Cryptoassets Regulatory Intelligence · Cross-Jurisdiction Domain Hub
CASP / VASP licensing
Jurisdiction Readings (170 markets)
29 clear/open
109 conditional/active
32 restricted/elevated
| Jurisdiction | Region | Status | Regulatory Summary | Actions |
|---|---|---|---|---|
| African bloc (AFR) | Africa | Amber | No pan-African crypto-asset licensing authority or continental licensing statute exists. The African Union has no crypto-specific regulator; licensing of virtual asset service providers (VASPs) is… | Profile →Brief |
| Alabama, USA (US-AL) | Americas | Amber | Alabama has no bespoke crypto-asset licensing statute. Businesses engaged in the exchange, custody, or transmission of virtual currency for Alabama residents are regulated as money transmitters under… | Profile →Brief |
| Alaska, USA (US-AK) | Americas | Amber | Alaska has no bespoke crypto-asset licensing statute. Per the seed disambiguation, virtual-currency exchange, custody, and money-transmission businesses fall under Alaska's general money-transmitter… | Profile →Brief |
| Alberta, Canada (CA-AB) | Americas | Amber | Alberta has no bespoke crypto statute; crypto trading platforms (CTPs) fall under the Alberta Securities Act via the Canadian Securities Administrators' (CSA) harmonized 'crypto contract' doctrine… | Profile →Brief |
| Algeria (DZ) | Africa | Red | Algeria does not operate a positive licensing, registration, or notification regime for crypto-asset activity. Instead, Algeria's 2018 Finance Law (Loi n°17-11 du 27 décembre 2017 portant loi de… | Profile →Brief |
| Antigua and Barbuda (AG) | Caribbean | Amber | Antigua and Barbuda regulates virtual/digital-asset businesses under the Digital Assets Business Act (DABA), administered by the Financial Services Regulatory Commission (FSRC), the single… | Profile →Brief |
| Argentina (AR) | Americas | Amber | Argentina requires virtual-asset service providers (PSAV) to register with the CNV pursuant to an AML-law reform designating the securities regulator as the crypto registrant authority, while the… | Profile →Brief |
| Arizona, USA (US-AZ) | Americas | Amber | Arizona has no bespoke crypto-asset licensing statute. Virtual-currency exchange, transmission, and custody businesses fall under Arizona's general money-transmitter licensing law (A.R.S. Title 6… | Profile →Brief |
| Arkansas, USA (US-AR) | Americas | Amber | Arkansas has no bespoke crypto-asset licensing statute. Crypto exchange, custody, and money-transmission-type businesses fall under the state's general money-transmitter licensing regime… | Profile →Brief |
| Asia-Pacific bloc (APAC) | Asia-Pacific | Red | APAC is a geographic label, not a unified regulatory bloc, so there is no single crypto-licensing regime for the region. Country regimes diverge radically: advanced licensed VASP frameworks exist in… | Profile →Brief |
| Australia (AU) | Asia-Pacific | Amber | Australia is mid-transition from a 'financial product by function' regime administered under existing Corporations Act licensing (AFSL) to a bespoke statutory framework. The Corporations Amendment… | Profile →Brief |
| Austria (AT) | Europe | Green | Austria implements the EU Markets in Crypto-Assets Regulation (MiCA) directly as an EU Regulation with no separate national transposition needed for the core CASP licensing regime. The Financial… | Profile →Brief |
| Bangladesh (BD) | Asia-Pacific | Red | Bangladesh has no VASP licensing, registration or notification regime. Bangladesh Bank (BB) instead prohibits dealing in virtual assets/currencies outright, relying on the Foreign Exchange Regulation… | Profile →Brief |
| Belgium (BE) | Europe | Green | Belgium's crypto-asset regime now operates fully under the EU Markets in Crypto-Assets Regulation (MiCA), with the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium… | Profile →Brief |
| Belize (BZ) | Americas | Red | Belize does not operate a VASP licensing regime. Instead, the <cite index="74-11">operation of VASPs is prohibited until December 31, 2025, by virtue of s.81 (3) of the FSCA</cite> (Financial… | Profile →Brief |
| Brazil (BR) | Americas | Amber | Brazil operates a comprehensive licensing regime for Virtual Asset Service Providers (VASPs / SPSAVs) under Law 14,478/2022 (Marco Legal dos Criptoativos), operationalised through BCB Resolutions… | Profile →Brief |
| British Columbia, Canada (CA-BC) | Americas | Amber | British Columbia has no bespoke provincial crypto-VASP license. Crypto trading platforms (CTPs) serving BC residents register federally/provincially through the Canadian Securities Administrators… | Profile →Brief |
| Bulgaria (BG) | Europe | Green | Bulgaria applies the EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) directly, supplemented by a national implementing Law on Markets in Crypto-Assets (ZPKA, published… | Profile →Brief |
| Cambodia (KH) | Asia-Pacific | Amber | Cambodia has no single comprehensive crypto-asset licensing statute. The operative regime is built from (a) a May 2021 tripartite Joint Statement (NBC, then-Securities and Exchange Commission of… | Profile →Brief |
| Cameroon (CM) | Africa | Red | Cameroon has no dedicated crypto-asset licensing statute. As a CEMAC member state, entities engaged in currency exchange, payment intermediation, or capital movements are subject to the regional… | Profile →Brief |
