Guides · Crypto
Crypto licence types
Same product idea, different nouns on the file. Decks say “licensed.” Registers are more precise.
Covers exchange, custody, transfer, brokerage, and related cryptoasset services — not token prices. Deep dives: MiCA · UK dual track · Glossary.
The types you’ll hear
Many seats
VASP
Virtual asset service provider — FATF-era / national label. Not identical to MiCA CASP.
Varies by seat
EU
CASP
MiCA crypto-asset service provider. Activity-specific authorisation + host notifications.
Authorisation
UK
MLR registration
AML/CTF registration for in-scope cryptoasset business. Gateway — not product authorisation.
Registration
UK
FSMA crypto authorisation
Incoming product / regulated-activity track. Not an automatic upgrade from MLR.
Authorisation · incoming
UAE
VARA VASP licence
Dubai onshore virtual-asset activities. Not CBUAE payments; not free-zone by default.
Licence
Singapore
DPT service
Digital payment token under the Payment Services Act — check class on MAS FID.
Licence class
US
FinCEN MSB
Federal registration often used by crypto firms. Still need the state licence story.
Registration
US
BitLicense / state MTL
NY virtual currency licence and/or state money transmitter — the hard part of “US licensed.”
Licence
EU
ART / EMT issuer
MiCA stablecoin / e-money token issuer rules — related to, not the same as, CASP services.
Issuer regime
South Africa
FSCA CASP / FSP
Crypto as a financial product under FAIS. Not a payment-rail or EU/US passport.
Licence
What each seat usually means
United Kingdom
Today: MLR registration. Incoming: FSMA crypto authorisation. “FCA registered” is not “licensed exchange” until the string says so.
European Union
CASP is activity-specific. Passport via notifications. White paper rules for many offers and admissions.
United Arab Emirates
VARA vs ADGM/DIFC vs offshore marketing. CBUAE is the payment seat — don’t mash them.
Singapore
DPT inside the PS Act family. Confirm licence class and DPT in scope on MAS FID — not just “MAS approved.”
United States
FinCEN MSB + state MTL grid (+ BitLicense if NY). Activity can also touch SEC/CFTC — don’t stop at the federal stamp.
South Africa
FSCA FAIS crypto / CASP pathway. Parse category and crypto scope — and FIC where AML applies.
Traps
- “FCA registered crypto” Often MLR only — not FSMA authorised.
- “EU licensed” Confirm MiCA CASP + service list + host notifications.
- “Dubai licensed” VARA, free zone, or marketing?
- “US licensed MSB” Demand the state grid.
- VASP = CASP Related ideas, different instruments.
One check this week
Export the live register (≤7 days old). Match legal name and authorised activities to the seller deck. Circle every word the deck softens.
Next: Payment licence types · MiCA guide · Buy-side checklist
Not legal advice. Not a jurisdiction-shopping guide. Verify the live register; instruct local counsel.