Crypto License in 2025: MiCA (CASP/VASP)

RUE is an Estonian legal consultancy that assists founders, scale-ups, and financial institutions in establishing legally compliant crypto businesses across crypto-friendly jurisdictions.

In 2025, the EU’s Markets in Crypto-Assets (MiCA) Regulation introduces harmonized rules for Virtual Asset Service Providers (VASPs), making Europe one of the most predictable regions for obtaining a cryptocurrency license.

This guide explains what a crypto license is, how to obtain one, which jurisdictions best suit your model, the typical costs involved, and how RUE supports you from strategy to approval.

What Is a Crypto License and Why It Matters?

A crypto license (commonly referred to as a VASP, CASP, or equivalent authorization) is government-issued permission to offer digital asset services such as exchange, brokerage, custody, or issuance within a regulated framework.

While the exact scope and terminology differ between countries, the primary goal is to ensure compliance with financial regulations, anti-money laundering (AML), and know-your-customer (KYC) obligations while protecting consumers and financial stability.

With a valid authorization, you can legally operate crypto exchanges, trading platforms, brokerages, or wallet services, integrate with payment processors, and support fiat transactions—the foundation for reliable banking relationships and scaling.

A license also facilitates corporate bank account opening, enhances business credibility, and attracts investor confidence.

Types of Crypto Licenses

The appropriate authorization depends on your intended activities and jurisdiction:

• CASP license (MiCA license, EU): Unified authorization under the MiCA Regulation for crypto-asset service providers, covering exchange, custody, brokerage, advisory, and issuance.
• Virtual Asset Service Provider license (VASP): Traditional regime for exchanges, wallet providers, and custodians, used both pre- and post-MiCA in various countries.
• Crypto broker license: For brokerage and agency services, sometimes combined with a MiFID license if instruments are classified as securities.
• Crypto exchange license: For order-book platforms, OTC desks, and market-making.
• Payment Institution (PI) or Electronic Money Institution (EMI) license: For managing fiat payment flows and issuing e-money, often combined with crypto permissions.
• Money transmitter or broker-dealer registration: Required in the US and certain other jurisdictions for security token operations.
• Crypto fund license: For managers investing in crypto assets, tokenized securities, or NFTs, often under AIFM-like frameworks.

For faster market entry, RUE also provides ready-made crypto licenses and shelf companies with full AML/KYC compliance. This approach shortens launch timelines while ensuring regulatory readiness.

Step-by-Step Process to Obtain a Crypto License

1. Define activities and scope: Identify your services (exchange, brokerage, custody, staking, NFT marketplace, DAO tools) and map them to the appropriate authorization.
2. Select jurisdiction: Compare crypto-friendly countries based on your goals—EU scalability under MiCA, strong banking in Switzerland, or North American reach in Canada.
3. Develop compliance framework: Establish AML/CTF, risk, and cybersecurity policies, including KYC onboarding, transaction monitoring, and fraud prevention.
4. Corporate setup: Incorporate the company, appoint directors, establish governance, and file registrations.
5. Prepare documentation: Create a business plan, financial model, token classification opinion, AML manuals, IT security, and continuity plans.
6. Submit application: File your package with the regulator (e.g., EU NCAs for CASP, FINMA for Switzerland, FINTRAC for Canada, MAS for Singapore, ADGM FSRA for UAE).
7. Regulator engagement: Address regulator inquiries and refine governance or risk models as needed.
8. Approval and go-live: Obtain authorization, open a bank account, integrate payment solutions, and launch.
9. Post-licensing: Maintain reporting, compliance monitoring, and audits as operations expand.

Key Requirements for a Crypto License

While details differ by jurisdiction, common standards include:

• Qualified management with experience in digital assets and traditional finance.
• Local substance: directors, compliance officer, and office where required.
• Adequate share capital and liquidity buffers.
• Documented AML/KYC procedures, including ongoing monitoring.
• Robust cybersecurity and segregation of client assets.
• Clear governance and internal controls.
• Transparent client disclosures and consumer protection measures.

Comparative Overview: Crypto Licensing in 2025

Jurisdiction	Primary License	Authority	Capital Requirement	Approval Time	Corporate Tax	Notes
EU (MiCA)	CASP	National Authority	€125k–€750k	6–12 months	Varies	EU passporting; investor trust
Switzerland	VASP/Financial intermediary	FINMA/SRO	Risk-based	6–9 months	~14–15%	Banking-friendly; strong custody rules
Canada	MSB + crypto dealer	FINTRAC	Varies	4–7 months	~15% + provincial	Efficient North American access
Poland	VASP registration	Tax Office	Low statutory	1–3 months	~19%	Fast and affordable EU setup
Czech Republic	VASP trade license	Trade Office	Low statutory	1–2 months	~19%	Low-cost and efficient
Singapore	PSA (DPT service)	MAS	Risk-based	6–12+ months	~17%	APAC hub; high compliance standards
ADGM (Abu Dhabi)	ADGM license	FSRA	Higher for exchanges	6–12+ months	0% (qualifying)	Institutional-grade; MENA reach

Cost Structure

1. One-time: Incorporation, registration, application fees, legal and technical setup.
2. Capitalization: Required share capital and reserves.
3. Ongoing: Compliance staff, audits, IT security, training, and taxes.

RUE provides cost estimates tailored to your jurisdiction and business model, with phased rollout options to optimize expenses.

Next Steps

In 2025, Europe’s MiCA Regulation sets a unified path for crypto growth, while Switzerland, Canada, Singapore, and ADGM offer strong alternatives.

Whether pursuing a new license or acquiring a ready-made entity, success depends on jurisdiction choice, robust AML/KYC compliance, and governance quality.

Contact RUE to book a free strategy consultation and start your crypto licensing journey today.