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Argentina licenses virtual asset service providers under Law 27,739, with the CNV running the PSAV register and the UIF enforcing AML obligations.

Bermuda licenses digital asset business under the Digital Asset Business Act 2018 in Class F, M or T, supervised by the Bermuda Monetary Authority.

Brazil licenses virtual asset service providers under Law 14,478/2022 and BCB Resolutions 519-521/2025, with the Banco Central do Brasil as supervisor.

The BVI regulates crypto businesses under the Virtual Assets Service Providers Act 2022, requiring registration with the Financial Services Commission (FSC).

Canada has no single crypto licence. Digital-asset businesses face FINTRAC MSB registration, CSA/CIRO securities oversight and the new federal Stablecoin Act.

The Cayman Islands runs a dedicated VASP regime under the Virtual Asset (Service Providers) Act, with CIMA licensing custody and trading platforms.

Chile regulates cryptoasset business under the Fintec Law (No. 21,521) and CMF NCG 502, with CMF authorisation and UAF supervising AML obligations.

Colombia has no general VASP licence. Providers report to the UIAF under Resolution 314/2021, and the SFC has not authorised supervised entities to custody crypto.

Curaçao completed a comprehensive gambling reform in December 2024. The LOK replaced the old master-license system. The CGA (formerly GCB) issues direct B2C, B2B and Nonprofit licences. No domestic crypto licensing regime.

Latin America's most permissive crypto regime. CNAD licenses DASPs and BSPs under LEAD 2023 with 0% corporate tax on digital-asset activities. LNB issues unified gambling licences under the 2021 Organic Law.

Mexico has no general VASP licence. Banxico Circular 4/2019 limits banks and fintechs to internal crypto use, while non-financial providers fall under LFPIORPI AML rules.

Panama has no cryptoasset-specific statute. A 2021 bill was voided by the Supreme Court, leaving no special crypto legislation in force.

The Bahamas operates a dedicated digital asset regime under the DARE Act 2024, administered by the Securities Commission of The Bahamas (SCB).

The United States has no single crypto licence. Providers face FinCEN MSB, SEC, CFTC and OFAC rules, the GENIUS Act stablecoin regime, plus state licences like the NY BitLicense.

Full MiCA jurisdiction supervised by the Austrian Financial Market Authority (FMA). The Oesterreichische Nationalbank handles certain token, banking and payment-system matters.

Full MiCA jurisdiction. The FSMA licenses stand-alone crypto-asset service providers, while the National Bank of Belgium covers banks, e-money and payment institutions.

Full MiCA jurisdiction under the Bulgarian Markets in Crypto-Assets Act. The FSC licenses stand-alone CASPs and the Bulgarian National Bank covers e-money tokens.

Full MiCA jurisdiction. HANFA is the main authority for ordinary CASPs, and the Croatian National Bank handles asset-referenced and e-money token matters.

Full MiCA jurisdiction. CySEC licenses stand-alone CASPs and Article 60 notifications, while the Central Bank of Cyprus covers credit, e-money and payment institutions.

Full MiCA jurisdiction. The Czech National Bank is the sole competent authority, and the former unqualified-trade route for crypto services has ended.

Full MiCA jurisdiction supervised by the Danish FSA (Finanstilsynet). Not a light-touch regime: Danish presence, local management and operational control are central licensing issues.

Full MiCA jurisdiction under the Estonian Market in Crypto-Assets Act. Finantsinspektsioon licenses CASPs, and the former FIU VASP regime is transitional only.

Full MiCA jurisdiction supervised by the Finnish Financial Supervisory Authority (FIN-FSA). The former Finnish virtual-currency provider registration regime has been repealed.

Full MiCA jurisdiction. The AMF licenses standard CASPs, with the ACPR covering AML/CFT, sanctions and prudential matters. The former DASP regime is now transitional.

Full MiCA jurisdiction supervised by BaFin under the German KMAG and Financial Market Digitalisation Act. The pre-MiCA German grandfathering period has expired.

Full MiCA jurisdiction under Greek Law 5193/2025. The HCMC licenses standard CASPs and the Bank of Greece covers credit, e-money, payment institutions and certain token matters.

Full MiCA jurisdiction supervised by the Magyar Nemzeti Bank (MNB) under Act VII of 2024. A separate SZTFH conversion-validation regime applies to exchange services.

