How crypto businesses are licensed and regulated, by jurisdiction

Capital Market Authority · 2025 AML-law amendment (CASP registration)

No dedicated VASP licence; a February 2025 AML-law amendment requires CASPs to register with the Capital Market Authority instead.

Last verified 2026-11-05 · Source: Secondary legal/industry reporting (Lexology, Balkan Insight, JPM Law, GeneralBytes, scmn.me) (secondary)

Known gap: Full registration text not directly fetched.

SUGEF · Law No. 10,961

Adds mandatory VASP registration (explicitly lighter than a full licence) with SUGEF, effective 19 September 2026.

Last verified 2026-11-05 · Source: KPMG Costa Rica Newsflash; LexLatin (secondary)

Known gap: Full law text not directly fetched.

FSRA (Financial Services Regulatory Authority) · Virtual Asset Business Act, Act No. 24 of 2022 (amended by Act No. 1 of 2025)

In force since December 2022; regulated by Saint Lucia's own FSRA, not the ECCB as an earlier, now-superseded position held.

Last verified 2026-11-05 · Source: Virtual Asset Business Act text and FSRA's own legal-framework presentation (fsrastlucia.org)

Known gap: Full text not independently fetched beyond the cited PDFs.

Národná banka Slovenska (NBS) · MiCA (EU Regulation 2023/1114)

MiCA CASP authorisation administered by NBS; a Slovakia-specific national transition deadline is disputed across sources (30 Dec 2025 vs. 30 June 2026).

Last verified 2026-11-05 · Source: Copla; Legal Bison (secondary)

Known gap: Which national transition deadline actually applied was never confirmed against NBS's own site.

Financial Services Authority (FSA) · Virtual Asset Business Act 2022

In force since 31 May 2025; FSA regulates exchange, swap, transfer, and custody/administration of virtual assets. Crypto derivatives/CFDs explicitly excluded.

Last verified 2026-11-05 · Source: BBCIncorp; TradeInformer (reporting the FSA's own public notice) (secondary)

Known gap: fsa.gov.vc not directly fetched.

Financial Conduct Authority (FCA) · Cryptoassets Regulations 2026

New FSMA-based authorisation regime for regulated cryptoasset activities, replacing reliance on Money Laundering Regulations registration. Full scope expands 25 October 2027.

Last verified 2026-11-05 · Source: FCA's own cryptoasset-regime policy statements page

Known gap: Whether existing MLR registration converts automatically into the new authorisation was not independently confirmed against the underlying PS PDFs.

Central Bank of Ireland · MiCA (EU Regulation 2023/1114)

MiCA CASP authorisation applicable since 30 December 2024; Central Bank of Ireland is the National Competent Authority.

Last verified 2026-11-05 · Source: Central Bank of Ireland's own MiCA page

VARA; DFSA; ADGM FSRA (three separate regulators) · VARA's own rulebook (Dubai, ex-DIFC); DFSA's Crypto Token regime (DIFC); ADGM FSRA's virtual-asset framework (Abu Dhabi)

No single UAE crypto licence -- jurisdiction depends entirely on the specific zone, with three regulators running separate frameworks.

Last verified 2026-11-05 · Source: VARA's own site (read directly); secondary reporting for DFSA/ADGM

Known gap: DFSA's and ADGM's own sites (dfsa.ae, adgm.com) both returned HTTP 403 on direct fetch; their rows rely on secondary reporting only.

Monetary Authority of Singapore (MAS) · Payment Services Act

"Digital payment token service" is one of seven regulated payment services, licensed as SPI/MPI/Money-Changing depending on volume and activity -- not a standalone crypto licence tier.

Last verified 2026-11-05 · Source: MAS's own PSA licensing and PS-G02 guideline pages

Known gap: Exact boundary between PS Act DPT licensing and Securities and Futures Act capital-markets licensing for tokenized securities not independently confirmed.

Central Bank of Bahrain (CBB) · Crypto-Asset (CRA) Module, Volume 6 of the CBB Rulebook

One of the Gulf's earliest crypto-specific licensing regimes (Feb 2019); multiple licence categories exist but sources disagree on their exact labels. A separate Stablecoin Issuance and Offering (SIO) Module covers stablecoin issuers.

Last verified 2026-11-05 · Source: Secondary legal/industry commentary (Global Law Experts, LegalBison, JoinBle, CryptoSlate) (secondary)

Known gap: cbb.gov.bh's own rulebook PDF still doesn't decode into readable text; licence category labels/numbering genuinely disagree across sources.

Saudi Central Bank (SAMA); Capital Market Authority (CMA)

No comprehensive dedicated crypto law. Non-security exchange/brokerage reportedly routes through SAMA's fintech sandbox or a payment-institution licence; CMA authorises existing activity categories (no standalone crypto licence) that reportedly cover some digital-asset activity.

Last verified 2026-11-05 · Source: Mondaq; Global Law Experts; sauditokenisation.pages.dev (secondary)

Known gap: sama.gov.sa and cma.org.sa not directly fetched; exact SAMA/CMA jurisdictional boundary for a given business model not confirmed.

Qatar Financial Centre Regulatory Authority (QFCRA); Qatar Central Bank (QCB) · QFC Digital Asset Regulations 2024

QFCRA has banned virtual-asset services within the QFC since 2019/2020. The 2024 Digital Asset Regulations create a framework for tokenized real-world/security tokens only — cryptocurrencies and stablecoins are explicitly named 'Excluded Tokens' and remain outside it.

Last verified 2026-11-05 · Source: TheBlock; Cointelegraph; Charltons Quantum (secondary)

Known gap: QFC Authority/QFCRA sites not directly fetched; no confirmation the 2019/2020 ban or 2024 framework changed in 2026.

Capital Market Authority (CMA)

CMA has been developing a Virtual Assets Regulatory Framework since a 2023 consultation paper; as recently as June 2026 it was reported as still 'under finalisation,' though one unverified secondary source claims a 2024 regulation already requires VASP licensing.

Last verified 2026-11-05 · Source: Oman Observer; Cointelegraph; unlock-bc (secondary)

Known gap: CMA's own site/Official Gazette not directly fetched; conflicting reports on whether a 2024 rule already took effect.

Central Bank of Kuwait; Capital Markets Authority · 2023 ban circulars

An 'absolute ban' since July 2023 on using virtual assets for payment or investment, and on licensing any virtual-asset-service business, framed as an AML/money-laundering measure. Securities and other CBK/CMA-regulated instruments are explicitly carved out.

Last verified 2026-11-05 · Source: CryptoSlate; Gulf Business; Charltons Quantum (secondary)

Known gap: An unverified single secondary source claims a 2026 Digital Trade Law touches digital-asset activity — not corroborated, not relied upon.

