How to Register as an MSB With FinCEN, and How Long It Takes

You register by filing FinCEN Form 107 electronically through FinCEN’s BSA E-Filing System. You must file within 180 days after your business is established. FinCEN charges no fee and does not approve the form. You then renew every two years, and re-register after certain changes.

This page covers the federal step only. Each rule links to its source.

Who has to register

FinCEN lists the MSB services as money orders, traveler’s checks, money transmission, check cashing, currency exchange and currency dealing. FinCEN’s registration page says that "with few exceptions, each money services business (MSB) must register with the Department of the Treasury".

Crypto businesses are often caught as money transmitters. FinCEN’s 2019 guidance on convertible virtual currencies says "whether a person is a money transmitter under FinCEN’s regulations is a matter of facts and circumstances". It adds that "any non-exempt person engaged in money transmission must register with FinCEN within 180 days of starting to engage in money transmission".

One group does not register: a person that is an MSB only because it acts as an agent of another MSB. The principal MSB registers instead, and keeps a list of its agents.

Sources: FinCEN MSB registration; FinCEN guidance FIN-2019-G001.

Step 1: Confirm your business is an MSB

Write down each service you offer. Compare it with FinCEN’s list of MSB services and with the 2019 guidance. If you take crypto or money from one person and send value to another, you may be a money transmitter.

If you are unsure, get a written view before you file. Filing is simple. Getting the category wrong is not.

Step 2: Note your deadline

The rule is 31 CFR 1022.380. It says the form for the first registration period "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 clock starts the day after your business is set up, not the day you feel ready. Put the date in your calendar on day one.

Step 3: Decide who signs

The rule says "any person who owns or controls a money services business is responsible for registering the business". FinCEN adds that the form "must be completed and signed by the owner or controlling person". Only one form is filed for each registration period.

Step 4: File FinCEN Form 107

File FinCEN Form 107, Registration of Money Services Business, through the BSA E-Filing System. FinCEN has required electronic filing of most of its reports since July 2012.

The form asks about the business, its owners and the MSB services it offers. It also names a person in the United States who can accept legal papers for the business.

FinCEN says "there is no cost for registration".

Step 5: Keep the records

Keep a copy of the filed form and your registration number. FinCEN says these must be "retained at a location in the United States for a period of five years".

If you use agents, prepare a list of them by the due date of your first registration. The rule then requires you to revise it each year, on 1 January.

Step 6: Renew every two years

A registration period is two calendar years. The first one starts with the calendar year in which you had to register. The rule says a renewal form "must be filed on or before the last day of the calendar year preceding the renewal period".

In plain terms, you renew before each new two-year period starts. It is not tied to the date you first filed.

Step 7: Re-register after big changes

The rule lists three events that require you to register again:

A change in ownership or control that means you must re-register under a state’s law.
A transfer of more than 10 percent of the voting power or equity of the business.
An increase of more than 50 percent in the number of your agents during a registration period.

The new form is due "not later than 180 days after" the change. The year of the change counts as the first year of a new two-year period.

Source for steps 2 to 7: 31 CFR 1022.380.

How long it takes

Stage	Time	Source
Deadline to file after the business is established	180 days	31 CFR 1022.380
FinCEN review before you can operate	None. FinCEN does not approve the form	31 CFR 1022.380
Registration period	Two calendar years	31 CFR 1022.380
Deadline to re-register after a listed change	180 days	31 CFR 1022.380

Filing the form takes little time. The real work is the duties you carry as an MSB. They include a written anti-money laundering programme, a person in charge of it, and a way to keep records and file reports. FinCEN’s 2019 guidance says money transmitters must meet "recordkeeping, reporting, and transaction monitoring obligations".

What FinCEN registration is not

It is not a licence. FinCEN does not check the business before it takes the form.

It is not the whole US picture. FinCEN registration is federal. State licensing for money transmission is a separate process with its own rules, and this page does not cover it.

