Licensing practice
Financial, Crypto and Gambling Licences in Europe and Key Offshore Hubs
The licence is the beginning. Bankable, compliant and operational is the outcome.
Routes, not promises.
Licensing decisions rest with regulators. We pick routes where your model is genuinely approvable, show the full five-layer budget up front, and decline mandates that cannot be lawfully licensed.
Four licence families. Pick yours, each has its own page
Every family gets the same treatment: a route comparison with the full budget, an application built to the regulator's standard, and banking sorted as part of the same file. The detailed guides live on their own pages so you only read what matters to you.
EMI · PI · SPI · MSB
Wallets, IBANs, cards and acquiring. Capital from €20,000 (PI, single service) to €350,000 (EMI). One EU authorisation covers 30 EEA states. Includes the PSD3 outlook.
Fintech licence guide → CryptoCASP under MiCA
The transitional period ended 1 July 2026, so authorisation is now the only door. Capital classes €50,000 / €125,000 / €150,000, one passport for the whole EU.
Crypto licence guide → GamblingiGaming B2C and B2B
Curaçao under the LOK framework, Anjouan, Malta MGA, Isle of Man, Kahnawake. From fast offshore launches to EU-regulated market access.
Gambling routes below → InvestmentForex and brokerage
CySEC for EU passporting; Mauritius, Seychelles and Vanuatu for international models. Matched to your target markets and capital.
Forex routes below →Three situations we see every week. Which one is yours?
Most enquiries fall into one of these patterns. Find yours and you already know where to look first. If none fits, the route assessment sorts it out in one call.
Budget first, speed second
You want a lawful launch without burning the seed round. Look at Anjouan for gaming (4 to 8 weeks, €20k to €30k all-in), an SPI for payments, or an MSB registration in Canada for non-EU money services. Each can be upgraded later.
See the budget routes → Funded, aiming at the EUThe passport is the point
Your investors expect a regulated EU entity. That means an EMI in Lithuania for payments, CASP authorisation for crypto, or the Malta MGA for gaming. Capital is real, timelines run 4 to 12 months, and the licence carries weight with every bank.
Start with the EMI guide → The window is nowCannot wait for a new application
The market moment will pass before a regulator finishes reading a fresh file. Acquiring a licensed company puts the timeline at the change-of-control review, typically 2 to 6 months, with the licence already live on day one of ownership.
Ready-made companies →Two reforms redrew the licensing map this year
If your research is more than a year old, it is out of date. Crypto and gambling both changed regime, and both changes cut the same way: cheap registrations are gone, real authorisations are worth more.
The MiCA transitional period closed EU-wide. Legacy VASP registrations stopped working as a legal basis. Around 210 authorised CASPs remain from 1,200+ registrations, a conversion rate under 18 percent. Details on the crypto licence page.
Curaçao abolished the master and sub-licence system. The Curaçao Gaming Authority now licenses operators directly, vets owners from 10 percent, and phases in local staff. Realistic first year: €40,000 to €60,000 plus. See the gambling ledger below.
Typical regulator review of a change of control when buying an already licensed company. In a market where new authorisations take 6 to 12 months, acquisitions became the strategic move of 2026.
Gambling licence routes for 2026
Six routes cover most real cases, from a four-week offshore launch to EU-regulated market access. Figures are market orientation; your written comparison carries verified numbers for your vertical.
Swipe the table sideways to see all columns
| Route | Fees and capital | First-year budget | Timeline | Best for |
|---|---|---|---|---|
| Curaçao (CGA · LOK) | Application ≈ €4,600; annual regulator fees from ≈ €24,600; local key person required by April 2027 | €40k–€60k+ | 3–6 months | Global B2C and B2B with crypto acceptance and improving bank recognition after the reform |
| Anjouan | All-in packages, no capital requirement | €20k–€30k | 4–8 weeks | Fast, budget-led launches and operators testing markets |
| Malta (MGA) | Annual fixed fee from €25,000; share capital €40,000 to €100,000 by type | €100k+ | 4–6+ months | EU-regulated access, tier-1 payment and B2B relationships, 10-year licence |
| Isle of Man (OGRA) | Application ≈ £5,000; annual ≈ £35,000; player-funds protection | £60k+ | 10–12 weeks | Reputation-led operators wanting a respected Crown Dependency regime |
| Kahnawake | Initial fees from ≈ USD 25,000 | USD 40k+ | 8–10 weeks | Established mid-market operators, long-standing regime |
| Costa Rica | Data-processing permit only. Not a licence | from USD 5k | 1–2 weeks | Honestly: a wrapper, not a licence. PSP and bank acceptance is narrow and narrowing |
Curaçao figures reflect the LOK framework in force: direct CGA licensing, the master and sub-licence system abolished, owners vetted from 10 percent, prohibited-market list applies. Malta and Isle of Man budgets exclude gaming tax and vertical-specific requirements.