Capital Market, Insurance and Savings Authority (CMISA); Israel Securities Authority (ISA) for token classification · Proposed Financial Services Supervision Law (Issuance of Stablecoins), published 29 June 2026

CMISA has reportedly licensed VASPs since 2016 (first licence granted late 2022), while the ISA is pursuing a new framework to classify tokens directly rather than only applying existing securities law. A separate stablecoin-licensing bill's public-comment window closed late July 2026.

Last verified 2026-11-05 · Source: Barnea Jaffa Lande; Shibolet; CryptoBriefing (secondary)

Known gap: ISA/CMISA own sites not directly fetched; sources disagree on whether a dedicated VASP licensing regime is actually operational today.

Finantsinspektsioon (FSA, Financial Supervision and Resolution Authority) · Crypto Asset Market Act (in force 1 July 2024)

The FSA is the sole MiCA CASP authority; the 18-month grandfathering period ended 1 July 2026 with no automatic VASP-to-CASP conversion, so legacy FIU-issued VASP licences no longer confer the right to operate.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Scorechain, Chambers, techaccounting.vercel.app) (secondary)

Known gap: Current CASP register count (reported as low as 1) is unverified; sources are law-firm/vendor pages, not Finantsinspektsioon's own site.

Bank of Lithuania · Law on Markets in Crypto-Assets (passed 11 July 2024)

Bank of Lithuania is the single CASP licensing window and has granted a handful of licences (Robinhood Europe, CoinGate, Nuvei Liquidity, Micar Assets), a small number compared to the hundreds of firms previously registered as VASPs.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Scorechain, Buckingham Capital Consulting, Copla) (secondary)

Known gap: Sources disagree on the exact transition-deadline date (31 Dec 2025 vs. 1 Jan 2026 vs. 1 July 2026) and on the exact licence count (3 vs. 4).

Latvijas Banka · MiCA (EU Regulation 2023/1114)

Latvijas Banka actively issues CASP licences (roughly 10 by mid-2026) through a two-stage pre-licensing-consultation-then-formal-application process; pre-MiCA VASP registration closed to new applicants 30 December 2024.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Ecovis Global, CryptoSlate, Zitadelle AG) (secondary)

Known gap: Exact licence count conflicts across sources (8 vs. 9 vs. 10); not verified against Latvijas Banka's own public register.

KNF (intended, not yet empowered) · Crypto-Assets Market Act (repeatedly vetoed, not enacted as of Nov 2026)

Poland has no operational domestic CASP licensing route: the implementing act naming KNF as competent authority has been vetoed multiple times, so firms can only serve Polish customers via a licence obtained in, and passported from, another EU member state.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Dudkowiak law firm, Trending Topics, Mondaq) (secondary)

Known gap: One secondary source claims KNF already acts as sole competent authority, directly contradicting the majority of sources found; treated as unreliable.

CNMV (CASP licensing); Bank of Spain (EMT/ART) · MiCA (EU Regulation 2023/1114)

CNMV licenses CASPs directly and has granted MiCA licences to several banks (BBVA, CaixaBank) and fintechs (Bit2Me, Crossmint) in 2026; the Bank of Spain separately supervises e-money/asset-referenced token issuers.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Plisio, Global Law Experts) (secondary)

Known gap: Spain's exact national transition-deadline date conflicts across sources (30 Dec 2025 vs. 30 June 2026 vs. 1 July 2026); not confirmed against CNMV's own site.

Consob (licensing) and Banca d'Italia (prudential/AML) · Legislative Decree 129/2024

Consob and Banca d'Italia jointly administer MiCA CASP authorisation under a dual-authority model; a joint 30 June 2026 statement reported at least eight authorised CASPs as the transition period closed.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (bebeez.eu, CryptoSlate, Copla) (secondary)

Known gap: One headline claims Italy had zero CASP licences as of 1 July 2026, directly conflicting with the eight-CASP count reported the day before; not reconciled.

Banco de Portugal and CMVM (dual, division of labour disputed) · Law 69/2025

Law 69/2025 splits MiCA supervision between Banco de Portugal and CMVM; pre-MiCA VASPs registered with Banco de Portugal before 30 December 2024 had until 1 July 2026 (already passed) to obtain CASP authorisation.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (DLA Piper, Abreu Advogados, Metlabs) (secondary)

Known gap: Sources directly conflict on which of the two authorities actually grants the CASP licence itself versus handles conduct supervision only.

CySEC · MiCA (EU Regulation 2023/1114)

CySEC authorises, supervises and enforces MiCA for CASPs; a KPMG Cyprus report (June 2026) counted 12 authorised CASPs, positioning Cyprus as a significant MiCA licensing hub.

Last verified 2026-11-05 · Source: KPMG Cyprus report; Harneys; CBN.com.cy (secondary reporting) (secondary)

Known gap: KPMG's 12-CASP figure not independently verified against CySEC's own register.

Česká národní banka (ČNB) · Act No. 31/2025 Coll. (Digital Finance Act) / disputed naming

Supervision of crypto businesses moved from the Trade Licensing Office to the ČNB around January 2026; existing VASPs had until 1 July 2026 to file a CASP application, with the ČNB reviewing the substance of legacy trade-licence registrations rather than converting them automatically.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Fintelegram, Scorechain, Manimama) (secondary)

Known gap: Sources disagree on the exact handover date (Jan 2026) and on the governing act's name; ČNB's own MiCA-competence page was found in search results but not independently fetched.

ATVP (Securities Market Agency) · MiCA (EU Regulation 2023/1114)

ATVP is named as Slovenia's CASP authority with a 1 July 2026 transition deadline for legacy AML-registered firms, but no specific evidence of granted CASP licences was found in this pass, so operational maturity is less certain than in neighbouring states.

Last verified 2026-11-05 · Source: Secondary legal/compliance reporting (Global Law Experts, Manimama, Copla) (secondary)

Known gap: No confirmed CASP licence grants found; the wider division of AML/e-money supervisory duties among ATVP, Bank of Slovenia, and the Office for Money Laundering Prevention is only loosely sourced.

HANFA (CASPs); HNB (ART/EMT issuers) · MiCA (EU Regulation 2023/1114)

HANFA has actively granted CASP authorisations through 2026 (Electrocoin, Digital Assets, White Tech) and does not currently charge an initial CASP registration fee; legacy providers had until 1 July 2026 to obtain authorisation.

Last verified 2026-11-05 · Source: HANFA's own news releases (via search; not independently fetched) (secondary)

Known gap: HANFA's own site was not independently fetched (WebSearch summary only); no data found on outcomes for firms that missed the 1 July 2026 deadline.

ASF (designated, not yet operational) · Government Emergency Ordinance (OUG) 10/2025

OUG 10/2025 names ASF as competent authority for non-bank CASPs, but as of mid-October 2026 no measure establishing the actual licensing procedure had been published, and ESMA's authority list reportedly still showed Romania without a designated competent authority.

