Jurisdiction guides
Crypto-licensing guides, jurisdiction by jurisdiction
In-depth practitioner guides to MiCA CASP authorisation in the EU’s active jurisdictions — the regulator, the timeline, the capital, the substance expectations, and the pitfalls. For a scored comparison across eleven EU and non-EU jurisdictions, use the index and finder below.
Austria
Austrian Financial Market Authority (Finanzmarktaufsicht, FMA)
- Timeline
- 40 working days from a complete file to decision under MiCA Article 63(9) (statutory clock); seven to ten months end-to-end for a clean first-time file (practitioner estimate)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
The FMA is Austria's competent authority for CASP authorisation and supervision under MiCA and the MiCA-VVG (BGBl. I Nr. 111/2024), and it also supervises AML/C…
Read the guide →Belgium
Financial Services and Markets Authority (FSMA)
- Timeline
- 40 working days from a complete file to decision under MiCA Article 63(9); six to nine months end-to-end for a clean first file (practitioner estimate)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Belgium runs its MiCA CASP regime through the FSMA under the Law of 11 December 2025. The FSMA authorises CASPs and supervises both their prudential and conduct…
Read the guide →Bulgaria
Financial Supervision Commission (FSC, Комисия за финансов надзор)
- Timeline
- Five to eight months end-to-end for a clean first-time file (practitioner estimate); 40 working days from a complete file under MiCA Article 63(9)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Bulgaria runs CASP authorisation through the Financial Supervision Commission (FSC) under MiCA and the Markets in Crypto-Assets Act (SG 54/2025). The FSC applie…
Read the guide →Croatia
Croatian Financial Services Supervisory Agency (Hrvatska agencija za nadzor financijskih usluga, HANFA)
- Timeline
- 40 working days from a complete file under MiCA Article 63(9); practitioners estimate 9-15 months end-to-end including file preparation
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Croatia is a small CASP jurisdiction, with six Croatian CASPs on ESMA's register in October 2026 (five authorised by HANFA), but HANFA's structured process work…
Read the guide →Cyprus
Cyprus Securities and Exchange Commission (CySEC)
- Timeline
- 5-7 months end-to-end (practitioner estimate); 40 working days from a complete file under MiCA Article 63(9)
- Capital
- €50,000 — €150,000
Cyprus authorises CASPs through CySEC under the directly applicable MiCA Regulation, with 25 Cypriot CASPs on ESMA's register in October 2026. A national MiCA e…
Read the guide →
CZ Czech Republic
Czech National Bank (Česká národní banka)
- Timeline
- 6-8 months
- Capital
- €50,000 — €150,000
The ČNB has been the MiCA authority since Act No. 31/2025 Coll. took effect on 15 February 2025 and issued its first six CASP authorisations on 11 February 2026…
Read the guide →Denmark
Finanstilsynet (Danish Financial Supervisory Authority)
- Timeline
- 40 working days from a complete file to decision under MiCA Article 63(9); seven to nine months end-to-end for clean files (practitioner estimate)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Denmark licenses CASPs through Finanstilsynet under MiCA and Act No. 481 of 22 May 2024. Firms already providing services that had applied by 30 December 2024 c…
Read the guide →El Salvador
Comisión Nacional de Activos Digitales (CNAD) — National Commission of Digital Assets
- Timeline
- CNAD must decide a complete service-provider file within 20 business days (Art. 20); preparing the file, and any public-offering documents, takes longer and is counsel-quoted
- Capital
- Counsel-quoted — set by the local regime; confirm against a current CNAD quote
El Salvador registers crypto service providers and token issuers through CNAD under the Digital Assets Issuance Law, in force since 1 February 2023. The 2021 Bi…
Read the guide →Estonia
Financial Supervision Authority (Finantsinspektsioon)
- Timeline
- 5-7 months end-to-end (practitioner estimate); MiCA Article 63(9) gives 40 working days from a complete file
- Capital
- €50,000 to €150,000, MiCA Annex IV
Estonia moved crypto licensing from the Financial Intelligence Unit to Finantsinspektsioon under the Crypto-Asset Market Act. The transition for FIU licence hol…
Read the guide →Finland
Finnish Financial Supervisory Authority (Fin-FSA, Finanssivalvonta)
- Timeline
- Seven to nine months end-to-end for clean files (practitioner estimate); the statutory clock of 40 working days under MiCA Article 63 begins on file completeness
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Finland authorises CASPs through FIN-FSA under MiCA and Act 402/2024, which repealed the 2019 virtual currency act. The national transition ended on 30 June 202…
