Find the right licence route for your regulated business
Compare licence routes for fintech, payments, e-money, banking, crypto, trading and online gaming businesses before choosing jurisdiction, entity setup and application strategy.
At a glance
Licence route families
Each family covers a distinct regulatory framework. Select a route to see scope, jurisdiction requirements, costs and timelines.
Authorised to provide payment services across the EEA under PSD2. Covers account information, payment initiation, money remittance and card-based services.
Issues electronic money and provides associated payment services. Broader scope than a PI — the EMI may hold client funds as e-money floats.
Full credit institution authorisation under CRD5/CRR2. Enables deposit-taking, lending, FX and the widest range of payment and investment services.
Covers currency exchange, money transmission and cheque cashing under local AML registration schemes. Common entry route in the UK, Canada and USA.
Distributed-ledger and tokenisation routes for infrastructure, tokenised market rails and specialist DLT operating models. Separate from the crypto route catalogue.
Permits online casino, sports betting, poker and lottery operations in regulated markets. Jurisdiction choices range from Malta and Gibraltar to Isle of Man.
MiFID II authorisation to operate trading platforms, execute client orders, deal on own account and provide investment advice on financial instruments.
Full suite of individual crypto licence routes: VASP, MSB crypto, DLT provider, MiCA CASP and jurisdiction-specific registrations.
How route pages are structured
Every route and jurisdiction page follows the same structure so you can compare across licence families without missing critical information.
Regulator scope
What activities the regulator covers and what it does not.
Costs and timelines
Application fees, state fees, share capital and typical processing time.
Banking feasibility
Assessed difficulty of obtaining a corporate bank account in or connected to the jurisdiction.
Passporting
Whether the route grants cross-border access or is limited to one market.
Substance requirements
Local director, compliance officer, physical office and staffing expectations.
Risk and reputation
Regulatory standing of the jurisdiction, FATF status and correspondent banking relationships.
We do not make claims about guaranteed approval, fastest processing or best jurisdiction. All content is informational.
How to choose a route
No single framework fits every business. The right route depends on where you plan to serve clients, what services you offer and what regulatory expectations you can meet.
Target market
EU/EEA client-facing businesses generally need an EEA-passported authorisation (PI, EMI, CASP, MiFID). Non-EU markets use jurisdiction-specific registrations.
Activity scope
Payment initiation, e-money issuance, crypto custody, deposit-taking and order execution each sit in different licence categories. Confirm which services your model includes.
Licence vs registration
Some routes are full authorisations; others are AML or compliance registrations. A registration does not grant the same operational rights as a licence.
Passporting
PI, EMI, MiCA CASP and MiFID licences provide EU/EEA passporting. MSB, gambling and other routes are single-jurisdiction — a separate authorisation is needed per market.
Banking and PSP feasibility
Obtaining a corporate bank account is a separate question from obtaining a licence. Difficulty varies by licence type and jurisdiction.
Substance and timeline
Most regulators require local directors, compliance staff and physical presence. Application timelines range from 2 months (MSB) to 36 months (banking).
Common starting points
EU/EEA payment services
Send money and initiate payments for EU clients
E-wallets and prepaid cards
Issue electronic money across the EEA
Crypto exchange or custody
MiCA CASP or jurisdiction-specific crypto routes
Online casino or sportsbook
B2C and B2B gambling operator authorisation
Trading platform or investment advice
MiFID II investment firm authorisation
Not sure of your route
Start with the full route catalogue and comparison matrix
About Tangle Solutions
A specialist licensing practice built for regulated industries
Tangle Solutions is a regulatory consultancy focused exclusively on financial technology, regulated financial services, crypto and online gaming licensing. We do not operate as a law firm — we work alongside legal counsel to deliver the operational and regulatory intelligence that application processes demand.
Exclusive focus on licensing
Every engagement we take on is a licensing mandate. We do not dilute attention across broader consulting disciplines.
Regulatory intelligence across jurisdictions
Our team tracks supervisory expectations in the EEA, UK, Isle of Man, Malta, Gibraltar, Canada, USA and emerging markets.
Integrated compliance and governance
We deliver the full stack: entity setup, AML programme, compliance officer placement, board advisory and post-authorisation monitoring.
Realistic timeline expectations
We provide timelines derived from actual application experience, not marketing estimates. Clients know what to expect before they engage.
Our Team
The specialists behind your licence
Our multidisciplinary team of lawyers and legal assistants brings deep expertise in financial regulation across Estonia, Lithuania, and the broader EU — so your application is handled by people who know every nuance of the process.
Tangle Solutions — Tallinn office
Enrico Kärvinen
CEO
Rein Tammik
Director of Legal Affairs
Jurata Žukaitė
Lawyer
Andrej Kazlauskas
Legal Assistant
Marta Värna
Lawyer
Katrin Lepik
Lawyer
Inga Stankavičiūtė
Legal Assistant
Start with the licence route overview
Compare all route families and find the licence that matches your business model, target market and regulatory risk tolerance.
Ready to find the right licence for your business?
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Dedicated licence specialist
Your case is handled by a specialist in the relevant jurisdiction.
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First call includes a no-obligation fit assessment for your project.
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