
  },
  {
   "jurisdiction": "Latvia",
   "slug": "latvia",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Latvijas Banka (Bank of Latvia)",
   "legal_framework": "Crypto-Asset Services Law (Kriptoaktivu pakalpojumu likums), in force 30 June 2024 + MiCA (EU) 2023/1114",
   "licence_term": "indefinite",
   "min_capital_native": "EUR 50,000 (Class 1) / EUR 125,000 (Class 2) / EUR 150,000 (Class 3)",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "6",
   "timeline_months_max": "9",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "distributed_profits",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/latvia/"
  },
  {
   "jurisdiction": "Lithuania",
   "slug": "lithuania",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Bank of Lithuania (Lietuvos Bankas)",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA) + Law No. XIV-2879 (2024)",
   "licence_term": "indefinite",
   "min_capital_native": "€50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "4",
   "timeline_months_max": "8",
   "corporate_tax_headline_pct": "17",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/lithuania/"
  },
  {
   "jurisdiction": "Malta",
   "slug": "malta",
   "region": "europe_eea",
   "legal_system": "hybrid",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Malta Financial Services Authority (MFSA)",
   "legal_framework": "Markets in Crypto-Assets Act, Chapter 647 of the Laws of Malta (Act No. XXXVI of 2024) + Regulation (EU) 2023/1114",
   "licence_term": "indefinite",
   "min_capital_native": "€50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "9",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "35",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/malta/"
  },
  {
   "jurisdiction": "Marshall Islands",
   "slug": "marshall-islands",
   "region": "pacific",
   "legal_system": "common",
   "licence_type": "DAO LLC (non-profit or for-profit), standard LLC, IBC. No active VASP licensing regime",
   "licence_model": "registration",
   "regulators": "Registrar of Resident Domestic and Authorized Foreign Corporations (Attorney-General's Office); RMI Banking Commission (AML/CFT supervision)",
   "legal_framework": "DAO Act 2022 (as amended 2023); DAO Regulations 2024; LLC Act 1996; Banking Act 1987",
   "licence_term": "indefinite (annual renewal fee)",
   "min_capital_native": "No fixed minimum",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "2",
   "timeline_months_max": "5",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "APG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/marshall-islands/"
  },
  {
   "jurisdiction": "Mauritius",
   "slug": "mauritius",
   "region": "africa",
   "legal_system": "hybrid",
   "licence_type": "VASP licence (Classes M, O, R, I, S) + ITO issuer registration",
   "licence_model": "licence",
   "regulators": "Financial Services Commission (FSC) Mauritius; Bank of Mauritius (approval gate for bank / NPSA-linked applicants)",
   "legal_framework": "Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act), in force 7 February 2022; FSC VAITOS Rules 2022 (Capital, Custody, Cybersecurity, Risk Management, Advertisement, Travel Rule); Financial Services Act 2007; FIAMLA 2002",
   "licence_term": "indefinite (annual fee)",
   "min_capital_native": "Class M MUR 2,000,000; Class R MUR 5,000,000; Class S MUR 6,500,000; Classes O and I and ITO issuer have no fixed floor (sufficient working capital, Class O on a 12-month forward test)",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "moderate",
   "timeline_months_min": "6",
   "timeline_months_max": "9",
   "corporate_tax_headline_pct": "15",
   "corporate_tax_model": "partial_exemption",
   "fatf_status": "clear",
   "fsrb_body": "ESAAMLG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/mauritius/"
  },
  {
   "jurisdiction": "Nevis (Federation of Saint Kitts and Nevis)",
   "slug": "nevis",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "VASP Registration (federation regime; no Nevis-specific instrument)",
   "licence_model": "registration",
   "regulators": "Financial Services Regulatory Commission (FSRC), St. Kitts Branch (federation regulator; the Nevis Branch registers no VASPs)",
   "legal_framework": "Virtual Asset Act, Cap. 21.29 (Act No. 1 of 2020; amended by No. 8 of 2021, the Virtual Asset (Amendment) Act No. 9 of 2024, and the Virtual Asset (Amendment) Act No. 8 of 2026, assented 18 June 2026, Extra-Ordinary Gazette No. 34 of 2026); SRO 47 of 2021 (fees, Act Schedule 1); Virtual Asset Business Regulations, SR&O 13 of 2026 (Extra-Ordinary Gazette No. 35 of 2026), which repealed the Virtual Asset (Forms) Regulations, SRO 25 of 2022",