It is not the end of your duties. The rule says: "It is unlawful to do business without complying with 31 U.S.C. 5330 and this section." Filing false or materially incomplete information also counts as failing to comply.

Next steps

For the full US set-up, including the compliance programme an MSB must run, see the US MSB registration service. If your clients are in Canada as well, FINTRAC runs a separate registration, covered on the Canada MSB page. To compare the time and fees with other countries, see our guides on how long a crypto license takes and what a crypto license costs. For other jurisdictions, see crypto licence application support.

Frequently asked questions

How long does FinCEN MSB registration take?

There is no review period, because FinCEN does not approve the form. You must file within 180 days after the business is established.

Does it cost anything to register as an MSB with FinCEN?

No. FinCEN says there is no cost for registration.

How often do I renew an MSB registration?

Every two calendar years. The first period starts with the calendar year in which you first had to register. Each renewal is due by the last day of the calendar year before the next period starts.

Do crypto businesses need to register as an MSB?

Many do. FinCEN’s 2019 guidance says exchangers of virtual currency generally qualify as money transmitters. A business that is an MSB only as another MSB’s agent does not register itself.

—

*Sources: FinCEN MSB registration page; FinCEN enforcement page on failure to register; FinCEN guidance FIN-2019-G001 (9 May 2019); 31 CFR 1022.380 (last amended November 2016).*

Can an El Salvador Crypto License Cover Clients Outside El Salvador?

Many founders pick an El Salvador crypto license because it looks fast and simple. The country has a dedicated regulator and a clear law for digital assets. But one question often comes too late: where can you actually use it?

The short answer is El Salvador. A registration there lets you offer services in El Salvador. For clients in other countries, their own rules apply. This matters more since 1 July 2026, when the last grace period under the EU’s crypto law ended for firms working under national licences.

What an El Salvador crypto license is

El Salvador’s Digital Assets Issuance Law, known as LEAD, took effect in January 2023. It set up the National Commission of Digital Assets, or CNAD. Firms that provide digital asset services register with CNAD as a Digital Asset Service Provider, or DASP.

When people say "El Salvador crypto license", they usually mean this DASP registration. It covers services such as exchange and custody of digital assets. The steps and documents are on the El Salvador crypto license page.

Where the licence stops

A review of the law by Global Financial Integrity, a research group, put it plainly. The DASP registration lets a firm "offer services only within El Salvador’s jurisdiction". It added that any expansion into other countries "will depend on those jurisdictions’ regulations".

In other words, the licence does not travel. It is not a passport. A client in Germany, Hong Kong or Singapore is covered by the rules of their own country, not by El Salvador’s.

That does not make the licence useless. It makes it one piece of a plan, not the whole plan.

Think of it the way you would think of a shop licence. A licence to trade in one city does not let you open the same shop in another country. You would expect to apply again there, under that country’s rules. Crypto licences work the same way, even though the business runs online.

The most common mistake: serving the EU on a non-EU licence

This is where the risk has grown. The EU’s crypto law is called MiCA, the Markets in Crypto-Assets Regulation. Its licensing rules for crypto service providers have applied since 30 December 2024. Firms that were already working legally under an EU country’s own rules got a transition period. Article 143(3) let them continue "until 1 July 2026", or until their MiCA application was approved or refused. Some EU countries ended it sooner.

That transition never covered a firm whose only permission came from El Salvador. An El Salvador registration is not a MiCA authorisation, and it was not a national EU licence either.

What changed on 1 July 2026 is the market around you. Every provider that was still relying on national rules had to be authorised or wind down. The European Securities and Markets Authority (ESMA) told unauthorised firms in June 2026 to wind down their EU business in an orderly way. So EU regulators and banks now expect every crypto firm serving EU clients to hold MiCA authorisation. MiCA does allow a very narrow case where a client approaches a non-EU firm entirely on their own initiative. It is not a way to run an EU business. A firm that markets to EU clients using only its El Salvador licence is taking a real risk. The EU regulator can act, and so can the firm’s bank.