Read the guide →France
Autorité des marchés financiers (AMF) + Autorité de contrôle prudentiel et de résolution (ACPR)
- Timeline
- Practitioner-reported: ~3-5 months end-to-end for agréé or enhanced-registered PSANs using the AMF's simplified route; the MiCA decision period is 40 working days from a complete file (Article 63(9))
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
France built the PSAN regime under the 2019 PACTE law, before MiCA existed. MiCA has replaced it: the AMF authorises CASPs and the ACPR supervises AML/CFT. The …
Read the guide →Georgia
National Bank of Georgia (NBG)
- Timeline
- Counsel-quoted; varies by file complexity
- Capital
- Minimum supervisory capital under the NBG rule as amended on 8 September 2026: GEL 150,000 for exchange or transfer of convertible virtual assets, GEL 350,000 for a trading platform, GEL 250,000 for other services, at least GEL 500,000 for a stablecoin ICO; providers already registered must comply by 1 September 2027
Georgia is a non-EU jurisdiction where a crypto licence means registering as a Virtual Asset Service Provider with the National Bank of Georgia, mandatory since…
Read the guide →Germany
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Timeline
- Practitioner estimate: longer end-to-end than at EU mid-tier supervisors; the MiCA decision period is 40 working days from a complete file (Article 63(9))
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
BaFin runs the German CASP regime under MiCA and the Kryptomärkteaufsichtsgesetz (KMAG). Firms holding a German licence for crypto business on 29 December 2024 …
Read the guide →Gibraltar
Gibraltar Financial Services Commission (GFSC)
- Timeline
- 6-9 months from filing to decision for clean files (practitioner estimate)
- Capital
- No fixed amount in the Regulations: regulatory principle 3 requires adequate financial and non-financial resources; since 26 March 2026 a dividend needs at least 30 days' notice to the GFSC and no GFSC objection (regulation 5A)
Gibraltar's GFSC has licensed DLT firms since 1 January 2018 under a principles-based framework, now the Financial Services (DLT Providers and VAA Providers) Re…
Read the guide →Greece
Hellenic Capital Market Commission (Επιτροπή Κεφαλαιαγοράς, HCMC)
- Timeline
- Six to nine months end-to-end for a clean first-time file; the MiCA Article 63 statutory clock runs 40 working days from a complete file
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Greece is one of the EU's quieter CASP jurisdictions. The HCMC authorises CASPs under MiCA and Law 5193/2025 and is also their AML supervisor. The pipeline is s…
Read the guide →Hong Kong
Securities and Futures Commission (SFC); Hong Kong Monetary Authority (HKMA) for stablecoin issuers
- Timeline
- Counsel-quoted; varies by file complexity
- Capital
- Counsel-quoted — set by the local regime
Hong Kong switched on its VASP regime on 1 June 2023, supervised by the SFC under AML Ordinance Cap. 615. The VATP licence covers centralised exchanges serving …
Read the guide →Hungary
Magyar Nemzeti Bank (MNB, National Bank of Hungary)
- Timeline
- Eight to twelve months end-to-end for a clean first-time file (practitioner estimate); 40 working days from a complete file under MiCA Article 63(9)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Hungary's 9% corporate tax is the EU's lowest, but the MNB sets the pace: it authorised the first Hungarian CASP only in July 2026, and a 2025-26 national valid…
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IE Ireland
Central Bank of Ireland (CBI)
- Timeline
- 10-14 months end-to-end (practitioner estimate); the MiCA decision period is 40 working days from a complete file, and under S.I. No. 607/2024 Reg. 19(3) a failure to decide within six months of a complete application is appealable
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV, or one quarter of the previous year's fixed overheads if higher (MiCA Article 67)
The Central Bank of Ireland authorises CASPs under MiCA and S.I. No. 607/2024. VASPs registered with it since April 2021 could continue until 30 December 2025; …
Read the guide →Italy
Commissione Nazionale per le Società e la Borsa (CONSOB), in coordination with Banca d'Italia
- Timeline
- Seven to ten months end-to-end for a complete first-time file (split-supervisor coordination on top of the MiCA Article 63 clock of 40 working days)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Italy runs a split-supervisor CASP regime under MiCA and Legislative Decree 129/2024. CONSOB leads on conduct and consumer protection; Banca d'Italia covers pru…
Read the guide →Latvia
Latvijas Banka (Bank of Latvia)
- Timeline
