Crypto & Web3 · Virtual Asset Licensing
Whatever your model, exchange, custody, broker, token issuance, stablecoin, DAO, fund, or payments, we map it to the right licensable activity and the right jurisdiction, then build the AML, substance, and banking to match.
There is no single crypto license. Regulators authorise what your business actually does, so the same product can need one authorisation or several. The starting point is always the same: break your model into its regulated activities, then choose the jurisdiction whose regime fits them best. Below are the main crypto and Web3 business types and what each typically requires, followed by the leading jurisdictions to license in.
A map of the crypto and Web3 models we license and structure, grouped by function.
A platform that matches and settles trades and holds client assets. Usually the most heavily regulated activity: exchange or trading-platform licence, plus custody and broking where applicable.
Non-custodial peer-to-peer swaps via smart contracts. Treatment is fact-specific; the team, front-end, or token issuer can still attract obligations.
Arranges or executes trades for clients, often large off-exchange blocks. Needs a broking, dealing, or arranging authorisation with conduct and client-asset rules.
Quotes two-way prices to provide liquidity, or trades own capital. Providing liquidity as a service can trigger dealing or market-maker authorisations.
Safeguards assets or keys. Custodial providers almost always need a custody licence with strict segregation and security; non-custodial wallets are often outside custody rules.
Decentralized apps, infrastructure, and validators. Often outside financial licensing until custody, value transfer, or staking-for-others is involved.
Validates proof-of-work and earns rewards. Usually an industrial/IT activity with commercial and energy permits, not a financial licence.
Cash-to-crypto kiosks. Almost always regulated as money transmission and exchange, with the strictest AML and source-of-funds expectations.
Creating and offering a token to raise capital. The legal character of the token drives the regime: utility token offering rules, or full securities law for security tokens.
A value-stable token backed by reserves. One of the most scrutinised categories: dedicated stablecoin, e-money, or payment-token authorisation with reserve and redemption rules.
Tokens representing off-chain assets (real estate, funds, bonds). The token usually inherits the regulation of the underlying asset.
Minting or trading NFTs. Collectibles are often unregulated, but financialized or security-like NFTs and marketplaces can fall into securities, fund, or virtual-asset regimes.
Offers a return on deposits, or borrowing against collateral. Commonly attracts credit, deposit-taking, collective-investment, or securities-style regulation.
Helps users stake for rewards. Custodial or pooled staking can trigger custody, collective-investment, or securities obligations.
A token-governed organisation. Usually wrapped in a foundation, association, or DAO vehicle for legal personality, contracting, treasury, and limited liability.
Lets merchants accept crypto or processes crypto payments. Regulated as payment services, money transmission, or e-money, especially with fiat on/off-ramps.
Manages pooled investor capital in virtual assets, or invests in Web3 (VC). Needs fund-management authorisation plus a regulated fund vehicle and custody.
Blockchain games and worlds with tradable tokens and rewards. Assessed feature by feature: tokens, reward mechanics, and in-game currency each carry their own treatment.
Advice on virtual-asset investments, treasury, or tokenomics. Advising or arranging on regulated tokens can require its own authorisation.
AML / CFT / KYC. Customer due diligence, sanctions and PEP screening, transaction monitoring, suspicious-activity reporting, and a designated compliance/MLRO function.
Travel Rule. Collecting and passing on originator and beneficiary information for transfers above set thresholds, mirroring wire-transfer rules.
Safeguarding client assets. Segregation of client crypto and fiat, secure key management, and recoverability if the firm fails.
Fit-and-proper. Integrity, competence, and financial-soundness checks on owners, directors, and senior managers, with regulator approval for some roles.
Governance & risk. A clear board and management structure, documented risk management, cybersecurity, and business-continuity, proportionate to the activity.
Economic substance. Real local presence (office, qualified staff, decision-making in-jurisdiction), increasingly required for both the licence and tax/substance regimes.
Note: Costs are indicative and may change with your requirements and regulations. Contact us for a tailored quote.
Contact us for a consultation and discover how we can help your business.
The leading regimes for licensing a crypto business. Explore each for the regulator, in-scope activities, and what makes it a fit.
VARA
VASP licence by activity
ADGM / FSRA
OCAB + Financial Services Permission
MAS
Payment Services Act (DPT licence)
FINMA
FINTECH / banking / DLT trading facility
NCAs / ESMA / EBA
MiCA CASP authorisation (passportable)
Bank of Lithuania
MiCA CASP (EU entry point)
MFSA
MiCA CASP (former VFA regime)
SFC
VATP licence under the AMLO
CIMA
VASP Act registration / licence
BVI FSC
VASP Act, 2022 registration
From classifying your activity to the licence, AML, substance, and banking, here is the path.
We break your model into licensable activities (custody, exchange, broking, issuance, payments, advising, management). Regulators license what you do, so the same product can need one authorisation or several. This step prevents re-licensing later.
We match your activity, target market, banking needs, tax position, and substance appetite to the right regime: VARA, ADGM, MAS, FINMA, MiCA (and the right EU home state), SFC, CIMA, or BVI.
We design the corporate and, where relevant, foundation or fund structure, and the ownership, so it aligns with the regulator’s fit-and-proper, capital, and ownership expectations.
We help put AML/CFT, KYC, the Travel Rule, transaction monitoring, governance, and genuine economic substance in place, which both regulators and banks scrutinise closely.
We assemble the application: business plan, financials, policies, key-person profiles, and technology and custody arrangements, and manage the process through the regulator’s approval stages.
We support corporate bank account opening and the operational set-up so you launch compliantly, then maintain ongoing reporting and renewal obligations.
Activity-first. We classify your model into licensable activities before recommending a jurisdiction, so you license for what you do and avoid costly re-licensing.
Multi-jurisdiction. One team across VARA, ADGM, MAS, FINMA, MiCA, SFC, CIMA, and BVI, so the comparison is objective, not tied to one regime.
AML and substance built in. We build the compliance and genuine substance that regulators and banks both scrutinise, from day one.
Banking support. Corporate bank account opening support, often the hardest step for a virtual-asset business.
Common questions about choosing a crypto licence by business type and jurisdiction, custody, DeFi, tokens, and what applies to every crypto business.
Ready to explore how AURNÉ can support your business objectives? Let's discuss your specific requirements.