Iceland regulates crypto activity as an AML matter. VASPs must register with the Central Bank of Iceland under the 2018 anti-money-laundering Act, not obtain a full financial licence.

Full MiCA jurisdiction supervised by the Central Bank of Ireland under the EU (Markets in Crypto-Assets) Regulations 2024. The former Irish VASP AML registration is not equivalent.

Full MiCA jurisdiction under Legislative Decree 129/2024. Dual-authority model: Consob authorises specialised CASPs after a Bank of Italy opinion. Transition backstop: 30 June 2026.

Full MiCA jurisdiction supervised by Latvijas Banka, which is also the Latvian AML authority for CASPs. The former AML-supervised virtual-asset regime has expired.

Full MiCA jurisdiction via the EEA-MiCA-Implementation Act, in force 1 February 2025. The Financial Market Authority (FMA) is sole competent authority for licensing and supervision.

Full MiCA jurisdiction supervised by the Bank of Lithuania, with FNTT covering AML. A high-substance regime: empty shell companies will not be tolerated.

Full MiCA jurisdiction. CSSF is the competent authority for CASP authorisation, Article 60 notifications, MiCA supervision and Transfer of Funds Regulation enforcement.

Full MiCA jurisdiction. MFSA is the competent authority for CASP authorisation and supervision; FIAU handles AML/CFT. The legacy VFA framework is now transitional only.

Full MiCA jurisdiction. AFM is the main regulator for CASP authorisation; DNB handles prudential supervision and ART/EMT issuers. The Dutch transitional regime has expired.

Full MiCA jurisdiction under the Kryptoeiendelsloven, in force 1 July 2025. Finanstilsynet supervises, with a transitional window for registered providers until 30 December 2025.

Polish MiCA implementation is incomplete. KNF has not been formally designated as competent authority for CASPs. Providers needing an EU licence now should look elsewhere.

Full MiCA jurisdiction with a dual-authority model. Banco de Portugal leads on CASPs, prudential matters, ARTs and EMTs; CMVM covers offers, market abuse and conduct rules.

Romanian MiCA implementation is not yet operational. ESMA lists Romania as 'to be announced'; a draft ordinance would split competence between ASF and BNR but is not yet law.

Full MiCA jurisdiction. The National Bank of Slovakia (NBS) is the competent authority for CASP authorisation, Article 60 notifications and supervision. High-substance regime.

Full MiCA jurisdiction with a split-authority model. ATVP authorises and supervises CASPs; Banka Slovenije handles e-money tokens and related EMI services. Transition has expired.

Full MiCA jurisdiction with a dual-authority model. CNMV authorises and supervises CASPs (Titles II, V, VI); Banco de España covers ARTs, EMTs and PSD2 overlap (Titles III, IV).

Full MiCA jurisdiction supervised by Finansinspektionen (FI). Legacy transition is closed to late entrants; only pre-MiCA providers who applied before 1 October 2025 may continue.

Albania has one of the region's earliest dedicated crypto frameworks — Law No. 66/2020 on Financial Markets Based on Distributed Ledger Technology (in force 1 September 2020), with five licence types issued by AFSA together with NAIS/AKSHI for technology certification. Payments and e-money are regulated by the Bank of Albania under Law No. 55/2020 on Payment Services (PSD2 transposition; open banking live from November 2024). Gambling was near-totally banned from 1 January 2019 under amendments to Law No. 155/2015 — only 5-star-hotel casinos, TV bingo and the national lottery survived — until Law No. 18/2024 reintroduced regulated online sports betting (max 10 licences).

Law on Crypto-Assets adopted 29 May 2025, in force 4 July 2025 — MiCA-modelled. CBA is sole licensing regulator; minimum capital ~USD 30k–530k. Gambling regulated by Ministry of Finance with State Revenue Committee supervision; land-based casinos restricted to four zones; consolidated Law on Regulation of Gambling Activity due to enter force by end-2026.

No crypto law in force as of May 2026; CBA co-authoring a draft virtual asset law (supervisory + sandbox), expected since end-2025 under the 2024–2026 financial market development strategy. Gambling banned since 1998; narrow exceptions for Azerlotereya (state lottery) and Topaz (sports betting monopoly). January 2026 law permits casinos only on artificial islands in the Caspian Sea.

