VASP Licence
Virtual Asset Service Provider
A VASP licence — Virtual Asset Service Provider authorisation — is the standard route for crypto businesses whose market sits outside the EU and EEA. Eleven jurisdictions, from an 8 000 USD entry in Georgia to the DIFC/ADGM flagship in Dubai. Below: cost, timeline, banking difficulty and regulator profile for each.
What is a VASP licence?
A Virtual Asset Service Provider (VASP) licence authorises a business to provide cryptocurrency and digital asset services under national AML/CFT legislation aligned with FATF standards.
- VASP is the general term used by FATF Recommendations and adopted by most non-EU jurisdictions.
- Unlike MiCA, VASP licences are jurisdiction-specific — there is no cross-border passporting.
- VASP scope typically covers exchange, custody, transfer, participation in ICOs and advice.
- UAE (VARA/CBUAE), Dubai (DIFC/ADGM), Gibraltar, Philippines and others each have distinct VASP regimes.
- A VASP licence does not grant rights to serve EU/EEA clients — a MiCA CASP licence is required for that.
A VASP licence from an offshore jurisdiction does not authorise EU/EEA client servicing. Businesses targeting EU retail clients must obtain MiCA CASP authorisation.
Who needs a VASP licence
You need a VASP licence if you provide exchange, custody, transfer or brokerage services in a jurisdiction that regulates virtual assets outside the EU framework. The split below separates the models the route serves well from the ones where it is the wrong instrument.
Best for
- Businesses targeting non-EU markets: Middle East, Asia, Americas, offshore.
- Exchanges or custodians that need a fast, cost-effective regulated base outside the EU.
- Businesses with a global client base that do not target EU retail specifically.
- Operators seeking a pragmatic offshore VASP to enable institutional banking relationships.
Not for
- Businesses whose primary market is the EU/EEA — consider MiCA CASP instead.
- Businesses that need a passportable licence across multiple jurisdictions.
- Projects seeking the highest-reputation licence (EU, Swiss) for institutional counterparties.
- Operators with complex securities-like token activity without prior legal review.
VASP licence cost and timeline by jurisdiction
VASP licence cost and timeline vary widely by jurisdiction — from 8 000 USD and two months in Georgia to 30 000 USD and six months in Dubai. Side-by-side on cost, timeline, banking difficulty and reputation.
Related routes
EU/EEA market access with passporting across 30 countries.
Switzerland or Gibraltar DLT — premium regime for institutional-grade operations.
Hong Kong regulated virtual asset trading platform — high-reputation Asia route.
Bermuda or Bahamas full-spectrum digital asset business licence.
Frequently asked questions about VASP licensing
VASP stands for Virtual Asset Service Provider — the term defined by FATF Recommendations that most national AML/CFT frameworks adopt when regulating crypto businesses.
Generally no — a VASP licence from a non-EU jurisdiction does not grant authorisation to serve EU/EEA retail clients. Businesses targeting EU clients need MiCA CASP authorisation from an EU member state.
Georgia and Seychelles are typically the fastest, with timelines of 2–3 months. Dubai DIFC/ADGM and Gibraltar are more thorough and take 4–8 months.
Exchange services are one category within the VASP scope. A VASP licence typically authorises exchange, custody, transfer, ICO participation and advice — but exact scope varies by jurisdiction.
This information is for general guidance only and does not constitute legal or regulatory advice.