Last verified 2026-11-05 · Source: Legal500; Metlabs (secondary reporting) (secondary)

Known gap: Commercial licensing guides claim ASF is actively accepting applications with specific fees/timelines, directly contradicting the Legal500/Metlabs finding of no published procedure; the latter is treated as more credible but neither was independently verified.

FSC (CASPs); BNB (EMT issuers) · Markets in Crypto-Assets Act

Confirmed directly from the FSC's own public register: at least 5 named CASPs licensed (Dec 2025-Sept 2026), each for specific services (custody, exchange, trading-platform operation, order execution, portfolio management, advice); the 18-month grandfathering period (to 1 July 2026) has already passed.

Last verified 2026-11-05 · Source: Financial Supervision Commission's own public CASP register (read directly)

Known gap: Application-fee figures reported by commercial sources conflict (€2,556-15,339 vs. from €5,113); not confirmed against the FSC's own fee schedule.

MNB (statutory authority); SZTFH's practical role disputed · Act VII of 2024

Act VII designates the MNB as the MiCA authority, but one source claims the SZTFH actually authorises in current practice with the MNB only coordinating -- an unresolved conflict; the central bank reportedly issued the first domestic CASP licence (to the CoinCash operator) in July 2026. A direct fetch of the MNB's own CASP guide PDF returned unreadable binary content, so this remains unresolved via a primary source.

Last verified 2026-11-05 · Source: Copla; Global Law Experts; CryptoSlate; dailynewshungary.com (secondary reporting) (secondary)

Known gap: The MNB-vs-SZTFH licensing-authority question, and the exact national transition-deadline date (1 July 2025 vs. 1 July 2026), are both unresolved across sources.

HCMC (CASPs); Bank of Greece (ART/EMT) · Law 5193/2025

HCMC authorised 3 CASPs (BCash, Xenios Blockchain Group, Capital Wallet Greece) between late June and early August 2026, while the Bank of Greece separately authorised Piraeus Bank -- all four appearing on ESMA's register by late September 2026, well after other EU states had already begun licensing.

Last verified 2026-11-05 · Source: greekcitytimes.com; cryptovalleyjournal.com; CMS Expert Guide (secondary reporting) (secondary)

Known gap: Reports conflict on which firm received Greece's 'first' CASP licence and on Binance's application outcome (rejection reported, then denied by HCMC, then reported withdrawn).

National Bank of Serbia (virtual currencies); Securities Commission (digital tokens/financial-instrument-like digital assets) · Law on Digital Assets (Official Gazette No. 153/2020)

Operating a digital-asset exchange or trading platform in Serbia requires an NBS licence and Serbian incorporation; providing virtual-currency services without one is explicitly unauthorised under the NBS's own framing.

Last verified 2026-11-05 · Source: CryptoSlate; Chambers Fintech 2026 guide (secondary reporting) (secondary)

Known gap: Sources disagree on whether the law's practical effective date was 2020 or June 2021.

AFSA (Albanian Financial Supervisory Authority) · Law No. 66/2020 on DLT-based financial markets

AFSA has operated a crypto-exchange licensing regime since October 2022 under the 2020 law; a newer, more comprehensive crypto-assets law was reportedly in public consultation as of late 2026 but not yet confirmed adopted.

Last verified 2026-11-05 · Source: Cointelegraph; Exit.al; Global Law Experts (secondary reporting) (secondary)

Known gap: The 2026 successor law's adoption status and date could not be confirmed; capital/fee figures cited by commercial sources are explicitly marked as estimates pending AFSA confirmation.

Securities Commission of Republika Srpska; Securities Commission of FBiH; state-level AML authorities (fragmented, no single national regulator) · State-level AML/CFT law (Official Gazette BiH 13/24); Republika Srpska's amended Securities Market Law (2022)

Regulation is split three ways by BiH's entity structure -- Republika Srpska registers/supervises providers via its Securities Commission, the Federation of BiH relies only on the state AML framework with no standalone law, and Brčko District's 2026 securities law has no implementing regulations yet; a draft MiCA-aligned national VASP licensing law exists but is not confirmed adopted.

Last verified 2026-11-05 · Source: CMS Expert Guide; GeneralBytes (secondary reporting) (secondary)

Known gap: One source claims a comprehensive Law on Virtual Assets took effect January 2026, directly contradicted by that same source's own other claims and by every other source found; treated as unreliable. The country also faces a possible FATF grey-listing decision tied to this fragmentation.

Financial Intelligence Unit (AML/VASP registration only) · AML/CFT Law (VASP definitions only; no dedicated crypto-business law)

No dedicated crypto-licensing law exists; VASPs must register with the FIU for AML purposes, but there is no confirmed licensing regime for exchanges specifically, despite a stated 2025-2026 government goal to introduce one.

Last verified 2026-11-05 · Source: Coinfomania; Lightspark; Telegrafi (secondary reporting, mixed reliability) (secondary)

Known gap: Several sources are AI-generated compliance-aggregator pages of uncertain reliability; proposed crypto tax rate also conflicts across sources (8% vs. 10%).

National Bank of Moldova and CNPF (proposed, under a draft law) · Law No. 66/2023 (current prohibition); draft Law on the Cryptoasset Market (2026, not yet confirmed enacted)

Domestic virtual-asset services have been banned since July 2023; residents may only use authorised foreign platforms up to roughly EUR 2,600/month, and no licensing pathway exists for a Moldovan VASP under current law while a MiCA-aligned replacement law is drafted.

Last verified 2026-11-05 · Source: Logos-Pres; Cointelegraph; Coe.int (secondary reporting) (secondary)

Known gap: One source claims the draft law was already approved by Parliament on 24 August 2026 with a six-month commencement delay; not corroborated elsewhere, so the current-prohibition status is treated as still in effect.

National Securities and Stock Market Commission (proposed); National Bank of Ukraine (currency-backed virtual assets) · Law No. 2074-IX 'On Virtual Assets' (2022, not yet in force)

Re-checked specifically for this mission: Law No. 2074-IX's entry into force remains contractually tied to Draft Law No. 10225-d clearing its second reading in the Verkhovna Rada. The most recent confirmed coverage found is from May 2026; nothing from June-November 2026 either confirms or denies that the second reading has occurred. The uncertainty is genuine and precisely located, not a research gap.

Last verified 2026-11-05 · Source: blockspot.io; Manimama (secondary legal/compliance commentary) (secondary)

Known gap: Genuinely conflicting reports on whether Ukraine's virtual-asset law is actually in force in November 2026, and whether NSSMC licensing is operational; this status reflects that unresolved conflict honestly rather than picking a side.

National Bank of Georgia (NBG) · NBG VASP registration/regulation framework (in place since 2023, expanded September 2026)

NBG registration is mandatory per specific virtual-asset-service type, each with its own minimum capital (e.g. GEL 150,000 for exchange/transfer, GEL 350,000 for trading-platform administration); only Georgian-incorporated entities qualify, and the NBG holds full revocation and supervisory authority.

