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 twelve EU and non-EU jurisdictions, use the index and finder below.
Austria
Austrian Financial Market Authority (Finanzmarktaufsicht, FMA)
- Timeline
- Five months from complete file to decision under MiCA Article 63 (statutory clock); seven to ten months end-to-end for a clean first-time file
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Austria is the DACH-region alternative to Germany. The FMA is the single national competent authority for CASP authorisation, prudential, conduct, and AML super…
Read the guide →Belgium
Financial Services and Markets Authority (FSMA)
- Timeline
- Five months from complete file to decision under MiCA Article 63; six to nine months end-to-end for a clean first file
- 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 20 December 2024, with the NBB handling AML for credit institutions and CTIF-CFI taking susp…
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; Class 1 files can complete faster, Class 3 trading-platform files use the full statutory window
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Bulgaria runs CASP authorisation through the Financial Supervision Commission (FSC) under MiCA, transposed via amendments to the Markets in Financial Instrument…
Read the guide →Croatia
Croatian Financial Services Supervisory Agency (Hrvatska agencija za nadzor financijskih usluga, HANFA)
- Timeline
- Decision within the MiCA statutory five-month clock from complete-file status; realistic 9-15 months from initial decision to authorisation
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Croatia is the EU's smallest active CASP destination by volume, but HANFA's structured process works for Adriatic-focused operators. Eurozone membership since 1…
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CY Cyprus
Cyprus Securities and Exchange Commission (CySEC)
- Timeline
- 5-7 months
- Capital
- €50,000 — €150,000
Cyprus runs an operationally efficient MiCA CASP regime with 5-7 month timelines under CySEC supervision. Application fees are among the lowest in the EU. Subst…
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CZ Czech Republic
Czech National Bank (Česká národní banka)
- Timeline
- 6-8 months
- Capital
- €50,000 — €150,000
The Czech National Bank assumed crypto-asset supervision from the Trade Licensing Office on 1 January 2026, materially raising the bar of the Czech regime. Pre-…
Read the guide →Denmark
Finanstilsynet (Danish Financial Supervisory Authority)
- Timeline
- Five months from a complete file to decision under MiCA Article 63; seven to nine months end-to-end for clean files given Nordic banking-grade review
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Denmark sits in the Nordic-tier MiCA bracket: a banking-grade supervisor and mature ecosystem, but a real substance bar and Danish-language formal filings. Fina…
Read the guide →El Salvador
Comisión Nacional de Activos Digitales (CNAD) — National Commission of Digital Assets
- Timeline
- Counsel-quoted; varies by file complexity — token issuance with a public offering takes longer than a straightforward service-provider registration
- Capital
- Counsel-quoted — set by the local regime; confirm against a current CNAD quote
El Salvador licenses crypto businesses through CNAD under the 2023 Digital Assets Issuance Law — not the famous Bitcoin Law, which was amended in January 2025 u…
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EE Estonia
Financial Supervision Authority (Finantsinspektsioon)
- Timeline
- 5-7 months
- Capital
- €50,000 — €150,000
Estonia retired its 2017-era VASP register in early 2026 and migrated to MiCA CASP supervision under stricter substance review than peers. 5-7 month authorisati…
Read the guide →Finland
Finnish Financial Supervisory Authority (Fin-FSA, Finanssivalvonta)
- Timeline
- Seven to nine months end-to-end for clean files; the statutory five-month clock under MiCA Article 63 begins on file completeness
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Finland is a credible mid-tier MiCA jurisdiction with Nordic supervisory rigour. Fin-FSA runs an integrated single-supervisor model — authorisation, prudential,…
Read the guide →France
Autorite des marches financiers (AMF)
- Timeline
- Practitioner-reported fast-track: ~3-5 months (enhanced DASP holder) / ~4-6 months (basic PSAN registrant)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
France was an EU early mover — it built the PSAN regime in 2019 under the PACTE law, before MiCA existed. MiCA has now replaced it, and the AMF set a hard line:…
Read the guide →Georgia
National Bank of Georgia (NBG)
- Timeline
- Counsel-quoted; varies by file complexity