   "licence_term": "1 year (annual renewal)",
   "min_capital_native": "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)",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "moderate",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/nevis/"
  },
  {
   "jurisdiction": "New Zealand",
   "slug": "new-zealand",
   "region": "asia_pacific",
   "legal_system": "common",
   "licence_type": "FSPR registration + DIA AML/CFT supervision (no dedicated crypto licence)",
   "licence_model": "registration",
   "regulators": "Financial Markets Authority (FMA); Department of Internal Affairs (DIA)",
   "legal_framework": "Financial Service Providers (Registration and Dispute Resolution) Act 2008 + AML/CFT Act 2009 + Financial Markets Conduct Act 2013",
   "licence_term": "indefinite (annual confirmation)",
   "min_capital_native": "None",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "4",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "28",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "APG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/new-zealand/"
  },
  {
   "jurisdiction": "Oman",
   "slug": "oman",
   "region": "middle_east",
   "legal_system": "civil",
   "licence_type": "Interim VASP registration (AML/CFT); full VASP licence under the VARF pending",
   "licence_model": "registration",
   "regulators": "Financial Services Authority (FSA); Central Bank of Oman (CBO) - payments / e-money / stored value",
   "legal_framework": "FSA Decision No. E/35/2023 (interim VASP registration + AML/CFT); Royal Decree 30/2016 (AML/CFT); Royal Decree 20/2024 (FSA Law, superseding the CMA); Virtual Assets Regulatory Framework (VARF) announced and consulted on 2023, not yet enacted as of mid-2026",
   "licence_term": "indefinite (interim registration); full VARF licence terms unpublished",
   "min_capital_native": "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",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "1",
   "timeline_months_max": "1",
   "corporate_tax_headline_pct": "15",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MENAFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/oman/"
  },
  {
   "jurisdiction": "Panama",
   "slug": "panama",
   "region": "americas",
   "legal_system": "civil",
   "licence_type": "No dedicated crypto licence (structured under general corporate + AML law)",
   "licence_model": "none",
   "regulators": "No designated VASP supervisor; Superintendencia del Mercado de Valores (SMV, securities); Superintendencia de Bancos de Panama (SBP, banking); Unidad de Analisis Financiero (UAF, FIU/AML); Superintendencia de Sujetos No Financieros (SSNF, non-financial obligated subjects)",
   "legal_framework": "Ley 32 of 1927 (Sociedades Anonimas); Ley 23 of 2015 (AML/CFT); Ley 129 of 2020 (beneficial-ownership register); Decreto Ley 1 of 1999 (securities, applicable to security tokens only)",
   "licence_term": "n/a (no licence issued; perpetual corporate vehicle with annual tasa unica)",
   "min_capital_native": "No fixed minimum. Standard S.A. authorised capital USD 10,000 (not required to be paid in)",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "2",
   "timeline_months_max": "4",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "GAFILAT",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/panama/"
  },
  {
   "jurisdiction": "Poland",
   "slug": "poland",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP Authorisation (regime not yet operational; KNF not yet accepting applications as of June 2026)",
   "licence_model": "authorisation",
   "regulators": "Komisja Nadzoru Finansowego (KNF); designated under the Crypto-Asset Market Act, not yet in force as of June 2026",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA) + Crypto-Asset Market Act (ustawa o rynku kryptoaktywów), the national implementing instrument designating the KNF, not yet in force as of June 2026 (three presidential vetoes: Dec 2025, Feb 2026 and 11 June 2026; no override has cleared the three-fifths bar, so Poland passed the 1 July 2026 MiCA transitional deadline as the only EU member state with no domestic CASP route)",
   "licence_term": "indefinite once granted (no renewal); ongoing prudential, governance, conduct-of-business, and DORA obligations",