Crypto regulated through Decree No. 8 of 2017 (effective 2018) under the High-Tech Park regime, extended to 1 January 2049. Decree No. 19 of 16 January 2026 establishes licensed "crypto banks" — HTP-resident joint-stock companies under dual National Bank / HTP regulation. Gambling regulated by the Ministry of Taxes and Duties under the Law on Gambling Business and Decree No. 305 of 2018; online gambling legal since April 2019.

No dedicated crypto licence; virtual-asset and crypto-asset platforms became AML obligated entities under the state Law on the Prevention of Money Laundering and Financing of Terrorist Activities (Official Gazette of BiH No. 13/24, in force 28 February 2024). Payments and e-money are entity-level — Republika Srpska's Law on Electronic Money (OG RS No. 1/24, applicable from 4 July 2024) supervised by ABRS. Gambling is entity-split: FBiH (2015), RS (2019, OG RS 22/19) and Brčko District (2022).

Three transparent tracks: NBG registers VASPs and licenses payment service providers; Revenue Service issues gambling licences under the 2005 Gambling Law, with a 5% GGR rate for foreign-only operators.

The Gibraltar Financial Services Commission authorises DLT and virtual asset providers under the Financial Services Act 2019. Part 7 permission requires local substance.

The Guernsey Financial Services Commission licenses VASPs under Part III of the Lending, Credit and Finance regime. Activity is restricted to institutional and wholesale clients.

The Isle of Man Financial Services Authority registers VASPs under the Designated Businesses Act 2015 and AML/CFT Code. The regime is AML-focused, not full prudential licensing.

The Jersey Financial Services Commission registers VASPs as Schedule 2 businesses under its AML/CFT regime. Token issuance follows a separate JFSC consent process.

No crypto law in force as of May 2026. First MiCA-aligned framework drafted by Ministry of Finance + BNM + CNPF + SPCSB, planned for enactment by end-2026. Gambling near-total state monopoly under Law 291/2016; only land-based casinos open to private operators (foreign ownership capped at 49%).

Montenegro adopted its first-ever crypto-asset framework on 28 February 2025 as amendments to the AML law (a CASP registration model, not a standalone licence), with the Capital Market Authority as registry/regulator and the Central Bank (CBCG) in a supporting AML role. Payments and e-money are regulated by the CBCG under the PSD2-aligned Payment System Law (in force 8 October 2023); Montenegro joined SEPA in 2024–2025. Gambling is legal and licensed under the New Games of Chance Act (adopted 31 July 2025), which replaced the concession model with an approval-based licensing regime; online gambling is available only to land-based special-games licensees. Montenegro unilaterally uses the euro.

North Macedonia has no dedicated crypto law; virtual assets sit in a legal grey zone, captured only by the AML/CFT Law (Official Gazette 4 July 2022, transposing EU Directive 2018/843), with MiCA-aligned draft legislation in development. Payments and e-money are regulated by the National Bank under the Law on Payment Services and Payment Systems (Official Gazette No. 90/2022, in force 1 January 2023, transposing PSD2/EMD2). Gambling is legal and licensed under the Law on Games of Chance and Entertainment Games (Ministry of Finance), with casinos, betting shops and slot clubs licensed and lottery/online a state monopoly; significant 7 February 2024 amendments tightened the regime.

One of the few full crypto licensing regimes in Europe outside the EU/EEA. NBS licenses virtual-currency DASPs and the Securities Commission licenses digital-token DASPs under the Law on Digital Assets 2020. Gambling under the Games of Chance Administration.

FINMA regulates crypto activity through technology-neutral financial-market laws. Routes include AMLA SRO affiliation, fintech licence, banking authorisation and DLT trading facility.

Ukraine has three licensing tracks: gambling under PlayCity, payments under the NBU, and crypto pending the second reading of Bill 10225-d. Each track has its own regulator.

The FCA currently registers cryptoasset firms under the MLRs 2017. The FSMA (Cryptoassets) Regulations 2026 introduce full authorisation, with applications opening 30 September 2026.

The Central Bank of Bahrain licenses crypto-asset services under Volume 6 of the CBB Rulebook, covering four CRA categories, the 2025 Stablecoin Issuance Module and AML rules.

