Which country is best for a crypto license depends on four things you can measure: whether the licence passports across the EU, how long the regulator takes, what it costs to get in and what the company pays in tax. We compare 32 jurisdictions on exactly those figures, taken from the regulators' own rules as of October 2026, and shortlist ten.
Updated · Reviewed by the Prifinance team
Every jurisdiction here has a country page on this site with its regulator, law and register, and the fees and capital come from the regulators' own tariffs, as collected on our cost page and the country pages. The ranking uses four figures from those pages: the EU passport, the time to a decision in practice, the entry floor (application fee plus minimum capital) and the headline corporate tax rate. The shortlist is where those figures combine best for most client models; it is our choice, and the tables let you make yours.
The word licence covers three different things. A registration (BVI, Georgia, El Salvador) is an AML-driven entry in a public register. A licence (Singapore, Hong Kong, Dubai, Kazakhstan) comes with capital, custody and conduct rules. A MiCA authorisation adds a passport: one authorisation, 30 EEA markets.
Every country in this table grants a CASP authorisation under MiCA with the same capital (EUR 50,000, 125,000 or 150,000 by service class), the same statutory clock of 25 + 40 working days and the same passport: the 27 EU states and, with Liechtenstein, Norway and Iceland, 30 EEA markets. What differs is the time in practice, the fees, the tax and the language of the file.
| Country (regulator) | Time in practice | Corporate tax | What stands out |
|---|---|---|---|
| Malta (MFSA)More details → | 4-6 months | 35% nominal, about 5% effective after refunds | English files; MFSA fees EUR 10,000-25,000 to apply |
| Lithuania (Bank of Lithuania)More details → | 5-7 months | 17%; 7% for small companies | Newcomer pre-meetings; English accepted |
| Estonia (Finantsinspektsioon)More details → | 25 + 40 working days by statute | 0% on retained profit; 22% on distribution | EUR 3,000 fee per class; e-Residency |
| Czech Republic (ČNB)More details → | 25 + 40 working days by statute | 21% | Act No. 31/2025; English accepted |
| Liechtenstein (FMA)More details → | 25 + 40 working days by statute | 12.5% flat | EEA passport, Swiss-franc banking; fee CHF 30,000 |
| Spain (CNMV)More details → | 3-6 months for complete files | 25%; 15% for new companies | No CNMV tariff for CASPs; 49.8M market and Latin America |
| Cyprus (CySEC)More details → | 6-9 months | 15% | Fees EUR 5,000-30,000 per service; non-dom regime |
| Hungary (MNB)More details → | 6-10 months | 9%, the lowest in the EU | Central-bank supervision; Kft or Zrt with two directors |
| Bulgaria (FSC)More details → | 6-9 months expected | 10% flat | Euro since 1 January 2026 |
| Ireland (Central Bank)More details → | 6-12 months | 12.5% on trading profits | English, common law; EUR 30,000 yearly levy |
| Netherlands (AFM, DNB)More details → | 5-8 months | 19% to EUR 200,000; 25.8% | Hourly AFM fee up to EUR 100,000; first EU state to close its transition |
| Germany (BaFin)More details → | 6-10 months | About 30% effective | The BaFin stamp for banks and enterprise clients; two directors |
Poland has no national CASP desk after three vetoes, so Polish models authorise in another member state and passport in. France and Luxembourg take 6-12 months and tax profits at 25% and about 25%.
Country by country: regulator, licence type, capital, timelines and tax.
The EU regime that replaced national VASP registrations: crypto-asset services, capital classes, the passport.
The FATF definition, VASP registration versus a full licence, the countries that still run VASP regimes and what replaced them in the EU.
Application and yearly fees and minimum capital in more than 30 jurisdictions, with MiCA fees by country.
Licence, certificate or permit, the fees and timelines, power rules and mining tax in the four countries.
Hubs, offshore centres and fast registrations, each on the figures its regulator publishes. The entry floor is the application fee plus the minimum capital; our crypto license cost page has the full fee tables.
