Compare jurisdictions across four licensing tracks — Crypto/VASP, Forex/FX, Payment/EMI, and Hong Kong Securities/SFC (Type 1/4/7/9) — to find the best fit for your business model and budget.
A Virtual Asset Service Provider licence authorises businesses to offer crypto exchange, transfer, custody, or related services under regulatory supervision.
| Jurisdiction | Regulator | Timeline | Complexity | Notes |
|---|---|---|---|---|
| Lithuania | FNTT | 3–5 mo | Medium | Fastest EU entry; full MiCA passporting |
| Estonia | FIU | 4–6 mo | Medium | Established EU VASP market; higher scrutiny post-2022 |
| Czech Republic | FAÚ | 3–5 mo | Low | Registration-based; low cost entry point |
| Poland | MF | 2–4 mo | Low | Fast registration; growing market |
| Dubai (VARA) | VARA | 6–12 mo | High | Prestigious; strong banking access; high capital |
| Hong Kong | SFC / HKMA | 12–18 mo | High | Tier-1 licence; premium status; complex process |
| Seychelles | FSA | 2–4 mo | Low | Cost-effective offshore; limited banking options |
| Georgia | NBG | 3–6 mo | Low | Emerging hub; favourable tax environment |
| El Salvador | BCR | 3–5 mo | Low | Bitcoin-friendly; unique regulatory framework |
A forex or investment dealer licence authorises a firm to provide foreign exchange trading, CFD brokerage, or investment intermediary services to retail and institutional clients.
| Jurisdiction | Regulator | Timeline | Complexity | Notes |
|---|---|---|---|---|
| Cyprus | CySEC | 6–9 mo | High | EU passport; well-known FX hub; strong banking |
| UK | FCA | 6–12 mo | High | Gold standard; no EU passport post-Brexit |
| Malta | MFSA | 6–10 mo | High | EU passport; English-speaking regulator |
| Vanuatu | VFSC | 2–4 mo | Low | Fast, cost-effective; popular offshore choice |
| Seychelles | FSA | 2–4 mo | Low | Flexible regulation; good for Asian markets |
| Mauritius | FSC | 4–6 mo | Medium | Well-regarded; good for African & Asian client bases |
| Labuan | Labuan FSA | 3–5 mo | Medium | Malaysian jurisdiction; Asia-focused |
| Georgia | NBG | 3–6 mo | Low | Emerging; low tax; growing reputation |
An Electronic Money Institution licence allows a company to issue electronic money, hold client funds in payment accounts, and execute payment transactions — similar to a bank but lighter regulation.
| Jurisdiction | Regulator | Timeline | Complexity | Notes |
|---|---|---|---|---|
| Lithuania | Bank of Lithuania | 4–7 mo | Medium | Fastest EU EMI; full PSD2 passport; popular fintech hub |
| Latvia | FCMC | 5–9 mo | Medium | Solid EU option; strong Baltic banking |
| Malta | MFSA | 8–14 mo | High | EU passport; strong regulatory framework |
| Poland | KNF | 6–10 mo | Medium | Large EU market; growing fintech scene |
| Ireland | CBI | 12–18 mo | High | English-speaking EU; premium banking access |
| UK | FCA | 12–18 mo | High | Gold standard; no EU passport; strong brand |
| Georgia | NBG | 3–6 mo | Low | Fast, low cost; good for non-EU operations |
| Hong Kong | HKMA | 6–12 mo | High | SVF licence; strong Asia presence required |
| Singapore | MAS | 12–18 mo | High | Premium Asia licence; MPI licence framework |
Hong Kong's Securities and Futures Commission (SFC) licenses firms by "regulated activity." Types 1, 4, 7 and 9 are the most common combination for securities and asset-management businesses — brokers, advisers, electronic trading platforms and fund/asset managers.
| Licence | Regulated Activity | Who It's For | Paid-up / Liquid Capital | Notes |
|---|---|---|---|---|
| Type 1 | Dealing in securities | Brokers, dealers, placing/underwriting | HK$5M / HK$3M | Applies if holding client assets; intro-only can drop to HK$500K liquid |
| Type 4 | Advising on securities | Investment advisers, research houses | — / HK$100K | Not holding client assets; often paired with Type 9 |
| Type 7 | Automated trading services | Electronic trading platforms, ATS | HK$5M / HK$3M | Electronic matching/trading of securities or futures |
| Type 9 | Asset management | Fund managers, discretionary, family offices | — / HK$100K | Not holding client assets; common for private funds & SFOs |
Capital figures per the SFC Financial Resources Rules; final requirements depend on licence conditions and whether client assets are held.
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