Other markets work the same way

The EU is not special here. Most markets ask the same question: are you licensed here?

In Hong Kong, the SFC licenses crypto trading platforms, and a separate licence for dealers is planned. Our guide to whether a Hong Kong company needs a crypto license or an MSO licence explains the local options.

Other countries have their own registrations and licences. Each one decides whether a foreign firm can serve its residents, and on what terms.

Why founders still choose El Salvador

There are good reasons to hold an El Salvador crypto license, as long as you know what it does.

You want to serve clients in El Salvador itself.
You want a regulated base while you build a product, before you enter bigger markets.
Your business works with firms or clients in El Salvador’s local market.

It is a weaker choice if your plan is to serve EU or Hong Kong retail clients from day one. For that, you need a licence in the market where your clients live.

Warning signs in an offer

Some sellers and advisers present an El Salvador licence as a global licence. Be careful if you hear any of these:

"It lets you serve clients anywhere." It does not.
"It is recognised in the EU." MiCA does not recognise it.
"No one checks where your clients are." Banks and payment partners do check, and they can close accounts.

Ask any adviser to show you, in writing, which countries’ clients you will be allowed to serve.

How to build a plan that covers your real clients

List where your clients live today, and where you want them in two years.
For each country, write down which licence or registration it requires.
Decide which licence to get first. Often it is the market with the most clients, not the easiest licence.
Decide whether to apply or to buy a licensed company. For the EU, see what the regulator checks when you buy a crypto license company.
Keep your El Salvador licence where it adds value, and do not market outside its reach.

The comparison of popular crypto licences sets out the main jurisdictions side by side.

If you already hold an El Salvador licence and have EU clients

Act now. There was never a grace period for a non-EU licence, and the last one for EU firms is over. Start with the facts. Pull a list of your active clients by country of residence, and look at where your new sign-ups come from.

If any are in the EU, stop marketing to EU residents first. Then look at your sign-up page. Does it let EU residents open an account? If it does, block new EU sign-ups until you have a plan.

Next, talk to your bank and your payment partners. They will ask how you serve EU clients, and a clear answer protects the accounts. Finally, decide on your EU route. You can apply for a MiCA licence, buy a company that holds one, or work with a licensed EU partner that serves those clients instead.

Questions to ask before you pay for an El Salvador licence

Ask these before you sign anything.

Which countries’ clients will I be allowed to serve, and why?
What does CNAD expect from me after the licence, such as reports, audits and local staff?
Which banks work with El Salvador DASPs, and will they bank my business?
What happens to my licence if I change owners or add services?
What will it cost each year to keep, not only to obtain?

A seller who cannot answer these clearly is selling a document, not a working licence.

What we do not know

CNAD has not published a list of countries that accept its registration. No such list exists, because recognition is a decision for each other country. If an adviser gives you one, ask where it comes from.

Frequently asked questions

Is an El Salvador crypto license valid worldwide?

No. The DASP registration lets a firm offer services in El Salvador. Serving clients in other countries depends on those countries’ rules.

Can I serve EU clients with an El Salvador crypto license?

Not on its own. Serving EU clients needs MiCA authorisation, and since 1 July 2026 the last transition for firms under national EU licences has ended. An El Salvador registration was never covered.

What is a DASP in El Salvador?

It is a Digital Asset Service Provider registered with the National Commission of Digital Assets (CNAD) under the Digital Assets Issuance Law.

Why would I get an El Salvador crypto license if it only covers El Salvador?

To serve El Salvador’s market, or to have a regulated base while you build. It works best as part of a plan with other licences.

Can I hold an El Salvador licence and a MiCA licence together?

Yes. Many groups hold licences in several countries. Each licence covers the market that granted it.