| Canada (CA) | Americas | Amber | Canada regulates crypto trading platforms and dealers primarily through securities law (via the CSA's 'crypto contract' doctrine and an interim/restricted-registrant regime run by provincial… | Profile →Brief |
| Canada — Kahnawake (CA-KAH) | Americas | Amber | Kahnawake (Mohawk Territory, within Quebec, Canada) has no bespoke crypto-asset licensing regime. The only indigenous-administered regulatory apparatus is the Kahnawake Gaming Commission (KGC), which… | Profile →Brief |
| Canada — Tobique First Nation (CA-TFN) | Americas | Amber | Tobique First Nation (a New Brunswick band government under the Indian Act) has no band-specific crypto licensing regime of its own. Crypto trading platforms operating on or serving residents of the… | Profile →Brief |
| Chile (CL) | Americas | Amber | Chile has no crypto-specific licensing statute. Instead, the general Fintech Law (Ley N° 21.521, enacted January 2023) created a CMF-administered 'Financial Services Providers Registry' covering an… | Profile →Brief |
| China (CN) | Asia-Pacific | Red | Mainland China operates a comprehensive prohibition regime for virtual-currency business activity. The PBOC-led 2021 Notice classified exchange, trading-platform, token-issuance-financing and related… | Profile →Brief |
| Colombia (CO) | Americas | Amber | Colombia has no dedicated statute establishing a licensing or registration regime for virtual asset service providers (VASPs). The Superintendencia Financiera de Colombia (SFC) has instead relied on… | Profile →Brief |
| Colorado, USA (US-CO) | Americas | Amber | Colorado has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody, and transmission businesses operating in or serving Colorado residents fall under the state's general Money… | Profile →Brief |
| Comoros (KM) | Africa | Red | The Union of the Comoros has no crypto-asset-service-provider (CASP/VASP) authorisation, registration, licensing, capital or enforcement-penalty regime. The Central Bank of the Comoros (BCC) licenses… | Profile →Brief |
| Comoros — Anjouan (KM-A) | Africa | Red | No crypto-asset-specific licensing statute or regulator has been identified for the Union of the Comoros or its Anjouan island. The FATF/ESAAMLG Mutual Evaluation Report (May 2024) states directly… | Profile →Brief |
| Comoros — Mohéli (KM-M) | Africa | Red | No crypto-specific licensing, registration, or notification regime for crypto-asset service providers (exchanges, custodians, issuers) was located for the Union of the Comoros at the federal level or… | Profile →Brief |
| Connecticut, USA (US-CT) | Americas | Amber | Connecticut has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses fall under the state's general money-transmitter licensing (MTL) regime… | Profile →Brief |
| Costa Rica (CR) | Americas | Red | Costa Rica has no comprehensive crypto-asset statute. In the absence of dedicated legislation, crypto-asset service providers rely on the constitutional/civil-code default that private conduct not… | Profile →Brief |
| Croatia (HR) | Europe | Amber | Croatia implements the EU Markets in Crypto-Assets Regulation (MiCA) as directly applicable law. Crypto-asset service providers (CASPs) require authorisation from HANFA (Hrvatska agencija za nadzor… | Profile →Brief |
| Curaçao (CW) | Caribbean | Amber | The Cayman Islands regulates virtual asset businesses under the Virtual Asset (Service Providers) Act, 2020 (VASPA), administered by the Cayman Islands Monetary Authority (CIMA). VASPA originally… | Profile →Brief |
| Cyprus (CY) | Europe | Green | Cyprus operates under Regulation (EU) 2023/1114 (MiCA) as its primary crypto framework. ESMA's list of competent authorities designates CySEC as the Title V authorisation authority for CASPs, with… | Profile →Brief |
| Czech Republic (CZ) | Europe | Green | The Czech Republic implements MiCA (Regulation (EU) 2023/1114) via national Act No. 31/2025 Sb. (zákon o digitalizaci finančního trhu). The Czech National Bank (CNB) is the sole national competent… | Profile →Brief |
| Delaware, USA (US-DE) | Americas | Amber | Delaware has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses fall under Delaware's general money-transmitter licensing regime, administered… | Profile →Brief |
| Denmark (DK) | Europe | Green | Denmark regulates crypto-asset service providers exclusively through MiCA (Regulation (EU) 2023/1114), transposed and enforced nationally by Finanstilsynet (the Danish FSA), which ESMA's official… | Profile →Brief |
| District of Columbia, USA (US-DC) | Americas | Amber | The District of Columbia has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses fall under the District's general Money Transmitters Act… | Profile →Brief |
| Dominican Republic (DO) | Americas | Amber | The Dominican Republic has no dedicated crypto-asset licensing statute. The Junta Monetaria's Resolución JM 210129-02 (29 January 2021) and reiterated BCRD communiqués establish that virtual assets… | Profile →Brief |
| Ecuador (EC) | Americas | Green | JID=EC denotes the supra-national European Union / European Commission regulatory level (distinct from individual Member-State transpositions). Regulation (EU) 2023/1114 (MiCA) establishes a… | Profile →Brief |
| Egypt (EG) | Africa | Red | Egypt operates a de facto prohibition on crypto-asset activity. Article 206 of the Central Bank of Egypt and Banking Sector Law No. 194 of 2020 prohibits issuing, dealing in, or promoting… | Profile →Brief |
