What Licence Do You Need?
The licence you need turns on three things: what regulated activity you perform, which markets you sell into, and whether you hold client money or assets. A sportsbook or casino needs a gambling licence. A crypto exchange needs a CASP authorisation under MiCA to serve EU users. A payments business needs a Payment Institution (PI) or Electronic Money Institution (EMI) licence under PSD2 or EMD2. Most scaled operators need more than one. We work out which, then we obtain them.
Activity is the first filter. Hosting games of chance, custody of private keys, issuing tokenised e-money and executing orders in financial instruments are each supervised by different authorities under different primary legislation. A model that sits across two activities triggers two regimes. A euro-denominated stablecoin issuer, for example, is caught by MiCA Title IV as an E-Money Token (EMT) issuer and by Directive 2009/110/EC as an Electronic Money Institution. MiCA Article 48(1) requires both.
Market access is the second filter. An EU CASP passports across all 30 EEA states from one home regulator. A sportsbook licensed in Malta cannot passport into the United Kingdom, where the UKGC requires its own authorisation under the Gambling Act 2005. We map the markets you actually sell into before we recommend where to file.
The common mistake is choosing a jurisdiction before mapping the activity. We work the other way round: regulated activity, market, capital, substance, then jurisdiction. Then we file it and deal with the regulator directly.
Licensing Categories
These are the regulated activities we license most often. Each has its own page with the detail on jurisdictions, capital and timelines. In every case we prepare the application, file it and deal with the regulator ourselves.
1
Gambling & iGaming Licensing
A gambling licence authorises an operator to offer remote or land-based games of chance, or to supply core systems to licensed operators, subject to probity, player-protection, AML and technical-standards obligations. We obtain gambling licences in Anjouan, Curaçao, the Isle of Man, Kahnawake and Tobique, for both B2C operators and B2B suppliers. In Curaçao the Landsverordening op de Kansspelen (LOK), in force since December 2024, replaced the master/sub-licence model with direct licences from the Curaçao Gaming Authority (CGA). We handle probity packs, technical compliance and the filing end to end.
See Gambling & iGaming Licensing →
2
Crypto Licensing (VASP / CASP / MiCA)
A Crypto-Asset Service Provider (CASP) is authorised under MiCA to provide crypto-asset services across the EU, with EU-wide passporting from one home regulator. The regime succeeded the fragmented national VASP registrations built on FATF Recommendation 15 and has applied fully since December 2024. Minimum own funds run from €50,000 to €150,000 by service class, and transitional grandfathering closes no later than 1 July 2026. We obtain crypto licences in Lithuania, Cyprus, Gibraltar, Malta, Poland, Switzerland, Bosnia and Liberia, for exchanges, custodial wallet providers, brokers and stablecoin issuers.
See Crypto Licensing by Jurisdiction →
MiCA / CASP authorisation and the 1 July 2026 deadline →
3
Forex Broker Licensing
FX and CFD brokers targeting EU clients operate under MiFID II, most often as a Cyprus Investment Firm authorised by CySEC. Initial capital is tiered at €75,000, €150,000 or €750,000 depending on whether the firm deals on own account or holds client funds, and authorisation carries EEA passporting subject to ESMA’s retail leverage caps. Outside the EU we structure through Gibraltar’s GFSC and the UAE regulators in the DIFC and ADGM. We prepare the file and deal with the regulator directly.
4
EMI & Payment Institution Licensing
An Electronic Money Institution (EMI) is authorised under Directive 2009/110/EC (EMD2) to issue electronic money, with minimum initial capital of €350,000. A Payment Institution (PI) is authorised under Directive (EU) 2015/2366 (PSD2) to provide payment services, with tiered initial capital of €20,000, €50,000 or €125,000. Both carry EEA-wide passporting from a single home regulator. The forthcoming PSD3/PSR package will fold EMD2 into a single PI regime and lift the capital thresholds. We obtain EMI and PI authorisations, including PISP and AISP permissions, and file the application ourselves.