- Capital
- Counsel-quoted — set by the local regime
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
- BaFin review depth comparable to credit-institution authorisation; expect longer than EU mid-tier supervisors for substantive files
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Germany is the EU's largest crypto market and strictest supervisor. BaFin runs the CASP regime under MiCA and the KMAG Cryptomarkets Supervision Act, with a sim…
Read the guide →Gibraltar
Gibraltar Financial Services Commission (GFSC)
- Timeline
- 6-9 months from filing to decision for clean files
- Capital
- Counsel-quoted — set under the GFSC financial-soundness principle (adequate resources for the nature, scale, and complexity of the business)
Gibraltar built the world's first dedicated DLT framework in 2018 — four years before MiCA. The Gibraltar Financial Services Commission still runs it with subst…
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 five months 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 and supervises CASPs under MiCA and Law 5193/2025, with the Bank of Greece running AML…
Read the guide →Hong Kong
Securities and Futures Commission (SFC)
- 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; five-month statutory clock from a complete file under MiCA Article 63, with a six-to-ten-week MNB pre-screen before it starts
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Hungary's 9% corporate tax — the lowest in the EU — is the headline, but the MNB is the story. The National Bank of Hungary runs a single-supervisor model and a…
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IE Ireland
Central Bank of Ireland (CBI)
- Timeline
- 10-14 months
- Capital
- €50,000 — €150,000 (with CBI additional own-funds expectations)
Ireland is the premium-reputation EU jurisdiction for MiCA CASP authorisation. CBI applies the same supervisory discipline used for credit institutions and paym…
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 five-month MiCA Article 63 clock)
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Italy runs a split-supervisor CASP regime under MiCA, transposed by Legislative Decree 129/2024. CONSOB leads on conduct and consumer protection; Banca d'Italia…
Read the guide →Latvia
Latvijas Banka (Bank of Latvia)
- Timeline
- Six to eight months end-to-end for clean files; a five-month statutory clock runs from a complete file under MiCA Article 63, preceded by pre-filing preparation and a pre-screen
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Latvia is the EU's unified-supervisor Baltic option. The 2023 FCMC merger put banking, securities, insurance, and MiCA CASP authorisation under one roof at Latv…
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LT Lithuania
Bank of Lithuania (Lietuvos bankas)
- Timeline
- 4-6 months
- Capital
- €50,000 — €150,000
Lithuania is the fastest mid-tier EU jurisdiction for MiCA CASP authorisation in 2026, with the Bank of Lithuania running 4-6 month review cycles for properly p…
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; the five-month statutory clock under MiCA Article 63 starts once the file is deemed complete
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Luxembourg is the institutional EU CASP jurisdiction. The CSSF is the single supervisor for authorisation, prudential and conduct supervision, and AML/CFT under…
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MT Malta
Malta Financial Services Authority (MFSA)
- Timeline
- 7-10 months
- Capital
- €50,000 — €150,000 (with MFSA gold-plate on certain Class 3 setups)
Malta applies the substance discipline developed under the 2018 VFA Act to MiCA CASP files. Multiple transitional refusals on substance grounds in 2026. Best fo…
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NL Netherlands
Autoriteit Financiële Markten (AFM) + De Nederlandsche Bank (DNB)
- Timeline
- 6-9 months for clean files
- Capital
- €50,000 — €150,000 under MiCA Annex IV
Netherlands is one of the premier Western EU MiCA jurisdictions. AFM and DNB operate joint supervision applying banking-grade rigour. Amsterdam-licensed CASPs h…
Read the guide →Norway
Finanstilsynet (Norwegian Financial Supervisory Authority), Oslo
- Timeline
- Counsel-quoted; varies by file complexity
- Capital
- Expected EUR 50,000 / 125,000 / 150,000 mirroring MiCA Annex IV once EEA-adopted
Norway is the EEA-not-EU case. Finanstilsynet supervises crypto under the Money Laundering Act today, but a Norwegian licence does not passport into the EU and …
Read the guide →Panama
No dedicated crypto regulator — see notes. Superintendence of Banks of Panama (SBP) supervises AML; the SMV handles securities-related crypto.