| Estonia (EE) | Europe | Amber | Estonia implements MiCA via the Market in Crypto-Assets Act (MCAA / Krüptovaraturu seadus), in force since 1 July 2024, with Finantsinspektsioon (Estonian FSA) designated as sole national competent… | Profile →Brief |
| European Economic Area (EEA) | Europe | Amber | The EEA operates a single, EEA-wide harmonised crypto-asset licensing regime under Regulation (EU) 2023/1114 (MiCA), which is a directly-applicable Regulation across the 27 EU Member States and… | Profile →Brief |
| Finland (FI) | Europe | Green | Finland regulates crypto-asset services exclusively through MiCA (Regulation (EU) 2023/1114), for which Finanssivalvonta (FIN-FSA) is the designated national competent authority across all MiCA… | Profile →Brief |
| Florida, USA (US-FL) | Americas | Amber | Florida has no bespoke crypto-asset licence; virtual-currency exchanges and custodians are regulated as money transmitters under the Florida Money Services Businesses Act (Chapter 560, Florida… | Profile →Brief |
| France (FR) | Europe | Green | France operates under the EU MiCA Regulation (2023/1114), for which the AMF is the lead competent authority for crypto-asset service provider (CASP) authorisation and the ACPR (Banque de France)… | Profile →Brief |
| Georgia, USA (US-GA) | Americas | Amber | Georgia has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody, and money-transmission businesses operating in or from Georgia are regulated under the state's general… | Profile →Brief |
| Germany (DE) | Europe | Green | Germany applies the EU MiCA regime as the primary crypto-asset licensing framework, supervised by BaFin (Federal Financial Supervisory Authority), overlaid on the pre-existing national KWG… | Profile →Brief |
| Ghana (GH) | Africa | Amber | Ghana's Parliament passed the Virtual Asset Service Providers Act, 2025 (Act 1154) on 19 December 2025, establishing a licensing/registration framework for VASPs co-administered by the Bank of Ghana… | Profile →Brief |
| Gibraltar (GI) | Europe | Confirmed | Gibraltar regulates cryptoasset business under Schedule 2 Part 16 of the Financial Services Act 2019 (retitled 'Value stored or transmitted by database and virtual asset arrangements' by the… | Profile →Brief |
| Greece (GR) | Europe | Amber | Greece implements the EU Markets in Crypto-Assets Regulation (MiCAR) directly as an EU Regulation, with national implementing measures enacted via Law 5193/2025 on the Enhancement of the Capital… | Profile →Brief |
| Guernsey (GG) | Europe | Amber | Guernsey operates a licensing regime for Virtual Asset Service Providers (VASPs) under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, supervised by the Guernsey Financial Services… | Profile →Brief |
| Guernsey — Alderney (GG-ALD) | Europe | Amber | The Bailiwick of Guernsey (Guernsey, Alderney and Sark treated as one regulatory unit for financial-services licensing) operates a Virtual Asset Service Provider (VASP) licensing regime under the… | Profile →Brief |
| Hawaii, USA (US-HI) | Americas | Amber | Hawaii has no bespoke crypto-asset licensing statute. Crypto exchange, custody and transmission businesses fall under the state's general Money Transmitters Act (HRS Chapter 489D), administered by… | Profile →Brief |
| Hong Kong (HK) | Asia-Pacific | Amber | Hong Kong operates a mandatory licensing regime for virtual asset trading platforms (VATPs) under the SFC since June 2023, and a mandatory HKMA licensing regime for fiat-referenced stablecoin (FRS)… | Profile →Brief |
| Hungary (HU) | Europe | Red | Hungary applies the EU MiCA authorisation regime with Magyar Nemzeti Bank (MNB) designated as the sole national competent authority holding 'ALL' MiCA tasks (no split with a securities regulator… | Profile →Brief |
| Iceland (IS) | Europe | Amber | Iceland is an EEA/EFTA state; a MiCA authorisation granted by any EU/EEA competent authority already carries passporting rights into Iceland as part of the EEA single market for crypto-asset… | Profile →Brief |
| Idaho, USA (US-ID) | Americas | Amber | Idaho has no bespoke crypto-asset licensing statute. Crypto exchange, custody, and transmission businesses operating in Idaho are presumed to fall within the state's general money-transmitter… | Profile →Brief |
| Illinois, USA (US-IL) | Americas | Amber | Illinois historically regulated crypto only through its general Transmitters of Money Act (TOMA), under which 2017 IDFPR guidance held that digital currency is not 'money' but that fiat-to-crypto… | Profile →Brief |
| India (IN) | Asia-Pacific | Amber | India has no dedicated crypto/VASP licensing statute. Instead, virtual digital asset (VDA) service providers (exchanges, NFT marketplaces, custodial wallet providers) must register with the Financial… | Profile →Brief |
| Indiana, USA (US-IN) | Americas | Amber | Indiana has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses fall under Indiana's general Uniform Money Services Act (IC 28-8-4.1)… | Profile →Brief |
| Indonesia (ID) | Asia-Pacific | Amber | Indonesia's crypto licensing regime is mid-transition: statutory authority for crypto asset supervision moved from the commodities regulator Bappebti to the financial-services regulator OJK under Law… | Profile →Brief |
