When Do You Need a Crypto License? The Activities That Trigger One

You need a crypto license when you provide crypto services to clients as a business. That means exchanging crypto for money, swapping one crypto for another, sending crypto for clients, holding it for them, or running a platform where they trade. What triggers a licence is the activity, not the word "crypto" in your company name.

The exact list depends on the country. Below are the three lists most founders meet: the FATF standard, the EU’s MiCA and Hong Kong’s anti-money laundering law. Each links to its source.

The rule in one table

The table simplifies. The sections below give each law’s own words.

The FATF list: five activities

The Financial Action Task Force (FATF) sets the global standard. Its glossary defines a virtual asset service provider (VASP). A VASP is a person who "as a business conducts one or more of the following activities". Those activities are done "for or on behalf of another natural or legal person". The five are:

1. exchange between virtual assets and fiat currencies
2. exchange between one or more forms of virtual assets
3. transfer of virtual assets
4. safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets
5. participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset

The FATF does not issue licences. It asks each country to license or register VASPs. So the FATF list tells you which activities countries are expected to catch. Your own country’s law tells you what you actually need.

Source: FATF Glossary. Our guide on what a VASP is explains the definition in more detail.

The EU list under MiCA: ten services

In the EU, the trigger is providing a "crypto-asset service". MiCA’s Article 59 says a person "shall not provide crypto-asset services, within the Union" without permission. Permission means authorisation as a crypto-asset service provider. Some financial firms, such as banks, may offer the services under a separate route in MiCA.

Article 3 lists the services. A crypto-asset service means any of these, relating to any crypto-asset:

1. providing custody and administration of crypto-assets on behalf of clients
2. operation of a trading platform for crypto-assets
3. exchange of crypto-assets for funds
4. exchange of crypto-assets for other crypto-assets
5. execution of orders for crypto-assets on behalf of clients
6. placing of crypto-assets
7. reception and transmission of orders for crypto-assets on behalf of clients
8. providing advice on crypto-assets
9. providing portfolio management on crypto-assets
10. providing transfer services for crypto-assets on behalf of clients

This is a wider list than the FATF’s. Advice and portfolio management, for example, need MiCA authorisation even though they are not in the FATF’s five.

Source: Regulation (EU) 2023/1114, Articles 3 and 59, published June 2023.

The Hong Kong rule today: running a VA exchange

Hong Kong’s list is shorter, for now. Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), Cap. 615, a "VA service" means "operating a VA exchange". The Securities and Futures Commission (SFC) licenses these trading platforms.

So today, the Hong Kong crypto trigger is running a trading platform. The government has also consulted on licences for crypto advice and for managing clients’ crypto, as a further step. Dealing with clients one to one, as an over-the-counter desk does, and holding clients’ keys are set to get their own licences. The government says it aims to put that bill to the Legislative Council in 2026. Our guide to Hong Kong’s planned crypto license for OTC dealers explains who it will cover.

Money changing and remittance are a different trigger. They need a Money Service Operator licence from Customs. For the choice between the two, see whether your Hong Kong company needs a crypto license or an MSO licence.

Source: Cap. 615 on Hong Kong e-Legislation, updated September 2026.

Three tests that decide most cases

Whatever the country, the same three questions usually decide whether a licence is needed.

1. Is it for clients? Every list above covers services to other people. Trading your own crypto with your own money is usually not a licensed activity.
2. Is it a business? The FATF says "as a business". MiCA says "on a professional basis". A one-off favour for a friend is not the same as a service you offer.
3. Where are the clients? A licence is needed where you serve people, not only where your company is based. Marketing to a country’s residents often counts as serving them.

Activities that often do not trigger a crypto licence

These are usually outside the lists above. They can still be caught by other rules, so check before you rely on them.

• Selling software that users run themselves, without holding their crypto.
• Mining or staking on your own account.
• Accepting crypto as payment for your own goods or services.
• Writing general education about crypto, without personal advice.

What happens if you start without one

Every one of these laws treats the licence as a condition of doing the business, not a formality after it. MiCA’s Article 59 is written as a ban: a person "shall not provide crypto-asset services" in the EU without permission. Hong Kong’s AMLO works the same way. Carrying on a business of providing a VA service without a licence is a contravention of its section 53ZRD(1).

So the order matters. Scope the activities first, then apply, then launch. A business that launches first and applies later has to explain to the regulator why it was already serving clients.

When you are close to the line

Many businesses are not clearly in or out. A wallet app may or may not control keys. A payment app may pass crypto through its own accounts for a few seconds. Small design choices like these decide which side you are on.

For an outside view on your own case, see crypto licence scoping support.

Frequently asked questions

Do I need a crypto license to trade crypto?

Not to trade your own crypto. You need one when you trade, exchange or hold crypto for clients as a business.

Do I need a crypto license for a crypto wallet?

It depends on who controls the keys. Holding clients’ crypto or keys is a listed activity under both the FATF standard and MiCA. A wallet where only the user holds the keys is often outside the lists.

Does crypto advice need a licence in the EU?

Yes. Providing advice on crypto-assets is one of the ten crypto-asset services in MiCA’s Article 3.

What triggers a crypto license in Hong Kong today?

Operating a VA exchange, under Cap. 615. New licences for dealers and custodians are planned.

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*Sources: FATF Glossary; Regulation (EU) 2023/1114 (MiCA), Articles 3 and 59 (published June 2023); Hong Kong Cap. 615 (updated September 2026).*

What Is a VASP, and Is a VASP Licence a Crypto License?

A VASP, or virtual asset service provider, is a business that swaps, sends or holds crypto such as bitcoin for other people. The term comes from the FATF, the global body that sets anti-money laundering rules. There is no single "VASP licence". Each country licenses VASPs under its own law and its own name.