Last verified 2026-11-05 · Source: National Bank of Georgia's own news releases (via search; not independently fetched) (secondary)

Known gap: A direct fetch of nbg.gov.ge failed (too many redirects); Georgia's own Moneyval-based FATF-compliance claim is self-reported.

Capital Markets Board (CMB/SPK) · Law No. 7518, amending Capital Markets Law No. 6362 (new Article 35/B)

CMB authorisation is mandatory to establish or operate a crypto-asset service provider; non-bank CASPs must be joint-stock companies with minimum capital/equity thresholds and must segregate customer assets. The existing-provider licensing deadline (30 June 2026) has passed.

Last verified 2026-11-05 · Source: Chambers; CMS Law; Mondaq (secondary reporting) (secondary)

Known gap: No source found confirming how many providers were actually licensed by the 30 June 2026 deadline or what enforcement followed for those that missed it; a proposed crypto-transaction tax's enactment status is also unconfirmed.

Financial Services Agency (FSA); JVCEA (SRO) · Payment Services Act (Art. 63-2); pending FIEA amendment

Crypto-asset exchange service provider registration under the PSA is the operative regime; a Cabinet-approved FIEA amendment reclassifying major crypto-assets as financial instruments is pending Diet ratification, targeted FY2027.

Last verified 2026-11-05 · Source: Chambers Fintech 2026 Japan guide; multiple compliance-industry reports (secondary)

Known gap: fsa.go.jp not directly fetched; FIEA regime's current commencement status unconfirmed.

Korea Financial Intelligence Unit (KoFIU) · Act on Reporting and Use of Specified Financial Transaction Information

VASP AML registration in force since 2021, gatekept by ISMS certification and a real-name bank-account requirement reported as the practical bottleneck.

Last verified 2026-11-05 · Source: CryptoSlate crypto-law profile; 21Analytics; Sygna (secondary)

Known gap: nts.go.kr/fsc.go.kr/kofiu not directly fetched; reported 2026 amendment date and partner-bank list unverified.

AUSTRAC; ASIC (from 2027) · AML/CTF reform (eff. 31 Mar 2026); Corporations Amendment (Digital Assets Framework) Act 2026

DCE registration retired in favor of a broader VASP category; a new Digital Asset Platform AFSL licensing regime is scheduled but not yet in force (commencement 9 Apr 2027).

Last verified 2026-11-05 · Source: TRM Labs; Solidus Labs; Coincub (secondary)

Known gap: austrac.gov.au/treasury.gov.au not directly fetched; sources differ slightly on the Act's exact passage date.

Securities Commission Malaysia (SC) · Capital Markets and Services Act 2007 (DAX/RMO framework)

DAX licensing via Recognized Market Operator status, tightened by a May 2026 Guidelines on Recognized Markets revision; securities-type tokens need a separate CMS licence.

Last verified 2026-11-05 · Source: BusinessToday Malaysia; Tetra Consultants; BIX Malaysia (secondary)

Known gap: sc.com.my not directly fetched; a reported RM5,000,000 capital figure unconfirmed.

Financial Markets Authority (FMA) · Financial Service Providers (Registration and Dispute Resolution) Act 2008

No dedicated crypto licence; exchanges/wallet providers register as Financial Service Providers under the general FSP regime.

Last verified 2026-11-05 · Source: MinterEllison NZ; FMA public statements (secondary reporting) (secondary)

Known gap: fma.govt.nz not directly fetched; which agency supervises crypto AML/CFT specifically is inconsistently reported.

Financial Intelligence Unit - India (FIU-IND) · Prevention of Money Laundering Act (via MoF notification S.O. 1072(E))

VDA service providers must register with FIU-IND (FINgate); explicitly not a general licence. A possible dedicated licensing reform (RBI/SEBI/FIU-IND) is under discussion, not enacted.

Last verified 2026-11-05 · Source: FIU-IND's own site (read directly, HTTP 200) for the notice listing; Legal500/Ahlawat & Associates for substantive requirements

Known gap: FIU-IND's own PDF circulars are scanned images with no extractable text, so substantive registration requirements and penalties rely on secondary legal commentary, not a direct read of the circulars; sources conflict on registered-exchange counts (49 vs. 54) and whether a licensing reform is actually coming in 2026.

OJK (transferring from Bappebti) · POJK 27/2024 (eff. 10 Jan 2025); POJK 23/2025

Supervisory authority transferred from Bappebti to OJK under POJK 27/2024; existing Bappebti-issued licences carried over automatically rather than requiring reapplication. POJK 23/2025 is reported to have concluded the transition phase.

Last verified 2026-11-05 · Source: Conventus Law; SSEK; ABNR (secondary reporting) (secondary)

Known gap: ojk.go.id returned a connection error on direct fetch; exact current split of authority during any remaining transition not independently confirmed against OJK's own regulation text.

Ministry of Finance · Resolution 05/2025/NQ-CP; Digital Technology Industry Law (eff. 1 Jan 2026); Decision 96/QD-BTC

A restrictive five-year pilot requiring Ministry of Finance licensing for four categories of crypto services; Vietnamese incorporation required; first market activity reportedly targeted Q3 2026 but not confirmed launched.

Last verified 2026-11-05 · Source: Conventus Law; Cointelegraph; The Asset (secondary)

Known gap: Most recent confirmed source is from May 2026; whether any exchange has actually been licensed/launched since is unconfirmed.

Securities and Exchange Commission (SEC) Thailand · Digital Asset Business licensing regime

Established digital asset business licence regime with active, visible enforcement against unlicensed operators; licensed-platform lists conflict across sources (some named firms also report enforcement actions against them).

Last verified 2026-11-05 · Source: digitalpolicyalert.org; Mondaq; KuCoin News (secondary)

Known gap: sec.or.th not directly fetched; current licensed-platform list not independently confirmed (conflicting reports found).

Not independently researched this pass

Not researched in this pass — Philippines' tax-guide file is deliberately flagged 'blocked' in countries.ts for an unrelated reason, left untouched. A licensing-specific research pass should be a separate, deliberate decision.

Last verified 2026-11-05 · Source: N/A (secondary)

Known gap: Deliberately not researched this pass; flag for a dedicated future decision.

Financial Supervisory Commission (FSC) · AML registration (Article 6, eff. 30 Nov 2024); disputed Virtual Asset Service Act

AML registration with the FSC is the regime currently in force; a successor licensing law (Virtual Asset Service Act) is reported by some sources as passed 30 June 2026 but this could not be confirmed against an official source.

Last verified 2026-11-05 · Source: The Block; CryptoSlate; Chambers (secondary)

Known gap: No Kaavon tax-guide page exists (countries.ts deliberately excludes disputed-status entities); fsc.gov.tw not independently fetched this pass; whether the Virtual Asset Service Act actually passed is explicitly disputed across sources and unconfirmed.