| Iowa, USA (US-IA) | Americas | Amber | Iowa has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and money-transmission businesses fall under the state's general money-transmitter licensing law, the Iowa… | Profile →Brief |
| Ireland (IE) | Europe | Green | Ireland regulates crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCA), with the Central Bank of Ireland (CBI) designated as the national competent authority… | Profile →Brief |
| Isle of Man (IM) | Europe | Amber | The Isle of Man has no single bespoke crypto-asset licensing statute. Virtual currency businesses (VCBs) undertaking a broad range of specified activities must register as 'Designated Businesses'… | Profile →Brief |
| Italy (IT) | Europe | Amber | Italy has transitioned from a light-touch national VASP registration regime (registration with OAM, the national agents/brokers body) to full MiCA-based CASP authorisation. Consob is the lead… | Profile →Brief |
| Ivory Coast (CI) | Africa | Red | No dedicated virtual-asset-service-provider (VASP) licensing, registration or authorisation statute has been located for Côte d'Ivoire. The country's principal financial-crime instrument, Ordonnance… | Profile →Brief |
| Japan (JP) | Asia-Pacific | Amber | Japan currently regulates crypto-asset intermediaries under the Payment Services Act (PSA), requiring registration with the FSA/Local Finance Bureau as a Crypto-Asset Exchange Service Provider. In… | Profile →Brief |
| Jersey (JE) | Europe | Amber | Jersey has no bespoke crypto-asset licensing statute. Since 2016 'virtual currency exchange business' (expanded in January 2023 to the full FATF VASP definition) has been a 'Schedule 2 business'… | Profile →Brief |
| Kansas, USA (US-KS) | Americas | Amber | Kansas has no bespoke crypto-asset licensing statute. Crypto exchange, custody and transmission businesses fall, in principle, under the state's general Money Transmitter Act, administered by the… | Profile →Brief |
| Kazakhstan (KZ) | Asia-Pacific | Amber | Kazakhstan operates a bifurcated licensing regime. Nationwide (mainland), the Law on Digital Assets prohibits the issuance, circulation, and exchange-trading of 'unsecured digital assets' outside the… | Profile →Brief |
| Kentucky, USA (US-KY) | Americas | Amber | Kentucky has no bespoke crypto-exchange or custody licence separate from its general money-transmitter law administered by the Kentucky Department of Financial Institutions (KY DFI). HB 701 (2025)… | Profile →Brief |
| Kenya (KE) | Africa | Amber | Kenya's Virtual Asset Service Providers Act entered into force on 4 November 2025, creating a statutory licensing regime for VASPs jointly supervised by the Central Bank of Kenya (CBK) and the… | Profile →Brief |
| Laos (LA) | Asia-Pacific | Amber | Lao PDR operates a narrow, time-limited pilot rather than a general VASP licensing regime. Ministerial Decision No. 888/MOTC (9 Nov 2021) establishes a 3-year pilot covering crypto mining… | Profile →Brief |
| Latin America bloc (LATAM) | Americas | Amber | GAFILAT does not itself license or register virtual asset service providers (PSAV); it is a regional AML/CFT coordination body that issues guidance urging member states to implement FATF… | Profile →Brief |
| Latvia (LV) | Europe | Green | Latvia regulates crypto-asset services exclusively through the directly-applicable EU MiCA Regulation (EU) 2023/1114, with Latvijas Banka (the central bank, which absorbed the former FKTK in 2023) as… | Profile →Brief |
| Liechtenstein (LI) | Europe | Green | Liechtenstein operates a dual-layer licensing architecture: the national Token and Trusted Technology Service Provider Act (TVTG / 'Blockchain Act'), in force since January 2020, and — since… | Profile →Brief |
| Lithuania (LT) | Europe | Green | <cite index="42-1,42-2,42-4">Lithuania's national implementing act for MiCA is the Lietuvos Respublikos kriptoturto rinkų įstatymas Nr. XIV-2879, officially published in the Teisės aktų registras on… | Profile →Brief |
| Louisiana, USA (US-LA) | Americas | Green | Louisiana operates a bespoke, crypto-specific licensing regime administered by the Office of Financial Institutions (OFI), separate from — and layered on top of — the state's general… | Profile →Brief |
| Luxembourg (LU) | Europe | Amber | Luxembourg implements the EU Markets in Crypto-Assets Regulation (MiCA) through the Commission de Surveillance du Secteur Financier (CSSF), which acts as sole national competent authority for… | Profile →Brief |
| Macau SAR, China (MO) | Asia-Pacific | Amber | Macau (MSAR) has no comprehensive licensing regime for crypto-asset businesses or virtual-asset service providers. The only concrete AMCM action on record is a 2017 notice barring AMCM-supervised… | Profile →Brief |
| Maine, USA (US-ME) | Americas | Amber | Maine has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody, and transmission businesses fall under Maine's general money-transmitter licensing law, administered through… | Profile →Brief |
| Malaysia (MY) | Asia-Pacific | Amber | Malaysia regulates digital asset trading, fundraising and custody activity through the Securities Commission Malaysia (SC) under the Capital Markets and Services Act 2007 (CMSA), as extended by the… | Profile →Brief |
| Malta (MT) | Europe | Green | Malta operates a dual-layer licensing regime: the pre-existing national Virtual Financial Assets Act (Chapter 590, 2018) requiring an MFSA licence for VFA service provision, now largely… | Profile →Brief |
