{ "dataset": "Protegra Licensing Atlas", "licence": "CC BY 4.0", "url": "https://protegra.io/licensing/data/", "generated": "2026-09-24", "count": 43, "regulators": [ { "id": "afm-netherlands", "name": "Authority for the Financial Markets", "local_name": "Autoriteit Financiële Markten", "abbr": "AFM", "jurisdictions": [ "NL" ], "kind": "conduct", "wikidata": "Q6999143", "wikipedia": "https://en.wikipedia.org/wiki/Netherlands_Authority_for_the_Financial_Markets", "website": { "value": "https://www.afm.nl/en", "source": "https://www.afm.nl/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Dutch Authority for the Financial Markets (AFM) has been committed to promoting fair and" }, "register_urls": [ { "value": "https://www.afm.nl/en/sector/registers", "label": "AFM Registers Portal (overview of all public registers of authorised and notified financial enterprises)", "source": "https://www.afm.nl/en/sector/registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The AFM keeps several registers of authorised companies" }, { "value": "https://www.afm.nl/en/sector/registers/vergunningenregisters", "label": "AFM Register of Authorised Firms (Vergunningenregisters)", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "https://www.afm.nl/en/sector/registers/vergunningenregisters/cryptopartijen", "label": "AFM Register of Crypto-Asset Service Providers (CASPs) under Regulation (EU) 2023/1114 (MiCA)", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/cryptopartijen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsondernemingen", "label": "AFM Register of Investment Firms (Beleggingsondernemingen) under Wft Article 2:96 and MiFID II", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsondernemingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "label": "AFM Register of Collective Investment Schemes and AIFMs (Beleggingsinstellingen / AIFMD)", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "https://www.afm.nl/nl-nl/sector/registers/vergunningenregisters/crowdfundingplatformen", "label": "AFM Register of Crowdfunding Service Providers under Regulation (EU) 2020/1503 (ECSPR)", "source": "https://www.afm.nl/nl-nl/sector/registers/vergunningenregisters/crowdfundingplatformen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bekijk hier het register" } ], "register_how": { "value": "The AFM maintains public registers of authorised financial enterprises and market participants, accessible online at afm.nl/en/sector/registers. Users can query specific registers by company name, statutory seat, Chamber of Commerce (KvK) number, or license type, or download complete data files in Excel (.xlsx) or CSV format for crypto-asset service providers (cryptopartijen), investment firms (beleggingsondernemingen), collective investment schemes and fund managers (beleggingsinstellingen / AIFMD), and crowdfunding platforms. Search records detail authorisation status, licensed services, cross-border European passport notifications, and regulatory reference numbers.", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, "hq_city": { "value": "Amsterdam", "source": "https://www.afm.nl/en/contact", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Vijzelgracht 50 1017 HS AMSTERDAM" }, "founded": { "value": 2002, "source": "https://en.wikipedia.org/wiki/Netherlands_Authority_for_the_Financial_Markets", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "set up on 1 March 2002 as the successor to the Securities Board of the" }, "mandate": { "value": "The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan - ZBO), operating under the political responsibility of the Minister of Finance. Established on 1 March 2002 as the successor to the Securities Board of the Netherlands (STE) under the Financial Supervision Act (Wet op het financieel toezicht - Wft), the AFM is mandated to promote fair, transparent, and orderly financial markets, safeguard consumer and investor protection, ensure financial integrity, and oversee market conduct across savings, loans, investments, insurance, crypto-assets, and capital market infrastructures.", "source": "https://www.afm.nl/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Dutch Authority for the Financial Markets (AFM) has been committed to promoting fair and" }, "supervises": [ { "value": "Crypto-asset service providers (CASPs) and crypto-asset offerings under Regulation (EU) 2023/1114 (MiCA)", "source": "https://www.afm.nl/en/sector/cryptopartijen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "parties offering crypto services to consumers or professional parties must have a CASP license" }, { "value": "Investment firms (beleggingsondernemingen), portfolio managers, and investment advisers under Wft Article 2:96 and MiFID II (Directive 2014/65/EU)", "source": "https://www.afm.nl/en/sector/beleggingsondernemingen/vereisten-en-vergunningen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "An investment firm requires a license from the AFM to provide investment services" }, { "value": "Alternative Investment Fund Managers (AIFMs) and Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) under Wft Chapter 2, Directive 2011/61/EU (AIFMD), and Directive 2009/65/EC (UCITS)", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "European Crowdfunding Service Providers (ECSPR) under Regulation (EU) 2020/1503", "source": "https://www.afm.nl/nl-nl/sector/crowdfundingplatformen/vereisten-en-vergunning/vergunning-aanvragen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "voldoen aan de vereisten en de doelstellingen van de Europese crowdfundingverordening (ECSPR) 2020/1503" }, { "value": "Trading venues (Euronext Amsterdam regulated market, Multilateral Trading Facilities / MTFs, Organised Trading Facilities / OTFs), benchmark administrators, and Data Reporting Services Providers (DRSPs) under MiFIR (Regulation (EU) No 600/2014) and Wft", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "Financial service intermediaries, credit and insurance brokers, consumer lending providers, and mortgage advisers under Wft Chapter 4", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, { "value": "Dutch Twin Peaks demarcation with De Nederlandsche Bank (DNB): DNB handles prudential supervision (solvency, capital adequacy, liquidity, systemic stability) of banks, insurers, payment institutions (PI), and electronic money institutions (EMI), and issues Declarations of No Objection (VVGB) under Wft Article 3:95; the AFM exercises conduct-of-business supervision, market transparency, consumer protection, and conducts direct licensing for CASPs, investment firms, AIFMs, and crowdfunding platforms.", "source": "https://www.afm.nl/en/sector/themas/digitalisering/innovationhub-afm-dnb", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AFM and DNB work together in the InnovationHub" } ], "licences_issued": [ { "id": "casp-mica--NL", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)", "source": "https://www.afm.nl/en/sector/cryptopartijen/vereisten-en-vergunningen/casp-vergunning", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "parties offering crypto services to consumers or professional parties must have a CASP license" } }, { "id": "investment-firm--NL", "family": "investment-firm", "name": { "value": "Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID II", "source": "https://www.afm.nl/en/sector/beleggingsondernemingen/vereisten-en-vergunningen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "An investment firm requires a license from the AFM to provide investment services" } }, { "id": "fund-manager--NL--aifm", "family": "fund-manager", "name": { "value": "Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" } }, { "id": "fund-manager--NL--ucits", "family": "fund-manager", "name": { "value": "Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "search the register or download the register as an Excel file" }, "licensee_count": { "value": "1,254", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "lending--NL--crowdfunding", "family": "lending", "name": { "value": "European Crowdfunding Service Provider (ECSPR) authorisation under Regulation (EU) 2020/1503", "source": "https://www.afm.nl/nl-nl/sector/crowdfundingplatformen/vereisten-en-vergunning/vergunning-aanvragen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "voldoen aan de vereisten en de doelstellingen van de Europese crowdfundingverordening (ECSPR) 2020/1503" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The AFM provides structured pre-application engagement, notably the CASP Pre-Scan for prospective crypto-asset service providers. Prospective applicants prepare a slide presentation responding to AFM's pre-scan questionnaire (covering business model, governance, ICT resilience, AML, and planned crypto services) for an informal one-hour digital meeting with the AFM supervisory team to identify regulatory challenges before formal submission (contact: crypto@afm.nl). In addition, exploratory pre-application meetings are offered for applicants under the EU DLT Pilot Regime (contact: Markttoegang_AM@afm.nl).", "source": "https://www.afm.nl/en/sector/cryptopartijen/vereisten-en-vergunningen/casp-pre-scan", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The AFM offers a pre-scan to potential applicants of a CASP license" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The AFM and De Nederlandsche Bank (DNB) operate the joint InnovationHub, established in June 2016, providing an informal regulatory information desk for innovative fintechs and established financial institutions with novel business models to discuss supervision questions, regulatory perimeter questions, and licensing requirements, with an initial response target within two business days.", "source": "https://www.afm.nl/en/sector/themas/digitalisering/innovationhub-afm-dnb", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The InnovationHub is a joint initiative of the AFM and DNB" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "The Netherlands does not operate an open domestic regulatory sandbox granting legislative waivers or exemptions from general financial regulation. However, the AFM and DNB actively implement the EU DLT Pilot Regime (Regulation (EU) 2022/858), allowing financial market participants to test distributed ledger technology for trading venues (DLT MTF), settlement systems (DLT SS), and trading and settlement systems (DLT TSS) under temporary statutory exemptions from MiFIR and CSDR requirements.", "source": "https://www.afm.nl/en/sector/themas/digitalisering/dlt-pilot-regime", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The DLT Pilot Regime provides for a sandbox-like environment" } }, "portal": { "value": "AFM Portaal (portaal.afm.nl) serves as the secure digital platform for regulated entities to submit licensing applications, report corporate changes, file regulatory returns, manage user authorizations, and communicate directly with supervisors.", "source": "https://portaal.afm.nl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Welkom op het AFM Portaal" }, "fee_schedule": { "value": "Statutory application fees are established under the Besluit bekostiging financieel toezicht 2019 (Bbft 2019, Bijlage 2) at an hourly rate of EUR 200 per supervisory hour worked up to statutory category caps (EUR 100,000 for CASP and investment firms, EUR 75,000 for ECSPR crowdfunding), while annual supervisory levies are set annually by the Ministry of Finance under the Regeling bekostiging financieel toezicht.", "source": "https://wetten.overheid.nl/BWBR0041647", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bijlage 2 bij het Besluit bekostiging financieel toezicht 2019" } }, "fees": [ { "licence_id": "casp-mica--NL", "kind": "application", "amount": { "value": "EUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for MiCA Art. 62/63 authorisations (Bbft 2019 Bijlage 2, code EU.A1.08), EUR 50,000 cap for Art. 60 notifications (code EU.A3.08), plus EUR 700 per person for integrity assessment and EUR 2,900 for suitability assessment (or EUR 1,500 / EUR 500 if previously assessed by DNB)", "source": "https://www.afm.nl/en/sector/cryptopartijen/vereisten-en-vergunningen/kosten", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "an hourly rate of 200 euros up to a maximum of 100,000 euros" } }, { "licence_id": "casp-mica--NL", "kind": "annual", "amount": { "value": "EUR 8,000 base supervisory levy plus a turnover-based component and service modules under Regeling bekostiging financieel toezicht 2026: custody EUR 4,250; trading platform EUR 4,250; crypto-fiat exchange EUR 2,125; crypto-crypto exchange EUR 2,125; order execution EUR 4,250; placing EUR 2,125; reception/transmission EUR 2,125; advice EUR 4,250; portfolio management EUR 6,375; transfer services EUR 4,250", "source": "https://zoek.officielebekendmakingen.nl/stcrt-2026-20792.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--NL", "kind": "application", "amount": { "value": "EUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for investment firm licences under Wft Art. 2:96 (Bbft 2019 Bijlage 2, code Wft.A1.18); MTF/OTF operation max EUR 100,000 (code Wft.A2.12); licence variation max EUR 50,000 (code Wft.A3.12); plus EUR 700 per person integrity and EUR 2,900 suitability vetting", "source": "https://wetten.overheid.nl/BWBR0041647", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "vergunning voor het verlenen van beleggingsdiensten 200 per uur 100.000" } }, { "licence_id": "investment-firm--NL", "kind": "annual", "amount": { "value": "EUR 0 base amount plus per-service modules under Regeling bekostiging financieel toezicht 2026 (e.g. reception/transmission of orders EUR 3,335, order execution EUR 10,001, portfolio management EUR 13,337, advice EUR 10,001) and a variable turnover-based component", "source": "https://zoek.officielebekendmakingen.nl/stcrt-2026-20792.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "fund-manager--NL--aifm", "kind": "application", "amount": { "value": "EUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for AIFM licences under Wft Art. 2:65 (Bbft 2019 Bijlage 2, code Wft.A1.05); UCITS manager licence max EUR 100,000; plus person assessments (EUR 700 integrity, EUR 2,900 suitability)", "source": "https://wetten.overheid.nl/BWBR0041647", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "beheerder van een beleggingsinstelling 200 per uur 100.000" } }, { "licence_id": "fund-manager--NL--aifm", "kind": "annual", "amount": { "value": "EUR 9,720 base supervisory levy under Regeling bekostiging financieel toezicht 2026 (Artikel II, category 6), plus variable contribution based on balance sheet total of managed funds", "source": "https://zoek.officielebekendmakingen.nl/stcrt-2026-20792.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "lending--NL--crowdfunding", "kind": "application", "amount": { "value": "EUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 75,000 for ECSPR authorisation under Regulation (EU) 2020/1503 Art. 12 (Bbft 2019 Bijlage 2, code EU.A1.07); plus EUR 700 integrity and EUR 2,900 suitability assessment per board member / 20%+ qualifying shareholder", "source": "https://www.afm.nl/nl-nl/sector/crowdfundingplatformen/vereisten-en-vergunning/vergunning-aanvragen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "De kosten voor de behandeling van een vergunningaanvraag zijn 200 euro per uur met een" } }, { "licence_id": "lending--NL--crowdfunding", "kind": "annual", "amount": { "value": "Base supervisory levy plus variable component under the Regeling bekostiging financieel toezicht 2026 and Wbft 2019", "source": "https://wetten.overheid.nl/BWBR0041548", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wet bekostiging financieel toezicht 2019" } } ], "timelines": [ { "licence_id": "casp-mica--NL", "statutory": { "value": "25 working days completeness assessment from receipt, followed by 40 working days decision period once complete (Regulation (EU) 2023/1114 Art. 63)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" }, "observed": { "value": "At least 5 months in practice, often longer: 'even in a best-case scenario it will take at least five months. In practice, it will often take longer.'", "source": "https://www.afm.nl/en/sector/cryptopartijen/vereisten-en-vergunningen/casp-vergunning", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "even in a best-case scenario it will take at least five months" } }, { "licence_id": "investment-firm--NL", "statutory": { "value": "13 weeks from receipt of a complete application under Wft Article 1:102, extendable while the AFM requests supplementary information", "source": "https://maxius.nl/wet-op-het-financieel-toezicht/artikel2:97", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "fund-manager--NL--aifm", "statutory": { "value": "26 weeks from receipt of a complete application under Wft Article 1:102, a deviation from the general 13-week decision period for AIFM manager licences", "source": "https://maxius.nl/wet-op-het-financieel-toezicht/artikel1:102", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "lending--NL--crowdfunding", "statutory": { "value": "25 working days completeness assessment from receipt, followed by 3 months decision period once complete (Regulation (EU) 2020/1503 Art. 12(8))", "source": "https://www.afm.nl/nl-nl/sector/crowdfundingplatformen/vereisten-en-vergunning/vergunning-aanvragen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Binnen drie maanden na ontvangst van een volledige aanvraag beoordeelt de AFM" }, "observed": null } ], "statistics": [ { "value": "245 domestic Dutch investment firms licensed under Wft Article 2:96 and MiFID II, out of 1,458 total registered investment entities (AFM official register, 2026-09-24)", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsondernemingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "1,254 registered Collective Investment Schemes (UCITS / ICBE) fund entries in the Netherlands (AFM official register, 2026-09-24)", "source": "https://www.afm.nl/en/sector/registers/vergunningenregisters/beleggingsinstellingen", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "search the register or download the register as an Excel file" }, { "value": "EUR 153.3 million total annual ongoing supervisory market contribution for 2026 (EUR 175.5 million budgeted gross costs)", "source": "https://www.afm.nl/nl-nl/over-de-afm/kosten/toelichting-op-tarieven", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "In the Netherlands' Twin Peaks supervisory architecture, change of control and qualifying holdings (gekwalificeerde deelnemingen) are strictly regulated. Any natural or legal person proposing to acquire, increase, or divest a qualifying holding—defined as a direct or indirect holding of at least 10%, 20%, 33% (or 30%), or 50% of voting rights or capital, or the ability to exercise significant influence/control—in an investment firm or fund manager governed by the Wft must obtain a prior Declaration of No Objection (Verklaring van geen bezwaar - VVGB) from De Nederlandsche Bank (DNB) under Wft Article 3:95, with DNB consulting the AFM on conduct-of-business aspects. For crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 (MiCA Article 83), proposed acquisitions of qualifying holdings require prior assessment and approval by the competent supervisor (AFM charges EUR 2,400 per assessment under Bbft 2019 code EU.D1.07). The statutory assessment period is 60 working days from written acknowledgement of receipt of a complete filing, interruptible once by up to 20 or 30 working days if additional information is required from the proposed acquirer.", "source": "https://wetten.overheid.nl/BWBR0020368", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "verklaring van geen bezwaar" } }, "recent_changes": [ { "value": "2025-06-30: Expiration of the Netherlands' 6-month MiCA transitional/grandfathering period under Article 143(3), shorter than the EU maximum of 18 months", "source": "https://www.afm.nl/en/sector/cryptopartijen/vereisten-en-vergunningen/casp-vergunning", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-06-16: Entry into force of the Regeling bekostiging financieel toezicht 2026 (Staatscourant 2026, nr. 20792, published 2026-06-15)", "source": "https://zoek.officielebekendmakingen.nl/stcrt-2026-20792.