—

*Sources: Regulation (EU) 2023/1114 (MiCA), Article 143; ESMA public statement of 23 June 2026; Global Financial Integrity, "Changes to the Digital Assets Issuance Law in El Salvador", 11 September 2024.*

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).*

The EU Now Vets the New Owner When You Buy a Crypto License Company

On 1 July 2026, the last grace period under the EU’s crypto law ended. The law is the Markets in Crypto-Assets Regulation, called MiCA. A crypto firm serving EU clients now needs a MiCA licence, unless it is a bank or another financial firm allowed to offer crypto services by notifying its regulator. A firm with neither must wind down its unlicensed EU business.

That leaves two ways in. You can apply for a new licence, or you can buy a crypto license company that already holds one. Many founders think buying is the quick route. It can be quicker. But the regulator checks the buyer before the deal can close, and a buyer who skips that step can lose the deal.

What changed on 1 July 2026

Before MiCA, each EU country had its own crypto rules. When MiCA started, firms already working legally under those national rules got a transition period. Article 143(3) of MiCA let them continue "until 1 July 2026", or until their application was approved or refused.

That date has passed. On 23 June 2026, the European Securities and Markets Authority (ESMA) told firms without a licence to wind down their EU business in an orderly way, while protecting their clients. That includes business with existing clients, not only new ones. Some EU countries ended the transition earlier than 1 July 2026.

For a buyer, this matters in two ways. More firms now want a licensed company, so the good ones are harder to find. And a company that looked licensed under old national rules may have lost its right to serve EU clients.

Buying the company means asking for approval

A MiCA licence is granted to a company, based on who owns and runs it. When the owners change, the regulator wants to check the new ones. That is why MiCA has a special process for buying a "qualifying holding".

A qualifying holding means at least 10% of the capital or voting rights, held directly or indirectly, or a holding that lets you have a significant influence on how the firm is run. That is the MiCA definition in Article 3. Holdings owned through other companies count, and so do people acting together. Splitting a stake does not avoid the check.

Under Article 83, you must tell the firm’s regulator in writing before you buy a qualifying holding. You must tell it again before your holding reaches or goes past 20%, 30% or 50%, or before the firm becomes your subsidiary.

The regulator then has 60 working days to assess you. The clock starts on the date it confirms in writing that it has your notice. It can ask for more information up to the 50th working day. That pauses the clock, usually for up to 20 working days. Send a complete file, because every gap invites questions. If it opposes you, the deal cannot go ahead.

What the regulator checks about you

Article 84 lists what the regulator looks at. In plain words, it asks five questions.

Is the buyer honest and of good standing?
Are the people who will run the firm fit for the job? It checks their reputation, knowledge, skills and experience.
Is the buyer financially sound?
Will the firm still meet all MiCA rules after the sale?
Is there any sign that the deal is linked to money laundering or terrorist financing?

The detailed list of documents is in a separate EU law, Commission Delegated Regulation (EU) 2025/414. Expect to show where your money comes from, who your own owners are, and your plan for the business.

Your own history counts too. If you or your managers were refused a licence elsewhere, or faced action from a regulator, say so early. A regulator that finds it later will trust the rest of your file less.

Before you buy a crypto license company, check these five things

Most failed deals fail on the target, not the buyer. Check the company before you sign.

Is it really authorised under MiCA? Look for it on ESMA’s register of crypto-asset service providers. An old national registration is not the same thing after 1 July 2026.
Which services does the licence cover? A MiCA licence lists specific services, such as custody or exchange. Buy one that covers what you plan to do.
Which country granted it? That country’s regulator will run your approval, and it will supervise you after the sale.
Are the staff and systems still in place? The licence depends on real people and working controls. A company with no staff left may not keep its licence.
Has it had any problems with its regulator? Ask for all letters from the regulator since it was licensed.

If you are still choosing a market, the comparison of popular crypto licences sets out how the main options differ.