| Marshall Islands (MH) | Asia-Pacific | Red | The Marshall Islands has no dedicated virtual-asset-service-provider (VASP) licensing statute. The Banking Commission is the general financial-sector regulator under the Banking Act 1987 (market… | Profile →Brief |
| Maryland, USA (US-MD) | Americas | Amber | Maryland has no bespoke crypto-asset licensing statute. <cite index="34-6,34-7">Any company that offers to exchange, administer, or maintain virtual currencies may be subject to state regulation and… | Profile →Brief |
| Massachusetts, USA (US-MA) | Americas | Amber | Massachusetts has no bespoke crypto-asset licensing statute. Virtual-currency exchanges, custodians and other VASP-type businesses operating in the Commonwealth are regulated under the state's… | Profile →Brief |
| Mexico (MX) | Americas | Red | Mexico's Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech, 2018) is the only statute that expressly names virtual assets, but it operates as a restrictive gate rather than a… | Profile →Brief |
| Michigan, USA (US-MI) | Americas | Amber | Michigan has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses fall under Michigan's general money-transmitter licensing regime, administered… | Profile →Brief |
| Minnesota, USA (US-MN) | Americas | Amber | Minnesota has no bespoke crypto-asset licensing statute distinct from its general money-transmitter law. Crypto exchange/custody businesses fall under Minn. Stat. ch. 53B (money transmitters)… | Profile →Brief |
| Mississippi, USA (US-MS) | Americas | Amber | Mississippi has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses operating in or from Mississippi fall under the state's general… | Profile →Brief |
| Missouri, USA (US-MO) | Americas | Amber | Missouri has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses are captured under Missouri's general money-transmitter licensing regime… | Profile →Brief |
| Montana, USA (US-MT) | Americas | Amber | Montana is the only U.S. state with no money-transmitter licensing statute of any kind, and the Division of Banking and Financial Institutions has publicly confirmed it does not regulate money… | Profile →Brief |
| Morocco (MA) | Africa | Red | Morocco has no crypto-specific licensing statute in force. The binding position remains the November 2017 joint communiqué by the Ministry of Economy and Finance, Bank Al-Maghrib (BAM) and the… | Profile →Brief |
| Mozambique (MZ) | Africa | Red | Mozambique has no comprehensive crypto-asset licensing statute or dedicated VASP framework. The Bank of Mozambique's (BM) foreign exchange licensing regime treats real-time trading of… | Profile →Brief |
| Myanmar (MM) | Asia-Pacific | Red | No licensing regime exists for crypto businesses in Myanmar. The Central Bank of Myanmar (CBM) issued a public cryptocurrency notice on 3 May 2019 restricting cryptocurrency use, and a… | Profile →Brief |
| Nebraska, USA (US-NE) | Americas | Amber | Nebraska has no bespoke, comprehensive crypto-asset licensing statute distinct from its general money-transmitter regime. Virtual-currency exchange, kiosk/ATM, and custody businesses are captured… | Profile →Brief |
| Nepal (NP) | Asia-Pacific | Red | Nepal Rastra Bank (NRB) has taken an affirmative criminal-prohibition stance rather than a mere licensing gap: cryptocurrency trading, mining and holding are declared illegal under the Foreign… | Profile →Brief |
| Netherlands (NL) | Europe | Green | The Netherlands implements MiCA (Regulation (EU) 2023/1114) with the AFM as the designated conduct-of-business National Competent Authority for Crypto-Asset Service Provider (CASP) authorisation… | Profile →Brief |
| Nevada, USA (US-NV) | Americas | Amber | Nevada has no bespoke crypto-exchange or virtual-currency licence. Exchange, transfer and kiosk activity generally falls under the general money-transmitter licence (NRS Chapter 671), administered by… | Profile →Brief |
| New Brunswick, Canada (CA-NB) | Americas | Amber | New Brunswick has no bespoke crypto-asset statute. Crypto trading platforms serving NB residents fall under the province's Securities Act as administered by the Financial and Consumer Services… | Profile →Brief |
| New Hampshire, USA (US-NH) | Americas | Amber | New Hampshire has no bespoke crypto-asset licensing statute. Virtual-currency exchange/administration was brought under the state's general money-transmitter law (RSA 399-G) in 2016, but a 2017… | Profile →Brief |
| New Jersey, USA (US-NJ) | Americas | Amber | New Jersey has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody, and transmission businesses are regulated as money transmitters under New Jersey's general Money… | Profile →Brief |
| New Mexico, USA (US-NM) | Americas | Amber | New Mexico has no bespoke crypto-asset licensing statute. Virtual-currency exchange and custody businesses operating in New Mexico fall under the state's general money-transmitter licensing regime… | Profile →Brief |
| New Zealand (NZ) | Asia-Pacific | Amber | New Zealand has no bespoke crypto-asset licensing statute. Crypto exchanges and similar VASPs are captured indirectly as 'financial institutions'/reporting entities under the AML/CFT Act 2009… | Profile →Brief |