Securities and Futures Commission (SFC); Hong Kong Monetary Authority (HKMA, stablecoin issuers) · Securities and Futures Ordinance (VATP licensing); AMLO; Stablecoins Ordinance (Cap. 656, eff. 1 Aug 2025)

A genuine, actively operating dual-track regime confirmed directly from the SFC's and HKMA's own sites: 13 named platforms hold a Virtual Asset Trading Platform (VATP) licence (first granted Dec 2020, most recent May 2026), and 2 named issuers hold a Stablecoins Ordinance licence (both effective 10 Apr 2026). No Kaavon tax-guide page exists for Hong Kong (a non-sovereign territory, same scope decision as Gibraltar).

Last verified 2026-11-05 · Source: SFC's own VATP operator and licensed-platform-list pages; HKMA's own stablecoin-issuer register (both read directly)

Known gap: Retail-investor access rules, token due-diligence criteria, and VATP capital/governance requirements sit in the SFC's VATP Licensing Handbook and HKMA guideline PDFs, neither of which was read as text in this pass.

Monetary Authority of Macao (AMCM) · Notice 011/2017 (banking-sector prohibition); no dedicated VASP law

AMCM classifies virtual currencies as a non-legal-tender, non-financial-instrument 'virtual commodity' and has ordered local banks and payment institutions not to facilitate crypto-related services; no licensing pathway exists for a crypto exchange or VASP. A stark contrast with Hong Kong's active licensing regime next door. No Kaavon tax-guide page exists for Macau (a non-sovereign territory, same scope decision as Gibraltar).

Last verified 2026-11-05 · Source: Secondary reporting on AMCM's Notice 011/2017 and public statements (blockspot.io, Macau Daily Times) (secondary)

Known gap: amcm.gov.mo not directly fetched; most primary reporting on AMCM's position dates to 2017-2018, so this guide cannot confirm whether the stance has changed more recently than the secondary sources found.

AFSA (AIFC); National Bank of Kazakhstan (non-AIFC, from May 2026) · AIFC regulations; National Bank licensing (eff. 1 May 2026, per Jan 2026 amendments)

Two parallel licensing tracks: AFSA within the AIFC financial-free-zone, and a new National Bank regime outside it for DFA/trading-platform/exchange operators.

Last verified 2026-11-05 · Source: private.law wiki; FF News; Coincub (secondary)

Known gap: No official National Bank/AFSA primary source found; specific reported licence grants (Pax Finance, Kraken) unconfirmed.

National Agency for Advanced Projects (NAPP) · NAPP director's order establishing a six-stage licensing procedure

Active exchange and 'crypto shop' licensing with visible enforcement (revocations, suspensions); requires local-server data-localisation and Uzbek-resident subsidiary for foreign entrants.

Last verified 2026-11-05 · Source: Kun.uz; Digital Money Box (secondary)

Known gap: Primary NAPP regulation text not fetched; a reported 20-working-day decision timeline is from a commercial licensing adviser and unconfirmed.

FinCEN (federal AML); state regulators (e.g. NYDFS); SEC/CFTC (jurisdictional, unresolved for many tokens) · Bank Secrecy Act (FinCEN MSB); 23 NYCRR Part 200 (NY BitLicense)

Federal FinCEN MSB registration is an AML registration, not a universal exchange licence; most consumer-facing crypto businesses also need state-by-state money-transmitter licensing, of which New York's BitLicense is the most distinctive example. Full 50-state coverage is out of scope here.

Last verified 2026-11-05 · Source: NYDFS's own BitLicense pages

Known gap: FinCEN's own site not independently fetched this pass; state-by-state coverage beyond New York is explicitly out of scope; SEC/CFTC security-vs-commodity classification for a given token is not resolved.

FINTRAC (federal AML); provincial securities regulators / CIRO · PCMLTFA (FINTRAC MSB registration); provincial securities law

FINTRAC MSB registration is a federal AML registration; platforms with custody of client crypto additionally need provincial securities registration (several provincial regulators have actively enforced this against platforms operating without it).

Last verified 2026-11-05 · Source: Secondary legal/compliance commentary (secondary)

Known gap: fintrac-canafe.gc.ca and CIRO's own site not independently fetched this pass.

Central Bank of Brazil (BCB) · Law 14,478/2022; BCB Resolutions 519-521 (applicable since 2 Feb 2026)

BCB's new VASP (SPSAV) authorisation regime is now applicable with specific authorisation categories; sources disagree on the exact existing-firm compliance deadline (20 vs. 30 October 2026).

Last verified 2026-11-05 · Source: Secondary legal/compliance commentary (secondary)

Known gap: bcb.gov.br not independently fetched this pass; existing-firm compliance deadline disputed across sources (20 vs. 30 Oct 2026).

Central Reserve Bank (Bitcoin Service Providers); National Commission of Digital Assets, CNAD (Digital Asset Service Providers) · Bitcoin Law; Digital Assets Issuance Law

A genuinely two-track regime: Bitcoin-specific BSP licensing sits separately from CNAD's broader DASP licensing for other digital-asset businesses. CNAD's own site returned an essentially empty stub when fetched directly.

Last verified 2026-11-05 · Source: Secondary legal/compliance commentary (secondary)

Known gap: CNAD's own site returned HTTP 200 but an essentially empty page with no substantive content; section relies on secondary sources only.

Comisión Nacional de Valores (CNV) · Law 27,739 (2024); CNV RG 994/2024, RG 1058/2025, RG 1172/2026

CNV's PSAV registry is a legal precondition to operate but is explicitly reported as not itself an activity licence; RG 1172/2026 (Oct 2026) consolidated the governing chapter, excludes self-custody software and most decentralized protocols, and made monthly reporting mandatory from 1 Nov 2026.

Last verified 2026-11-05 · Source: abogados.com.ar — reporting on RG 1172/2026's PSAV overhaul (secondary)

Known gap: CNV's own text of RG 1172/2026 and current registry enrolment figures not independently fetched; exact effective date disputed (15 vs. 16 Oct 2026).

Comisión Nacional Bancaria y de Valores (CNBV) · Ley Fintech; Ley Antilavado (AML law)

Only platforms seeking regulated Fintech Institution status need CNBV authorisation; an exchange can reportedly operate as a non-financial entity under AML registration alone if it stays below reported volume thresholds. Banks are expressly barred from offering crypto services directly.

Last verified 2026-11-05 · Source: El Financiero — CNBV clarifies exchanges can keep operating (secondary)

Known gap: No specific 2026 CNBV crypto-exchange rule or authorization deadline could be confirmed; cnbv.gob.mx not independently fetched.