   "min_capital_native": "€50,000 (Class 1) / €125,000 (Class 2) / €150,000 (Class 3) under MiCA Annex IV",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "4",
   "timeline_months_max": "8",
   "corporate_tax_headline_pct": "19",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/poland/"
  },
  {
   "jurisdiction": "Portugal",
   "slug": "portugal",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP Authorisation",
   "licence_model": "authorisation",
   "regulators": "Banco de Portugal (authorisation, prudential supervision, governance); CMVM (Comissão do Mercado de Valores Mobiliários; conduct of business, client-asset safekeeping, market abuse)",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA), applied directly, plus national implementing Law No. 69/2025 of 1 December 2025 (in force 23 December 2025); AML predicate under Law No. 83/2017 as amended by Law No. 70/2025 (TFR Recast)",
   "licence_term": "indefinite (no renewal; ongoing prudential, governance, and conduct obligations; annual supervision contributions)",
   "min_capital_native": "€50,000 (Class 1) / €125,000 (Class 2) / €150,000 (Class 3)",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "6",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "19",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/portugal/"
  },
  {
   "jurisdiction": "Romania",
   "slug": "romania",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Autoritatea de Supraveghere Financiara (ASF) - PROPOSED ONLY, not designated: no Romanian competent authority has been notified under MiCA Article 93 (ESMA's list of 17 February 2026 records Romania as TBA), and ASF stated on 1 July 2026 that it can neither receive nor decide applications under Regulation (EU) 2023/1114; Banca Nationala a Romaniei (BNR) - proposed for EMT issuers and bank-channel services under the unadopted draft ordinance",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA), directly applicable since 30 December 2024; national implementing OUG UNADOPTED (Ministry of Finance public consultation 23 May 2025; Government first reading 2 April 2026; still unnumbered and unpublished as of 2026-08-25; European Commission infringement INFR(2025)2040, additional letter of formal notice 4 June 2026); Law 129/2019 as amended by OUG 10/2025 (AML and transfer-of-funds measure, MO nr. 225 of 13 March 2025, NOT the MiCA implementation and designating no competent authority)",
   "licence_term": "indefinite",
   "min_capital_native": "EUR 50,000 / EUR 125,000 / EUR 150,000 by MiCA Annex IV class, or 25% of fixed overheads, whichever is higher",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "moderate",
   "timeline_months_min": "",
   "timeline_months_max": "",
   "corporate_tax_headline_pct": "16",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/romania/"
  },
  {
   "jurisdiction": "Saint Kitts and Nevis",
   "slug": "saint-kitts",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "VASP Registration",
   "licence_model": "registration",
   "regulators": "Financial Services Regulatory Commission (FSRC), St. Kitts Branch",
   "legal_framework": "Virtual Asset Act, Cap. 21.29 (No. 1 of 2020; amended by No. 8 of 2021, No. 9 of 2024, and the Virtual Asset (Amendment) Act No. 8 of 2026, assented 18 June 2026, published 19 June 2026, Extra-Ordinary Gazette No. 34 of 2026); Virtual Asset Business Regulations, SR&O 13 of 2026, made under s.18 and published 22 June 2026, Extra-Ordinary Gazette No. 35 of 2026, repealing SRO 25 of 2022",
   "licence_term": "1 year (annual renewal under section 8)",
   "min_capital_native": "None prescribed in the Act (s.18 reserves power to set capital regulations to the Minister, not yet exercised as of May 2026)",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "moderate",
   "timeline_months_min": "4",
   "timeline_months_max": "9",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/saint-kitts/"
  },
  {
   "jurisdiction": "Saint Lucia",
   "slug": "saint-lucia",
   "region": "caribbean",
   "legal_system": "hybrid",
   "licence_type": "Virtual Asset Business Licence",
   "licence_model": "licence",
   "regulators": "Financial Services Regulatory Authority (FSRA)",
   "legal_framework": "Virtual Asset Business Act, Act No. 24 of 2022 + SI No. 37 of 2025",
   "licence_term": "indefinite (annual fee)",