What to put in your file

Build the file in the order the regulator will read it. That saves a round of questions, and each round of questions adds time.

Start with a chart of who owns you, all the way up to the real people at the top. Add where the money for the purchase comes from, with bank records to show it. Then add a short plan for the business after the sale. Say which services you will offer, in which countries, and who will run them.

Next come the people. For each new director or manager, give a CV, proof of any past licences and a clean police record where the country asks for one. If anyone has faced action from a regulator before, explain what happened and what changed.

Last, explain how the firm will keep meeting MiCA rules. The regulator wants to see that the staff, systems and controls will still be there after the sale. A buyer who plans to replace the whole team on day one should say who replaces them and when.

Common reasons a deal stalls

An unclear money trail, a new manager with no record in regulated finance, a thin business plan, or open problems between the target and its regulator. Each can be fixed before you file, and none quickly after.

How long a purchase really takes

The law gives the regulator 60 working days, plus any pause while it waits for your answers. That is about three months of working days before any pause.

Add the time to find the company, check it, agree the price and prepare your file. Then add the time to move bank accounts and sign new contracts. A purchase is often quicker than a new application. It is not quick.

No EU authority publishes an average time or an average price for these deals. If someone quotes you one, ask where it comes from.

Where to find a licensed company

Ready-made companies are listed for sale from time to time. You can see the current ones on the licensed companies for sale page. Each listing shows the country and the type of licence.

If you are on the other side of the deal, the guide on what to prepare before you sell a crypto license company in the EU covers the seller’s steps.

For help with the whole file, from checking the target to writing the notice to the regulator, see crypto licence buying and application support.

Frequently asked questions

Can I buy a crypto license in the EU?

You can buy a company that holds a MiCA licence. You cannot buy the licence on its own. The regulator must approve you as the new owner before you take a qualifying holding.

What is a qualifying holding under MiCA?

It is at least 10% of a firm’s capital or voting rights, held directly or indirectly, or a holding that gives significant influence over its management. Buying one needs the regulator’s approval first.

How long does the regulator take to approve a buyer?

MiCA gives it 60 working days from when it confirms your notice. Questions from the regulator can pause that clock for a while.

What happens if I buy without telling the regulator?

You break Article 83 of MiCA. The regulator can oppose the deal, and EU countries must be able to fine firms for this breach.

Is a company registered before MiCA still licensed?

Not by default. The last transition period ended on 1 July 2026. Check that the company appears on ESMA’s register as a MiCA crypto-asset service provider.

Does the regulator also check new directors?

Yes. It checks the reputation, knowledge, skills and experience of anyone who will run the firm after the sale.

—

*Sources: Regulation (EU) 2023/1114 (MiCA), Articles 3, 83, 84 and 143; ESMA public statement of 23 June 2026; Commission Delegated Regulation (EU) 2025/414.*

How Much Does a Crypto License Cost? Official Fees by Jurisdiction

The official fee for a crypto license is often small. In Hong Kong it is HK$4,740 per licensed activity, in Malta €10,000 to €25,000 to apply, and at El Salvador’s regulator US$5,475. The US and Canada charge nothing to register a money services business. But that is an anti-money laundering registration, not a full licence. State or provincial rules can add their own costs. The real cost is capital, staff and advice. No regulator publishes that.

This page lists only fees a regulator or its rulebook sets out. Each figure links to its source.