None established · No crypto-specific law enacted as of August 2026

Resolved from a prior "unclear" classification: Panama's own Minister of Economy confirmed in August 2026 that no crypto-specific law has been enacted since the 2022 bill's partial veto, with several further bills still pending ahead of a 2027 international AML evaluation.

Last verified 2026-11-05 · Source: Panama government statement (reported), via secondary news coverage (secondary)

Known gap: The Minister of Economy's own statement was not independently fetched from an official Panamanian government source; relies on secondary news reporting of it.

Superintendencia Financiera de Colombia (SFC) · Bill 510 of 2025 (proposed, not enacted)

No dedicated VASP registration or licence currently exists; a voluntary SFC sandbox previously allowed limited bank partnerships with exchanges but its pilot phase ended. A pending bill would introduce mandatory VASP registration.

Last verified 2026-11-05 · Source: EY Law Alert — Draft external circular, Financial Superintendence of Colombia (secondary)

Known gap: SFC's own site not independently fetched; Bill 510's current legislative status not confirmed.

Comisión para el Mercado Financiero (CMF) · Fintech Law No. 21,521 (effective 3 Feb 2023); CMF General Rule (NCG) 502

Crypto exchange, custody, advice, order-routing, and brokerage platforms must register and be authorised by the CMF; AML/Travel Rule obligations layered on since mid-2025.

Last verified 2026-11-05 · Source: CryptoSlate Crypto Law Profile — Chile Fintech Law 21521 (secondary)

Known gap: Sources disagree on the exact NCG rule number (502 vs. 493 vs. 541); cmfchile.cl not independently fetched.

Banco Central del Uruguay (BCU) · Law N° 20.345 (2024); BCU Circular N° 2507 (16 Jul 2026)

Creates a licensed PSAV (virtual-asset-service-provider) category under BCU supervision, in force since 1 Sept 2026, including sender/beneficiary identification rules for transfers comparable to international bank transfers.

Last verified 2026-11-05 · Source: ECIJA — El Banco Central del Uruguay aprueba la reglamentación para los PSAV (secondary)

Known gap: bcu.gub.uy's own circular text not independently fetched.

DNIT (tax reporting only); no business-licensing regulator established · Comprehensive crypto/mining bill shelved Feb 2026; DNIT General Resolution 47/26 (tax reporting only)

A broad crypto-mining regulatory bill was shelved by lawmakers in February 2026 after an earlier 2022 version was vetoed; only a separate tax-transaction-reporting rule (not a business licence) is currently in force.

Last verified 2026-11-05 · Source: The Bitcoin Street Journal — Paraguay Lawmakers Shelve Hotly Debated 'Crypto Law' (secondary)

Known gap: No official gazette or DNIT text independently fetched.

No framework established (BCRD/SIMV disclaim jurisdiction) · None confirmed enacted; a March 2026 bill is pending in the Chamber of Deputies

Most sources agree no VASP/crypto-business framework currently exists; the central bank (BCRD) and securities regulator (SIMV) have both publicly stated crypto falls outside their current supervision. One secondary source claims a law was enacted Nov 2025, directly contradicting the majority view -- not resolved here.

Last verified 2026-11-05 · Source: Cryptowisser crypto-regulation map (Dominican Republic) (secondary)

Known gap: Sources directly conflict on whether a law was already enacted in November 2025 -- genuinely unresolved in this pass; no official BCRD/SIMV/Congress source independently fetched.

Trinidad and Tobago Securities and Exchange Commission (TTSEC) · Virtual Assets and Virtual Asset Service Providers Act, 2025

The Act took effect late December 2025, but TTSEC is reported as unable to grant full business authorisations until after an interim operating ban ends (reported as 31 Dec 2026); only its Regulatory Sandbox route is currently available.

Last verified 2026-11-05 · Source: Trinidad Express — 'Crypto firms must seek approval or halt operations' (secondary)

Known gap: Sources disagree on the interim ban's end date (31 Dec 2026 vs. 31 Dec 2027, from pre-enactment drafting); ttsec.org.tt not independently fetched to confirm the final enacted date.

Financial Sector Conduct Authority (FSCA) · FAIS Act (crypto assets declared a financial product, Oct 2022)

Crypto-asset Financial Service Providers must hold an FSCA FSP licence under FAIS; the FSCA reports approving roughly 300 providers while declining many for fit-and-proper failures.

Last verified 2026-11-05 · Source: DLA Piper / Moonstone / CliffeDekkerHofmeyr / IOL (secondary reporting) (secondary)

Known gap: fsca.co.za not directly fetched this pass.

Securities and Exchange Commission (SEC); Central Bank of Nigeria (CBN) for banking access · SEC VASP rules (2022) and Accelerated Regulatory Incubation Programme (ARIP)

SEC admits VASPs via ARIP (reported local-office requirement); CBN now permits bank accounts for SEC-licensed crypto firms, reversing its earlier blanket ban.

Last verified 2026-11-05 · Source: SEC Nigeria (sec.gov.ng) circulars, via search; nairametrics/coingeek/regalert.today (secondary)

Known gap: sec.gov.ng read only via search snippets, not a full direct fetch; August 2026 SEC proposal's outcome not located.

Financial Services Commission (FSC) · Virtual Asset and Initial Token Offering Services (VAITOS) Act 2021

Multiple activity-specific VASP licence classes (broker-dealer, wallet/transfer, custody, token-offering advisory); exact full class list disputed across sources.

Last verified 2026-11-05 · Source: Salvus Funds / Legal Bison / Zitadelle / Sovereign Group (secondary) (secondary)

Known gap: fscmauritius.org not directly fetched; licence-class count/names genuinely disputed across sources.

Financial Services Authority (FSA) · Virtual Asset Service Providers Act 2024 (Act 12 of 2024)

Four licence categories (wallet/exchange/broking/investment), each with its own fee per FSA's own published FAQ; mining and mixers prohibited outright.

Last verified 2026-11-05 · Source: FSA Seychelles VASP FAQ (fsaseychelles.sc, via search) (secondary)

Known gap: FSA's own site read only via search snippets, not a full direct fetch.

Central Bank of Kenya (CBK) and Capital Markets Authority (CMA), shared · Virtual Asset Service Providers Act + VASP Regulations 2026 (gazetted 22 July 2026)

CBK covers payments/stablecoins, CMA covers trading/investment platforms; existing VASPs had a one-year compliance deadline from commencement (reported 4 Nov 2026).

Last verified 2026-11-05 · Source: Afriwise / Spencer West / Capital FM (secondary legal/industry reporting) (secondary)

Known gap: kra.go.ke, treasury.go.ke, and centralbank.go.ke were not directly fetched; relies on consistent secondary legal/tax-advisory reporting rather than enacted/gazetted text itself.