   "min_capital_native": "No statutory minimum capital figure. The Virtual Asset Business Act prescribes none on the face of the Act, and regulation 10 of SI No. 37 of 2025 prescribes no numeric floor either: it empowers the FSRA to require capital and liquidity by written notice on the risk profile, and requires the licensee to hold capital adequate to the nature, size and complexity of the business. The full gazetted instrument (32 pages, regulations 1-32 and Schedules 1-4) was read in full on 2026-08-25 and contains no capital schedule; the only figures in it are the Schedule 2 fees. A separate 15% client-fund escrow applies (s.12(1))",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "low",
   "timeline_months_min": "4",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "30",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/saint-lucia/"
  },
  {
   "jurisdiction": "Saint Vincent and the Grenadines",
   "slug": "saint-vincent",
   "region": "caribbean",
   "legal_system": "common",
   "licence_type": "Virtual Asset Business (VAB / VASP) registration",
   "licence_model": "registration",
   "regulators": "Financial Services Authority (FSA)",
   "legal_framework": "Virtual Asset Business Act No. 9 of 2022 (in force 31 May 2025); Virtual Asset Business (Amendment) Act 2025 (28 April 2025); Financial Services Authority (Amendment) Act No. 8 of 2025 (enforcement); Virtual Asset Business Regulations 2026 (SR&O 2026 No. 2, gazetted 18 February 2026); Guidelines for Virtual Assets Businesses (Gazette No. 63, 25 November 2025); AML/CFT Regulations 2014",
   "licence_term": "1 year (certificate valid until 31 December of the year of issue; renewable by 31 January following)",
   "min_capital_native": "EC$300,000 registered share capital, of which EC$50,000 must be paid up; minimum paid-up capital of EC$50,000 maintained on an ongoing basis. Separate statutory deposit of EC$100,000 or 25% of financial obligations to clients, whichever is greater (refundable)",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "low",
   "timeline_months_min": "3",
   "timeline_months_max": "4",
   "corporate_tax_headline_pct": "28",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "CFATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/saint-vincent/"
  },
  {
   "jurisdiction": "Seychelles",
   "slug": "seychelles",
   "region": "africa",
   "legal_system": "hybrid",
   "licence_type": "VASP Licence (four categories: Virtual Asset Wallet Provider, Virtual Asset Exchange, Virtual Asset Broking, Virtual Asset Investment Provider)",
   "licence_model": "licence",
   "regulators": "Seychelles Financial Services Authority (FSA)",
   "legal_framework": "Virtual Asset Service Providers Act, 2024 (Act 12 of 2024), in force 1 September 2024; subsidiary regulations on capital (SI 72 of 2024), fit-and-proper, and prudential requirements",
   "licence_term": "perpetual once granted, conditional on payment of the annual licence fee and filing of the compliance return by 31 January each year",
   "min_capital_native": "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",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "moderate",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "1.5",
   "corporate_tax_model": "territorial",
   "fatf_status": "clear",
   "fsrb_body": "ESAAMLG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/seychelles/"
  },
  {
   "jurisdiction": "Singapore",
   "slug": "singapore",
   "region": "asia_pacific",
   "legal_system": "common",
   "licence_type": "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",
   "licence_model": "licence",
   "regulators": "Monetary Authority of Singapore (MAS)",
   "legal_framework": "Payment Services Act 2019 (in force 28 January 2020); Financial Services and Markets Act 2022 (Part 9 DTSP, in operation since 30 June 2025)",
   "licence_term": "indefinite (granted subject to ongoing compliance; not renewed; recurring annual licence fees)",
   "min_capital_native": "SGD 100,000 base capital (standard payment institution); SGD 250,000 base capital (major payment institution), plus an SGD 100,000-200,000 MPI security deposit (Payment Services Regulations 2019, regs. 8, 12 and 13). The SPI/MPI split is set by PSA 2019 s.6(5) at SGD 3m per month for one service and SGD 6m per month across two or more, digital payment token services included",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "9",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "17",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "APG",