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across the Netherlands, imposing harmonised ICT risk management, incident classification, and digital operational testing obligations on all AFM-supervised financial entities.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: Full application of EU MiCA Titles V & VI (Regulation (EU) 2023/1114), establishing the AFM as the Dutch competent authority for CASP authorization and conduct supervision.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2023-03-23: Entry into application of the EU DLT Pilot Regime (Regulation (EU) 2022/858), enabling the AFM and DNB to grant temporary statutory exemptions from MiFIR and CSDR for blockchain trading and settlement systems.", "source": "https://www.afm.nl/en/sector/themas/digitalisering/dlt-pilot-regime", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The DLT Pilot Regime provides for a sandbox-like environment" } ], "contacts": { "address": { "value": "Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands (Postal: P.O. Box 11723, 1001 GS Amsterdam, The Netherlands)", "source": "https://www.afm.nl/en/contact", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Vijzelgracht 50 1017 HS AMSTERDAM" } }, "photo_hint": "Modern headquarters of the Netherlands Authority for the Financial Markets (AFM) located at Vijzelgracht 50 in central Amsterdam", "answer": "The Netherlands Authority for the Financial Markets (AFM) is the Dutch conduct-of-business supervisor, working alongside De Nederlandsche Bank in a \"Twin Peaks\" model. It authorises crypto-asset service providers under MiCA, investment firms under MiFID II, fund managers and European crowdfunding service providers. Application fees are charged at EUR 200 per hour up to statutory caps, such as EUR 100,000 for a CASP or an investment firm, and applicants can use the AFM CASP Pre-Scan and the joint AFM-DNB InnovationHub.", "faq": [ { "q": "How are crypto-asset service providers (CASPs) regulated by the AFM in the Netherlands?", "a": "Under Regulation (EU) 2023/1114 (MiCA), the AFM is the competent authority for licensing and supervising CASPs providing crypto-asset services in or from the Netherlands. Since the expiration of the national transitional grandfathering regime on 30 June 2025, all firms operating crypto services must hold a full MiCA authorisation under Article 63 or have submitted an Article 60 notification as an authorised credit institution or investment firm. Applications incur an hourly assessment fee of EUR 200 (capped at EUR 100,000 for Art. 62/63 authorisations and EUR 50,000 for Art. 60 notifications), plus integrity and suitability vetting fees." }, { "q": "What is the division of supervisory responsibilities between the AFM and DNB under the Dutch Twin Peaks model?", "a": "The Netherlands operates a strict Twin Peaks regulatory architecture. De Nederlandsche Bank (DNB) is the prudential supervisor responsible for macroprudential stability, capital adequacy, solvency, and liquidity of banks, insurers, pension funds, payment institutions (PIs), and electronic money institutions (EMIs). The AFM is the conduct-of-business supervisor responsible for market integrity, fair and orderly trading, conduct of business, investor and consumer protection, financial reporting disclosures, and primary licensing for CASPs, investment firms, AIFMs, and crowdfunding platforms. For qualifying holdings in Wft institutions, DNB issues Declarations of No Objection (VVGB) in consultation with the AFM." }, { "q": "How are financial supervision fees structured in the Netherlands?", "a": "Dutch financial supervision is funded entirely by the financial sector under the Wet bekostiging financieel toezicht 2019 (Wbft 2019) and Besluit bekostiging financieel toezicht 2019 (Bbft 2019). Application fees are charged on an hourly basis at EUR 200 per supervisory hour worked, subject to statutory caps (e.g. EUR 100,000 for CASP and investment firms, EUR 75,000 for ECSPR). Ongoing annual supervision is funded through a fixed base levy (e.g. EUR 8,000 for CASPs) plus variable contributions based on turnover, managed assets, balance sheet total, or licensed service modules set annually in the Regeling bekostiging financieel toezicht." }, { "q": "Does the AFM offer pre-application support or a regulatory sandbox for fintechs?", "a": "Yes. The AFM offers a dedicated CASP Pre-Scan, allowing prospective crypto applicants to present their business model and compliance architecture in an informal digital meeting with supervisors prior to formal submission. In addition, the AFM and DNB run the joint InnovationHub, providing informal regulatory guidance to fintech innovators within two business days. While the Netherlands does not operate an open domestic sandbox waiving financial legislation, the AFM and DNB actively administer the statutory EU DLT Pilot Regime (Regulation (EU) 2022/858) for blockchain trading and settlement infrastructures." }, { "q": "What regulatory approvals are required for a change of control in a Dutch regulated financial entity?", "a": "Acquiring or increasing a direct or indirect qualifying holding (reaching or exceeding 10%, 20%, 33%, or 50% of capital or voting rights, or gaining significant influence) in a Dutch Wft-regulated entity requires a prior Declaration of No Objection (Verklaring van geen bezwaar - VVGB) issued by De Nederlandsche Bank (DNB) under Wft Article 3:95 in consultation with the AFM. For CASPs under MiCA (Article 83), qualifying holding assessments are handled directly under the MiCA procedure by the competent supervisor. The statutory review period is 60 working days from written acknowledgement of receipt of a complete application." }, { "q": "How can one verify whether a financial or crypto institution is authorised in the Netherlands?", "a": "The AFM publishes public registers on its website (afm.nl/en/sector/registers), including separate registers for crypto-asset service providers (cryptopartijen), investment firms (beleggingsondernemingen), collective investment schemes and fund managers (beleggingsinstellingen), and crowdfunding platforms. Users can search by entity name or KvK number, or download complete datasets in Excel format detailing authorised services, date of entry, statutory seat, and European cross-border passporting rights." } ], "open_questions": [ "Under the Dutch Twin Peaks model, Declarations of No Objection (VVGB) for acquiring qualifying holdings in Wft-regulated entities (such as investment firms and AIFMs) are processed and granted by De Nederlandsche Bank (DNB) under Wft Article 3:95 rather than the AFM, while CASP qualifying holding assessments are governed directly under MiCA Article 83.", "Application fees under the Besluit bekostiging financieel toezicht 2019 (Bbft 2019) are calculated on an actual-cost hourly basis (EUR 200/hr) up to statutory caps (EUR 100,000 for CASP/MiFID/AIFM, EUR 75,000 for ECSPR), meaning total initial fees depend on application complexity and completeness.", "The AFM register provides downloadable full-dataset spreadsheets (.xlsx / .csv) for crypto entities, investment firms, and fund managers, but web search views default to paginated partial listings." ], "licence_ids": [ "casp-mica--NL", "investment-firm--NL", "fund-manager--NL--aifm", "fund-manager--NL--ucits", "lending--NL--crowdfunding" ], "law_ids": [ "nl-wft-2006", "nl-wbft-2019", "nl-bbft-2019", "nl-rbft-2026", "nl-wwft-2008", "nl-sanctiewet-1977", "eu-mica-2023-1114", "eu-mifid2-2014-65", "eu-mifir-600-2014", "eu-aifmd-2011-61", "eu-ucits-2009-65", "eu-dora-2022-2554", "eu-ecspr-2020-1503", "eu-tfr-2023-1113", "eu-amlr-2024-1624" ], "type": "regulator" }, { "id": "amf-france", "name": "Financial Markets Authority", "local_name": "Autorité des marchés financiers", "abbr": "AMF", "jurisdictions": [ "FR" ], "kind": "securities", "wikidata": "Q788606", "wikipedia": "https://en.wikipedia.org/wiki/Autorit%C3%A9_des_March%C3%A9s_Financiers_(France)", "website": { "value": "https://www.amf-france.org/en", "source": "https://www.amf-france.org/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The AMF regulates the French financial market" }, "register_urls": [ { "value": "https://geco.amf-france.org/accueil", "label": "GECO database: authorised French management companies (sociétés de gestion de portefeuille - SGP), collective investment schemes (OPCVM, FIA), and European management companies", "source": "https://geco.amf-france.org/accueil", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "GECO.FO-FRONT" }, { "value": "https://geco.amf-france.org/back-office/thirdParties", "label": "GECO database direct registry API: active authorised French portfolio management companies (SGP)", "source": "https://geco.amf-france.org/back-office/thirdParties", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1 2 3 INVESTMENT MANAGERS GP01021" }, { "value": "https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/listes-blanches?conditions%5Bcategorie%5D=612", "label": "AMF White List of Crypto-Asset Service Providers (PSCA / CASP) authorised under EU MiCA Regulation", "source": "https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/listes-blanches?conditions%5Bcategorie%5D=612", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Retrouvez les listes blanches de l'AMF (PSCA, Biens divers, PSFP)" }, { "value": "https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/listes-blanches?conditions%5Bcategorie%5D=624", "label": "AMF White List of European Crowdfunding Service Providers (PSFP / CSP) authorised under Regulation (EU) 2020/1503", "source": "https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/listes-blanches?conditions%5Bcategorie%5D=624", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Retrouvez les listes blanches de l'AMF (PSCA, Biens divers, PSFP)" }, { "value": "https://bdif.amf-france.org/en", "label": "BDIF database: decisions, prospectuses, takeover bids, and financial disclosures of listed issuers", "source": "https://bdif.amf-france.org/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "BDIF - Decisions and financial disclosures database" } ], "register_how": { "value": "Authorised French portfolio management companies (SGP) and collective investment schemes (OPC) can be verified on GECO by querying entity name, approval number (GP number), or LEI, displaying approval dates, registered addresses, contact details, authorized investment activities, and regulated fund vehicles. Crypto-asset service providers (PSCA) and European crowdfunding service providers (PSFP) are searched by entity name on the AMF official White Lists, which show trade name, category, authorisation date, and specific approved activities.", "source": "https://geco.amf-france.org/accueil", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "hq_city": { "value": "Paris", "source": "https://www.amf-france.org/en/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "17, place de la Bourse - 75082 Paris Cedex 02" }, "founded": { "value": 2003, "source": "https://en.wikipedia.org/wiki/Autorit%C3%A9_des_March%C3%A9s_Financiers_(France)", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "established by the Financial Security Act (Loi de sécurité financière) no. 2003-706 of 1 August" }, "mandate": { "value": "The Autorité des marchés financiers (AMF) is France's independent financial markets authority, tasked with safeguarding savings invested in financial products, ensuring transparent and orderly financial markets, and supervising securities markets, collective investment management companies, and crypto-asset service providers under EU MiCA.", "source": "https://www.amf-france.org/en/amf/our-missions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Autorité des Marchés Financiers (AMF) regulates the French financial market place, its participants and" }, "supervises": [ { "value": "Portfolio asset management companies (sociétés de gestion de portefeuille - SGP) and collective investment schemes (UCITS/OPCVM, AIF/FIA, real estate funds, and private equity funds)", "source": "https://www.amf-france.org/en/amf/our-missions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "collective investment products and their management companies" }, { "value": "Crypto-asset service providers (CASP / PSCA) under the EU MiCA Regulation and issuers of crypto-assets", "source": "https://www.amf-france.org/en/professionals/fintech/my-relations-amf/discuss-amf-about-my-project", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Asset Service Provider (CASP) White list of CASPs licensed" }, { "value": "Financial investment advisers (conseillers en investissements financiers - CIF) and crowdfunding service providers (PSFP) under EU Regulation 2020/1503", "source": "https://www.amf-france.org/en/amf/our-missions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "financial investment advisers (FIA) and crowdfunding investment advisers" }, { "value": "Financial markets, trading venues (Euronext Paris), multilateral trading facilities (MTFs), organized trading facilities (OTFs), and benchmark administrators", "source": "https://www.amf-france.org/en/amf/our-missions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "market infrastructures: trading venues (regulated markets, MTF, OTF)" }, { "value": "Market post-trade infrastructures including central counterparties (LCH SA), central securities depositories (Euroclear France), and DLT infrastructures under the EU DLT Pilot Regime", "source": "https://www.amf-france.org/en/amf/our-missions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "clearing houses, central securities depositories" }, { "value": "Listed companies, corporate financial disclosures, prospectuses, takeover bids, and prevention of market abuse", "source": "https://www.amf-france.org/en/amf/our-missions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "listed companies and their corporate actions (initial public offerings, capital increases, takeover bids)" }, { "value": "Twin Peaks institutional demarcation with ACPR: Credit institutions, payment institutions (PI), electronic money institutions (EMI), and investment firms (PSI) are licensed and prudentially supervised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR, Banque de France); the AMF approves investment firms' programs of operations and supervises their market conduct.", "source": "https://www.amf-france.org/en/professionals/investment-services-providers/my-investment-services-providers-space", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The AMF approves investment services providers' programmes of activity" } ], "licences_issued": [ { "id": "casp-mica--FR", "family": "casp-mica", "name": { "value": "Prestataire de services sur crypto-actifs (PSCA) / Crypto-asset service provider authorization under EU MiCA Regulation", "source": "https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/listes-blanches?conditions%5Bcategorie%5D=612", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Retrouvez les listes blanches de l'AMF (PSCA, Biens divers, PSFP)" }, "licensee_count": { "value": 35, "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "fund-manager--FR--sgp", "family": "fund-manager", "name": { "value": "Société de gestion de portefeuille (SGP) / Portfolio management company authorisation", "source": "https://geco.amf-france.org/back-office/thirdParties", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1 2 3 INVESTMENT MANAGERS GP01021" } }, { "id": "investment-firm--FR--cif", "family": "investment-firm", "name": { "value": "Conseiller en investissements financiers (CIF) / Financial investment adviser status", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2025-12/chiffres-cles-cif-2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "la population totale des CIF s'élevait à 7 013 au 31 décembre 2024" }, "licensee_count": { "value": 7013, "source": "https://www.amf-france.org/sites/institutionnel/files/private/2025-12/chiffres-cles-cif-2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "la population totale des CIF s'élevait à 7 013 au 31 décembre 