| Nigeria (NG) | Africa | Amber | Nigeria operates a dual-track, transitional licensing landscape: SEC Nigeria's 2022 Rules on Issuance, Offering and Custody of Digital Assets require registration of digital-asset issuers, offering… | Profile →Brief |
| North Carolina, USA (US-NC) | Americas | Green | North Carolina has no bespoke crypto-asset licensing statute. Virtual-currency exchangers and administrators are regulated under the state's general Money Transmitters Act (MTA), which was amended in… | Profile →Brief |
| North Dakota, USA (US-ND) | Americas | Amber | North Dakota has no bespoke crypto-asset licensing statute. Crypto exchange, custody, and money-transmission businesses fall under the state's general Money Transmitters Act, administered via NMLS.… | Profile →Brief |
| Norway (NO) | Europe | Green | Norway implements the EU Markets in Crypto-Assets Regulation (MiCA) via the national Act on Crypto-Assets (kryptoeiendelsloven), in force since 1 July 2025. Crypto-asset service providers (CASPs)… | Profile →Brief |
| Ohio, USA (US-OH) | Americas | Amber | Ohio has no bespoke crypto-asset licensing statute. Virtual-currency exchange and custody businesses fall under Ohio's general money-transmitter licensing regime, administered via the Nationwide… | Profile →Brief |
| Oklahoma, USA (US-OK) | Americas | Amber | Oklahoma has no bespoke crypto-asset licensing statute. Crypto exchanges, custodians and other money-transmission-type businesses are captured under the state's general money-transmitter licensing… | Profile →Brief |
| Ontario, Canada (CA-ON) | Americas | Amber | Ontario applies existing provincial securities law to crypto asset trading platforms (CTPs) through the Ontario Securities Commission (OSC), acting within the multi-provincial Canadian Securities… | Profile →Brief |
| Oregon, USA (US-OR) | Americas | Amber | Oregon has no bespoke crypto-asset licensing statute. Crypto exchange, custody and transmission businesses fall under Oregon's general Money Transmitter licensing regime (administered by the Division… | Profile →Brief |
| Pakistan (PK) | Asia-Pacific | Amber | Pakistan has moved from an unregulated, restriction-adjacent posture to a statutory licensing regime. Parliament passed the Virtual Assets Act, 2026, converting the Pakistan Virtual Assets Regulatory… | Profile →Brief |
| Palau (PW) | Asia-Pacific | Red | Palau has no crypto-asset or VASP-specific licensing, registration or prudential statute. The Financial Institutions Commission (FIC), established 2001 under the Financial Institutions Act (FIA), is… | Profile →Brief |
| Panama (PA) | Americas | Red | Panama has no comprehensive crypto-asset/VASP licensing statute. The most prominent legislative attempt, Proyecto de Ley No. 697 de 2021 (the 2022 'crypto-assets' bill, re-approved by insistence in… | Profile →Brief |
| Pennsylvania, USA (US-PA) | Americas | Amber | Pennsylvania has no bespoke crypto-asset licensing statute. Crypto exchange, custody and transmission activity is assessed under the state's general Money Transmission Business Licensing Law… | Profile →Brief |
| Peru (PE) | Americas | Amber | Peru has no comprehensive crypto-asset licensing statute. The only enacted, crypto-specific registration obligation is AML-driven: Virtual Asset Service Providers (Proveedores de Servicios de Activos… | Profile →Brief |
| Philippines (PH) | Asia-Pacific | Amber | The Philippines operates a dual, still-consolidating licensing perimeter for crypto: the SEC requires authorization to offer 'crypto asset services' (effective 5 July 2025), while the BSP separately… | Profile →Brief |
| Poland (PL) | Europe | Red | Poland is the only EU member state that had not brought a national MiCA implementing act into force as of the July 1, 2026 end of the MiCA transitional period. President Karol Nawrocki has vetoed the… | Profile →Brief |
| Portugal (PT) | Europe | Amber | Portugal regulates crypto-asset services under the directly-applicable EU MiCA Regulation (2023/1114), supplemented by national Lei n.º 69/2025 which allocates supervisory and sanctioning powers… | Profile →Brief |
| Qatar (QA) | Middle East | Amber | Qatar runs a genuine dual-track regime. Outside the Qatar Financial Centre (QFC), the Qatar Central Bank (QCB) maintains a blanket prohibition on virtual-asset trading, exchange and mining; the QCB… | Profile →Brief |
| Quebec, Canada (CA-QC) | Americas | Amber | Crypto trading platforms serving Quebec residents fall under a dual layer: (1) the province's Autorité des marchés financiers (AMF), which since the early-2010s has required virtual-currency ATM… | Profile →Brief |
| Rhode Island, USA (US-RI) | Americas | Amber | Rhode Island has no bespoke crypto-asset licensing statute. Instead, since January 1, 2020, the state's general Currency Transmission Act (administered by the RI Department of Business Regulation… | Profile →Brief |
| Romania (RO) | Europe | Red | Romania is bound directly by MiCA (Regulation (EU) 2023/1114) as an EU Member State, but national implementing measures designating the domestic competent authority and sanctioning regime lagged the… | Profile →Brief |
| Russia (RU) | Europe | Amber | Russia moved from a permissive/uncertain posture to a comprehensive licensing perimeter with the law adopted by the State Duma on 21 July 2026, approved by the Federation Council on 24 July 2026… | Profile →Brief |