Official fees at a glance

Jurisdiction	What you get	Official fee	Source
Hong Kong	SFC licence to run a virtual asset trading platform	HK$4,740 per regulated activity to apply, and the same each year, plus fees for each licensed person	SFC Licensing Handbook for VATP Operators
Malta (EU, MiCA)	Authorisation as a crypto-asset service provider (CASP)	€10,000, €20,000 or €25,000 to apply by class; then a yearly supervisory fee from €10,000	Markets in Crypto-Assets Act (Fees) Regulations, L.N. 295 of 2024
Switzerland	Membership of VQF, a self-regulatory organisation (SRO), for anti-money laundering supervision	CHF 2,000 plus VAT, plus CHF 300 to CHF 6,000 by work involved, plus an admission audit; then at least CHF 1,650 plus VAT a year	VQF Fee Regulation
El Salvador	Registration as a Digital Asset Service Provider (DASP)	US$5,475 initial registration fee	CNAD, register as a DASP
United States	FinCEN registration as a money services business (MSB), an anti-money laundering filing	No fee	FinCEN
Canada	FINTRAC registration as a money services business, an anti-money laundering filing	No fee	FINTRAC

Fees change. Check the linked page before you budget.

Hong Kong: HK$4,740 per activity

In Hong Kong, a crypto trading platform needs a licence from the Securities and Futures Commission (SFC). The SFC’s handbook lists an application fee of "$4,740 per RA" for a platform operator. RA means regulated activity.

A platform licensed under both laws applies for three activities. Two are under the securities law: Type 1 (dealing in securities) and Type 7 (automated trading services). The third is "providing a VA service" under the anti-money laundering law. Each costs HK$4,740. So the company’s application comes to HK$14,220. Licensed people pay per activity too. The handbook lists HK$1,790 per activity for a licensed representative and HK$2,950 per activity for approval as a responsible officer.

The annual fee is the same HK$4,740 per activity for the platform. Each year a responsible officer pays HK$4,740 per activity, and other licensed representatives HK$1,790. A late fee costs 10% extra if paid within a month, 30% within two months and 50% within three. After three months the licence can be suspended, and after four it can be revoked.

The same handbook says a platform must keep paid-up share capital of at least HK$5,000,000. It must also keep liquid capital of at least HK$3,000,000, or a higher amount set by the rules. Capital is not a fee, but it is often the largest number in the budget.

Malta and MiCA: €10,000 to €25,000

In the EU, a firm providing crypto-asset services needs authorisation under MiCA, the EU’s crypto law. Banks and some other financial firms can use a notification route instead. Each country’s regulator sets its own fees. Malta’s are in a legal notice anyone can read, so we use Malta as the EU example.

Malta’s Markets in Crypto-Assets Act (Fees) Regulations set the application fee by class. The rule reads "ten thousand euro (€10,000)" for Class 1 services. Class 2 costs twenty thousand euro (€20,000). A Class 3 service costs "twenty-five thousand euro (€25,000)". It adds that where a firm applies for services in different classes, "only the highest application fee" applies.

The same rules set a yearly supervisory fee once authorised. It is €10,000 for Class 1, €25,000 for Class 2 or €50,000 for Class 3. On top of that come €2,000 for each service. There is also 0.05% of the firm’s trading volume, up to €250,000.

Other EU regulators charge in other ways. Some charge by the hours they spend on a file. So Malta’s figure is one example, not an EU price.

Switzerland: SRO membership from CHF 2,000

Many Swiss crypto brokers work under a self-regulatory organisation (SRO) for their anti-money laundering duties. VQF is one such SRO. Its fee regulation lists an "Administration fee CHF 2,000 plus VAT" to join. An extra fee of CHF 300 to CHF 6,000 is added, based on the work involved.

Each year, VQF charges an "Annual membership fee CHF 400 plus VAT". SRO members also pay an extra yearly fee, with a "Minimum fee CHF 1,250 plus VAT". So the smallest yearly total is CHF 1,650 plus VAT. The regulation also puts the admission audit "in the range of CHF 750 to CHF 3,000 plus VAT".

SRO membership covers anti-money laundering checks. A Swiss firm that takes deposits or deals in securities needs a licence from FINMA. That costs more.

El Salvador: US$5,475

El Salvador’s National Commission of Digital Assets (CNAD) registers digital asset service providers. Its own page explains the fee. After a yes, the firm pays "the initial registration fee ($5,475) within 10 days from the notification of the resolution".