Forex and brokerage licence routes
The split is simple: CySEC if you need EU retail clients, an international route if you do not. Offshore licences never authorise solicitation of EU or UK retail clients, so target-market analysis comes first in every assessment.
Swipe the table sideways to see all columns
| Route | Capital | First-year budget | Timeline | Best for |
|---|---|---|---|---|
| Cyprus (CySEC CIF) | €75k–€750k by permission set | €200k–€500k+ | 8–12 months | EU passporting for brokerage and dealing, the institutional route |
| Mauritius (FSC) | from ≈ €15k by dealer class | €40k–€90k | 3–6 months | Credible mid-tier international licence with real substance requirements |
| Seychelles (FSA SD) | USD 50k | USD 50k–100k | 3–6 months | Popular international brokerage route, growing substance expectations |
| Vanuatu (VFSC) | USD 50k + bond | USD 50k–90k | 2–4 months | Fast international route for early-stage brokers |
All figures indicative. Regulator fees and capital are verified at engagement, and every route comparison includes the banking consequences of the flag you choose.
Five layers of a licensing budget, quoted together or not at all
Providers advertising a licence "from €1,500" are quoting one layer of five. The cheapest headline is rarely the cheapest project, and the difference usually surfaces in year two. We quote all five layers per route before you commit.
Swipe the table sideways to see all columns
| Layer | What it covers | Why it gets hidden |
|---|---|---|
| 1 · Professional fees | Route assessment, structuring, application drafting, regulator dialogue | The only layer low-cost providers quote. It can be under 20 percent of the real project |
| 2 · Government and regulator fees | Application, licensing, supervision and annual fees set by law | Quoted "excluding state fees". On some routes they exceed the professional fee several times over |
| 3 · Capital and guarantees | Minimum capital from €20k to €750k by licence, bank guarantees, safeguarding | It stays your money, but it must genuinely exist and stay paid in |
| 4 · Substance | Local directors, key functions (MLRO, compliance), office, systems | The layer regulators now test hardest, and the one that decides bankability later |
| 5 · Ongoing annual costs | Supervision fees, audit, reporting, AML maintenance, renewals | Decides whether the licence is sustainable in year two, not just obtainable in year one |
Every engagement starts with a written comparison of 2 to 4 realistic routes showing all five layers, so the decision rests on total cost of operation rather than the loudest "from" price online.
Ready-made licensed companies: EMI, PSP, CASP, gambling
When the market window will not wait for a new authorisation, the lawful shortcut is buying a company that already holds one. We source candidates through our network, run due diligence on the licence and its liabilities, and manage the regulator's change-of-control approval. That approval is what makes the deal real.
Operating EU payment institutions, often with safeguarding banks, SEPA access and core staff in place. EMIs usually trade in seven figures; PIs and SPIs for less. Detail on the fintech licence page.
Authorised crypto companies with a live EEA passport. Scarce after the transition: under 18 percent of legacy VASPs converted. Every target is checked against the ESMA register first. Detail on the crypto licence page.
Operating gambling companies under Curaçao CGA, Anjouan and other regimes, sometimes with active PSP and platform agreements. Under LOK, any change of control needs prior CGA approval; legacy sub-licences are void.
Three rules protect every buyer we act for. Availability is shared after KYC and a source-of-funds conversation, the same standard the regulator will apply to you. Due diligence covers licence scope, supervisory correspondence, safeguarding, AML history, litigation and tax. And there are no shortcuts: no nominee-held licence rentals, no transfers with the regulator kept out. A structure that avoids the change-of-control filing is not a structure, it is a liability.
From route assessment to an operating, bankable business
The same five stages whether you apply or acquire, with expectations set in writing at every step.
Route assessment
Model mapped against licence types and jurisdictions: capital, substance, timeline, banking consequences, and the apply-or-acquire analysis.