2024" } }, { "id": "lending--FR--crowdfunding", "family": "lending", "name": { "value": "Prestataire de services de financement participatif (PSFP) / European crowdfunding service provider authorization", "source": "https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/listes-blanches?conditions%5Bcategorie%5D=624", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Retrouvez les listes blanches de l'AMF (PSCA, Biens divers, PSFP)" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The AMF provides free, bilateral pre-application support through its Innovation and Digital Finance team; project promoters submit a comprehensive project presentation, business model, operational flowcharts, and legal analysis via an online information request form to examine regulatory perimeter boundaries and licensing prerequisites prior to formal filing.", "source": "https://www.amf-france.org/en/professionals/fintech/my-relations-amf/discuss-amf-about-my-project/information-request", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Innovation and Digital Finance team is at your disposal to help you better understand" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The AMF operates an Innovation and Digital Finance division (established in 2016) and co-leads the joint AMF-ACPR FinTech Forum with the ACPR (Banque de France), organizing expert working groups, workshops, and supervisory guidance on tokenisation, artificial intelligence, and digital asset regulation.", "source": "https://www.amf-france.org/en/professionals/fintech/my-relations-amf/discuss-amf-about-my-project", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "it also leads the AMF-ACPR FinTech Forum which brings together industry professionals each year" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "France does not operate an open domestic sandbox granting exemptions for general fintech startups, but actively implements the statutory EU DLT Pilot Regime (Regulation (EU) 2022/858), enabling market operators and investment firms to test distributed ledger technology for multilateral trading facilities (DLT MTF) and settlement systems (DLT SS/TSS) under temporary exemptions from MiFIR and CSDR requirements coordinated by AMF, ACPR, and Banque de France.", "source": "https://www.amf-france.org/fr/actualites-publications/actualites/regime-pilote-lacpr-la-banque-de-france-et-lamf-precisent-les-conditions-dinstruction-des-dossiers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Le Règlement (UE) 2022/858 instituant un « régime pilote » est entré en application le" } }, "portal": { "value": "Extranet ROSA (rosa.amf-france.org) serves as the primary online platform for management companies (SGP) and intermediaries to submit licensing applications, modify programs of activity, update referential corporate data, and lodge regulatory reporting; listed issuers utilize the ONDE extranet (onde.amf-france.org) for filing prospectuses and financial disclosures.", "source": "https://www.amf-france.org/fr/actualites-publications/actualites/evolution-des-procedures-dagrement-des-sgp", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "effectuées, dans un délai d'un mois maximum à compter de leur mise en œuvre, via" }, "fee_schedule": { "value": "Official Guide on rights and contributions due to the AMF under Articles L. 621-5-3 and D. 621-27 to D. 621-30 of the Code monétaire et financier.", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2026-01/2025-guide-des-contributions-fr_modifie-coquille-.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Guide relatif aux droits et contributions dus à l'AMF" } }, "fees": [ { "licence_id": "casp-mica--FR", "kind": "annual", "amount": { "value": "EUR 10,000 fixed annual contribution (Article D. 621-27 II 14°), plus 0.0094‰ (0.00094%) of assets under custody for custodians (minimum EUR 1,500)", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2026-01/2025-guide-des-contributions-fr_modifie-coquille-.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "est fixée à 10 000 euros. Le taux de la contribution due par les personnes" } }, { "licence_id": "investment-firm--FR--cif", "kind": "annual", "amount": { "value": "EUR 450 annual contribution to the AMF (Article D. 621-27 II 11°), collected via the single register ORIAS", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2026-01/2025-guide-des-contributions-fr_modifie-coquille-.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "La contribution due par les personnes mentionnées au k du 4° du II de l'article" } }, { "licence_id": "lending--FR--crowdfunding", "kind": "annual", "amount": { "value": "EUR 2,550 annual supervisory contribution (Article D. 621-27 II 12°)", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2026-01/2025-guide-des-contributions-fr_modifie-coquille-.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "La contribution due par les personnes mentionnées au l du 4° du II de l'article" } } ], "timelines": [ { "licence_id": "casp-mica--FR", "statutory": { "value": "40 working days from receipt of a complete application, preceded by a 25 working days completeness assessment (MiCA Art. 63)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" } }, { "licence_id": "fund-manager--FR--sgp", "statutory": { "value": "3 months from receipt of a complete application, extendable by up to 3 additional months (Article R. 532-15 CMF / Instruction DOC-2008-03)", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2026-07/DOC-2008-03_FR%2819%29_BMR.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "l'Autorité des marchés financiers notifie sa décision dans un délai de trois mois" } }, { "licence_id": "lending--FR--crowdfunding", "statutory": { "value": "3 months from receipt of a complete application under Regulation (EU) 2020/1503 Art. 12(8)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months of receipt of the complete application" } } ], "statistics": [ { "value": "35 crypto-asset service providers with France as home member state in ESMA's interim MiCA register (2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "7,013 financial investment advisers (CIF) registered in France (AMF CIF Annual Key Figures report, 2026-09-24)", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2025-12/chiffres-cles-cif-2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "la population totale des CIF s'élevait à 7 013 au 31 décembre 2024" }, { "value": "EUR 5,265 billion in assets managed by French asset management companies across 24,247 employees (AMF Asset Management Key Figures, 2026-09-24)", "source": "https://www.amf-france.org/fr/actualites-publications/publications/rapports-etudes-et-analyses/chiffres-cles-2024-de-la-gestion-dactifs", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "695 sociétés de gestion de portefeuille agréées en France au 31 décembre 2024" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Acquiring or increasing a qualifying holding needs the AMF's prior approval. For portfolio management companies (SGP) the thresholds are 10%, 20%, 33.33% and 50% of capital or voting rights (Code monétaire et financier, Article L. 532-9-1). For crypto-asset service providers MiCA Articles 83 and 84 apply: the thresholds are 20%, 30% and 50%, and the AMF assesses the acquirer within 60 working days of a complete notification.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "recent_changes": [ { "value": "2026-07-01: Expiration of the French transitional grandfathering period for digital asset service providers (PSAN); from this date, only fully authorised crypto-asset service providers (PSCA) under EU MiCA Regulation are legally permitted to operate in France.", "source": "https://www.amf-france.org/fr/espace-epargnants/actualites-mises-en-garde/entree-en-application-du-reglement-europeen-mica-quelles-consequences-pour-les-detenteurs-de-cryptos", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Depuis le 1er juillet 2026, la période de transition a pris fin et seuls les" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across France, requiring all AMF-authorised investment firms, management companies, and market infrastructures to comply with strict ICT risk management, incident reporting, and third-party vendor oversight rules.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: Full entry into force of Titles V and VI of EU MiCA Regulation (Regulation (EU) 2023/1114), establishing AMF as France's competent authority for CASP authorization and supervision.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-07-01: The AMF opened a pre-instruction window for firms preparing MiCA crypto-asset service provider (PSCA) applications.", "source": "https://www.amf-france.org/sites/institutionnel/files/private/2025-06/instruction-doc-2025-05_1.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2023-03-23: Application of the EU DLT Pilot Regime (Regulation (EU) 2022/858), enabling AMF, ACPR, and Banque de France to grant temporary regulatory exemptions for blockchain-based trading and settlement infrastructures.", "source": "https://www.amf-france.org/fr/actualites-publications/actualites/regime-pilote-lacpr-la-banque-de-france-et-lamf-precisent-les-conditions-dinstruction-des-dossiers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "contacts": { "address": { "value": "17, place de la Bourse, 75082 Paris Cedex 02, France", "source": "https://www.amf-france.org/en/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "17, place de la Bourse - 75082 Paris Cedex 02" } }, "photo_hint": "Palais Brongniart and Place de la Bourse Paris Autorite des marches financiers headquarters", "answer": "The Autorité des marchés financiers (AMF) is France's independent financial markets regulator, headquartered in Paris and established in 2003. It licenses portfolio management companies, crypto-asset service providers under MiCA (35 with France as home state in ESMA's register) and crowdfunding service providers, and oversees 7,013 registered financial investment advisers. Banking, payment and e-money licences are granted by the ACPR, not the AMF.", "faq": [ { "q": "How are crypto-asset service providers (CASPs) regulated by the AMF in France?", "a": "Under Regulation (EU) 2023/1114 (MiCA), the AMF serves as France's competent authority for authorizing and supervising crypto-asset service providers (PSCA). Following the conclusion of France's national transitional grandfathering regime on 1 July 2026, all firms offering crypto-asset services to French clients must hold a full MiCA CASP license or notify under Article 60 as an authorized credit institution or investment firm." }, { "q": "What is the difference between the AMF and the ACPR in French financial regulation?", "a": "France operates a Twin Peaks regulatory model. The ACPR (backed by Banque de France) prudentially oversees and licenses credit institutions, payment institutions (PI), electronic money institutions (EMI), and investment firms (PSI). The AMF regulates capital markets, investor protection, collective asset management companies (SGP), crypto-asset service providers (CASP), and conducts market conduct oversight." }, { "q": "What are the regulatory fees for licensing a fund management company (SGP) with the AMF?", "a": "Under the French Monetary and Financial Code, the AMF charges no initial upfront examination fee for portfolio management company applications. Instead, authorized SGPs pay an ongoing annual supervisory contribution based on assets under management (0.0085‰ for discretionary mandates and 0.0094‰ for collective investment funds), subject to a statutory minimum of EUR 1,500 per year." }, { "q": "Does the AMF offer a regulatory sandbox or pre-application support for fintechs?", "a": "Yes. The AMF's Innovation and Digital Finance team provides free pre-application support and bilateral exploratory meetings to assess regulatory qualification before formal submission. While France does not run an unconstrained domestic fintech sandbox, it participates in the statutory EU DLT Pilot Regime, granting temporary exemptions from MiFIR and CSDR for blockchain trading and settlement venues." }, { "q": "What regulatory approvals are required to acquire a stake in an AMF-licensed institution?", "a": "The AMF must approve the acquisition in advance. For a portfolio management company (SGP) the thresholds are 10%, 20%, 33.33% and 50% of capital or voting rights; for a crypto-asset service provider MiCA sets them at 20%, 30% and 50%. The AMF assesses the acquirer's reputation, financial soundness and AML/CFT risk within 60 working days of a complete notification." } ], "open_questions": [ "Légifrance (legifrance.gouv.fr) systematically returns HTTP 403 Forbidden to automated scripted clients, requiring reliance on official AMF publications, regulatory guides, and EUR-Lex for primary legal texts.", "ORIAS maintains the direct searchable public register of individual Financial Investment Advisers (CIF), whereas the AMF exercises macro-supervision and collects annual regulatory returns via approved professional associations." ], "licence_ids": [ "casp-mica--FR", "fund-manager--FR--sgp", "investment-firm--FR--cif", "lending--FR--crowdfunding" ], "law_ids": [ "fr-code-monetaire-et-financier", "fr-reglement-general-amf", "eu-mica-2023-1114", "eu-mifid2-2014-65", "eu-mifir-600-2014", "eu-aifmd-2011-61", "eu-ucits-2009-65", "eu-dora-2022-2554", "eu-ecspr-2020-1503", "eu-tfr-2023-1113", "eu-amlr-2024-1624" ], "type": "regulator" }, { "id": "asic-australia", "name": "Australian Securities and Investments Commission", "local_name": "Australian Securities and Investments Commission", "abbr": "ASIC", "jurisdictions": [ "AU" ], "kind": "multi", "wikidata": "Q4056092", "wikipedia": "https://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commission", "website": { "value": "https://asic.gov.au/", "source": "https://asic.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://service.asic.gov.au/search/", "label": "Professional Registers search — AFS licensees, credit licensees, auditors and SMSF auditors, by name or licence number", "source": "https://www.asic.gov.au/online-services/search-asic-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "403 to scripted client when opened directly; described instead from ASIC's own registers-search index page" }, { "value": "https://connectonline.asic.gov.au/", "label": "ASIC Connect — company, business-name and organisation register search", "source": "https://www.asic.gov.au/online-services/search-asic-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "Search the Professional Registers by entity name, ABN/ACN, or licence number to see whether an AFS licence or Australian credit licence is currently held; an active entry shows licence status, conditions and any authorised representatives. ASIC Connect covers company and business-name registration status separately.", "source": "https://www.asic.gov.au/online-services/search-asic-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Sydney", "source": "https://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commission", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 1998, "source": "https://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commission", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "established on 1 July 1998" }, "mandate": { "value": "ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator; it licenses and supervises companies, financial services and credit providers, and markets, and works to maintain and improve the performance of the financial system.", "source": "https://asic.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "integrated corporate, markets, financial services and consumer credit regulator" }, "supervises": [ { "value": "Financial services providers holding an Australian financial services licence (advice, dealing, market making, custody, crowdfunding, superannuation trustee and claims-handling services)", "source": "https://www.asic.gov.au/for-finance-professionals/afs-licensees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Consumer credit providers, brokers and intermediaries holding an Australian credit licence", "source": "https://www.legislation.gov.au/C2009A00134/latest", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Registered companies, managed investment schemes and corporate collective investment vehicles", "source": "https://asic.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Financial markets, market operators and professional standards (auditors, liquidators, SMSF auditors)", "source": "https://asic.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "From commencement of the Digital Assets Framework Act on 2027-04-09, digital asset platforms and tokenised custody platforms, which will need an ASIC financial-services licence", "source": "https://asic.gov.au/about-asic/news-centre/news-items/asics-roadmap-for-digital-assets-law-reform-implementation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "investment-firm--AU", "family": "investment-firm", "name": { "value": "Australian financial services licence (AFSL)", "source": "https://www.asic.gov.au/for-finance-professionals/afs-licensees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null, "open_question": "Current total number of active AFSL holders not found as a single published figure; only FY2024-25 flow data available (290 new AFS licences granted; see statistics)." }, { "id": "lending--AU", "family": "lending", "name": { "value": "Australian credit licence (ACL)", "source": "https://www.legislation.gov.au/C2009A00134/latest", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null, "open_question": "Current total number of active ACL holders not found as a single published figure; only FY2024-25 flow data available (104 new credit licences granted; see statistics)." } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "ASIC's Innovation Hub gives free informal assistance to eligible fintech/regtech businesses (startups, scaleups, or firms licensed under 12 months): submit a Word-form request describing the business and the help needed; ASIC typically replies within a week and may offer a meeting within 2-3 weeks. It gives no legal or financial advice and no endorsement.", "source": "https://www.asic.gov.au/for-business-and-companies/innovation-hub/informal-assistance-for-fintechs-and-regtechs", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The Innovation Hub is ASIC's dedicated fintech/regtech contact point, combining the informal-assistance service with information on the regulatory sandbox and other guidance for innovative financial and credit businesses.", "source": "https://www.asic.gov.au/for-business-and-companies/innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "The Enhanced Regulatory Sandbox (ERS), a statutory exemption in force since 1 September 2020, lets eligible individuals and businesses test certain innovative financial services or credit activities for up to 24 months without holding an AFS or credit licence, while still meeting conduct and disclosure obligations as if licensed. As of the current register, 3 firms hold active exemptions: Waratah Payments Pty Ltd (to July 2028), Canvas Digital Pty Ltd (to May 2028) and ContraCapital Pty Ltd (to April 2028).", "source": "https://www.asic.gov.au/for-business-and-companies/innovation-hub/enhanced-regulatory-sandbox-ers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "portal": { "value": "ASIC Regulatory Portal (regulatoryportal.asic.gov.au) — used to lodge and manage AFS and credit licence applications and notifications (e.g. change-in-control notices)", "source": "https://regulatoryportal.asic.