How Long Does It Take to Get a Crypto License? Official Review Periods Compared
It depends on the regulator, and the clock only starts once your file is complete. Under the EU’s MiCA law, the regulator has up to 25 working days to check your file is complete, and 40 working days from a complete file to decide. El Salvador’s regulator takes up to 20 business days. Canada’s FINTRAC processes most registrations within three months.
Hong Kong’s SFC publishes no fixed time for a crypto trading platform licence. The US has no approval step for FinCEN registration at all.
Every period below is one a regulator or a law sets out. Each links to its source.
Official review periods at a glance
| Jurisdiction | What you apply for | Official period | Source |
|---|---|---|---|
| EU (MiCA) | Authorisation as a crypto-asset service provider | 5 working days to confirm receipt; up to 25 to check the file is complete; 40 from a complete file to decide | Regulation (EU) 2023/1114, Article 63 |
| El Salvador | Registration as a Digital Asset Service Provider | Up to 20 business days to decide | CNAD, register as a DASP |
| Canada | FINTRAC registration as a money services business | Most complete applications within three months | FINTRAC |
| Hong Kong | Money Service Operator licence from Customs | Target of 33 working days once all documents are in (a performance pledge, not a legal limit) | Customs performance standards |
| Hong Kong | SFC licence for a virtual asset trading platform | No fixed period published | SFC Licensing Handbook for VATP Operators |
| United States | FinCEN registration as a money services business | No review period, because FinCEN does not approve registrations | 31 CFR 1022.380 |
EU: up to 25 working days to check, 40 to decide
MiCA’s Article 63 sets the clock for a crypto-asset service provider (CASP). It runs in three steps.
- The regulator confirms receipt "within five working days".
- It checks the file is complete "within 25 working days of receipt". That is a maximum. It can confirm sooner.
- Once the file is complete, it must decide "within 40 working days from the date of receipt of a complete application".
The regulator may ask for more information, no later than the 20th working day of that 40-day period. The clock then stops while it waits for your answer, but only for a limited time. The law says "the suspension shall not exceed 20 working days". Further questions do not stop the clock again.
So, with a complete file and no questions, the decision is due at most 40 working days after the regulator receives it. A file that is missing something takes longer, because the 40 days only start once it is complete. A request for information can add up to 20 more working days. Most delay comes from an incomplete file, and that part is under your control.
Within those 40 days, the regulator may also talk to other authorities. Article 63 says it must consult the regulator of another EU country if you are part of a group with a licensed firm there, for example as its subsidiary. It may also check with anti-money laundering authorities and financial intelligence units that you have not been under investigation. Group structures and past problems are two reasons a file needs more of the regulator’s time, even inside the legal limit.
Buying an EU company that already holds a MiCA licence has its own clock. The regulator has 60 working days to assess the new owner, counted from its written confirmation that it has a complete notice. Its questions can pause that clock too. Our guide on how the EU vets a new owner when you buy a crypto license company covers that route.
El Salvador: up to 20 business days
El Salvador’s National Commission of Digital Assets (CNAD) says it "will have a maximum period of 20 business days" to review a registration and decide. If the file is incomplete, CNAD tells the firm, which then has "10 business days" to send what is missing.
After a yes, the firm has 10 days to pay the registration fee. CNAD then issues the certificate. Clients in other countries are covered by their own countries’ rules.
Canada: most within three months
FINTRAC registers money services businesses, including virtual currency dealers. Its registration page says: "The majority of complete applications are processed within three months from the receipt of a complete application package. More complex applications may take longer."
That is a typical time, not a legal deadline. It also starts only when the package is complete.
Hong Kong: two very different licences
Hong Kong shows why "crypto license" can mean very different waits.
A Money Service Operator (MSO) licence from the Customs and Excise Department has a published target. Customs pledges a decision "within 33 working days", and notes that "the target is applicable upon receipt of all necessary documents and information". An MSO licence covers money changing and remittance, not crypto trading.
A licence from the Securities and Futures Commission (SFC) to run a crypto trading platform has no published period. The SFC’s handbook says the time "may vary depending on a number of factors". It lists them, including:
- the quality and completeness of your application
- changes to your business plan or owners during the review
- the time it takes to get visas for key staff
- the time it takes to put in the required capital
- how quickly you answer the SFC’s questions
- how many applications the SFC is handling at the time
If you are unsure which of the two licences you need, our guide on whether your Hong Kong company needs a crypto license or an MSO licence compares them.
United States: no review at all
A US crypto business that transmits money registers with FinCEN as a money services business. FinCEN does not review and approve the registration. The rule, 31 CFR 1022.380, sets a deadline instead. The form must be filed "on or before the end of the 180-day period beginning on the day following the date the business is established".
So the question in the US is not how long FinCEN takes. It is how long you have. The steps are in our guide to registering as an MSB with FinCEN.
How the clock runs: three examples
Scenario 1: You apply for MiCA authorisation with a complete file
The regulator confirms receipt within five working days. It then has up to 25 working days to check the file is complete. From a complete file, it has 40 working days to decide. If it sends you questions by the 20th working day of those 40, the clock can stop for up to 20 working days while you answer. Further questions do not stop the clock a second time. A missing document adds time outside these limits, because the 40 days do not start until the file is complete.
Scenario 2: You want to run a crypto trading platform in Hong Kong
The SFC gives no fixed period, so you cannot plan around a legal deadline. You can plan around the factors its handbook names. Two of them are visas for key staff and putting in the required capital. Both take time, so start them early. Fast, complete answers to the SFC’s questions also shorten the wait. If your business is only money changing or remittance, the Customs MSO licence has a target of 33 working days once all documents are in.
Scenario 3: You launch in the US and Canada
In the US, there is no review to wait for. You must file your FinCEN registration within 180 days after the business is established. In Canada, FINTRAC reviews the file, and it processes most complete applications within three months. More complex ones can take longer. So Canada is the side that needs a review period in your plan.
What makes an application slower
The official periods above are the regulator’s part. Your part usually takes longer. These steps are not in any published schedule:
- Setting up the local company and finding local directors where the law requires them.
- Writing the anti-money laundering policies, risk assessment and business plan.
- Putting in the required capital.
- Answering the regulator’s questions. Every question can stop the clock.
- Opening a bank account, which banks often do only after the licence is granted.
No regulator publishes an average end-to-end time, and we do not estimate one. Some founders cut the wait by buying a company that already holds a licence. Current ones are on the licensed companies for sale page. For a timeline built for your case, see crypto licence application support.
Frequently asked questions
How long does MiCA authorisation take?
The regulator has up to 25 working days to check your file is complete. It then has 40 working days from a complete file to decide. A request for more information can pause the 40 days for up to 20 working days.
How long does an SFC crypto licence take in Hong Kong?
The SFC does not publish a fixed period. Its handbook says the time depends on factors such as the quality of your application and how fast you answer its questions.
How long does FINTRAC MSB registration take?
FINTRAC says most complete applications are processed within three months of receiving the full package. More complex ones can take longer.
Does FinCEN approve MSB registration?
No. FinCEN registration is a filing, not an approval. You must file within 180 days after the business is established.
—
*Sources: Regulation (EU) 2023/1114, Article 63 (published June 2023); CNAD registration page (updated May 2026); FINTRAC (updated August 2026); Hong Kong Customs and Excise Department performance standards (updated April 2026); SFC Licensing Handbook for Virtual Asset Trading Platform Operators (July 2025); 31 CFR 1022.380 (last amended November 2016).*