Dubai's Virtual Assets Regulatory Authority (VARA) licenses all virtual asset activity carried on by way of business, unless an exemption applies.

Dubai's Virtual Assets Regulatory Authority (VARA) is the sole regulator for virtual asset activity across Dubai under Law No. 4 of 2022, excluding the DIFC. All VASPs must be VARA-licensed.

Israel's Capital Market, Insurance and Savings Authority licenses virtual-currency businesses as financial asset service providers. Virtual currency is treated as a financial asset.

Kuwait enforces an "absolute prohibition" on virtual assets — crypto payments, investment, services/licensing and mining are banned by coordinated 17 July 2023 circulars from the Central Bank of Kuwait, the Capital Markets Authority, the Insurance Regulatory Unit and the Ministry of Commerce. Electronic payments and e-money are regulated by the Central Bank of Kuwait under Resolution No. 45/471/2023 (replacing the 2018 instructions), within Law No. 20 of 2014 on electronic transactions. Gambling is comprehensively prohibited under the Kuwaiti Penal Code (Law No. 31 of 1970) and Islamic Sharia law; there is no regulator or licence.

Oman has no enacted standalone crypto law yet, but the Capital Market Authority (now Financial Services Authority) is actively building a Virtual Assets Regulatory Framework — announced February 2023, with public consultations in 2023 and a finalising consultation in 2025 — to license all VASP categories; crypto is currently captured by AML/CFT rules (Royal Decree No. 30 of 2016) and CMA Decision No. E/35/2023. Payments and e-money are regulated by the Central Bank of Oman under the National Payment Systems Law (Royal Decree No. 8/2018) and its 2019 Executive Regulation. Gambling is comprehensively prohibited under the Basic Law (Sharia basis) and the Omani Penal Law; there is no regulator or licence.

The QFC Digital Assets Framework (2024) licenses tokenisation and investment tokens via the QFCRA. QCB covers mainland banking and payments; QFMA covers tokenised securities.

Restrictive jurisdiction. No retail VASP licence; SAMA licenses Payment Service Providers under the Law of Payments and Payment Services. Gambling is fully prohibited under Sharia.

Turkey's Capital Markets Board licenses crypto-asset service providers under Law No. 7518 and 2025 communiqués. MASAK handles AML; TCMB enforces the payment-use ban.

The UAE splits virtual-asset oversight between SCA federally, CBUAE for payment tokens, Dubai's VARA, ADGM FSRA and DIFC DFSA. Groups often need multi-regulator analysis.

Algeria is not a crypto or private iGaming licensing jurisdiction. The viable regulatory routes are in financial services, under the Bank of Algeria.

CEMAC member with no national crypto law; crypto effectively prohibited for regulated financial institutions under regional COBAC Decision D-2022/071 of 6 May 2022, and BEAC reaffirmed opposition in January 2024. Payments and e-money regulated regionally under CEMAC Regulation No. 04/18/CEMAC/UMAC/CM/COBAC of 21 December 2018 (in force 1 January 2019), authorised by the national monetary authority on COBAC approval. Gambling (casinos, sports betting, lotteries, raffles) is legal and licensed under general law via the ministries of commerce and finance, with no dedicated regulator and online in a legal grey area.

No enacted crypto or virtual-asset law — a draft Digital Assets Bill remained in inter-ministerial/parliamentary review through 2025–2026. Payments and e-money are licensed by the Banque Centrale du Congo under Instruction No. 24 of 11 November 2011 (EMI minimum capital US$2.5m), with Instruction No. 58/2024 mandating mobile-money/payment-network interoperability. Gambling is split between the Ministry of Finance, the Ministry of Sports and Leisure and the state lottery SONAL (established by 1984 ordinance), with no enacted online regime.

Crypto prohibited under Article 206 of Law No. 194 of 2020. Payments licensed by the CBE under the comprehensive 2025 PSP/PSO Rules. Gambling is criminalised for Egyptian citizens but legal at licensed land-based casinos for non-Egyptian passport holders only.

Crypto legalised 30 December 2025 with the Virtual Asset Service Providers Act (Act 1154). Dual-regulator: BoG (payments/stablecoins) + SEC (exchanges/custody/tokens). Gambling under Gaming Act 2006 with five licence classes via the Gaming Commission.

