Crypto License Comparison

Who This Service Fits

Exchange, custody, and transfer operators can seek application support. Brokerage, advice, portfolio management, and payment processing need individual assessment. Token issuance and derivatives require separate analysis. Cryptocurrency use alone does not require licensing.

Regulatory Routes

Types of Crypto Services and Who Needs Them

Required permissions depend on the service, jurisdiction, and whether you handle customer assets. Operating without custody does not automatically remove licensing duties. A business combining several services may need several permissions, rather than one license covering every activity.

Derivatives and token issuance follow the rules applicable to the instrument and jurisdiction. They may require permissions beyond crypto service authorization.

Our Scope of Work

Gofaizen & Sherle provides

• jurisdiction assessment
• activity mapping
• corporate coordination
• application documents
• AML and CFT
• governance
• agreed regulator communication
• ongoing support.

You supply accurate ownership and operating evidence. Authorities decide applications.

Pricing Factors

The quote should separate professional fees, government fees, third-party expenses, and ongoing costs. Required capital or other financial safeguards are separate from the service price. Agree what the selected service includes and excludes.

Information to Prepare

To assess ownership and structure, provide:

• founders
• ultimate owners
• directors
• existing entities
• funding sources.

Products, founder/customer countries, fiat/asset flows, and volumes help identify permissions. Technology, policies, the business plan, and prior filings show remaining work.

Timing Dependencies

Client evidence, company setup, local presence, and documentation affect preparation; some work can overlap. Authority review and corrections have a separate timetable. Banking follows the provider’s review.

Global Regulatory Framework

No license grants worldwide permission. Local law determines market reach. Payments, securities, or issuance can need additional permissions.

For example, BCR registration comes before the relevant SSF procedures. A registration receipt alone does not authorize operation.

Current Regulatory Status

Canada requires AML registration for money services businesses (MSBs), including foreign MSBs targeting and serving Canada.
In Montana, federal MSB registration applies, while the state does not require a money-transmitter license.
Costa Rica also has a statutory AML registration requirement.
Panama’s financial permissions depend on the services provided.
El Salvador has separate regimes for digital asset and Bitcoin service providers. Digital asset service providers (DASPs) require registration and authorization to operate. Bitcoin service providers (BSPs) are subject to Bitcoin registration and supervision under a distinct regime.
In the EU, crypto-asset service providers need authorization under the Markets in Crypto-Assets Regulation (MiCA). The transition period has ended.
Switzerland uses affiliation with a self-regulatory organization for AML supervision.

Ongoing Responsibilities

Canada
The MSB/FMSB must perform risk-based ongoing monitoring of established customer relationships under Canada’s anti-money laundering law (PCMLTFA) and regulations.

Switzerland
The intermediary must identify customers and beneficial owners when establishing relationships under the Anti-Money Laundering Act (AMLA).

Costa Rica
Covered providers must report suspicious and attempted transactions confidentially, without delay, to UIF/ICD under Law 7786 Article 15 quater, added by Law 10961.

Montana (US)
The MSB’s designated compliance person oversees its continuing written AML program under the BSA and 31 CFR 1022.210.

Panama
Where regulated remittances are included, the company must maintain AML controls and submit required operational reports under Law 23/2015 and remittance-sector rules.

Banking Readiness

Providers assess status, ultimate owners, funding sources, flows, countries, counterparties, and volumes. Gofaizen & Sherle prepares agreed evidence. The bank or payment provider decides whether to accept the business.

Tax Considerations

Compare residence and income-source rules, corporate tax, value-added/goods-and-services taxes, local operations, payroll, and token/transaction treatment. Check each exemption’s conditions against your business before relying on it.

Compare Regulatory Routes