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "403 to scripted client; name and function confirmed only via ASIC's other pages referencing it, not by opening the portal itself" }, "fee_schedule": { "value": "ASIC's Information Sheet 30 and the Schedules of Corporations/Credit Fees list which lodgements attract fees; AFSL and ACL application fees are indexed each 1 July by CPI, but the current dollar figures render as dynamic placeholders on ASIC's site and could not be read by a scripted fetch (see open_questions).", "source": "https://www.asic.gov.au/for-business-and-companies/forms-and-fees/all-fees/schedules-of-corporations-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "investment-firm--AU", "kind": "application", "amount": null }, { "licence_id": "lending--AU", "kind": "application", "amount": null } ], "timelines": [ { "licence_id": "investment-firm--AU", "statutory": null, "observed": { "value": "No fixed statutory decision deadline; ASIC's own service charter reports it decided 77% of new AFS licence applications, and 76% of AFS licence variation applications, within 150 days in FY2024-25 (1 July 2024 - 30 June 2025).", "source": "https://www.asic.gov.au/about-asic/news-centre/news-items/asic-updates-on-key-licensing-and-professional-registration-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "decided on 77% of new AFS licence applications ... within 150 days" } }, { "licence_id": "lending--AU", "statutory": null, "observed": null } ], "statistics": [ { "value": "1,531 AFS/credit licensing and registration applications received and 1,176 finalised in FY2024-25 (1 July 2024 - 30 June 2025)", "source": "https://www.asic.gov.au/about-asic/news-centre/news-items/asic-updates-on-key-licensing-and-professional-registration-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "290 new AFS licences and 104 new credit licences granted, plus 450 AFS/credit licence variations approved, in FY2024-25", "source": "https://www.asic.gov.au/about-asic/news-centre/news-items/asic-updates-on-key-licensing-and-professional-registration-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "215 AFS licences and 253 credit licences cancelled or suspended in FY2024-25", "source": "https://www.asic.gov.au/about-asic/news-centre/news-items/asic-updates-on-key-licensing-and-professional-registration-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "3 firms hold active Enhanced Regulatory Sandbox exemptions on ASIC's current ERS page: Waratah Payments Pty Ltd (to July 2028), Canvas Digital Pty Ltd (to May 2028), ContraCapital Pty Ltd (to April 2028)", "source": "https://www.asic.gov.au/for-business-and-companies/innovation-hub/enhanced-regulatory-sandbox-ers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": "notification", "summary": { "value": "Change of control is triggered when a person gains or ceases capacity to cast, or control the casting of, more than 50% of votes at a general meeting, or holds more than half the issued share capital, of an AFS licensee (Corporations Act s.910B). The licensee must notify ASIC of the change, via the Regulatory Portal, no later than 30 business days after the change occurs (s.912DA).", "source": "https://www.asic.gov.au/for-finance-professionals/afs-licensees/changing-details-and-lodging-afs-forms/change-in-control-of-afs-licensee", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "no later than the end of 30 business days after the day" } }, "recent_changes": [ { "value": "2026-04-08: Corporations Amendment (Digital Assets Framework) Act 2026 (No. 38 of 2026) received assent, creating an ASIC financial-services-licence regime for digital asset platforms and tokenised custody platforms, commencing 2027-04-09.", "source": "https://www.legislation.gov.au/C2026A00038/asmade/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-06-30: deadline for digital-asset businesses to apply for a new or varied AFS licence under updated INFO 225 guidance before ASIC's transitional no-action position on unlicensed digital-asset financial services expires.", "source": "https://asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Level 5, 100 Market Street, Sydney NSW 2000 (postal address: GPO Box 9827, Melbourne VIC 3001)", "source": "https://asic.gov.au/about-asic/contact-us/asic-offices", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "ASIC office building 100 Market Street Sydney", "answer": "ASIC is Australia's integrated corporate, markets, financial-services and credit regulator. It licenses and supervises holders of an Australian financial services licence (AFSL) and an Australian credit licence (ACL), and registers companies, auditors and liquidators. In FY2024-25 it granted 290 new AFS licences and 104 new credit licences. From April 2027 it will also license digital asset platforms.", "faq": [ { "q": "What does ASIC license?", "a": "ASIC issues the Australian financial services licence (AFSL), needed to give financial advice, deal in financial products, run a managed investment scheme, or provide custodial services, and the Australian credit licence (ACL), needed to provide or arrange consumer credit. It also registers companies, auditors and liquidators. In FY2024-25 it granted 290 new AFS licences and 104 new credit licences." }, { "q": "How long does an AFS licence application take?", "a": "There is no fixed statutory deadline; processing depends on complexity and the quality of the application. ASIC's own reporting shows it decided 77% of new AFS licence applications within 150 days in FY2024-25, with the remainder taking longer, especially for novel business models." }, { "q": "Does ASIC offer a regulatory sandbox for fintechs?", "a": "Yes. The Enhanced Regulatory Sandbox is a statutory exemption, in force since September 2020, letting eligible businesses test certain financial services or credit activities for up to 24 months without an AFSL or ACL, while other conduct and disclosure rules still apply. Only a handful of firms use it at any time; 3 held active exemptions as of the current register." }, { "q": "Will crypto platforms need an ASIC licence?", "a": "Yes, from 9 April 2027. The Corporations Amendment (Digital Assets Framework) Act 2026 brings digital asset platforms and tokenised custody platforms into the AFS licensing regime. Businesses providing digital-asset financial services now had to apply for a new or varied AFS licence by 30 June 2026 to rely on ASIC's transitional no-action position." }, { "q": "How do I check if a business holds an ASIC licence?", "a": "Search ASIC's Professional Registers by entity name, ABN/ACN or licence number to confirm whether an AFS licence or credit licence is current, see any conditions, and see authorised representatives. Company and business-name status is checked separately via ASIC Connect." }, { "q": "What happens if control of an AFS licensee changes?", "a": "The licensee, not ASIC, must act: if a person gains or loses more than 50% of votes or shares in the licensee, the licensee must notify ASIC through the Regulatory Portal within 30 business days of the change. ASIC does not pre-approve the change itself." } ], "open_questions": [ "Current total number of active AFSL and ACL holders (only FY2024-25 grant/cancellation flow data was found; no single current-total figure was located on ASIC's site within this session's budget).", "Exact AFSL and ACL application fee amounts in AUD for FY2026-27: ASIC's fee-schedule pages render the figures as dynamic placeholders, not visible to a scripted fetch.", "ACL-specific processing-time statistic (only an aggregate/AFS-specific 150-day figure was found; no separate ACL percentage).", "Whether digital asset platforms/tokenised custody platforms will be a wholly new licence family or an AFSL authorisation category once the Digital Assets Framework Act 2026 regime commences (2027-04-09); not yet operative as of 2026-09-24.", "Exact description of the ASIC Regulatory Portal's functions could not be confirmed by opening it directly (403 to scripted client)." ], "licence_ids": [ "investment-firm--AU", "lending--AU" ], "law_ids": [ "au-corporations-act-2001", "au-asic-act-2001", "au-national-consumer-credit-protection-act-2009", "au-corporations-amendment-digital-assets-framework-act-2026" ], "type": "regulator" }, { "id": "austrac-australia", "name": "Australian Transaction Reports and Analysis Centre", "local_name": "Australian Transaction Reports and Analysis Centre", "abbr": "AUSTRAC", "jurisdictions": [ "AU" ], "kind": "fiu", "wikidata": "Q4056102", "wikipedia": "https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre", "website": { "value": "https://www.austrac.gov.au/", "source": "https://www.austrac.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "austrac.gov.au times out on every automated fetch attempt this session (heavy JS SPA / scripted-client mitigation, confirmed even on /robots.txt); a prior project research file independently notes the same domain returning curl timeouts. URL and identity corroborated via Wikipedia, Wikidata, government directory listings and repeated WebSearch results, but no direct quote could be pulled from the live page." }, "register_urls": [ { "value": "https://online.apps.austrac.gov.au/vaspr", "label": "Virtual Asset Service Provider Register (VASPR) — registered VASPs, formerly the Digital Currency Exchange Register", "source": "https://online.apps.austrac.gov.au/vaspr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "URL opened; it is a JS single-page app that returns only a generic page shell to automated fetch, not the register content itself. Existence, name and public-search function corroborated via the AUSTRAC news article on the register going public and Wikipedia/search snippets." }, { "value": "https://online.apps.austrac.gov.au/rsr/", "label": "Remittance Sector Register — registered remittance network providers and independent remittance dealers", "source": "https://online.apps.austrac.gov.au/rsr/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "URL opened; same JS single-page app limitation as VASPR above — only the page title rendered to automated fetch." } ], "register_how": { "value": "Both registers are searched on AUSTRAC's public web apps by entering the business name; an active VASPR entry shows the registered entity name, ABN, registered virtual-asset services and any conditions attached to the registration, while an active RSR entry shows the remittance network provider or independent remittance dealer's registered details. Both apps are JavaScript-driven search tools rather than static listings, so a live search must be run interactively.", "source": "https://online.apps.austrac.gov.au/vaspr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "mandate": { "value": "AUSTRAC is Australia's financial intelligence unit and AML/CTF regulator: it collects and analyses financial transaction reports to detect money laundering, terrorism financing and other serious crime, and it registers and supervises remittance service providers and virtual asset service providers under the AML/CTF Act.", "source": "https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "financial intelligence agency responsible for monitoring financial transactions to identify money laundering" }, "supervises": [ { "value": "Remittance service providers (remittance network providers and independent remittance dealers)", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Part 6 addresses \"The Remittance Sector Register\"" }, { "value": "Virtual asset service providers (VASPs) — exchange, safekeeping, transfer and ICO-related virtual asset services", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Part 6A covers \"The Virtual Asset Service Provider Register\"" }, { "value": "AML/CTF programs, compliance and reporting obligations of reporting entities across the banking, gambling, bullion and other designated-service sectors", "source": "https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "money-transmitter--AU", "family": "money-transmitter", "name": { "value": "Registration as a remittance service provider (remittance network provider or independent remittance dealer)", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Part 6 addresses \"The Remittance Sector Register\"" } }, { "id": "vasp--AU", "family": "vasp", "name": { "value": "Registration as a virtual asset service provider (VASP) on the AUSTRAC Virtual Asset Service Provider Register (formerly the Digital Currency Exchange Register)", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Part 6A covers \"The Virtual Asset Service Provider Register\"" } } ], "services": { "pre_application": { "available": "unknown" }, "innovation_hub": { "available": "no", "detail": { "value": "AUSTRAC runs an 'Innovation Hub' but it sits inside Fintel Alliance, AUSTRAC's public-private financial-crime intelligence partnership (~30 members: major banks, remittance providers, gambling operators, law enforcement) — it is aimed at joint intelligence/technology projects with existing partners, not at helping new applicants through registration or licensing.", "source": "https://www.austrac.gov.au/government-and-partners/fintel-alliance", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "austrac.gov.au times out on automated fetch; content and member count corroborated via WebSearch snippets of the AUSTRAC page itself and independent secondary coverage (NGM Lawyers, ASPI Strategist, Lexology)." } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "AUSTRAC offers no regulatory sandbox or AML/CTF relief of its own. A firm operating inside ASIC's Enhanced Regulatory Sandbox (which can waive the need for an AFS licence) still must fully comply with AUSTRAC enrolment, registration and AML/CTF program obligations from day one — there is no reduced AUSTRAC regime for sandbox participants.", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, "portal": { "value": "AUSTRAC Online (https://online.austrac.gov.au/) — the login portal used to enrol, register as a remittance or virtual asset service provider, update registration details and file AML/CTF compliance reports.", "source": "https://online.austrac.gov.au/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "Portal requires sign-in; automated fetch returned an empty JS shell (no login attempted). Redirect chain from online.austrac.gov.au/ao/public/rsregister.seam → apps.austrac.gov.au/rsr → online.apps.austrac.gov.au/rsr/ was followed and confirms the domain is live and routes to the real register." }, "fee_schedule": { "value": "No dedicated AUSTRAC fee regulation or schedule was found. AUSTRAC registration and enrolment (remittance and VASP) carry no government application fee; registered/reporting entities separately pay an annual AUSTRAC industry funding levy whose amount depends on business size and type and was not found published as a fixed figure.", "source": "https://moneytransferlicence.com.au/blog/is-austrac-registration-free-or-paid/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "AUSTRAC registration and enrolment do not attract an application fee" } }, "fees": [ { "licence_id": "money-transmitter--AU", "kind": "application", "amount": { "value": "AUD 0 (no government application fee)", "source": "https://moneytransferlicence.com.au/blog/is-austrac-registration-free-or-paid/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "AUSTRAC registration and enrolment do not attract an application fee" } }, { "licence_id": "vasp--AU", "kind": "application", "amount": { "value": "AUD 0 (no government application fee)", "source": "https://moneytransferlicence.com.au/blog/is-austrac-registration-free-or-paid/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "AUSTRAC registration and enrolment do not attract an application fee" } } ], "timelines": [ { "licence_id": "money-transmitter--AU", "observed": null }, { "licence_id": "vasp--AU", "observed": null } ], "statistics": [], "change_of_control": { "approval_type": "notification", "summary": { "value": "No percentage-based ownership threshold applies. Registered remittance providers and VASPs must notify AUSTRAC of any change to beneficial owners or key personnel — including new personnel's police checks and any criminal/civil enforcement history — within 14 days of the change, via AUSTRAC Online. This is post-completion notification, not prior approval; AUSTRAC can still suspend, cancel or impose conditions on the registration if it considers the new ownership or personnel pose a money-laundering, terrorism-financing or other serious-crime risk. Legal basis: AML/CTF Act 2006 (Cth).", "source": "https://www.austrac.gov.au/industry-and-business/austrac-online/update-your-details", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "must tell AUSTRAC about changes within 14 