Bank of Ghana (Virtual Assets Regulatory Office, VARO); SEC · Virtual Asset Service Providers (VASP) Act, passed by Parliament 19 December 2025

Resolved from a prior "unclear" classification: the Bank of Ghana's own press release (read directly) confirms the VASP Act passed and established VARO to lead supervision, but full licensing has not yet started -- a Virtual Asset Sandbox (20 participants reported by August 2026) is the current practical route.

Last verified 2026-11-05 · Source: Bank of Ghana's own press release (read directly)

Known gap: The Act's exact Act number and passage date are inferred from a linked PDF's filename, not read from the release's own prose; a separate official FAQ PDF could not be extracted as readable text.

Not independently confirmed (national financial-sector regulator, not a single named crypto authority) · Virtual Assets Act 2023

Covers licensing, consumer protection, and AML; reported as still developing/not fully operational.

Last verified 2026-11-05 · Source: Secondary industry reporting (search aggregation) (secondary)

Known gap: Named regulator and current operational status not independently confirmed.

NBFIRA (Non-Bank Financial Institutions Regulatory Authority) · Virtual Assets Act 2022

Established regulatory oversight of virtual asset business by NBFIRA.

Last verified 2026-11-05 · Source: Secondary industry reporting (search aggregation) (secondary)

Known gap: NBFIRA's own site not fetched; licence categories/fees not independently confirmed.

Capital Markets Authority (licensing); National Bank of Rwanda (monetary/payments oversight) · Law No. 023/2026 on regulating virtual asset business (gazetted 28 May 2026)

New law in force; a VASP licensing framework was still only in draft as of March 2026, and crypto remains unauthorised for domestic payments.

Last verified 2026-11-05 · Source: Mondaq / PwC Rwanda / crypto.jobs (secondary reporting) (secondary)

Known gap: CMA's implementing regulations (licence categories, capital thresholds, application process) had not yet been issued as of this review.

Banco Nacional de Angola (BNA) · Law on the Mining of Cryptocurrencies and Other Virtual Assets (unanimously approved by the National Assembly 8 December 2023)

Resolved from a prior "unclear" classification: the confirmed law bans cryptocurrency mining specifically (citing grid-overload/energy-security risk), not all crypto activity. Whether non-mining virtual-asset businesses have any licensing path (an earlier draft proposed Capital Markets Commission oversight) was not confirmed in the final text.

Last verified 2026-11-05 · Source: AngOp (Angola Press Agency); MariBlock (secondary reporting) (secondary)

Known gap: The law's official number and exact final-vote date (8 Dec 2023 approval vs. a reported Feb 2024 final vote) weren't confirmed; whether CMC oversight of non-mining activity survived into the final text is unresolved.

Bank of Sierra Leone · No dedicated legislation; a February 2021 public notice

BoSL notice states virtual currencies are not legal tender and no institution is licensed to deal in them; two crypto companies were banned in 2019.

Last verified 2026-11-05 · Source: web3compliance-ai (secondary aggregator); Bank of Sierra Leone 2021 notice as reported (secondary)

Known gap: No 2026-dated update found; current position may have evolved since the 2021 notice.

Central Bank of Liberia (CBL) · New Financial Institutions Act (crypto business treated as unlicensed under it)

No VASP licensing regime exists; a 2025 Monrovia policy forum discussed VASP supervision but produced no legislation.

Last verified 2026-11-05 · Source: Secondary reporting (songhaiadvisory, thenewdawnliberia) (secondary)

Known gap: cbl.org.lr not directly fetched.

Bank of Tanzania

Governor announced (13-14 July 2026) a completed study and that a framework covering crypto/stablecoins/virtual assets is being finalized; a 3% tax on non-resident crypto-platform payments to Tanzanians already exists under the Finance Act 2024.

Last verified 2026-11-05 · Source: cryptobriefing.com (secondary reporting) (secondary)

Known gap: No framework text exists yet to verify; tax rule exists independently of the pending licensing framework.

Bank of Uganda (BoU) · No dedicated legislation; BoU directive under the National Payment Systems Act

BoU bars NPS-licensed entities from facilitating crypto transactions (upheld by the High Court); no VASP is licensed, though BoU's sandbox has admitted a digital-asset firm and the Governor has urged a full regime.

Last verified 2026-11-05 · Source: BIS speech (bis.org); Monitor.co.ug; digitalmoneybox.com (secondary) (secondary)

Known gap: Court ruling's exact date unconfirmed; sources disagree on how restrictive the practical position is for individuals.

Bank of Zambia (BoZ) · BoZ circular (10 March 2026)

All virtual asset/crypto service providers (including stablecoin providers) ordered to register with BoZ by 27 March 2026; BoZ-regulated institutions barred from processing transactions with unregistered VASPs from 30 March 2026.

Last verified 2026-11-05 · Source: zambiamonitor.com; regalert.today (secondary) (secondary)

Known gap: BoZ's own circular text not directly fetched.

Financial Intelligence Unit (within the Reserve Bank of Zimbabwe) · Statutory Instrument 99 of 2026 (gazetted 10 June 2026)

First dedicated crypto framework; registration and supervisory regime for VASPs, with separate operational approvals from the RBZ or SEC reportedly possibly required depending on business model.

Last verified 2026-11-05 · Source: afriwise.com; mmmlawfirm.co.zw (secondary legal commentary) (secondary)

Known gap: S.I. 99 of 2026's own gazetted text not directly fetched; reported $500 annual fee and additional director/compliance-officer conditions not independently confirmed.

Central Bank of Egypt · Banking Law (2020)

2020 Banking Law bans crypto activity, reinforced by a religious fatwa deeming it forbidden; a claimed July 2025 law criminalizing all crypto activity could not be independently confirmed from an official source.

Last verified 2026-11-05 · Source: Secondary aggregator reporting (search results; unverified tracker claim) (secondary)

Known gap: The specific July 2025 criminalization law claim is unverified against any official Egyptian source.

Bank Al-Maghrib (BAM) · Draft legal and regulatory framework (published 8 May 2026)

2017 ban being walked back; BAM's May 2026 draft treats crypto-assets as a distinct financial-asset category manageable only by authorized providers, but it is not yet enacted, and a separate 2026 FX crackdown targets crypto holders.

Last verified 2026-11-05 · Source: en.hespress.com (secondary reporting) (secondary)

Known gap: Draft framework's enactment status not confirmed.

BaFin (with Deutsche Bundesbank) · MiCA (EU Regulation 2023/1114)

MiCA CASP authorisation now the sole route; Germany's own pre-MiCA KWG §1(1a) custody licence transition reportedly ended 31 December 2025.

Last verified 2026-11-05 · Source: Secondary legal/industry commentary (crassula.io, globallawexperts.com) (secondary)

Known gap: bafin.de not directly fetched; the 25 Oct 2027 vs. 31 Dec 2025 date distinction (EU-wide backstop vs. Germany-specific KWG cutoff) not independently reconciled.