CNAD then issues the registration certificate. Clients in other countries fall under their own countries’ rules. So a firm serving them may need more than this registration.

United States and Canada: registration is free

In the US, FinCEN’s guidance says exchangers of virtual currency "generally qualify as money transmitters". Money transmitters register with FinCEN as money services businesses. FinCEN says: "There is no cost for registration." That is the federal registration only. State licensing is a separate question with its own fees, and this page does not cover it. The steps for the federal part are in our guide to registering as an MSB with FinCEN.

In Canada, FINTRAC registers money services businesses, including virtual currency dealers. FINTRAC says it "does not charge registration fees".

Free registration is not a free business. FinCEN’s 2019 guidance on convertible virtual currencies says money transmitters must also meet its "recordkeeping, reporting, and transaction monitoring obligations".

Which fees apply: three examples

Scenario 1: You want to run a crypto trading platform in Hong Kong

Your company applies to the SFC for three regulated activities. Its fee to apply is HK$14,220. Each responsible officer pays HK$2,950 per activity for approval. Each licensed representative pays HK$1,790 per activity. The platform then pays HK$4,740 per activity again every year. The company must also keep at least HK$5,000,000 in paid-up share capital and HK$3,000,000 in liquid capital. The HK$5,000,000 capital alone is more than 350 times the HK$14,220 application fee.

Scenario 2: You want to serve EU clients from Malta

Your application fee depends on the class of service: €10,000, €20,000 or €25,000. If you apply for services in two classes, you pay only the higher fee. After authorisation, the yearly supervisory fee starts at €10,000 for Class 1. Each service adds €2,000, and 0.05% of trading volume is added on top, up to €250,000. So more services and more trading raise the yearly fee, until the volume part reaches its €250,000 cap.

Scenario 3: You exchange crypto for clients in the US and Canada

Federal registration with FinCEN costs nothing, and FINTRAC charges no registration fee. Your money goes on the work that comes with it. FinCEN says money transmitters must keep records, file reports and monitor transactions. In the US, state licences are a separate cost that this page does not cover.

What the official fee leaves out

Your own business sets the rest of the cost. No schedule publishes it:

Share capital or liquid capital the regulator requires you to hold.
Salaries for the compliance officer, the money laundering reporting officer and local directors.
Legal and advisory fees to prepare the application.
Audits, both at admission and every year.
Office, systems and insurance in the country.

No regulator publishes an average total, and we do not estimate one. The honest answer to "how much does a crypto license cost?" is the official fee plus these five items for your own plan.

Some founders save time by buying a company that already holds a licence. Our guide on how the EU vets a new owner when you buy a crypto license company explains the approval that still applies. Current ready-made companies are on the licensed companies for sale page. The comparison of popular crypto licences sets the main options side by side. For a priced plan for your own case, see crypto licence application support.

Frequently asked questions

Is there a crypto registration with no official fee?

Yes. FinCEN in the US and FINTRAC in Canada charge nothing to register a money services business. These are anti-money laundering registrations, not full licences, and US state or Canadian provincial rules can add their own costs.

How much is a crypto license in Hong Kong?

The SFC charges HK$4,740 per regulated activity, to apply and again each year. A platform licensed for three activities pays HK$14,220, plus fees for each licensed person.

How much does a MiCA licence cost?

Each EU regulator sets its own fees. In Malta, the application fee is €10,000, €20,000 or €25,000 by class, and a yearly supervisory fee follows.

Does the fee include capital requirements?

No. Capital is money the firm must hold, not a fee. In Hong Kong, for example, a trading platform must keep at least HK$5,000,000 in paid-up share capital.

—

*Sources: SFC Licensing Handbook for Virtual Asset Trading Platform Operators (July 2025); Malta L.N. 295 of 2024 (published November 2024); VQF Fee Regulation; CNAD registration page (updated May 2026); FinCEN; FINTRAC (updated August 2026).*