days", "blocked_reason": "austrac.gov.au times out on automated fetch; the 14-day figure is corroborated verbatim via WebSearch's indexed snippet of this exact URL, and independently by two secondary compliance-advisory sources (Bartier Perry, Click Legal)." } }, "recent_changes": [ { "value": "2026-03-31: AUSTRAC's Digital Currency Exchange regime was replaced by the wider Virtual Asset Service Provider (VASP) regime under the AML/CTF Amendment Act 2024; existing DCE registrations continued automatically as VASP registrations.", "source": "https://www.legislation.gov.au/C2024A00110/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-06-30: AUSTRAC made the Virtual Asset Service Provider Register (VASPR) publicly searchable for the first time, so anyone can check whether a VASP is registered before using its services.", "source": "https://www.austrac.gov.au/news-and-media/article/virtual-asset-service-provider-register-goes-public", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "made its register of virtual asset service providers publicly available on 30 June 2026", "blocked_reason": "austrac.gov.au times out on automated fetch; quote corroborated via WebSearch's indexed snippet of this exact URL." }, { "value": "2026-07-29: deadline by which providers of the newly regulated virtual asset services (added by the 2024 reforms) had to apply to enrol and register with AUSTRAC to keep operating.", "source": "https://www.austrac.gov.au/new-austrac/enrol-or-register/register-us-remittance-or-virtual-asset-service-provider", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "austrac.gov.au times out on automated fetch; date corroborated via WebSearch's indexed snippet of this exact URL." }, { "value": "2027-04-09 (12 months after 2026-04-08 royal assent): the Corporations Amendment (Digital Assets Framework) Act 2026 commences, requiring operators of digital asset platforms and tokenised custody platforms to hold an ASIC Australian Financial Services Licence in addition to any AUSTRAC registration — an AUSTRAC-only registration will no longer be sufficient for custodial digital-asset businesses.", "source": "https://www.legislation.gov.au/C2026A00038/asmade/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Level 2, 4 National Circuit, Barton, Australian Capital Territory, Australia", "source": "https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Level 2, 4 National Circuit, Barton, Australian Capital Territory" } }, "hq_city": { "value": "Barton, Canberra (Australian Capital Territory)", "source": "https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Level 2, 4 National Circuit, Barton, Australian Capital Territory" }, "founded": { "value": 1989, "source": "https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "AUSTRAC was established in 1989 under the Financial Transaction Reports Act" }, "photo_hint": "AUSTRAC building 4 National Circuit Barton Canberra Australia", "answer": "AUSTRAC is Australia's financial intelligence unit and AML/CTF regulator. It licenses two fintech-relevant categories: remittance service providers (money transfer businesses) and, since the 2024 AML/CTF reforms, virtual asset service providers (VASPs, formerly digital currency exchanges). Both registrations are free to apply for, last 3 years, and both public registers went searchable online, with the VASP register opening to the public on 30 June 2026.", "faq": [ { "q": "What does AUSTRAC regulate?", "a": "AUSTRAC is Australia's AML/CTF regulator and financial intelligence unit. For fintechs, it registers and supervises remittance service providers (money transfer businesses) and virtual asset service providers (VASPs) — exchanges, custodians and other crypto businesses — requiring them to run an AML/CTF program and report suspicious and large transactions." }, { "q": "Does AUSTRAC charge a fee to register a crypto exchange or money transfer business?", "a": "No. AUSTRAC registration and enrolment for remittance and virtual asset service providers carry no government application fee. Registered entities do separately pay an annual AUSTRAC industry funding levy, whose amount varies by business size and type and was not found published as a fixed figure." }, { "q": "Is there an AUSTRAC sandbox for fintech startups?", "a": "No. AUSTRAC has no regulatory sandbox of its own. Even a firm accepted into ASIC's Enhanced Regulatory Sandbox, which can waive the need for an AFS licence, must still fully comply with AUSTRAC's ordinary registration and AML/CTF program obligations from the outset." }, { "q": "What replaced AUSTRAC's Digital Currency Exchange (DCE) register?", "a": "The AML/CTF Amendment Act 2024 replaced the DCE regime with a wider Virtual Asset Service Provider (VASP) regime from 31 March 2026. Existing DCE registrations rolled over automatically as VASP registrations, and AUSTRAC made the VASP register publicly searchable on 30 June 2026." }, { "q": "Do I still need an AUSTRAC registration if I run a custodial crypto exchange in Australia?", "a": "Yes, but it will no longer be sufficient on its own. From 9 April 2027, the Corporations Amendment (Digital Assets Framework) Act 2026 requires operators of digital asset platforms and tokenised custody platforms to also hold an ASIC Australian Financial Services Licence, alongside any AUSTRAC registration." }, { "q": "How long does an AUSTRAC registration last and how is a change of ownership handled?", "a": "Remittance and VASP registrations run on a 3-year term. There is no prior-approval regime for a change of ownership or key personnel — the business must notify AUSTRAC within 14 days of the change, and AUSTRAC can suspend, cancel or impose conditions if it considers the new owners or personnel pose a crime risk." } ], "open_questions": [ "Current number of registered remittance service providers and VASPs (the official registers are interactive JS search tools with no visible totals, and austrac.gov.au timed out on every automated fetch attempt this session).", "Whether AUSTRAC offers any pre-application meeting or pre-assessment service for prospective remittance/VASP registrants (not found; may exist on pages that could not be fetched).", "Statutory and realistically observed processing times for remittance and VASP registration decisions (a 90-day figure appears in an unverifiable prior project file but could not be re-confirmed against a live source this session, per the brief's requirement).", "Exact amount(s) of AUSTRAC's annual industry funding levy by entity size/type.", "Whether austrac.gov.au's consistent fetch timeouts (also reported by a prior project research file using curl) reflect deliberate bot mitigation or an unrelated performance/JS-rendering issue — a real browser session would be needed to confirm page content directly, which was out of scope for this research task." ], "licence_ids": [ "money-transmitter--AU", "vasp--AU" ], "law_ids": [ "au-aml-ctf-act-2006", "au-aml-ctf-amendment-act-2024" ], "type": "regulator" }, { "id": "bafin-germany", "name": "Federal Financial Supervisory Authority", "local_name": "Bundesanstalt für Finanzdienstleistungsaufsicht", "abbr": "BaFin", "jurisdictions": [ "DE" ], "kind": "multi", "wikidata": "Q314211", "wikipedia": "https://en.wikipedia.org/wiki/Federal_Financial_Supervisory_Authority", "website": { "value": "https://www.bafin.de/EN/home_node_en.html", "source": "https://www.bafin.de/EN/home_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Federal Financial Supervisory Authority" }, "register_urls": [ { "value": "https://portal.mvp.bafin.de/database/InstInfo/", "label": "BaFin Unternehmensdatenbank (public register for credit institutions, investment firms, KVG fund managers, financial services institutions, crypto custodians, and electronic securities registrars)", "source": "https://portal.mvp.bafin.de/database/InstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Unternehmensdatenbank Bafin" }, { "value": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "label": "BaFin ZAG-Instituts-Register (public register for payment institutions, electronic money institutions, and account information service providers under ZAG §§ 43, 44)", "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ZAG-Instituts-Register" } ], "register_how": { "value": "The Unternehmensdatenbank allows searching by company name, BaFin-ID, BAK number, registration number, or supervisory category, returning entity details, headquarters, authorization status, and permitted activities. The ZAG-Instituts-Register provides dedicated searches for domestic payment institutions, e-money institutions, and account information service providers by name or category, showing authorized payment services, European passport notifications, and registered agents.", "source": "https://www.bafin.de/DE/die-bafin/publikationen-daten/datenbanken-uebersichten/zahlungsinstitute-register/register-zahlungsinstitute_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register enthält ausschließlich inländische ZAG-Institute, denen die BaFin eine Erlaubnis erteilt hat" }, "hq_city": { "value": "Bonn", "source": "https://www.bafin.de/DE/service/impressum/impressum_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dienstsitz Bonn: Bundesanstalt für Finanzdienstleistungsaufsicht ( Bafin ) Graurheindorfer Str. 108 53117 Bonn" }, "founded": { "value": 2002, "source": "https://en.wikipedia.org/wiki/Federal_Financial_Supervisory_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "BaFin was formed on 1 May 2002" }, "mandate": { "value": "BaFin operates as Germany's unified federal financial supervisor under the Federal Ministry of Finance, supervising credit institutions, financial service providers, payment and e-money institutions, insurance undertakings, investment funds, and crypto-asset markets in close operational cooperation with the Deutsche Bundesbank to ensure financial stability, market integrity, and collective consumer protection.", "source": "https://www.bafin.de/EN/home_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Die Bafin vereinigt die Aufsicht über Banken und Finanzdienstleister, Versicherer und den Wertpapierhandel" }, "supervises": [ { "value": "Credit institutions and commercial banks under KWG and the EU Single Supervisory Mechanism", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=30&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1,217 Elemente gefunden" }, { "value": "Payment institutions and electronic money institutions under ZAG", "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ZAG-Instituts-Register nach §§ 43, 44 ZAG" }, { "value": "Investment firms (Wertpapierinstitute) under WpIG and MiFID II", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=100&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "664 Elemente gefunden" }, { "value": "Crypto-asset service providers and crypto custodians under KMAG, KWG, and EU MiCA", "source": "https://www.bafin.de/EN/unternehmen-maerkte/erlaubnis-registrierung/fintech/was-wird-reguliert/kryptoinstitute/kryptoinstitute_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "cryptoasset service providers that require authorisation under the MiCAR" }, { "value": "Investment fund management companies (Kapitalverwaltungsgesellschaften) under KAGB and AIFMD", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=60&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "714 Elemente gefunden" }, { "value": "Crypto securities registrars (Kryptowertpapierregisterführer) under eWpG and KWG", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=160&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tradevest Digital Assets GmbH Finanzdienstleistungsinstitut, Kryptoverwahrer, Kryptowertedienstleister, Kryptowertpapierregisterführer" } ], "licences_issued": [ { "id": "payment-institution--DE", "family": "payment-institution", "name": { "value": "Payment institution licence (Erlaubnis zur Erbringung von Zahlungsdiensten nach § 10 ZAG)", "source": "https://www.gesetze-im-internet.de/zag_2018/__10.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Erlaubnis für Zahlungsinstitute (1) Wer im Inland gewerbsmäßig oder in einem Umfang" }, "licensee_count": { "value": 102, "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "102 Elemente gefunden" } }, { "id": "emi--DE", "family": "emi", "name": { "value": "Electronic money institution licence (Erlaubnis für das E-Geld-Geschäft nach § 11 ZAG)", "source": "https://www.gesetze-im-internet.de/zag_2018/__11.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Erlaubnis für das E-Geld-Geschäft" }, "licensee_count": { "value": 14, "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "E-Geld-Institut" } }, { "id": "payment-institution--DE--aisp", "family": "payment-institution", "name": { "value": "Account information service provider registration (Registrierung als Kontoinformationsdienstleister nach § 34 ZAG)", "source": "https://www.gesetze-im-internet.de/zag_2018/__34.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registrierung als Kontoinformationsdienstleister" }, "licensee_count": { "value": 13, "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Kontoinformationsdienstleistungsinstitut" } }, { "id": "bank--DE", "family": "bank", "name": { "value": "Credit institution licence (Erlaubnis zum Betreiben von Bankgeschäften nach § 32 KWG / CRR)", "source": "https://www.gesetze-im-internet.de/kredwg/__32.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Erteilung der Erlaubnis (1) Wer im Inland gewerbsmäßig oder in einem Umfang" }, "licensee_count": { "value": 1217, "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=30&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1,217 Elemente gefunden" } }, { "id": "investment-firm--DE", "family": "investment-firm", "name": { "value": "Investment firm licence (Erlaubnis zur Erbringung von Wertpapierdienstleistungen nach § 15 WpIG)", "source": "https://www.gesetze-im-internet.de/wpig/__15.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Erteilung der Erlaubnis (1) Wer im Inland gewerbsmäßig oder in einem Umfang" }, "licensee_count": { "value": 664, "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=100&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "664 Elemente gefunden" } }, { "id": "casp-mica--DE", "family": "casp-mica", "name": { "value": "Crypto-asset service provider licence (Zulassung als Anbieter von Kryptowerte-Dienstleistungen nach Art. 59 MiCAR / KMAG)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation of crypto-asset service providers" }, "licensee_count": { "value": 81, "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=175&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "vasp--DE--custody", "family": "vasp", "name": { "value": "Qualified crypto custody licence (Erlaubnis für das qualifizierte Kryptoverwahrgeschäft nach § 1 Absatz 1a Satz 2 Nummer 6 KWG)", "source": "https://www.gesetze-im-internet.de/kredwg/__1.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 15, "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=170&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "V-Bank AG CRR-Kreditinstitut, Kreditinstitut, Kryptoverwahrer, Kryptowertedienstleister, SSM-Institut" } }, { "id": "fund-manager--DE", "family": "fund-manager", "name": { "value": "Investment management company licence (Erlaubnis als Kapitalverwaltungsgesellschaft nach § 20 KAGB)", "source": "https://www.gesetze-im-internet.de/kagb/__20.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Erlaubnis zum Geschäftsbetrieb (1) Die Erlaubnis zum Geschäftsbetrieb als KVG" }, "licensee_count": { "value": 714, "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=60&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "714 Elemente gefunden" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "BaFin offers free preliminary discussions (Erstgespräche) for prospective applicants prior to formal submission, where staff review initial business concepts and assign a dedicated contact person through its contact form. However, BaFin is legally barred from offering legal advice.", "source": "https://www.bafin.de/EN/unternehmen-maerkte/erlaubnis-registrierung/fintech/schritte-erlaubnis/schritte-erlaubnis_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bafin offers an initial discussion on the granting of authorisation" } }, "innovation_hub": { "available": "yes", "detail": { "value": "BaFin operates a specialized FinTech Navigator Desk (Lotsenfunktion) within its innovation division, providing regulatory perimeter guidance and directing startups through supervisory pathways in collaboration with the Deutsche Bundesbank.", "source": "https://www.bafin.de/EN/unternehmen-maerkte/erlaubnis-registrierung/fintech/fintechs_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "We will assign a contact person to guide you through the process" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Germany maintains no general national regulatory sandbox, as BaFin strictly rejects rule exemptions on constitutional equality grounds ('same business, same risks, same rules'). However, BaFin operates the EU DLT Pilot Regime (Regulation (EU) 2022/858) as a statutory European sandbox for DLT trading and settlement systems.", "source": "https://www.bafin.de/EN/unternehmen-maerkte/erlaubnis-registrierung/fintech/dlt-marktinfrastruktur/betrieb-dlt-marktinfrastruktur_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "It is a “regulatory sandbox” for operating market infrastructures using distributed ledger technology" } }, "portal": { "value": "Melde- und Veröffentlichungsplattform (MVP Portal) at portal.mvp.bafin.de", "source": "https://www.bafin.de/EN/unternehmen-maerkte/mvp-portal/mvpportal_node_en.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The MVP Portal is Bafin’s reporting and publishing platform" }, "fee_schedule": { "value": "Special Fee Ordinance of the Federal Ministry of Finance for Financial Services Supervision (FinDAGebV)", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Besondere Gebührenverordnung des Bundesministeriums der Finanzen zur Finanzdienstleistungsaufsicht" } }, "fees": [ { "licence_id": "payment-institution--DE", "kind": "application", "amount": { "value": "EUR 13,523 or time spent", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Erbringung mehrerer oder sämtlicher Zahlungsdienste ... 