Structure and substance
Corporate structure, governance, key functions and local presence designed to what the regulator, and later the bank, will expect.
Application package
Business plan, financial model, AML programme, policies, fit and proper files for owners and key persons.
Regulator dialogue
Submission, completeness checks and substantive review managed end to end. The decision rests with the regulator.
Post-licence launch
Bank and safeguarding accounts, merchant acquiring, ongoing compliance. The licence becomes a business.
Why licence applications fail, and how we de-risk them
Regulators rarely reject a business idea. They reject files. The failure modes repeat across every licence family, which means they can be engineered out before submission.
Wrong regulator for the model
The activity map does not fit the licence sought, or the regulator has no appetite for the vertical. Our route assessment kills mismatched applications before they cost a year.
A paper compliance programme
Policies copied from templates that ignore the actual product flow. Regulators interview your MLRO, and template answers collapse in that room.
Unclear movement of money
Source of wealth, client-money paths and safeguarding logic that do not reconcile. We chart every flow before the regulator asks.
A letterbox where an office should be
MiCA, LOK and EMI supervision all test local directors, key functions and real decision-making. We size substance to actual expectations, not the minimum rumour.
Undisclosed history of key persons
Prior regulatory events, litigation or media coverage surface during vetting. We run the check on your team before the regulator does. Surprises sink files.
A licence no bank will onboard
The most expensive failure: approval granted, accounts refused. Banking-fit analysis is built into route choice, because we also run the account-opening file afterwards.
Frequently asked questions
Can a crypto business still serve EU clients without a CASP authorisation?
No. The MiCA transitional period ended on 1 July 2026 in every member state, with no extension mechanism. Serving EU clients without authorisation now breaches Regulation (EU) 2023/1114, with penalties of up to €5,000,000 for individuals and up to 12.5 percent of turnover for companies. The full picture, including the acquisition route, is on the crypto licence page.
How much does a gambling licence cost in 2026?
Curaçao under LOK: application near €4,600, annual regulator fees from about €24,600, realistic first year €40,000 to €60,000 plus. Anjouan: roughly €20,000 to €30,000 all-in. Malta MGA: capital €40,000 to €100,000 by type, annual fixed fee from €25,000, total budget from €100,000 up. Isle of Man: about £5,000 to apply and £35,000 a year. Exact numbers depend on structure and vertical, and we put them in writing per route before you commit.
What is the difference between an EMI and a PI licence?
An EMI issues e-money: it holds client balances, opens IBANs and issues cards, with €350,000 capital. A PI moves money without storing it, with capital from €20,000 to €125,000. If your product stores value you need an EMI; if it only moves money a PI is enough. The full comparison, including SPI and MSB routes and the PSD3 outlook, is on the fintech licence page.
Can I legally buy a ready-made licensed company?
Yes. Licensed companies change hands, but acquiring a qualifying holding (typically from 10 to 20 percent) requires prior regulator approval of the new owners, a review that usually takes 2 to 6 months. Anyone offering a transfer with no regulator involvement is selling a violation. We source candidates, run due diligence and manage the change-of-control filing end to end.
Do you guarantee that a licence will be granted?
No, and no honest adviser does. Decisions rest with the regulator. Our job is to pick routes where the model is genuinely approvable, prepare the file to the standard the regulator expects, and manage the dialogue. If we think a route is unrealistic, you hear it before the engagement starts.
Is Costa Rica a real gambling licence?
No. Costa Rica issues no online gambling licences; operators incorporate with a data-processing permit and run without gaming-specific regulation. It is cheap and quick, and it is not a licence. Many PSPs, banks and B2B suppliers will not onboard against it. We will tell you honestly where it can still work and which licensed routes solve the same budget constraint properly.
What does a full licensing budget consist of?
Five layers: professional fees, government and regulator fees, capital and guarantees that must actually be paid in, substance (local directors, key functions, office), and ongoing annual costs (supervision, audit, reporting, AML maintenance). A "from €1,500" advert quotes the first layer only. Our route comparison prices all five per jurisdiction.
What happens after the licence is granted?
The licence is a prerequisite, not an outcome. You still need bank and safeguarding accounts, acquiring or PSP relationships, and a compliance function that survives audits. Our account opening, merchant acquiring and compliance practices run on the same file, so the licence becomes a business rather than a framed certificate.