| Rwanda (RW) | Africa | Amber | Rwanda enacted Law N° 023/2026 of 25/05/2026 Regulating Virtual Asset Business, published in the Official Gazette on 28 May 2026, which is now in force and designates the Capital Market Authority… | Profile →Brief |
| Saudi Arabia (SA) | Middle East | Red | Saudi Arabia has no comprehensive virtual-asset-service-provider (VASP) licensing law. A 2018 joint statement by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities… | Profile →Brief |
| Senegal (SN) | Africa | Amber | Senegal has no comprehensive national crypto-licensing regime; the applicable regulator is the regional BCEAO, which covers Senegal and seven other WAEMU/UEMOA states. BCEAO confirmed in July 2026… | Profile →Brief |
| Serbia (RS) | Europe | Green | Serbia operates a comprehensive, in-force licensing statute for digital assets — the Law on Digital Assets (RS Official Gazette No 153/2020), applied since June 2021 — that splits supervisory… | Profile →Brief |
| Seychelles (SC) | Africa | Amber | Seychelles has no dedicated Virtual Asset Service Provider (VASP) licensing Act in force as of 2026-10-03. FATF's R.15 implementation tracking (most recently the 2025 Targeted Update) records… | Profile →Brief |
| Singapore (SG) | Asia-Pacific | Amber | Singapore regulates digital-payment-token (DPT) service providers under the Payment Services Act 2019 (PS Act) through an activity-based licensing framework (Money-Changing / Standard Payment… | Profile →Brief |
| Slovakia (SK) | Europe | Green | Slovakia implements MiCA directly as an EU Regulation, with Národná banka Slovenska (NBS) designated as the sole national competent authority for crypto-asset service provider (CASP) authorisation… | Profile →Brief |
| Slovenia (SI) | Europe | Amber | Slovenia implements the EU Markets in Crypto-Assets Regulation (MiCA) directly as an EU Member State regulation. The Agencija za trg vrednostnih papirjev (ATVP, Slovenian Securities Market Agency) is… | Profile →Brief |
| South Africa (ZA) | Africa | Amber | South Africa regulates crypto asset service providers (CASPs) as Financial Services Providers under the FAIS Act via the FSCA's 2022 Declaration of Crypto Assets as a Financial Product. Licensing… | Profile →Brief |
| South Carolina, USA (US-SC) | Americas | Amber | South Carolina has no bespoke crypto-asset licensing regime. Crypto exchanges, custodians, and other money-transmission-type crypto businesses fall under the state's general money-transmitter… | Profile →Brief |
| South Dakota, USA (US-SD) | Americas | Amber | South Dakota has no bespoke crypto-asset licensing statute. Virtual-currency exchange and money-transmission-type activity is regulated under the state's general Money Transmission Act (S.D. Codified… | Profile →Brief |
| South Korea (KR) | Asia-Pacific | Amber | South Korea operates a mandatory VASP registration regime through the Korea Financial Intelligence Unit (FIU/KoFIU), an arm of the FSC, under the Act on Reporting and Use of Specified Financial… | Profile →Brief |
| Spain (ES) | Europe | Green | Spain implements MiCA (Regulation (EU) 2023/1114) via a bifurcated competent-authority model: CNMV supervises CASP authorisation and market-conduct Titles (II, V, VI), while Banco de España… | Profile →Brief |
| Sri Lanka (LK) | Asia-Pacific | Red | Sri Lanka has no dedicated crypto-asset licensing statute. CBSL has repeatedly stated it has not licensed or authorised any entity to operate cryptocurrency exchanges, ICOs, mining operations… | Profile →Brief |
| Sweden (SE) | Europe | Green | Sweden implements the EU Markets in Crypto-Assets Regulation (MiCA, EU 2023/1114) directly. Finansinspektionen (FI) is Sweden's sole designated competent authority for authorising and supervising… | Profile →Brief |
| Switzerland (CH) | Europe | Green | Switzerland does not operate a single bespoke crypto license. Instead, FINMA fits crypto businesses into the existing perimeter: a relaxed 'fintech' license under the Banking Act for firms taking… | Profile →Brief |
| Taiwan (TW) | Asia-Pacific | Amber | Taiwan is mid-transition from an AML-registration-only regime to a comprehensive licensing statute. The Legislative Yuan passed the Virtual Asset Service Act (VASA) in its third reading on… | Profile →Brief |
| Tanzania (TZ) | Africa | Red | Tanzania has no comprehensive crypto-asset licensing statute. The Bank of Tanzania (BOT) has repeatedly cautioned the public against trading, marketing and using virtual currencies and has prohibited… | Profile →Brief |
| Tennessee, USA (US-TN) | Americas | Amber | Tennessee has no bespoke crypto-asset licensing statute. Virtual-currency exchange and custody businesses fall under the state's general Money Transmitter licensing regime administered via NMLS, per… | Profile →Brief |
| Texas, USA (US-TX) | Americas | Green | Texas has no bespoke crypto-only licence. Virtual-currency exchange, custody-holding and transmission activity is regulated through the general Money Transmission License / Currency Exchange License… | Profile →Brief |
| Thailand (TH) | Asia-Pacific | Green | Thailand regulates digital-asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), administered by the Securities and Exchange Commission of Thailand (SEC) with… | Profile →Brief |
| Trinidad and Tobago (TT) | Caribbean | Red | Trinidad and Tobago has no dedicated crypto-asset or virtual-asset-service-provider (VASP) licensing statute. The two incumbent financial regulators are the Central Bank of Trinidad and Tobago… | Profile →Brief |