"Crypto license" is an informal term too. It is how people describe the licence their crypto business needs in one country. No law issues a document called a crypto license.

The FATF definition of a VASP

The Financial Action Task Force (FATF) added the term to its Recommendations in 2018. Its glossary definition opens with "any natural or legal person who is not covered elsewhere under the Recommendations". It goes on: "and as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person". Then it lists five activities:

1. exchange between virtual assets and fiat currencies
2. exchange between one or more forms of virtual assets
3. transfer of virtual assets
4. safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets
5. participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset

Three phrases in that definition do most of the work. "As a business" means a person who trades their own coins is not a VASP. "For or on behalf of another" means the activity is a service to clients. And "not covered elsewhere" means banks and securities firms that are already regulated stay under their own rules.

Source: FATF Glossary.

What counts as a virtual asset

The same glossary defines a virtual asset as "a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes".

It then says what is left out. Virtual assets "do not include digital representations of fiat currencies, securities and other financial assets that are already covered elsewhere in the FATF Recommendations". So a tokenised share is usually treated as a security, not as a virtual asset.

The FATF does not issue licences

The FATF writes standards. It does not license anyone. Its Recommendation 15 asks each country to check VASPs for money laundering risks, and to license or register them.

So the licence you need always comes from a country’s own regulator. That is also why the names differ so much from one country to the next.

What the EU calls a VASP: a CASP

The EU’s crypto law, MiCA, does not use the word VASP. It uses crypto-asset service provider, or CASP. Article 3 of MiCA defines a CASP as "a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis".

MiCA’s list of services is longer than the FATF’s five. It has ten. They include custody, running a trading platform, exchange for money or for other crypto, carrying out orders, advice and managing portfolios. So a CASP licence under MiCA covers more than the FATF’s definition.

Source: Regulation (EU) 2023/1114, Article 3, published June 2023.

What Hong Kong licenses today

Hong Kong’s anti-money laundering law defines a "VA service" narrowly. In the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615, "VA service" means "operating a VA exchange". The Securities and Futures Commission (SFC) licenses these trading platforms.

Other VASP activities from the FATF list, such as dealing directly with clients or holding their private keys, are set to get their own Hong Kong licences. The government has said it aims to put the bill to the Legislative Council in 2026. Our guide on whether your Hong Kong company needs a crypto license or an MSO licence explains the licences that apply today.

Source: Cap. 615 on Hong Kong e-Legislation, updated September 2026.

One activity, several names

All five are what people loosely call a crypto license. They are not the same thing, and they are not interchangeable.

What a VASP licence is not

It does not travel. A registration in one country does not let you serve clients in another. Each country decides who may serve the people who live there.

It is not always a full licence. Some countries only register VASPs for anti-money laundering checks. Others, like the EU under MiCA, add rules on capital, how firms treat clients, and how they hold client assets.

It is not a licence to issue a token. Issuing a stablecoin, or selling a new token to the public, usually has separate rules.

How to tell whether your business is a VASP

Hold your business up against the five activities in the FATF list. Ask one question for each.

1. Do clients give you money, and you give them crypto, or the other way round? That is exchange between virtual assets and fiat.
2. Do you swap one crypto for another for clients? That is exchange between virtual assets.
3. Do you send crypto from one address to another for a client? That is transfer.
4. Do you hold clients’ crypto, or the keys to it? That is safekeeping.
5. Do you help a token issuer sell its token to the public? That is issuer-related financial services.

A "yes" to any one, done as a business for clients, makes you a VASP in the FATF’s terms. The next question is which country’s rules apply, and what that country calls the licence. Our guide on when you need a crypto license goes through the activities that trigger one in the EU and Hong Kong.

A "no" to all five does not always mean no licence. Selling software, mining for yourself or giving general education are usually outside the FATF list. Other rules, such as securities law, can still apply.

Which one do you need?

Start from what you do and where your clients are, not from the label. The comparison of popular crypto licences sets the main jurisdictions side by side. For help matching your activities to the right licence, see crypto licence and VASP application support.

Frequently asked questions

Is a VASP licence the same as a crypto license?

Both are informal names for the licence a crypto business needs. The legal name depends on the country, such as a CASP authorisation in the EU or a VA service licence in Hong Kong.

Who issues VASP licences?

National regulators do. The FATF only sets the standard that asks countries to license or register VASPs.

Is a crypto exchange a VASP?

Yes. Exchanging virtual assets for money, or for other virtual assets, is one of the five activities in the FATF definition.

Is a CASP a VASP?

A CASP is the EU’s term under MiCA. Its list of services is wider than the FATF’s list, so most VASPs in the EU are CASPs, and some CASPs do more than a VASP.

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*Sources: FATF Glossary; Regulation (EU) 2023/1114 (MiCA), Article 3 (published June 2023); Hong Kong Cap. 615 (updated September 2026).*

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:

1. A change in ownership or control that means you must re-register under a state’s law.
2. A transfer of more than 10 percent of the voting power or equity of the business.
3. 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

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.

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*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).*

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

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.

1. The regulator confirms receipt "within five working days".
2. It checks the file is complete "within 25 working days of receipt". That is a maximum. It can confirm sooner.
3. 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:

1. Setting up the local company and finding local directors where the law requires them.
2. Writing the anti-money laundering policies, risk assessment and business plan.
3. Putting in the required capital.
4. Answering the regulator’s questions. Every question can stop the clock.
5. 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.

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*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).*

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

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:

1. Share capital or liquid capital the regulator requires you to hold.
2. Salaries for the compliance officer, the money laundering reporting officer and local directors.
3. Legal and advisory fees to prepare the application.
4. Audits, both at admission and every year.
5. 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.

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*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).*