| Jurisdiction | Route | Time in practice | Entry floor (fee + capital) | Corporate tax |
|---|---|---|---|---|
| Switzerland (SRO: VQF, PolyReg)More details → | SRO membership under the AML Act | 8-12 weeks | GmbH from CHF 20,000; SRO fees from about CHF 3,400 in year one | About 12-14% |
| United Kingdom (FCA)More details → | MLR cryptoasset registration; FSMA authorisation from 25 October 2027 | 6-12 months | GBP 11,260 fee; no capital set for registration | 25%; 19% small profits |
| Gibraltar (GFSC)More details → | DLT Provider and VAA Provider permissions | 4-8 months | GBP 45,000 fee; risk-based capital | 15% territorial |
| Dubai (VARA)More details → | VASP licence by activity | 4-9 months | AED 40,000-100,000 fee; capital AED 100,000-1.5M per activity | 9%; 0% on qualifying free-zone income |
| Abu Dhabi (ADGM, FSRA)More details → | Financial services permission by activity | 6-10 months | US$20,000 fee (US$125,000 with a trading facility); capital from US$50,000 | 9%; 0% on qualifying income |
| Bahrain (CBB)More details → | Crypto-asset licence, four categories | 4-8 months | BD 100 fee; capital BD 25,000-300,000 by category | 0% (top-up tax for large groups) |
| Kazakhstan (AIFC, AFSA)More details → | AFSA licence: exchange, broker, custody | 5-7 months | US$98,000 fee for an exchange; capital US$200,000 or 12 months of costs | 20% for exchanges; 0% to 2066 for other AIFC licensees |
| Hong Kong (SFC)More details → | VATP licence | 9-12+ months | HK$4,740 per activity; HK$5M paid-up and HK$3M liquid capital | 16.5%; 8.25% first band |
| Singapore (MAS)More details → | DPT licence: SPI or MPI | 9-12+ months | S$1,000-1,500 fee; capital S$100,000-250,000 | 17% |
| Japan (FSA)More details → | Crypto-asset exchange registration | 6-12+ months | JPY 10M capital plus positive net assets | About 30% effective |
| Thailand (SEC, Ministry of Finance)More details → | Digital asset licences, six types | 6-10 months (150-day statutory clock) | THB 30,000 then THB 2.5M licence fee for an exchange; capital THB 50-100M | 20% |
| Mauritius (FSC)More details → | VAITOS licence, five classes | About 4-6 months | US$1,000-3,000 fee; capital MUR 2M-6.5M by class | 15%; as low as 3% effective |
| Seychelles (FSA)More details → | VASP licence, four activities | 3-24 months | SCR 75,000 fee; capital US$25,000-100,000 per activity | 1.5% VASP tax on assessable income |
| Cayman Islands (CIMA)More details → | VASP registration; licence for custody and platforms | About 4-6 months | KYD 1,000 to register; a licence KYD 5,000 to apply and KYD 30,000-100,000 on grant | 0% |
| British Virgin Islands (FSC)More details → | VASP registration by category | About 4-6 months | US$5,000-10,000 to apply plus US$7,500-25,000 on registration; no fixed capital | 0% |
| Bermuda (BMA)More details → | Digital asset business licence, classes T, M and F | About 4-6 months | BMD 2,266 to apply, grant fee from BMD 15,000; no fixed capital, a bond or trust for client assets | 0% (15% for large groups) |
| The Bahamas (SCB)More details → | DARE registration by activity | About 4-6 months | B$6,250 to apply plus B$18,750 on registration for an exchange; liquid capital set by the SCB | 0% (15% top-up for large groups) |
| Saint Vincent and the Grenadines (FSA)More details → | Virtual asset business registration | About 90 days | EC$4,000 to apply plus EC$12,000 on registration; EC$50,000 paid up; deposit EC$100,000 or 25% of client obligations | Foreign-source income untaxed |
| El Salvador (CNAD)More details → | DASP registration | 2-4 months | USD 6,132 fee (15 minimum wages); resources adequate for the services | Exempt on DASP activity; 30% otherwise |
| Georgia (National Bank)More details → | VASP registration | 3-6 months | Capital GEL 150,000-350,000 by activity | 0% retained; 15% on distribution |
The same 32 jurisdictions sorted six ways. Each list uses one figure from the tables above.
The regulator pages behind every figure in the tables, one per jurisdiction, plus MiCA itself.
Figures and dates as of 21 October 2026. Each country page links its own regulator, law, register and fee rules.
EU clients need a CASP authorisation, which also passports. Clients in Asia or the Gulf point to Hong Kong, Singapore or Dubai. Global crypto-to-crypto models can start from a registration.
Exchange, custody and transfer need a licence almost everywhere; advice, software and proprietary trading often do not. The activity list decides the capital class.
Add the entry floor from the tables to the yearly fees and the tax rate, then to the cost of substance: directors, office, compliance officer and audit.
A licence without a bank account is a certificate. We check which banks open accounts for the model in each candidate before you incorporate.
Fast desk first, flagship later, or straight to the flagship: we fix the sequence, the timeline and the fixed fee in writing after the free assessment.
Prifinance has many years of experience in supporting cryptocurrency licensing projects. We are well aware of the typical challenges clients face and proactively eliminate potential risks.
60+ lawyers, auditors and consultants work on applications directly - no outsourcing chains.
The quote you approve is the price you pay; government and regulator fees are stated separately upfront.
Company structure, license application, bank account and compliance framework - from a single provider.
Business plans, AML/KYC and IT security policies drafted to the standards regulators actually check.
Reporting, audits, renewals and license extensions once you are live. We stay on your side.
Expert with 15 years of experience in FinTech, payments, and business strategy.
Expert in company registration, financial licenses, AML and tax consulting.
International business consultant with experience in company setup, remote work, and multilingual communication.
Corporate tax rates from the country pages, with the conditions that come with the headline number.
The Cayman Islands, the British Virgin Islands, Bermuda and The Bahamas charge no corporate income tax. Economic-substance rules apply, government and regulator fees are the real running cost, and groups above EUR 750M of revenue pay a 15% minimum in Bermuda and The Bahamas.