   "retail_access": "restricted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/singapore/"
  },
  {
   "jurisdiction": "Slovakia",
   "slug": "slovakia",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP authorisation",
   "licence_model": "authorisation",
   "regulators": "Národná banka Slovenska (NBS)",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA) + Act 248/2024 Z.z. on certain obligations and powers in the field of crypto-assets",
   "licence_term": "indefinite (MiCA Article 64)",
   "min_capital_native": "€50,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "low",
   "timeline_months_min": "3",
   "timeline_months_max": "9",
   "corporate_tax_headline_pct": "21",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "MONEYVAL",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/slovakia/"
  },
  {
   "jurisdiction": "South Africa",
   "slug": "south-africa",
   "region": "africa",
   "legal_system": "hybrid",
   "licence_type": "Crypto Asset FSP authorisation (FAIS Category I; Category II for discretionary)",
   "licence_model": "licence",
   "regulators": "Financial Sector Conduct Authority (FSCA); Financial Intelligence Centre (FIC); South African Reserve Bank Prudential Authority (SARB/PA)",
   "legal_framework": "Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act); FSCA General Notice 1350 of 2022; Financial Intelligence Centre Act 38 of 2001 (Item 22, Schedule 1)",
   "licence_term": "indefinite (annual levies and reporting)",
   "min_capital_native": "No fixed monetary minimum for Category I advice-only",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "moderate",
   "timeline_months_min": "6",
   "timeline_months_max": "12",
   "corporate_tax_headline_pct": "27",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "ESAAMLG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/south-africa/"
  },
  {
   "jurisdiction": "Spain",
   "slug": "spain",
   "region": "europe_eea",
   "legal_system": "civil",
   "licence_type": "MiCA CASP Authorisation",
   "licence_model": "authorisation",
   "regulators": "CNMV (Comisión Nacional del Mercado de Valores); Banco de España (ART/EMT issuers)",
   "legal_framework": "Regulation (EU) 2023/1114 (MiCA) + Law 6/2023 of 17 March on Securities Markets and Investment Services (the new LMV); national AML anchor Law 10/2010",
   "licence_term": "indefinite (no renewal; ongoing CNMV supervisory fees)",
   "min_capital_native": "EUR 50,000 (Class 1) / EUR 125,000 (Class 2) / EUR 150,000 (Class 3)",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "high",
   "timeline_months_min": "5",
   "timeline_months_max": "9",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF (direct member; not assessed by a FATF-style regional body)",
   "retail_access": "permitted",
   "eu_passporting": "true",
   "source_guide": "https://jagelski.com/crypto-licensing/spain/"
  },
  {
   "jurisdiction": "Switzerland",
   "slug": "switzerland",
   "region": "europe_other",
   "legal_system": "civil",
   "licence_type": "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",
   "licence_model": "registration+licence",
   "regulators": "Swiss Financial Market Supervisory Authority (FINMA); FINMA-recognised self-regulatory organisations (SROs, e.g. VQF) for AML supervision",
   "legal_framework": "DLT Act 2020 (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology; ledger-based-securities provisions in force 1 Feb 2021, remainder incl. DLT trading facility licence 1 Aug 2021), amending ten federal acts; Banking Act (BankG) incl. Art. 1b FinTech licence; Financial Institutions Act (FinIA/FINIG); Financial Market Infrastructure Act (FinMIA/FinfraG); Financial Services Act (FinSA/FIDLEG); Anti-Money Laundering Act (AMLA/GwG); Code of Obligations; FINMA 2018 ICO Guidelines (token taxonomy)",
   "licence_term": "indefinite, continuously supervised (annual regulatory/AML audit, supervision fees; SRO affiliation is ongoing membership)",
   "min_capital_native": "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)",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "2",
   "timeline_months_max": "24",
   "corporate_tax_headline_pct": "11.7",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF (Switzerland is a direct FATF member, not assessed via an FSRB)",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/switzerland/"
  },
  {
   "jurisdiction": "United Arab Emirates",
   "slug": "dubai",
   "region": "middle_east",