- Six to eight months end-to-end for clean files (practitioner estimate); under MiCA Article 63 Latvijas Banka has 25 working days to check completeness and 40 working days from a complete file to decide
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Latvia licenses CASPs through Latvijas Banka, the single financial supervisor since the 2023 FCMC merger. It publishes a €2,500 review fee, its transitional per…
Read the guide →Lithuania
Bank of Lithuania (Lietuvos bankas)
- Timeline
- 4-6 months end-to-end (practitioner estimate); MiCA Article 63(9) gives 40 working days from a complete file
- Capital
- €50,000 to €150,000, MiCA Annex IV
Lithuania licenses CASPs through the Bank of Lithuania under Law No XIV-2879. The transitional period for old VASP-register firms ended on 31 December 2025, and…
Read the guide →Luxembourg
Commission de Surveillance du Secteur Financier (CSSF)
- Timeline
- Nine to twelve months end-to-end for a complete first-time institutional file (practitioner estimate); the statutory clock of 40 working days under MiCA Article 63 starts once the file is deemed complete
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
The CSSF is Luxembourg's single supervisor for CASP authorisation, prudential and conduct supervision and AML/CFT under MiCA and the Law of 6 February 2025. VAS…
Read the guide →Malta
Malta Financial Services Authority (MFSA)
- Timeline
- 7-10 months end-to-end (practitioner estimate); 40 working days from a complete file under MiCA Article 63(9)
- Capital
- €50,000 — €150,000 (MiCA Annex IV), or a quarter of fixed overheads if higher (Article 67)
Malta brings VFA-era supervisory experience to MiCA files and had 23 CASPs on ESMA's register in October 2026. Application fees are fixed by law at EUR 10,000-2…
Read the guide →Netherlands
Autoriteit Financiële Markten (AFM) + De Nederlandsche Bank (DNB)
- Timeline
- 6-9 months end-to-end for clean files (practitioner estimate); the MiCA decision period is 40 working days from a complete file (Article 63(9))
- Capital
- €50,000 — €150,000 under MiCA Annex IV
The Netherlands splits CASP supervision between the AFM, which grants licences and supervises conduct and AML/CFT, and DNB, which handles prudential supervision…
Read the guide →Norway
Finanstilsynet (Norwegian Financial Supervisory Authority), Oslo
- Timeline
- First-hand evidence is thin: the first Article 63 authorisation (Týr Markets AS) took effect on 18 May 2026, against a regime that opened on 1 July 2025
- Capital
- EUR 50,000 (Class 1), EUR 125,000 (Class 2) or EUR 150,000 (Class 3), MiCA Annex IV, or one quarter of fixed overheads if higher
Norway has been a live MiCA jurisdiction since 1 July 2025, when the Crypto-assets Act took effect. Finanstilsynet granted its first Article 63 CASP authorisati…
Read the guide →Panama
None. No Panamanian authority supervises or registers virtual-asset service providers as such.
- Timeline
- Not applicable — there is no registration or licensing procedure to enter
- Capital
- Counsel-quoted — set by the chosen structure; no statutory crypto-specific capital floor
Panama has no crypto-asset law and no crypto regulator. The one bill that cleared the National Assembly was declared unconstitutional in full on 6 June 2023 ove…
Read the guide →Poland
Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF)
- Timeline
- No procedure exists to time. KNF cannot open one and leaves any application without consideration
- Capital
- €50,000 (Class 1) — €150,000 (Class 3) under MiCA Annex IV, in whichever member state actually authorises you
Poland is the EU's broken case. Parliament passed a crypto-assets act three times; the President vetoed all three, and the last override failed on 4 September 2…
Read the guide →Portugal
Banco de Portugal (authorisation and prudential supervision), with the Comissão do Mercado de Valores Mobiliários (CMVM) for conduct
- Timeline
- No track record yet: Banco de Portugal has been the authorising authority only since Lei 69/2025 took effect in December 2025. MiCA Article 63 gives it 25 working days to check completeness and 40 working days to decide a complete file
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Portugal implemented MiCA late, with Lei 69/2025 of 22 December 2025. Banco de Portugal authorises CASPs and supervises their prudential requirements and govern…
Read the guide →Romania
No competent authority designated for CASPs (the ASF is the authority named in the draft implementing ordinance)
- Timeline
- Not applicable in Romania; a CASP serving Romanian clients is authorised in another member state, where the MiCA decision period is 40 working days from a complete file
- Capital
- €50,000 (Class 1) — €150,000 (Class 3) under MiCA Annex IV, wherever the CASP is authorised