See EMI & Payment Institution Licensing →
5
Fund & Investment Structuring
An Alternative Investment Fund Manager (AIFM) is authorised under Directive 2011/61/EU (AIFMD) to manage one or more Alternative Investment Funds. Minimum initial capital is €125,000 for an external AIFM and €300,000 for an internally managed fund, with sub-threshold managers able to register rather than obtain full authorisation. For retail-distributed funds, UCITS rules apply. We structure onshore and offshore vehicles and obtain the manager authorisation to run them.
See Fund & Investment Structuring →
How We Work
We run every licensing mandate through the same five stages, scaled to the regulator involved. We do not start with a jurisdiction; we start with your regulated activity and your commercial model, then we obtain and file the licence ourselves.
- Regulated activity assessment. We map your products and markets onto regulated activities and identify every licensing trigger the business touches. For a multi-product operator this is rarely a single licence. You get a written scope statement your counsel and board can sign off before any application work begins.
- Jurisdiction recommendation. We compare realistic jurisdictions against market access, capital, timeline, tax and substance, and against the constraint that decides most files: whether a bank or payment institution will open the operating account once the licence is granted. We de-risk that up front. See Banking for Regulated Businesses.
- Entity formation and substance. The licensed entity is almost always a new incorporation, with share capital, governance, management and local office calibrated to the target regulator. We form it in parallel with policy drafting, not after it. See Company Formation.
- Application and filing. We prepare the policies, financials, governance documentation and fit-and-proper packs, build the application and file it with the regulator. We deal with the regulator’s questions directly so delays do not compound through the rest of the timeline.
- Ongoing compliance. Authorisation is not the end of the work. Reporting, audit, capital monitoring, AML testing and, for EU licences, DORA ICT-risk obligations run continuously once the licence is live, and we stay with you for them.
We deliver through a controlled network of vetted in-country lawyers, accountants and licensed specialists we work with directly, with some work done in house. We never hand your case to an unverified third party. You deal with one accountable firm, and we stand behind the outcome.
Frequently Asked Questions
What is the difference between a VASP licence and an EMI licence?
A VASP licence authorises crypto-asset services (exchange, custody, transfer) under FATF Recommendation 15-aligned national regimes. In the EU, VASP registrations have been replaced by the MiCA CASP authorisation under Regulation (EU) 2023/1114, with tiered initial capital of €50,000 to €150,000 by class. An EMI licence authorises the issuance of electronic money and the provision of payment services under Directive 2009/110/EC (EMD2) and PSD2, with minimum initial capital of €350,000. The regimes overlap for stablecoin issuers: MiCA Article 48(1) requires E-Money Token issuers to be authorised as a credit institution or an EMI. As of April 2026, a euro-denominated stablecoin issuer therefore needs both EMI authorisation and MiCA EMT compliance.
Do I need a licence to operate a crypto exchange?
Yes, in every major jurisdiction. In the EU, MiCA (Regulation (EU) 2023/1114) requires CASP authorisation from a national competent authority, with EU-wide passporting; it has been fully applicable since 30 December 2024. In the United States, exchanges must register federally with FinCEN as a Money Services Business (MSB) and hold state Money Transmitter Licences (MTLs), with additional BitLicense obligations in New York and potential SEC or CFTC oversight depending on assets traded. In the United Kingdom, firms must register with the FCA under the Money Laundering Regulations 2017; a broader FSMA authorisation regime will commence on 25 October 2027 under The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, with the authorisation gateway open from 30 September 2026 to 28 February 2027.
Which jurisdiction is cheapest for crypto licensing?
As of April 2026, the lowest headline fees sit in El Salvador’s Digital Asset Service Provider regime, followed by Panama, BVI, Seychelles, Mauritius and St. Vincent (SVG), with total set-up costs typically ranging from USD 15,000 to USD 100,000 plus capital and ongoing compliance. “Cheapest” is usually the wrong question. Offshore licences frequently come with restricted banking access, counterparty trust issues and, in several cases, FATF grey-listing exposure, none of which are solved by a low application fee. Total cost of ownership (banking, external audits, substance, MLRO and compliance hires, ongoing supervisory fees) determines viability more accurately than the government fee schedule alone.
How long does fintech licensing take?