- Timeline
- Counsel-quoted; varies — no statutory CASP processing track exists while Bill 697 is unenacted
- Capital
- Counsel-quoted — set by the chosen structure; no statutory crypto-specific capital floor
Panama eyed crypto-hub status through Bill 697, the Crypto Asset Law, passed by the National Assembly in April 2022 but partially vetoed by the President. No de…
Read the guide →Poland
Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF)
- Timeline
- Unsettled — depends on the national implementing act, which had not entered into force by mid-2026
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Poland is the EU's CASP outlier. KNF is the competent authority under MiCA, but the national Crypto-Assets Market Act stalled, so a clean domestic CASP licence …
Read the guide →Portugal
Comissão do Mercado de Valores Mobiliários (CMVM)
- Timeline
- Six to eight months end-to-end for a clean first-time file; the MiCA Article 63 five-month statutory clock starts only once the CMVM confirms the dossier is complete
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Portugal positioned itself early as a crypto-friendly EU jurisdiction under a light Banco de Portugal VASP register. MiCA changed that: the CMVM now authorises …
Read the guide →Romania
Autoritatea de Supraveghere Financiară (ASF, Financial Supervisory Authority)
- Timeline
- Seven to nine months end-to-end, around the five-month statutory clock from a complete file under MiCA Article 63
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Romania transposed MiCA via Law 122/2024, naming the ASF as CASP supervisor. It is a low-cost CEE base with one of the region's largest retail crypto user bases…
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SG Singapore
Monetary Authority of Singapore (MAS)
- Timeline
- 6-12 months for MPI; longer for files with substance or fitness gaps
- Capital
- SGD 250,000 (MPI base capital) — higher for specific activities
Singapore is the premier Asia-Pacific crypto licensing jurisdiction. MAS Major Payment Institution licence for Digital Payment Token Service is the standard cre…
Read the guide →Slovakia
Národná banka Slovenska (NBS)
- Timeline
- Five months from a complete file to decision under MiCA Article 63; 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 the EU's lowest-cost CASP base. The National Bank of Slovakia (NBS) supervises CASP authorisation under MiCA, transposed via the Act on Crypto-Asset…
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; varies with the ATVP's small case-team capacity
- Capital
- €50,000 (Class 1) — €150,000 (Class 3), MiCA Annex IV
Slovenia is a small but unusually experienced EU CASP jurisdiction. The ATVP supervises authorisation and conduct under MiCA and ZTFI-1, while the Bank of Slove…
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 five-month MiCA Article 63 clock 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 under Royal Decree-Law 7/2025, which implements MiCA. The CNMV is the dedicated supervisor while SEPBLAC handles AML,…
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; five-month statutory clock 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), the combined banking, insurance, and markets supervisor, under MiCA transposed via amendments to the Secu…
Read the guide →United Arab Emirates
Virtual Assets Regulatory Authority (VARA), Dubai — with Abu Dhabi handled separately by the ADGM Financial Services Regulatory Authority (FSRA)
- Timeline
- Six to twelve months across the two-stage VARA process — initial approval, then the full Virtual Asset Service Provider licence
- Capital
- Set per activity category in the relevant VARA rulebook — no single headline figure; confirm against VARA's live rulebook
The UAE issues no single crypto licence. VARA runs seven activity-based categories for Dubai and its free zones, while ADGM's FSRA regulates Abu Dhabi under its…
Read the guide →
GB United Kingdom
Financial Conduct Authority (FCA)
- Timeline
- 9-15 months for MLR registration; 12-18 months for full Cryptoasset Regulatory Framework
- Capital
- Variable — FCA case-by-case; emerging framework includes minimum capital tied to activity
UK crypto licensing operates through the FCA — currently cryptoasset firm registration under MLR 2017 and transitioning to the emerging Cryptoasset Regulatory F…
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US United States
SEC, CFTC, FinCEN, State regulators (NYDFS for NY BitLicense)
- Timeline
- 12-36 months across federal + state stack
- Capital
- Varies by state ($25K-$500K money-transmitter bonds + NYDFS capital)
US crypto licensing is the most fragmented major-jurisdiction framework in the world — federal FinCEN MSB registration, state money-transmitter licences across …
Read the guide →