Romania has no MiCA competent authority for CASPs. The ASF said in mid-2026 that it was not designated and could not receive applications; a draft implementing …
Read the guide →Singapore
Monetary Authority of Singapore (MAS)
- Timeline
- Practitioner estimate: 6-12 months for an MPI file; MAS publishes no processing time
- Capital
- SGD 250,000 base capital for an MPI (SGD 100,000 for an SPI), plus an MPI security deposit with MAS of SGD 100,000 or SGD 200,000
Singapore licenses crypto businesses that serve Singapore customers through MAS under the Payment Services Act 2019, usually as a Major Payment Institution for …
Read the guide →Slovakia
Národná banka Slovenska (NBS)
- Timeline
- 40 working days from a complete file to decision under MiCA Article 63(9); clean files typically run five to nine months end-to-end
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Slovakia is a lower-cost CEE CASP base. The National Bank of Slovakia (NBS) authorises CASPs under MiCA and Act No. 248/2024, and six Slovak CASPs were on ESMA'…
Read the guide →Slovenia
Agencija za trg vrednostnih papirjev (ATVP, Securities Market Agency)
- Timeline
- Six to nine months end-to-end for a clean first-time file (practitioner estimate); 40 working days from a complete file under MiCA Article 63(9)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Slovenia is a small EU CASP jurisdiction run by the ATVP under MiCA and the ZIUTK act of 2024. Five Slovenian CASPs were on ESMA's register in October 2026. Pre…
Read the guide →Spain
Comisión Nacional del Mercado de Valores (CNMV)
- Timeline
- Six to nine months end-to-end for a complete first-time file; the MiCA Article 63 clock of 40 working days starts only when the file is deemed complete
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Spain's CASP licence runs through the CNMV, designated competent authority for MiCA by Law 6/2023. The CNMV is the dedicated supervisor while SEPBLAC handles AM…
Read the guide →Sweden
Finansinspektionen (FI), the Swedish Financial Supervisory Authority
- Timeline
- Six to nine months end-to-end for a clean first-time file (practitioner estimate); statutory clock of 40 working days under MiCA Article 63 from a complete file
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Sweden licenses CASPs through Finansinspektionen (FI) under MiCA and Lag (2024:1159). The national transition ended on 30 September 2025, ESMA's interim registe…
Read the guide →United Arab Emirates
Virtual Assets Regulatory Authority (VARA) for Dubai outside the DIFC; DFSA in the DIFC; ADGM FSRA in the ADGM free zone; Capital Market Authority (CMA, formerly SCA) on the mainland outside Dubai; CBUAE for payment tokens
- Timeline
- Six to twelve months across VARA's two stages — Approval to Incorporate, then the VASP licence (practitioner estimate)
- Capital
- VARA paid-up capital per activity (Company Rulebook, Part VI.B): from AED 100,000 for Advisory to the higher of AED 1,500,000 or 25% of fixed annual overheads for an Exchange that does not use a VARA-licensed custodian; held in forms VARA specifies, such as a UAE bank trust account or a surety bond naming VARA as beneficiary
The UAE has no single crypto licence. VARA licenses eight activities in Dubai outside the DIFC; the DFSA covers the DIFC, the FSRA the ADGM free zone and the Ca…
Read the guide →United Kingdom
Financial Conduct Authority (FCA)
- Timeline
- MLR registration: the FCA decides within 3 months of a complete application; 9-15 months end-to-end (practitioner estimate). FSMA authorisation: 6 months from a complete application, 12 months at most for an incomplete one (FSMA s.55V)
- Capital
- Under the FSMA regime, a permanent minimum requirement of £75,000 to £750,000 depending on activity; own funds must cover the highest of that figure, the fixed overheads requirement and the K-factor requirement (FCA PS26/12)
UK crypto firms register with the FCA under the MLRs 2017; 17% of applications determined since January 2020 ended in registration. A new FSMA regime under SI 2…
Read the guide →United States
SEC, CFTC, FinCEN, OCC and other federal banking regulators, and state regulators (NYDFS for the BitLicense, California DFPI for the DFAL)
- Timeline
- 3-6 months for MSB registration with limited state coverage; 18-36 months for the full federal, all-state and NYDFS stack (practitioner estimates)
- Capital
- Set by each state licensing law (surety bonds and net worth; bonds of $25K-$500K in many states, practitioner estimate); BitLicense capital set by the NYDFS superintendent case by case (23 NYCRR 200.8); GENIUS Act issuers hold at least one dollar of permitted reserves per dollar of stablecoins
US crypto licensing is a federal-plus-state stack: FinCEN MSB registration, state money-transmitter or digital-asset licences, the NYDFS BitLicense, and SEC and…
Read the guide →