Timelines vary materially by vertical. MiCA CASP authorisation takes 3 to 6 months for well-prepared applications under the Article 63 statutory 25+40 working-day clock, 6 to 12 months where the regulator raises supplementary questions. EMI authorisation under EMD2 realistically takes 12 to 27 months in the EU and 9 to 16 months in the UK, including pre-application preparation; the FCA targets 3 months for complete applications, but end-to-end timelines run far longer. MGA gambling authorisation runs 4 to 6 months to a temporary licence and 6 to 12 months end-to-end. CySEC CIF authorisation typically takes 6 to 12 months. Offshore forex licences typically run 2 to 4 months in practitioner experience, though no regulator publishes an official service level for these timelines. Experienced applicants add 2 to 4 months of pre-application preparation before filing.
Can I operate while my licence application is pending?
Generally, no. Issuing e-money without prior authorisation is prohibited under Article 10 EMD2. Operating an unlicensed gambling business is a criminal offence in the UK and Malta. Providing MiFID investment services without authorisation breaches Article 5 of MiFID II. Crypto is the partial exception: MiCA Article 143(3) grants transitional relief for CASPs that lawfully provided services under national law before 30 December 2024, allowing them to continue until 1 July 2026 or until the national regulator decides their CASP application. Member-state windows vary from 6 to 18 months under ESMA’s published list. Grandfathered firms cannot passport during the transition.
What is the difference between fintech licensing and crypto licensing?
“Fintech licensing” is an umbrella term covering every non-bank financial authorisation: payment institutions and e-money institutions under PSD2 and EMD2, MiFID II investment firms, AIFMD fund managers, credit institutions (banking licences under CRD/CRR) and, increasingly, crypto. “Crypto licensing” specifically denotes VASP, CASP, DPT or MSB-for-crypto regimes. In the EU, this is the MiCA CASP authorisation under Regulation (EU) 2023/1114. In Singapore, it is DPT or DTSP authorisation under the Payment Services Act 2019. In the US, it is FinCEN MSB plus state MTLs. The regimes overlap where a crypto business needs fiat rails: a CASP typically cannot issue E-Money Tokens without an accompanying EMI authorisation (MiCA Article 48).
Do I need multiple licences for a multi-product fintech?
Typically yes. A crypto-native neobank offering spot trading, euro e-money wallets, equities brokerage and a euro stablecoin needs three to four authorisations: a MiCA CASP authorisation for trading and custody, an EMI authorisation under EMD2 for the wallet and for EMT issuance (MiCA Article 48), and a MiFID II investment firm authorisation for equities brokerage. Under the EU single market, each authorisation passports across all 30 EEA states from a single home regulator, which materially reduces marginal cost. US expansion, by contrast, requires state-by-state money transmitter licences in most states plus FinCEN MSB, with FINRA or SEC authorisation for securities and a CFTC footprint where derivatives apply.
Do you handle gambling and forex licensing as well as crypto?
Yes. We obtain licences across gambling and iGaming, crypto (CASP, VASP, MiCA), forex broker authorisation, EMI and payment institution licensing, and fund and investment structuring. We deliver gambling licences in Anjouan, Curaçao, the Isle of Man, Kahnawake and Tobique, and crypto licences in Lithuania, Cyprus, Gibraltar, Malta, Poland, Switzerland, Bosnia and Liberia. We prepare and file the application, deal with the regulator directly, and run formation and banking in parallel where a single business needs more than one licence. We do the work and we are accountable for the outcome.
Book a free consultation
Tell us your business model and target markets. We will tell you which licences you need, where to file, and what we can obtain for you. Then we file it and deal with the regulator directly.
Banking & Payments
A company and a licence still need a bank account
Banking is one of our three core services. We help high-risk and regulated businesses open the bank and payment accounts that others refuse: we work directly with EU EMIs, payment institutions and crypto-aware banks, confirm appetite before you apply, and make the introduction. Take it with your company and licence, or on its own.
Related Services
- Company Formation: Entity structuring across the jurisdictions we serve
- Crypto Licensing by Jurisdiction: MiCA CASP, VASP and offshore options
- Gambling & iGaming Licensing: Anjouan, Curaçao, the Isle of Man, Kahnawake and Tobique
- Solutions for Crypto Exchanges: Licensing, banking and formation for exchanges
- Solutions for High-Risk Businesses: Licensing for gambling, forex and adult industries
- Banking for Regulated Businesses: Account access for licensed operators