| Tunisia (TN) | Africa | Red | Tunisia has no crypto-specific licensing statute. The Central Bank of Tunisia (BCT) supervises all foreign-exchange and cross-border monetary flows under the 1976 exchange-control code, and… | Profile →Brief |
| Turkey (TR) | Europe | Amber | Turkey moved from an unregulated crypto environment toward a Capital Markets Board (CMB/SPK)-administered licensing regime for crypto asset service providers via a 2024 legislative package amending… | Profile →Brief |
| Uganda (UG) | Africa | Red | Uganda has no comprehensive statute licensing crypto business activity. A partial AML-only VASP registration perimeter exists via the Financial Intelligence Authority (FIA) under the 2020 Anti-Money… | Profile →Brief |
| Ukraine (UA) | Europe | Amber | Ukraine has no operative crypto-licensing regime. The Law of Ukraine 'On Virtual Assets' (No. 2074-IX) was adopted by the Verkhovna Rada and signed by the President in February 2022 but has never… | Profile →Brief |
| United Arab Emirates (AE) | Middle East | Amber | AE is a multi-regime jurisdiction. Dubai mainland/free zones (excl. DIFC) are regulated by VARA under Law No. (4) of 2022; DIFC is regulated by the DFSA Crypto Token regime; Abu Dhabi Global Market… | Profile →Brief |
| United Kingdom (UK) | Europe | Amber | The UK's FSMA 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) move substantively this cycle: the FCA published final perimeter guidance (PS26/18, 16 Sept 2026) and opened its authorisation… | Profile →Brief |
| United States (US) | Americas | Amber | The US crypto licensing landscape is bifurcated: a new federal payment-stablecoin issuer authorization regime (GENIUS Act) is enacted but not yet operative pending final agency rules, a comprehensive… | Profile →Brief |
| United States — California (US-CA) | Americas | Amber | California regulates crypto business activity through two overlapping tracks administered by the Department of Financial Protection and Innovation (DFPI): the bespoke Digital Financial Assets Law… | Profile →Brief |
| United States — New York (US-NY) | Americas | Green | New York operates the first-in-the-nation comprehensive prudential licensing regime for virtual currency business activity under 23 NYCRR Part 200 (the 'BitLicense'), administered by the NYDFS.… | Profile →Brief |
| Uruguay (UY) | Americas | Amber | Uruguay brought virtual-asset service providers (VASPs) within the Banco Central del Uruguay (BCU) regulatory perimeter via Ley N.º 20.345 (19 September 2024), which amended Article 37 of the BCU's… | Profile →Brief |
| Utah, USA (US-UT) | Americas | Amber | Utah does not operate a crypto-specific licence. Money transmission is licensed by the Department of Financial Institutions (DFI) under the Money Transmitter Act, Utah Code Title 7 Chapter 25… | Profile →Brief |
| Vanuatu (VU) | Asia-Pacific | Red | Vanuatu has no stand-alone virtual-asset/crypto-asset-service-provider licensing Act. The only government-issued market-entry gate that could capture a crypto exchange or brokerage is the Dealers in… | Profile →Brief |
| Venezuela (VE) | Americas | Red | Venezuela's formal crypto licensing regime derives from the 2019 Constituent Decree on the Integral System of Crypto Assets, which created SUNACRIP (now styled Superintendencia Nacional de… | Profile →Brief |
| Vermont, USA (US-VT) | Americas | Amber | Vermont has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses are regulated as money transmitters under Vermont's general Money Services… | Profile →Brief |
| Vietnam (VN) | Asia-Pacific | Amber | Vietnam moved from an SBV payment-use prohibition to a Ministry of Finance / State Securities Commission-run pilot licensing regime for domestic crypto exchanges under Resolution No. 05/2025/NQ-CP… | Profile →Brief |
| Virginia, USA (US-VA) | Americas | Amber | Virginia has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses are captured under Virginia's general money-transmitter licensing law… | Profile →Brief |
| Washington State, USA (US-WA) | Americas | Amber | Washington State has no bespoke crypto-asset licensing statute. Virtual currency businesses (exchanges, custodians, exchangers) are brought within the state's general money-transmitter regime — the… | Profile →Brief |
| West Virginia, USA (US-WV) | Americas | Amber | West Virginia has no bespoke crypto-asset licensing statute. Crypto exchanges and custody businesses are regulated under the state's general money-transmitter licensing law, administered by the… | Profile →Brief |
| Wisconsin, USA (US-WI) | Americas | Amber | Wisconsin has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and money-transmission activity is captured under Wisconsin's general money-transmitter licensing regime… | Profile →Brief |
| Wyoming, USA (US-WY) | Americas | Green | Wyoming operates the most crypto-permissive licensing architecture among U.S. states via three co-existing tracks: (1) a bespoke Special Purpose Depository Institution (SPDI) banking charter for… | Profile →Brief |
| Zambia (ZM) | Africa | Red | Zambia has no comprehensive statute or licensing regime for crypto-asset businesses. The Bank of Zambia (BOZ) does not license, supervise or regulate the cryptocurrency sector, meaning entities… | Profile →Brief |