   "legal_system": "hybrid",
   "licence_type": "VARA VASP / ADGM FSP / DFSA Crypto Token (3 regulators)",
   "licence_model": "licence",
   "regulators": "VARA (Dubai); ADGM FSRA (Abu Dhabi); DFSA (DIFC); SCA (federal); CBUAE (payment tokens)",
   "legal_framework": "Cabinet Decision 111/2022 (federal); Dubai Law 4/2022 + VARA Rulebooks; ADGM FSMR; DFSA Crypto Token rules",
   "licence_term": "indefinite (supervision-fee model)",
   "min_capital_native": "AED 100,000 (VARA Advisory floor)",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "4",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "9",
   "corporate_tax_model": "free_zone",
   "fatf_status": "clear",
   "fsrb_body": "MENAFATF",
   "retail_access": "mixed",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/dubai/"
  },
  {
   "jurisdiction": "United Kingdom",
   "slug": "uk",
   "region": "europe_other",
   "legal_system": "common",
   "licence_type": "FCA cryptoasset registration under the Money Laundering Regulations 2017 (live now, AML-only); FSMA authorisation for regulated cryptoasset activities from 25 October 2027",
   "licence_model": "registration",
   "regulators": "Financial Conduct Authority (FCA)",
   "legal_framework": "Money Laundering Regulations 2017 (SI 2017/692); Financial Services and Markets Act 2000; Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (made 4 February 2026, amending the Regulated Activities Order 2001); commencement 25 October 2027",
   "licence_term": "indefinite (no fixed expiry; annual FCA periodic fees and continuing AML supervision)",
   "min_capital_native": "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.",
   "capital_basis": "none_riskbased",
   "year1_cost_band": "very_high",
   "timeline_months_min": "9",
   "timeline_months_max": "18",
   "corporate_tax_headline_pct": "25",
   "corporate_tax_model": "standard",
   "fatf_status": "clear",
   "fsrb_body": "FATF",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/uk/"
  },
  {
   "jurisdiction": "Uzbekistan",
   "slug": "uzbekistan",
   "region": "central_asia",
   "legal_system": "civil",
   "licence_type": "NAPP crypto licence (activity-specific: crypto-exchange / crypto-store / crypto-depository / mining-pool)",
   "licence_model": "licence",
   "regulators": "National Agency of Perspective Projects (NAPP)",
   "legal_framework": "Presidential Resolution PP-3832 (3 July 2018); Ministry of Justice registration 3380 (licensing procedure)",
   "licence_term": "indefinite (unlimited period; monthly operational fee for life of licence)",
   "min_capital_native": "5,000 BRV (bazovaya raschyotnaya velichina) for crypto-exchange, of which 3,000 BRV must be reserved in a separate account at an Uzbek commercial bank at the date of application (Ministry of Justice reg. 3380, point 10). At the BRV of UZS 412,000 in force from 1 August 2025 (Presidential Decree UP-91 of 2 June 2025) that is UZS 2,060,000,000, with 3,000 BRV = UZS 1,236,000,000. From 1 September 2026 the BRV rises to UZS 440,000 (Presidential Decree UP-115 of 23 June 2026), lifting the same unchanged rule to UZS 2,200,000,000, with 3,000 BRV = UZS 1,320,000,000. No numerical charter-capital floor is set for crypto-store, crypto-depository or mining-pool",
   "capital_basis": "activity_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "3",
   "timeline_months_max": "6",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "clear",
   "fsrb_body": "EAG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/uzbekistan/"
  },
  {
   "jurisdiction": "Vanuatu",
   "slug": "vanuatu",
   "region": "pacific",
   "legal_system": "common",
   "licence_type": "VASP Licence (Classes D, D.1, D.2, D.3, D.4) + ITO Licence",
   "licence_model": "registration+licence",
   "regulators": "Vanuatu Financial Services Commission (VFSC)",
   "legal_framework": "Virtual Assets Services Providers Act No. 3 of 2025; Financial Dealers Licensing Act [CAP 70]",
   "licence_term": "perpetual (subject to ongoing fee payment and compliance)",
   "min_capital_native": "VT 200,000,000",
   "capital_basis": "fixed_tiered",
   "year1_cost_band": "very_high",
   "timeline_months_min": "9",
   "timeline_months_max": "15",
   "corporate_tax_headline_pct": "0",
   "corporate_tax_model": "zero",
   "fatf_status": "clear",
   "fsrb_body": "APG",
   "retail_access": "permitted",
   "eu_passporting": "false",
   "source_guide": "https://jagelski.com/crypto-licensing/vanuatu/"
  }
 ]
}