Kenya has three separate licensing tracks: crypto (VASP Act 2025), regulated financial services (CBK/CMA), and gambling (Gambling Control Act 2025). Each has its own regulator and timeline.

Libya bans cryptocurrency — the Central Bank of Libya declared virtual currencies illegal in 2018 and enforcement continues (2025 mining prosecutions); no national crypto law. Payments and e-money are controlled solely by the Central Bank of Libya under Banking Law No. 1 of 2005 (amended Law No. 46 of 2012; interest prohibited Law No. 1 of 2013) via the National Payments Council. Gambling is criminally prohibited under Penal Code Articles 492–495 and, for online, Article 31 of Cybercrime Law No. 5 of 2022. Politically divided jurisdiction with significant sanctions and country-risk exposure.

Mali is a WAEMU member with no domestic crypto law; crypto sits in a legal grey zone and the only tangentially applicable instrument is BCEAO Instruction No. 008-05-2015 on electronic-money issuers (AML/CFT). Payments and e-money are regulated regionally by the BCEAO under Instruction No. 008-05-2015 and Instruction No. 001-01-2024 (in force 23 January 2024; PI and EMI categories; transition extended to 31 August 2025), licensed country-by-country. Gambling is state-controlled: PMU-Mali (created 1994; absorbed the national lottery LONAMA in 2003) is the sole authorised betting/lottery operator, and casinos are legal in 5-star hotels under Law No. 96-021 of December 1995; online unregulated. Acute post-2021 political-transition and announced ECOWAS-exit context.

Mauritania has no specific crypto law; cryptocurrencies are not legal tender, the Banque Centrale de Mauritanie (BCM) has warned about crypto risk, and Islamic-finance principles shape the regulatory approach (the BCM is exploring a "digital ouguiya" CBDC with Giesecke+Devrient from April 2024). Electronic payments are regulated by the BCM under the June 2021 electronic-payment-services law, with the GIMTEL national switch and growing mobile money. Gambling is comprehensively prohibited as Mauritania is an Islamic Republic whose legal system is based on Sharia; there is no regulator, statute or licence.

One of few African jurisdictions with live licensing across crypto (FSC under VAITOS), banking and payments (Bank of Mauritius), and remote betting and digital gaming (GRA).

Morocco is in transition: from the November 2017 prohibition of crypto transactions to Draft Bill 42.25 (November 2025) proposing AMMC-licensed CASPs and BAM-regulated stablecoins, MiCA-aligned but not yet enacted. Gambling is legal under Dahir No. 1-65-206 of 1966 via state monopolies.

WAEMU member with no domestic crypto law; crypto sits in a legal grey zone and the only tangentially applicable instrument is BCEAO Instruction No. 008-05-2015 on electronic-money issuers (AML/CFT). Payments and e-money regulated regionally by the BCEAO under Instruction No. 008-05-2015 and the new Instruction No. 001-01-2024 (effective 23 January 2024; PI and EMI categories; transition ended 1 May 2025), licensed country-by-country. Gambling is a state monopoly run by the National Lottery of Niger (LONANI); no private-operator licensing and online unregulated. Acute post-2023 political-transition and announced ECOWAS-exit context.

Nigeria is not a one-regulator jurisdiction. Crypto falls under SEC, payments under CBN, and iGaming is state-level. The correct path depends on your exact product.

No national crypto law; IMF lists Republic of Congo among CEMAC states with effective crypto bans; COBAC Decision of May 2022 prohibits banks, microfinance and payment institutions from facilitating crypto transactions. Payments and e-money regulated regionally under CEMAC Regulation No. 04/18/CEMAC/UMAC/CM/COBAC of 21 December 2018 (in force 1 January 2019), authorised by the national monetary authority on COBAC approval. Gambling consolidated under national Law No. 37-2024 of 12 December 2024, alongside the state lottery operator COGELO under the Ministry of Finance.

First virtual asset law unanimously adopted by Parliament on 5 May 2026. CMA designated primary regulator; NBR coordinates financial stability. Gambling regulated by Rwanda Development Board under the 2024 Gambling Policy and legacy Law n°58/2011; licensing resumed 1 August 2025.