13 523" } }, { "licence_id": "payment-institution--DE", "kind": "annual", "amount": { "value": "Annual cost allocation levy (Umlage) based on transaction volume", "source": "https://www.bafin.de/DE/die-bafin/ueber-die-bafin/organisation/finanzierung/finanzierung_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Kosten der Bundesanstalt ... sind sie anteilig auf die beaufsichtigten Unternehmen umzulegen" } }, { "licence_id": "emi--DE", "kind": "application", "amount": { "value": "nach Zeitaufwand (billed based on staff time spent)", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "11.1.2 Erteilung der Erlaubnis zum Betreiben des E-Geld-Geschäfts nach Zeitaufwand" } }, { "licence_id": "emi--DE", "kind": "annual", "amount": { "value": "Annual cost allocation levy (Umlage) based on transaction volume", "source": "https://www.bafin.de/DE/die-bafin/ueber-die-bafin/organisation/finanzierung/finanzierung_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Um die Ausgaben des laufenden Jahres zu decken, erhebt die Bafin eine Vorauszahlung" } }, { "licence_id": "bank--DE", "kind": "application", "amount": { "value": "nach Zeitaufwand (billed based on staff time spent)", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "5.1.12.2.1 Erteilung der Erlaubnis zum Betreiben von einzelnen oder mehreren Bankgeschäften nach Zeitaufwand" } }, { "licence_id": "bank--DE", "kind": "annual", "amount": { "value": "EUR 6,336", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--DE", "kind": "application", "amount": { "value": "EUR 6,336 or time spent", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "wenn dem Wertpapierinstitut nicht die Befugnis eingeräumt ist ... 6 336" } }, { "licence_id": "investment-firm--DE", "kind": "annual", "amount": { "value": "Annual cost allocation levy (Umlage) based on gross commission income", "source": "https://www.bafin.de/DE/die-bafin/ueber-die-bafin/organisation/finanzierung/finanzierung_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Umlagen (§§ 16 ff. FinDAG ) zusammen (§ 13 Abs. 1 FinDAG )" } }, { "licence_id": "casp-mica--DE", "kind": "application", "amount": { "value": "nach Zeitaufwand (billed based on staff time spent)", "source": "https://www.gesetze-im-internet.de/findagebv/anlage.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "32.1.2 Erteilung einer Zulassung zum Anbieten von Kryptowerte-Dienstleistungen nach Zeitaufwand" } }, { "licence_id": "casp-mica--DE", "kind": "annual", "amount": { "value": "Annual cost allocation levy (Umlage) under FinDAG", "source": "https://www.bafin.de/DE/die-bafin/ueber-die-bafin/organisation/finanzierung/finanzierung_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Umlagejahr gilt das Haushaltsjahr, für das die Kosten zu erstatten sind" } } ], "timelines": [ { "licence_id": "payment-institution--DE", "statutory": { "value": "3 months from receipt of complete application, maximum 12 months overall", "source": "https://www.gesetze-im-internet.de/zag_2018/__10.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "binnen drei Monaten nach Übermittlung aller für die Entscheidung erforderlichen Angaben" } }, { "licence_id": "emi--DE", "statutory": { "value": "3 months from receipt of complete application, maximum 12 months overall", "source": "https://www.gesetze-im-internet.de/zag_2018/__10.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Liegen innerhalb von zwölf Monaten ab Eingang des Antrags ... keine ausreichenden Angaben vor" } }, { "licence_id": "bank--DE", "statutory": { "value": "6 months from receipt of complete application, maximum 12 months overall", "source": "https://www.gesetze-im-internet.de/kredwg/__33.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "binnen sechs Monaten nach Einreichung der vollständigen Unterlagen für einen Erlaubnisantrag nach § 32" } }, { "licence_id": "investment-firm--DE", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.gesetze-im-internet.de/wpig/__16.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "casp-mica--DE", "statutory": { "value": "40 working days from receipt of a complete application", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" } } ], "statistics": [ { "value": "102 payment institutions authorized under ZAG (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "102 Elemente gefunden" }, { "value": "14 electronic money institutions authorized under ZAG (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "E-Geld-Institut" }, { "value": "13 account information service providers registered under ZAG (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Kontoinformationsdienstleistungsinstitut" }, { "value": "1,217 credit institutions authorized under KWG / CRR (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=30&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1,217 Elemente gefunden" }, { "value": "664 investment firms authorized under WpIG (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=100&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "664 Elemente gefunden" }, { "value": "714 capital management companies authorized under KAGB (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=60&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "714 Elemente gefunden" }, { "value": "81 crypto-asset service providers registered/authorized under MiCAR (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=175&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "15 crypto custodians authorized under KWG (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=170&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "BitGo Europe GmbH Finanzdienstleistungsinstitut, Kryptoverwahrer, Kryptowertedienstleister, Zahlungsdienstleister, Zahlungsinstitut (ZAG)" }, { "value": "8 crypto securities registrars authorized under eWpG/KWG (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=160&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tradevest Digital Assets GmbH Finanzdienstleistungsinstitut, Kryptoverwahrer, Kryptowertedienstleister, Kryptowertpapierregisterführer" }, { "value": "3,624 total financial institutions across all categories in the BaFin institutional register (register, 2026-09-24)", "source": "https://portal.mvp.bafin.de/database/InstInfo/sucheForm.do?kategorieId=20&sucheButtonInstitut=Suche", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "3,624 Elemente gefunden" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or gaining control of a credit institution, payment institution, or investment firm, requires prior written notification to BaFin and the Deutsche Bundesbank. BaFin conducts an assessment of acquirer reliability, professional competence, financial soundness, and money laundering risks within 60 working days from receipt of a complete filing, interruptible once by up to 20 working days (or 30 working days if non-EEA) to request additional information, under Section 2c KWG, applied mutatis mutandis to payment and e-money institutions via Section 14 ZAG and to investment firms via Section 24 WpIG.", "source": "https://www.gesetze-im-internet.de/kredwg/__2c.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "innerhalb von 60 Arbeitstagen ab dem Datum des Schreibens ... zu beurteilen" } }, "recent_changes": [ { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across all German supervised entities, establishing uniform ICT risk management, incident classification and reporting, and third-party oversight.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "It shall apply from 17 January 2025" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Title V commenced, accompanied by Germany's Crypto Markets Supervision Act (Kryptomärkteaufsichtsgesetz - KMAG) under the FinmadiG, designating BaFin as the competent supervisory authority for crypto-asset service providers.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Titles III and IV shall apply from 30 June 2024" }, { "value": "2024-06-30: EU MiCA Titles III and IV took effect for asset-referenced token (ART) and e-money token (EMT) issuers, leading to BaFin licensing regulated stablecoin issuers such as AllUnity GmbH under ZAG and MiCA.", "source": "https://portal.mvp.bafin.de/database/ZahlInstInfo/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AllUnity GmbH" }, { "value": "2023-12-15: German Future Financing Act (Zukunftsfinanzierungsgesetz - ZuFinG) entered into force, amending the Electronic Securities Act (eWpG) to enable electronic registered shares (elektronische Namensaktien) and modernizing German capital market rules.", "source": "https://www.recht.bund.de/bgbl/1/2023/354/VO.html", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Graurheindorfer Str. 108, 53117 Bonn, Germany", "source": "https://www.bafin.de/DE/service/impressum/impressum_node.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dienstsitz Bonn: Bundesanstalt für Finanzdienstleistungsaufsicht ( Bafin ) Graurheindorfer Str. 108 53117 Bonn" } }, "photo_hint": "Federal Financial Supervisory Authority BaFin headquarters building Graurheindorfer Strasse 108 Bonn", "answer": "BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) is Germany's integrated federal financial supervisory authority. Working alongside the Deutsche Bundesbank, it oversees banking, securities, insurance, and crypto-asset markets. As of September 2026, BaFin supervises 3,624 total financial institutions, including 1,217 credit institutions, 102 payment institutions, 14 electronic money institutions, and 81 regulated crypto-asset service providers under EU MiCA.", "faq": [ { "q": "What is the difference between BaFin and the Deutsche Bundesbank in banking supervision?", "a": "BaFin is Germany's federal supervisory authority responsible for administrative decisions, granting and withdrawing licences, and enforcement. The Deutsche Bundesbank conducts day-to-day ongoing supervision, on-site inspections, and statistical report vetting in cooperation with BaFin, sharing joint regulatory oversight under Section 7 of the German Banking Act (KWG)." }, { "q": "Does BaFin operate a regulatory sandbox for fintech startups?", "a": "Germany maintains no general national sandbox because BaFin rejects discretionary exemptions on constitutional equality grounds (Grundgesetz Art. 3, 'same business, same risks, same rules'). However, BaFin supports market entrants through its free FinTech Navigator Desk and participates in the EU DLT Pilot Regime statutory sandbox for financial market infrastructures." }, { "q": "What are the statutory and realistic decision deadlines for BaFin licences?", "a": "Statutory deadlines require decisions within 3 months from complete application for payment and e-money institutions (ZAG § 10) and 6 months for credit institutions (KWG § 33), capped at 12 months overall. In practice, reviews take 6 to 12 months for payment institutions and 12 to 18 months for banks." }, { "q": "How does BaFin assess acquisitions under its change of control regime?", "a": "Acquirers seeking 10%, 20%, 30%, or 50% of voting rights or capital, or control of a bank, payment institution, or investment firm, must submit prior notification under KWG § 2c. BaFin assesses acquirer reliability, financial soundness, and AML compliance within 60 working days, interruptible once by up to 20 working days." }, { "q": "What language must licence applications be submitted in to BaFin?", "a": "Under Section 23 of the German Administrative Procedure Act (VwVfG) and FinDAG provisions, German is the official administrative language. Core corporate filings, business plans, and formal contracts must be in German or accompanied by certified translations, though initial consultative discussions with BaFin's FinTech Desk can occur in English." } ], "open_questions": [ "Direct legislative texts on gesetze-im-internet.de and EUR-Lex maintain complete public availability, whereas internal administrative case guidelines for cross-border MiCA passport notifications remain subject to ongoing technical standards adoption by ESMA and national consultation under KMAnzV." ], "licence_ids": [ "payment-institution--DE", "emi--DE", "payment-institution--DE--aisp", "bank--DE", "investment-firm--DE", "casp-mica--DE", "vasp--DE--custody", "fund-manager--DE" ], "law_ids": [ "de-banking-act", "de-payment-services-supervision-act", "de-investment-firms-act", "de-financial-services-supervision-act", "de-crypto-markets-supervision-act", "de-capital-investment-code", "de-electronic-securities-act", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-crr-575-2013", "eu-crd-2013-36", "eu-dora-2022-2554" ], "type": "regulator" }, { "id": "banco-de-espana", "name": "Bank of Spain", "local_name": "Banco de España", "abbr": "BdE", "jurisdictions": [ "ES" ], "kind": "central-bank", "wikidata": "Q789966", "wikipedia": "https://en.wikipedia.org/wiki/Bank_of_Spain", "website": { "value": "https://www.bde.es/", "source": "https://www.bde.es/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bienvenido al Banco de España" }, "register_urls": [ { "value": "https://app.bde.es/rbe_spa/", "label": "Official online register search tool for supervised institutions and entities", "source": "https://app.bde.es/rbe_spa/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registro de entidades" }, { "value": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_ServicioPagos.xlsx", "label": "Official register of payment institutions and electronic money institutions (full dataset)", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_ServicioPagos.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entidad de dinero electrónico" }, { "value": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_EntCredito.xlsx", "label": "Official register of credit institutions (banks, savings banks, credit cooperatives, and branches)", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_EntCredito.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "REGISTRO ENTIDADES DE CREDITO" }, { "value": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_Entidades.xlsx", "label": "Master register of all financial institutions supervised by Banco de España", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_Entidades.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Establecimiento financiero de crédito" }, { "value": "https://www.bde.es/f/webbe/SGE/n-bt/regis/registro_CMV_SCMV_CMC_SCMC.xlsx", "label": "Pre-MiCA registry of virtual currency exchange and custodial wallet providers (closed 2026-07-01)", "source": "https://www.bde.es/f/webbe/SGE/n-bt/regis/registro_CMV_SCMV_CMC_SCMC.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "PROVEEDOR DE SERVICIOS DE CAMBIO DE MONEDA VIRTUAL POR FIDUCIARIA" } ], "register_how": { "value": "The public register at app.bde.es/rbe_spa allows searching financial entities by registered name, Banco de España registration code (Código BE), tax identification number (NIF/CIF), or LEI. Active entries display the registered trade name, official entity code, incorporation date, headquarters address, authorized payment/banking activities, passporting status across EU member states, and current registration standing.", "source": "https://app.bde.es/rbe_spa/assets/data/app.config.json", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registro de entidades" }, "hq_city": { "value": "Madrid", "source": "https://www.bde.es/wbe/es/pie/contacto/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Alcalá, 48" }, "founded": { "value": 1782, "source": "https://www.bde.es/wbe/es/sobre-banco/mision/historia-del-banco/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1782" }, "mandate": { "value": "Banco de España is Spain's national central bank and banking supervisor, operating as an integral part of the European System of Central Banks (ESCB) and the Eurosystem's Single Supervisory Mechanism (SSM). It supervises the solvency, conduct, and resilience of credit institutions, payment institutions, electronic money institutions, and specialized lenders to safeguard financial stability and market transparency.", "source": "https://www.bde.es/wbe/es/areas-actuacion/supervision-entidades-financieras/funcion-supervisora-banco-espana/objetivos-basicos-supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "La finalidad básica de la supervisión bancaria es salvaguardar la estabilidad del sistema financiero" }, "supervises": [ { "value": "Credit institutions (commercial banks, savings banks, and credit cooperatives) in coordination with the ECB under the SSM", "source": "https://www.bde.es/wbe/es/areas-actuacion/supervision-entidades-financieras/funcion-supervisora-banco-espana/objetivos-basicos-supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "solvencia y viabilidad de las entidades de crédito y de la estabilidad del sistema" }, { "value": "Electronic money institutions (Entidades de Dinero Electrónico - EDE) and their cross-border branches", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-dinero-electronico-p221.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "solicitar autorización como entidad de dinero electrónico" }, { "value": "Payment institutions (Entidades de Pago - EP), exempt payment institutions, and account information service providers (AISP)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "solicitar autorización como entidad de pago" }, { "value": "Issuers of asset-referenced tokens (ART) and e-money tokens (EMT) under Titles III and IV of EU MiCA Regulation", "source": "https://sedeelectronica.bde.es/sede/es/tablon/aplicacion-del-reglamento-relativo-a-los-mercados-de-criptoactiv.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ejercerá las funciones de supervisión, inspección y sanción en relación con las obligaciones que se" }, { "value": "Specialized credit financial establishments (Establecimientos Financieros de Crédito - EFC) and currency exchange bureaux", "source": "https://sedeelectronica.bde.es/sede/es/tramites/adquisicion-participaciones-significativas-establecimientos-p247.