The UAE taxes profit above AED 375,000 at 9%. The 0% rate applies only to qualifying free-zone income; crypto exchange, custody and trading are not qualifying activities, so that income is usually taxed at 9%. Bahrain charges 0% on non-oil business, with a 15% top-up for large multinational groups.
Hungary 9%, Bulgaria 10%, Ireland 12.5% on trading profits, Liechtenstein 12.5% flat, Cyprus 15%, Lithuania 17% with 7% for small companies, and Malta about 5% effective after shareholder refunds on a 35% nominal rate.
Estonia (22%), Latvia (20%) and Georgia (15%) tax profit when it is distributed, not when it is earned, so a company that reinvests pays 0% for as long as it keeps the money in the business.
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For EU clients, a MiCA state: Lithuania or Malta for speed and English files, Estonia or Liechtenstein for the statutory 25 + 40 working-day clock, Hungary or Bulgaria for the lowest tax. For a global model with no EU clients, Switzerland is the fastest serious route, Dubai, Hong Kong and Singapore are the regional hubs, and the Cayman Islands or the British Virgin Islands give a 0% base. Our crypto license hub covers all 137 jurisdictions.
By official fees, the cheapest entry is El Salvador: USD 6,132 to register as a DASP, 15 minimum wages, with no fixed capital. Other registrations add a registration or grant fee to the application fee: the United Kingdom GBP 11,260 with no capital set, Bermuda BMD 2,266 to apply plus a grant fee from BMD 15,000, the British Virgin Islands US$5,000-10,000 plus US$7,500-25,000 on registration. Among licences with real conduct rules, Swiss SRO membership starts at CHF 20,000 of GmbH capital and about CHF 3,400 of fees. The full fee tables are on our crypto license cost page.
Swiss SRO membership with VQF or PolyReg, 8-12 weeks from incorporation for a well-prepared file. Saint Vincent and the Grenadines registers in about 90 days and El Salvador in 2-4 months. Inside MiCA, the statutory clock is 25 working days for completeness plus 40 for the decision, and Q&A rounds come on top; in practice Spain takes 3-6 months for complete files and Malta 4-6 months.
Easiest means a registration rather than a licence: an AML-driven entry in a public register with no fixed capital, as in the British Virgin Islands or El Salvador. It is easier because it carries fewer rules, and banks and institutional partners price that in. Our VASP license page explains the difference.
Lithuania and Malta lead on speed and English-language files, with EU passports to all 27 member states, and Spain is as fast at 3-6 months for complete files. Estonia and the Czech Republic publish only the statutory clock, Liechtenstein adds Swiss-franc banking and a 12.5% rate, Hungary and Bulgaria the lowest corporate tax in the EU. Outside the EU, Switzerland is faster and cheaper but has no passport. Compare them on our MiCA license page.
For a global crypto-to-crypto or B2B model, often yes: 0% corporate tax in the Cayman Islands, the British Virgin Islands, Bermuda and The Bahamas, registration in about 4-6 months, application fees in the low thousands and registration or grant fees from US$7,500 in the BVI to KYD 100,000 for a Cayman trading platform. It does not open the EU, and banking takes work. Pair it with a MiCA authorisation when EU clients appear.
Dubai (VARA) licenses by activity in 4-9 months at 9% tax and is the Gulf hub. Singapore (MAS) and Hong Kong (SFC) take 9-12+ months and ask for S$100,000-250,000 or HK$5M of capital, in return for the two most respected licences in Asia. Pick the market your clients are in; many groups hold two of the three.
The Cayman Islands, the British Virgin Islands, Bermuda, The Bahamas and Bahrain charge 0% on ordinary business profit. The UAE charges 9%, with 0% only on qualifying free-zone income. Estonia, Latvia and Georgia charge 0% on retained profit and tax distributions. El Salvador exempts DASP activity.
Yes, but not a single national one, which is why they are not in the tables. In the United States the route is FinCEN MSB registration plus money transmitter licences state by state, and New York's BitLicense; in Canada, FINTRAC MSB registration plus provincial dealer registration for platforms. Our USA and Canada pages cover both.
A written licensing regime that is actually issuing permissions, a public register, banks that open accounts for licensed firms and a tax code that treats crypto income predictably. Switzerland, Liechtenstein, Malta, Lithuania, Dubai, Singapore and Hong Kong meet all four; a 0% rate alone does not.
On four figures from our own country and cost pages, as of 21 October 2026: the EU passport, the time to a decision in practice, the entry floor of application fee plus minimum capital, and the headline corporate tax rate. The shortlist is our professional choice on those figures; reputation and banking are not scored because they cannot be measured honestly.
Only a MiCA authorisation passports, across the 30 EEA states. Every other licence covers its own market; serving clients in another country depends on that country's rules, and a growing number, from the EU to Singapore, treat active marketing as providing the service there. The free assessment maps the markets you want against the permissions they require.
Tell us where your clients are, what you do with their assets and your budget. Our legal team will compare two or three jurisdictions for your model and send a written answer with timelines and a fixed fee.