AMF · MiCA; Ordonnance n° 2024-936 (repealed PACTE-era PSAN authorisation)

PSAN registration no longer authorises operation; MiCA CASP authorisation required since 1 July 2026 (30 Jun 2026 cited by one source).

Last verified 2026-11-05 · Source: CryptoSlate legal profile; KuCoin News; caceis.com (secondary)

Known gap: AMF's own communiqué and the Ordonnance's text not directly fetched; 30 Jun vs. 1 Jul 2026 deadline discrepancy unresolved.

AFM (licensing/conduct); DNB (prudential) · MiCA

Replaced the prior DNB-only crypto-service registration; Bitvavo reported as fully MiCA-CASP-authorised as of May 2026.

Last verified 2026-11-05 · Source: Legal500; Mondaq; copla.com (secondary)

Known gap: afm.nl not directly fetched; one aggregator source disputes whether AFM or DNB actually grants authorisation.

MFSA · MiCA (transitioned from the national VFAA)

VFA licence holders had a simplified Article 143(6) route to CASP authorisation; transition deadline reported as 1 July 2026 (30 Jun cited elsewhere).

Last verified 2026-11-05 · Source: BDO Malta; Legal500/Ganado Advocates; Chambers (secondary)

Known gap: mfsa.mt returned HTTP 403 on direct fetch, including for a specific MFSA 'Dear CEO' letter.

FINMA · Anti-Money Laundering Act (AMLA); Banking Act; FinTech licence; DLT Act

No standalone crypto licence; exchange/custody activity triggers AMLA financial-intermediary obligations, with separate banking/FinTech/DLT routes for bank-like activity.

Last verified 2026-11-05 · Source: FINMA press release, Guidance 01/2026 (fetched directly)

Known gap: Guidance 01/2026's own detailed PDF requirements not read as text.

FMA · TVTG (Blockchain Act, 2020); MiCAR via EEA Agreement (since Feb 2025)

Dual regime: TVTG for token-specific/infrastructure services, MiCA CASP authorisation (Article 63) for passportable crypto-asset services.

Last verified 2026-11-05 · Source: LCX; globallawexperts.com; Chambers (secondary)

Known gap: FMA's own site not directly fetched; no post-1-July-2026 guidance located.

CSSF · MiCA

CSSF is sole MiCA authority since a 2025 law; 18-month transition (30 Dec 2024 - 1 Jul 2026) has ended; Coinbase and Swissquote Bank Europe reported as CASP-authorised.

Last verified 2026-11-05 · Source: Elvinger Hoss; Deloitte Luxembourg; Scorechain (secondary)

Known gap: cssf.lu own register not directly checked.

GFSC (Gibraltar Financial Services Commission) · DLT Providers Regulations (transitioning from the earlier RFB Regulations)

A distinct, long-established DLT licensing regime (Revolut, Coinfloor, eToroX, Huobi among past/current licensees) -- outside Kaavon's 195-sovereign-state tax-guide scope per countries.ts's own documented decision.

Last verified 2026-11-05 · Source: Gibraltar Government press release 796/2026; FF News; Chambers (secondary)

Known gap: gfsc.gi (and its fsc.gi redirect target) returned HTTP 403 when fetched directly; no Kaavon tax-guide page exists for this non-sovereign territory.

CCAF (pending; currently no dedicated regulator named under Law 1.528) · Law no. 1.528 (2022); Bill No. 1131 (MiCA-aligned, filed 6 Aug 2026, not yet law)

Current regime requires VASP registration and AML programmes under Law 1.528; a pending bill would replace it with full MiCA-aligned licensing under a new regulator (CCAF).

Last verified 2026-11-05 · Source: Monaco Life; Riviera Radio; Bitcoin.com News (secondary)

Known gap: No official Monaco government text of Bill No. 1131 located; its legislative status as of November 2026 unconfirmed.

FME (Financial Supervisory Authority, within Central Bank of Iceland) · MiCA via the EEA Agreement

18-month ESMA-listed grandfathering period; one firm (Myntkaup ehf.) reported authorised 25 June 2026.

Last verified 2026-11-05 · Source: ESMA grandfathering-periods list; globallawexperts.com

Known gap: Icelandic FME's own site not fetched; the Myntkaup authorisation date is single-sourced.

Finanstilsynet · MiCA via the EEA Agreement

12-month ESMA-listed grandfathering period reportedly prolonged beyond mid-2026; exact current end date unconfirmed.

Last verified 2026-11-05 · Source: Schjødt; ESMA grandfathering-periods list (secondary)

Known gap: The Schjødt article's own extended end-date was not readable from the search snippet; Finanstilsynet's own site not fetched.

Finansinspektionen (FI) · MiCA

FI's own site, fetched directly, confirms its general licensing-application process but has no crypto-specific CASP page or CASP count; the reported 9-month national transition period wasn't independently confirmed.

Last verified 2026-11-05 · Source: Finansinspektionen's own licensing pages (read directly)

Known gap: FI's own site has no crypto-specific CASP application page or CASP count; exact national transition dates unconfirmed against FI's own site.

Finanstilsynet (Danish FSA) · MiCA

3 CASP authorisations reported as of mid-2026 (single secondary source); Finanstilsynet's own English site returned an error on direct fetch.

Last verified 2026-11-05 · Source: dreiststorgaard.dk; secondary Nordic MiCA trackers (secondary)

Known gap: Figure not cross-checked against ESMA's CASP register; Finanstilsynet's own site returned an error (404) on direct fetch.

Finanssivalvonta (FIN-FSA) · MiCA

Confirmed directly from FIN-FSA's own 30 June 2026 release: Finland had NO national transitional period at all (correcting a prior pass's wrong '6-month, ended 30 June 2025' claim) -- the general EU-wide 1 July 2026 deadline applied instead.

Last verified 2026-11-05 · Source: FIN-FSA's own news release, read directly

Known gap: FIN-FSA's own CASP count and application process weren't independently fetched.

FSMA (authorisation) and National Bank of Belgium (split under a Dec 2025 law) · MiCA; Law of 11 December 2025

Confirmed directly from the FSMA's own 25 June 2026 press release (read in full): as of that date, no CASP held an authorisation granted by the FSMA, just days before the 1 July 2026 deadline.

Last verified 2026-11-05 · Source: FSMA's own press release, read directly in full

Known gap: The FSMA's current (post-deadline) CASP count and application process weren't independently fetched.

FMA (Austria) · MiCA

Grandfathering reportedly ended 31 December 2025; 9 CASP authorisations reported granted by May 2026, with ~136 EU/EEA-passported CASPs also serving Austrian clients; fma.gv.at returned HTTP 403 on direct fetch.

Last verified 2026-11-05 · Source: Tangem; secondary MiCA trackers (secondary)

Known gap: fma.gv.at returned HTTP 403 on direct fetch; the 9-authorisation and 136-passported figures remain single-source and unverified.