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Adquisición de participaciones significativas en establecimientos financieros de crédito" } ], "licences_issued": [ { "id": "emi--ES", "family": "emi", "name": { "value": "Entidad de dinero electrónico (EDE) / Electronic money institution authorization", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-dinero-electronico-p221.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Autorización de Entidades de Dinero Electrónico" }, "licensee_count": { "value": 12, "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_ServicioPagos.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entidad de dinero electrónico" } }, { "id": "payment-institution--ES", "family": "payment-institution", "name": { "value": "Entidad de pago (EP) / Payment institution authorization", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Autorización de entidades de pago" }, "licensee_count": { "value": 55, "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_ServicioPagos.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entidad de pago" } }, { "id": "bank--ES", "family": "bank", "name": { "value": "Entidad de crédito (Banco) / Commercial bank licence", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-6726", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "entidades de crédito" }, "licensee_count": { "value": 42, "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_EntCredito.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banco" } }, { "id": "lending--ES--efc", "family": "lending", "name": { "value": "Establecimiento financiero de crédito (EFC) / Specialized lending credit institution authorization", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2015-4607", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Establecimientos Financieros de Crédito" }, "licensee_count": { "value": 22, "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_Entidades.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Establecimiento financiero de crédito" } }, { "id": "stablecoin-issuer--ES", "family": "stablecoin-issuer", "name": { "value": "Emisor de fichas de dinero electrónico (EMT) y de fichas referenciadas a activos (ART) bajo MiCA / MiCA EMT and ART token issuer authorization", "source": "https://sedeelectronica.bde.es/sede/es/tablon/aplicacion-del-reglamento-relativo-a-los-mercados-de-criptoactiv.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "emisores de ART y EMT" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Banco de España offers a formal pre-application process (trámite de presolicitud) for payment institutions and electronic money institutions free of charge. Applicants submit a standardized preliminary questionnaire and business plan through the Sede Electrónica without criminal records. Banco de España then contacts the project promoters to hold an exploratory preliminary meeting evaluating project maturity, resources, and regulatory perimeter before formal filing.", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "se ha establecido un procedimiento de presolicitud, en el cual se revisan los aspectos principales" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Banco de España operates dedicated innovation channels through its Division of Innovation in Payment Media and Infrastructures (División de Innovación en Medios e Infraestructuras de Pago), including informal query desks on technological innovation and sectorial financial regulations to provide informal, non-binding supervisory orientation to fintech promoters.", "source": "https://www.bde.es/f/webbe/INF/MenuHorizontal/Servicios/Sandbox/FAQ.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "el canal de consultas sobre innovación financiera de base tecnológica y el canal sobre consultas" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Spain's financial sandbox operates on a statutory basis under Ley 7/2020 with semiannual cohort application windows managed through the Sede of the General Secretariat of the Treasury (SGTFI). Once admitted, promoters sign an individual testing protocol with Banco de España, conduct pilot testing under designated supervisory monitors with civil liability protections, and can benefit from a fast-track statutory licensing gateway under Article 18.", "source": "https://www.bde.es/f/webbe/INF/MenuHorizontal/Servicios/Sandbox/FAQ.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "protocolo específico acordado entre los promotores de los proyectos y las autoridades" } }, "portal": { "value": "Sede Electrónica del Banco de España (sedeelectronica.bde.es), supporting digital filing of licensing dossiers, pre-applications, structural modifications, and qualifying holdings using Spanish electronic ID, FNMT digital certificates, or Cl@ve.", "source": "https://sedeelectronica.bde.es/sede/es/tramites-con-registro-electronico.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Trámites con registro electrónico" }, "fee_schedule": { "value": "Banco de España charges EUR 0 for licensing applications and ongoing supervision; under Spanish banking and payment law, administrative licensing procedures do not generate any administrative fee ('no devengan tasa alguna') and are funded via Banco de España's statutory institutional budget under Ley 13/1994.", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, "fees": [ { "licence_id": "emi--ES", "kind": "application", "amount": { "value": "EUR 0 (The application and licensing procedure does not accrue any statutory fee)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-dinero-electronico-p221.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "emi--ES", "kind": "annual", "amount": { "value": "EUR 0 (Banco de España does not levy annual supervisory fees on domestic EMIs)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-dinero-electronico-p221.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "payment-institution--ES", "kind": "application", "amount": { "value": "EUR 0 (The application and licensing procedure does not accrue any statutory fee)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "payment-institution--ES", "kind": "annual", "amount": { "value": "EUR 0 (Banco de España does not levy annual supervisory fees on domestic PIs)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "bank--ES", "kind": "application", "amount": { "value": "EUR 0 national fee (Credit institution licensing instruction by Banco de España does not accrue a national administrative fee; significant institutions pay ECB supervisory levies)", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-6726", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } } ], "timelines": [ { "licence_id": "emi--ES", "statutory": { "value": "3 months from receipt of a complete application (maximum 12 months from initial filing; failure to notify within the statutory deadline implies administrative denial)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-dinero-electronico-p221.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "3 meses desde que se considere completa la documentación presentada" } }, { "licence_id": "payment-institution--ES", "statutory": { "value": "3 months from receipt of a complete application (maximum 12 months from initial filing; silence implies rejection)", "source": "https://sedeelectronica.bde.es/sede/es/tramites/autorizacion-entidades-pago-p212.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "3 meses desde que se considere completa la documentación presentada" } }, { "licence_id": "bank--ES", "statutory": { "value": "6 months from receipt of a complete application (or within 12 months from initial filing; silence implies rejection)", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-6726", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "seis meses siguientes a la recepción de la solicitud o al momento en que se" }, "observed": null } ], "statistics": [ { "value": "12 active electronic money institutions (EDE) and 10 active Spanish branches of EU EMIs registered (official register, 2026-09-24)", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_ServicioPagos.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entidad de dinero electrónico" }, { "value": "55 active payment institutions (EP), 14 active exempt payment institutions under Art. 14 RDL 19/2018, and 5 account information service providers (AISP) registered (official register, 2026-09-24)", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_ServicioPagos.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entidad de pago" }, { "value": "42 active commercial banks, 2 active savings banks, 60 active credit cooperatives, and 78 active branches of EU credit institutions registered (official register, 2026-09-24)", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_EntCredito.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banco" }, { "value": "22 active specialized credit financial establishments (EFC) and 8 EFCs authorized as payment institutions registered (official register, 2026-09-24)", "source": "https://www.bde.es/f/webbe/SGE/regis/ficheros/es/Registro_Entidades.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Establecimiento financiero de crédito" }, { "value": "137 legacy virtual currency exchange and wallet custody entities formally closed and deregistered on 2026-07-01 upon full expiration of Spain's MiCA transitional window (official register, 2026-09-24)", "source": "https://www.bde.es/f/webbe/SGE/n-bt/regis/registro_CMV_SCMV_CMC_SCMC.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FECHA: 01/07/2026" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Any natural or legal person intending to acquire or increase, directly or indirectly, a qualifying holding reaching or exceeding 10%, 20%, 30%, or 50% of the share capital or voting rights, or to acquire control of an electronic money institution, payment institution, or credit financial establishment, must submit prior notification to Banco de España under Procedure ES_BDE_C056_P247 (or ES_BDE_C056_P114 for banks). Banco de España assesses acquirer reputation, financial soundness, and AML/CFT risks within a statutory maximum period of 60 working days from written acknowledgement of receipt. Closing without non-opposition suspends voting rights and triggers administrative penalties under Ley 10/2014 and Real Decreto 736/2019.", "source": "https://sedeelectronica.bde.es/sede/es/tramites/adquisicion-participaciones-significativas-establecimientos-p247.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "60 días hábiles, a contar desde la fecha en que el Banco de España haya" } }, "recent_changes": [ { "value": "2026-07-01: Expiration of Spain's national MiCA transitional regime; all 137 entries in Banco de España's legacy AML cryptocurrency register were formally deregistered (marked BAJA), establishing CNMV as the exclusive CASP supervisor while Banco de España retains prudential supervision over ART and EMT issuers.", "source": "https://www.bde.es/f/webbe/SGE/n-bt/regis/registro_CMV_SCMV_CMC_SCMC.xlsx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FECHA: 01/07/2026" }, { "value": "2025-01-17: Full entry into application of the EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554), establishing mandatory ICT risk management and major incident notification obligations for all banks, payment institutions, and EMIs supervised by Banco de España.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-09-06: Appointment of José Luis Escrivá as Governor of the Bank of Spain, succeeding Pablo Hernández de Cos, alongside Deputy Governor Soledad Núñez.", "source": "https://www.bde.es/wbe/es/pie/contacto/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banco de España" }, { "value": "2024-06-30: Entry into force of MiCA Titles III and IV, designating Banco de España as the National Competent Authority for authorising and supervising issuers of asset-referenced tokens (ART) and electronic money tokens (EMT) in Spain under Additional Provision 23 of Ley 10/2014.", "source": "https://sedeelectronica.bde.es/sede/es/tablon/aplicacion-del-reglamento-relativo-a-los-mercados-de-criptoactiv.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Desde el pasado 30 de junio de 2024 resultan de aplicación las normas sobre fichas" } ], "contacts": { "address": { "value": "Calle de Alcalá, 48, 28014 Madrid, Spain", "source": "https://www.bde.es/wbe/es/pie/contacto/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Alcalá, 48" } }, "photo_hint": "Banco de Espana Calle de Alcala Madrid sede central edificio fachada Cibeles", "answer": "The Bank of Spain (Banco de España, BdE) is Spain's central bank and national competent banking authority within the Eurosystem and the Single Supervisory Mechanism. Established in 1782, it supervises and licenses credit institutions, payment institutions, electronic money institutions, and MiCA stablecoin issuers (ART/EMT). As of September 2026, BdE supervises 12 active domestic electronic money institutions, 55 payment institutions, and 42 commercial banks.", "faq": [ { "q": "Does the Bank of Spain charge application or supervisory fees for payment and e-money institutions?", "a": "No. Unlike securities regulators or many European peers, the Bank of Spain charges no administrative fees or tariffs for licensing or supervising payment institutions (EP) or electronic money institutions (EDE). The licensing process is completely free of charge, with no statutory deposits required. The central bank's supervisory activities are funded through its own institutional budget under Ley 13/1994." }, { "q": "What is the role of Banco de España under EU MiCA compared to CNMV?", "a": "Under Regulation (EU) 2023/1114 (MiCA), supervisory responsibilities in Spain are divided. The CNMV acts as the general competent authority supervising crypto-asset service providers (CASPs) and market abuse. Meanwhile, Banco de España is the exclusive competent authority supervising, inspecting, and sanctioning issuers of asset-referenced tokens (ART) under Title III and e-money tokens (EMT) under Title IV pursuant to Ley 10/2014." }, { "q": "How does Banco de España support fintech applicants through pre-application?", "a": "Banco de España maintains a structured, free pre-application procedure (presolicitud) for payment institutions and electronic money institutions. Prospective founders submit an initial project form and business plan via the central bank's Sede Electrónica. The supervisory team reviews the project and organizes preliminary bilateral meetings to assess project maturity, human and financial resources, and regulatory perimeter issues before formal filing." }, { "q": "What is Spain's financial sandbox and how does Banco de España participate?", "a": "Governed by Ley 7/2020, Spain's financial regulatory sandbox operates as a statutory testing space administered jointly by Banco de España, CNMV, and DGSFP under the Treasury. Projects apply during semiannual windows. Admitted innovators sign custom testing protocols with Banco de España, test under supervisory oversight with consumer liability protections, and may benefit from a fast-track statutory licensing gateway under Article 18." }, { "q": "What are the statutory licensing timelines for payment and e-money institutions at Banco de España?", "a": "Under Spanish law (Real Decreto-ley 19/2018 for payment institutions and Real Decreto 778/2012 for e-money institutions), the statutory decision deadline is 3 months from the date the application dossier is deemed complete. If incomplete, the review clock is suspended while additional information is requested. By law, lack of a decision within the statutory deadline constitutes administrative denial." }, { "q": "What approvals are required to acquire a qualifying holding in a Spanish financial institution?", "a": "Under Ley 10/2014 and Real Decreto 736/2019, any party intending to acquire or increase a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% in a credit institution, payment institution, or e-money institution must submit prior notification to Banco de España. The regulator evaluates acquirer suitability, reputation, and financial soundness within a statutory period of 60 working days." } ], "open_questions": [ "While Banco de España is designated as the competent authority for MiCA Title III (ART) and Title IV (EMT) issuers under Ley 10/2014, the official register does not yet publish a dedicated separate public statistical sub-register for authorized standalone non-bank ART issuers as of September 2026." ], "licence_ids": [ "emi--ES", "payment-institution--ES", "bank--ES", "lending--ES--efc", "stablecoin-issuer--ES" ], "law_ids": [ "es-autonomia-bde-1994-13", "es-loss-2014-10", "es-rd-loss-2015-84", "es-ley-dinero-electronico-2011-21", "es-rd-dinero-electronico-2012-778", "es-rdl-servicios-pago-2018-19", "es-rd-servicios-pago-2019-736", "es-ley-financiacion-empresarial-2015-5", "es-sandbox-2020-7", "es-ley-pbc-2010-10", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-dora-2022-2554", "eu-crd-2013-36", "eu-crr-575-2013", "eu-amld-2015-849", "eu-tfr-2023-1113" ], "type": "regulator" }, { "id": "bank-of-lithuania", "name": "Bank of Lithuania", "local_name": "Lietuvos bankas", "abbr": "LB", "jurisdictions": [ "LT" ], "kind": "central-bank", "wikidata": "Q616849", "wikipedia": "https://en.wikipedia.org/wiki/Bank_of_Lithuania", "website": { "value": "https://www.lb.lt/en/", "source": "https://en.wikipedia.org/wiki/Bank_of_Lithuania", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client on direct site", "quote": "Website lb.lt" }, "register_urls": [ { "value": "https://www.lb.lt/en/sfi-financial-market-participants", "source": "https://www.lb.lt/en/sfi-financial-market-participants", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial market participants | Bank of Lithuania" }, { "value": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 70" }, { "value": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=27&market=1", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=27&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 27" }, { "value": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=110&market=1", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=110&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 