Seychelles is FSA-regulated for crypto (VASP Act 2024), securities, fund management and gambling, with the Central Bank licensing banks under the Financial Institutions Act 2004.

Crypto licensing available via FSCA; banking available via the Prudential Authority; online sports betting available province by province. Private online casino licensing is not available nationally.

No virtual-asset law; the Central Bank of Sudan warned in March 2022 that cryptocurrencies are not money or property and carry high risk — only the Electronic Transactions Act 2007 (pre-Bitcoin) plus AML circulars apply. Payments and e-money are controlled by the CBOS via the state-owned Electronic Banking Services (EBS) switch under the Banking Business Act and revised post-2020 e-money regulations. Gambling is criminally prohibited under the Sudan Criminal Act 1991 and Sharia. The country is in active armed conflict since April 2023 with fractured financial infrastructure and severe sanctions exposure.

Tunisia prohibits unauthorised crypto under a May 2018 Central Bank of Tunisia (BCT) directive enforced through the foreign-exchange-control code (penalties up to five years' imprisonment); a draft March 2024 exchange code would permit BCT-authorised crypto holding/exchange but is unenacted. Payments and e-money are regulated by the BCT under Banking Law No. 2016-48 of 11 July 2016. Gambling is tightly state-controlled: casinos under Decree-Law No. 74-21 of 1974 (non-residents only), and a Promosport state monopoly over sports betting and lotteries (including online) under Law No. 84-63 of 1984; a January 2026 bill would criminalise unlicensed online gambling.

Australia has no single crypto licence. AUSTRAC handles VASP registration and ASIC oversees AFSL and market licensing. The Digital Assets Framework Act 2026 adds a platform AFSL from 9 April 2027.

Hong Kong runs activity-specific regimes. The SFC licenses virtual asset trading platforms under the SFO and AMLO, while the HKMA licenses fiat-referenced stablecoin issuers from 1 August 2025.

India has no single VDA licence. Providers register with FIU-IND under the PMLA, and the Income-tax Act 2025 adds a 30% tax, 1% withholding and crypto transaction reporting from April 2026.

Indonesia regulates cryptoassets through the OJK, which took over from Bappebti on 10 January 2025. OJK licenses exchanges, clearers, custodians and traders under PP 49/2024 and POJK rules.

Japan uses activity-specific regimes overseen by the FSA. Crypto exchanges register under the Payment Services Act; tokenised securities sit under the FIEA. A 2026 PSA-to-FIEA bill is pending.

Dual track: AFSA inside the AIFC for crypto, custody, broking and payments under common-law rules; Ministry of Digital Development for mining and non-AIFC circulation. Gambling under Ministry of Tourism and Sports.

The Securities Commission Malaysia regulates digital assets under the CMSA 2007 and the 2019 Prescription Order, treating qualifying digital tokens and currencies as securities.

Pakistan launched its first crypto-licensing regime in July 2025 under the Virtual Assets Ordinance, formalised as the Virtual Assets Act in February 2026. PVARA licenses VASPs. Gambling is prohibited under the 1977 Prevention of Gambling Act.

The Philippines runs parallel crypto regimes: BSP VASP licences are under moratorium; SEC's 2025 CASP Rules cover platforms serving Filipinos. PAGCOR handles domestic gambling.

MAS regulates crypto by activity, not one licence. Payment Services Act 2019 covers digital token services; from 30 June 2025, FSMA Part 9 covers Singapore providers serving overseas.

South Korea regulates virtual assets through VASP reporting to KoFIU under the SFTIA, plus the Virtual Asset User Protection Act 2024 enforced by the FSC and FSS, not a single crypto licence.

No crypto law in force as of May 2026; Concept Paper for regulating virtual assets presented 12 February 2026, new laws expected in 2026, FIU running a mandatory VASP survey. Gambling consolidated under the Gambling Regulatory Authority Act, No. 17 of 2025, in force from 1 December 2025, establishing the unified GRA.

The Thai SEC licenses digital asset businesses under the 2018 Emergency Decree, as amended in 2025 to capture offshore operators serving Thai users. Six business categories are supervised.

Vietnam licenses crypto through a five-year MoF pilot, payments through the SBV, and gambling sector-by-sector (casinos, e-games, sports betting). Online casinos are prohibited.