8" }, { "value": "https://www.lb.lt/en/sfi-financial-market-participants?market=&subject=4&business_form=131", "source": "https://www.lb.lt/en/sfi-financial-market-participants?market=&subject=4&business_form=131", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "hq_city": { "value": "Vilnius", "source": "https://en.wikipedia.org/wiki/Bank_of_Lithuania", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Headquarters Vilnius" }, "founded": { "value": 1922, "source": "https://en.wikipedia.org/wiki/Bank_of_Lithuania", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Established 27 September 1922; 1 March 1990" }, "mandate": { "value": "The Bank of Lithuania operates as the central bank of the Republic of Lithuania and member of the Eurosystem, conducting integrated prudential and conduct supervision over credit, payment, electronic money, capital, and crypto-asset markets to safeguard financial stability.", "source": "https://www.lb.lt/en/sfi-financial-market-participants", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "foster a reliable financial system and ensure sustainable economic growth" }, "supervises": [ { "value": "Electronic money institutions and payment institutions", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institution, holding a licence issued in Lithuania for non-limited activity" }, { "value": "Commercial banks and specialised credit institutions", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=110&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Specialised bank" }, { "value": "Crypto-asset service providers under EU MiCA Regulation", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=131&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-asset service provider" }, { "value": "Financial brokerage firms and investment firms", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=78&market=3&subject=3", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial brokerage firms" }, { "value": "Crowdfunding service providers and peer-to-peer lending platforms", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=124&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service provider" }, { "value": "Operator of CENTROlink, the payment system that gives licensed payment and e-money institutions direct access to SEPA", "source": "https://web.archive.org/web/20260510201522/https://www.lb.lt/en/centrolink", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Specialised banks: initial capital EUR 1 million, against EUR 5 million for a full bank", "source": "https://web.archive.org/web/20250523205342/https://www.lb.lt/en/authorisation-of-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "emi--LT", "family": "emi", "name": { "value": "Electronic money institution licence for non-limited activity", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institution, holding a licence issued in Lithuania for non-limited activity" }, "licensee_count": { "value": 70, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 70" } }, { "id": "emi--LT--restricted", "family": "emi", "name": { "value": "Electronic money institution licence for restricted activity", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=33&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institution holding a licence issued in Lithuania for restricted activity" }, "licensee_count": { "value": 2, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=33&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 2" } }, { "id": "payment-institution--LT", "family": "payment-institution", "name": { "value": "Payment institution licence", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=27&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment institutions holding a payment institution licence" }, "licensee_count": { "value": 27, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=27&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 27" } }, { "id": "payment-institution--LT--restricted", "family": "payment-institution", "name": { "value": "Payment institution licence for restricted activity", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=28&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment institutions holding a licence for restricted activity" }, "licensee_count": { "value": 11, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=28&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 11" } }, { "id": "bank--LT--specialised", "family": "bank", "name": { "value": "Specialised bank licence", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=110&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Specialised bank" }, "licensee_count": { "value": 8, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=110&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 8" } }, { "id": "bank--LT", "family": "bank", "name": { "value": "Bank licence", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=82&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks authorised in the Republic of Lithuania" }, "licensee_count": { "value": 5, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=82&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 5" } }, { "id": "casp-mica--LT", "family": "casp-mica", "name": { "value": "Crypto-asset service provider licence", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=131&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-asset service provider" }, "licensee_count": { "value": 4, "source": "https://www.lb.lt/en/sfi-financial-market-participants?market=&subject=4&business_form=131", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "investment-firm--LT", "family": "investment-firm", "name": { "value": "Financial brokerage firm licence", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=78&market=3&subject=3", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial brokerage firms" }, "licensee_count": { "value": 17, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=78&market=3&subject=3", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 17" } }, { "id": "lending--LT--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding service provider authorization", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=124&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service provider" }, "licensee_count": { "value": 17, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=124&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 17" } }, { "id": "lending--LT--p2p", "family": "lending", "name": { "value": "Peer-to-peer lending platform operator", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=26&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Peer-to-peer lending platforms" }, "licensee_count": { "value": 5, "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=26&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 5" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Through the Newcomer Programme, prospective applicants can present their business plan, ask questions about regulatory requirements and request a meeting with the Bank of Lithuania before filing an application.", "source": "https://web.archive.org/web/20250904164225/https://www.lb.lt/en/newcomer-programme", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Bank of Lithuania maintains an Innovation Group acting as an innovation hub across banking, insurance, and capital markets, providing non-binding supervisory and perimeter guidance.", "source": "https://www.esma.europa.eu/sites/default/files/library/jc_2018_74_joint_report_on_regulatory_sandboxes_and_innovation_hubs.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lithuania Innovation Hub Innovation Group BANK OF LITHUANIA" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "Bank of Lithuania operates a cross-sector regulatory sandbox launched in October 2018; allows live testing of innovative financial solutions under agreed testing parameters and supervisory levers for proportionality without disapplying EU or national law.", "source": "https://www.esma.europa.eu/sites/default/files/library/jc_2018_74_joint_report_on_regulatory_sandboxes_and_innovation_hubs.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lithuania Sandbox Regulatory sandbox Lithuania BANK OF LITHUANIA" } }, "fee_schedule": { "value": "State levies and supervisory fees for financial institution licensing under Government Resolution No. 1458 and Bank of Lithuania rules.", "source": "https://www.lb.lt/en/authorisation-of-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" } }, "fees": [ { "licence_id": "emi--LT", "kind": "application", "amount": { "value": "EUR 1,463", "source": "https://web.archive.org/web/20260709172216/https://www.lb.lt/en/authorisation-of-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "emi--LT", "kind": "annual", "amount": { "value": "max 0.65% of income (government proposes 1% from 2027, min EUR 5,000 full / EUR 3,000 limited licence)", "source": "https://www.15min.lt/verslas/naujiena/finansai/vyriausybe-mokejimo-ir-e-pinigu-istaigos-lietuvos-bankui-uz-prieziura-turetu-moketi-daugiau-662-2770050", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "payment-institution--LT", "kind": "application", "amount": { "value": "EUR 898", "source": "https://web.archive.org/web/20251024053402/https://www.lb.lt/en/authorisation-of-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "payment-institution--LT", "kind": "annual", "amount": { "value": "max 0.65% of income (proposed 1% from 2027, min EUR 5,000 full / EUR 3,000 limited)", "source": "https://www.15min.lt/verslas/naujiena/finansai/vyriausybe-mokejimo-ir-e-pinigu-istaigos-lietuvos-bankui-uz-prieziura-turetu-moketi-daugiau-662-2770050", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--LT--specialised", "kind": "application", "amount": { "value": "EUR 4,157", "source": "https://web.archive.org/web/20250523205342/https://www.lb.lt/en/authorisation-of-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--LT--specialised", "kind": "annual", "amount": { "value": "Variable supervisory fee based on annual balance sheet assets", "source": "https://ecovis.lt/fintech/specialized-banks/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "casp-mica--LT", "kind": "annual" } ], "timelines": [ { "licence_id": "emi--LT", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://e-seimas.lrs.lt/rs/legalact/TAD/573b9080166911eaad00dac7ebcb2435/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "take a decision on issuing an electronic money institution licence ... no later than within" } }, { "licence_id": "payment-institution--LT", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://e-seimas.lrs.lt/rs/legalact/TAD/0b531920890111eb998483d0ae31615c/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months of receipt of the application" } }, { "licence_id": "bank--LT--specialised", "statutory": { "value": "6 months from receipt of a complete application, maximum 12 months overall", "source": "https://e-seimas.lrs.lt/rs/legalact/TAD/9ba20892227e11e6acbed8d454428fb7/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months of the receipt of the application ... in any case, be taken" } }, { "licence_id": "casp-mica--LT", "statutory": { "value": "40 working days from receipt of a complete application", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" }, "observed": null } ], "statistics": [ { "value": "70 electronic money institutions holding a licence for non-limited activity (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 70" }, { "value": "27 payment institutions holding a payment institution licence (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=27&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 27" }, { "value": "11 payment institutions holding a licence for restricted activity (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=28&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 11" }, { "value": "8 specialised banks authorised in the Republic of Lithuania (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=110&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 8" }, { "value": "5 commercial banks authorised in the Republic of Lithuania (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=82&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 5" }, { "value": "4 crypto-asset service providers authorised under MiCA (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?market=&subject=4&business_form=131", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "17 crowdfunding service providers authorised under ECSPR Regulation (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=124&market=1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 17" }, { "value": "17 financial brokerage firms authorised under MiFID II (register, 2026-09-24)", "source": "https://www.lb.lt/en/sfi-financial-market-participants?business_form=78&market=3&subject=3", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "All results 17" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Acquisition or disposal of qualifying holdings reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or becoming controlled, requires prior written notification to the Bank of Lithuania. The supervisory authority assesses acquirer reputation, financial soundness, and AML/CFT risks within a statutory 60 working days period (interruptible once by up to 20 working days for additional information) under Law on Banks Arts 24-25, applied mutatis mutandis to EMIs (EMI Law Art. 17) and PIs (PI Law Art. 10).", "source": "https://e-seimas.lrs.lt/rs/legalact/TAD/9ba20892227e11e6acbed8d454428fb7/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A person ... who have taken a decision on the acquisition of a qualifying holding" } }, "recent_changes": [ { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across all Lithuanian supervised entities, enforcing harmonized ICT risk management, incident reporting, and third-party provider oversight.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Title V commenced, establishing Bank of Lithuania as NCA for full CASP licensing and Art. 60 financial entity notifications.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "contacts": { "address": { "value": "Gedimino pr. 6, LT-01103 Vilnius, Lithuania", "source": "https://web.archive.org/web/20250523205342/https://www.lb.lt/en/authorisation-of-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "Central Office of the Bank of Lithuania building Gedimino 6 Vilnius", "answer": "The Bank of Lithuania (Lietuvos bankas, LB) is the central bank and unified financial supervisor of Lithuania. It regulates banking, payments, and capital markets, supervising 70 licensed electronic money institutions, 27 payment institutions, 8 specialised banks, and crypto-asset service providers under EU MiCA. LB also enables non-bank fintechs direct clearing access to Eurosystem SEPA payment rails via its proprietary CENTROlink infrastructure.", "faq": [ { "q": "What is a Lithuanian specialised bank and how does it differ from a full bank?", "a": "A specialised bank is a credit institution regulated under the Lithuanian Law on Banks with a reduced initial capital requirement of EUR 1 million, compared to EUR 5 million for a full commercial bank. It is authorized to accept deposits and extend credit across the EU, but is restricted from providing complex investment brokerage and advisory services." }, { "q": "Can non-bank payment and electronic money institutions connect directly to SEPA in Lithuania?", "a": "Yes. The Bank of Lithuania runs CENTROlink, a payment system through which licensed payment and electronic money institutions can connect to SEPA credit transfers, including instant payments, without routing through a commercial bank. Access is granted by the Bank of Lithuania to institutions that meet its participation rules." }, { "q": "What are the statutory decision deadlines for Lithuanian EMI and PI licence applications?", "a": "Under the Law on Electronic Money and the Law on Payment Institutions, the Bank of Lithuania must decide within 3 months of receiving a complete application. The clock runs only from a complete file: requests for missing documents restart it, which is why the whole process usually takes longer than the statutory period." }, { "q": "What regulatory approval is required to acquire a qualifying holding in a Lithuanian financial institution?", "a": "Acquirers seeking 10%, 20%, 30%, or 50% of voting rights or capital, or control of an EMI, PI, or bank, must submit a prior notification to the Bank of Lithuania. The regulator conducts suitability, reputation, and AML/CFT assessments within 60 working days, interruptible by up to 20 working days for supplementary filings." }, { "q": "Does the Bank of Lithuania offer pre-application support and a regulatory sandbox?", "a": "Yes. Through its Newcomer Programme, prospective applicants can present their business plan to the Bank of Lithuania, ask regulatory questions and request a meeting before they apply. The Bank also runs a regulatory sandbox, open since October 2018, where participants test products under supervision, with some supervisory requirements temporarily eased." } ], "open_questions": [ "Direct automated HTTP requests to administrative guidance and fee schedule pages on lb.lt are blocked by Cloudflare Turnstile (HTTP 403 to scripted clients), necessitating reliance on official register search endpoints, legislative registers (e-seimas), and verified secondary legal sources.", "Statutory administrative application fee schedules for specialized credit institutions are established in Lithuanian Government Resolution No. 1458, whose mirror on the Teisės aktų registras also blocks automated scripted requests with HTTP 403." ], "licence_ids": [ "emi--LT", "emi--LT--restricted", "payment-institution--LT", "payment-institution--LT--restricted", "bank--LT--specialised", "bank--LT", "casp-mica--LT", "investment-firm--LT", "lending--LT--crowdfunding", "lending--LT--p2p" ], "law_ids": [ "lt-law-on-electronic-money", "lt-law-on-payment-institutions", "lt-law-on-banks", "lt-law-on-financial-institutions", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-crd-2013-36", "eu-crr-575-2013", "eu-dora-2022-2554", "eu-ecspr-2020-1503" ], "type": "regulator" }, { "id": "bma-bermuda", "name": "Bermuda Monetary Authority", "local_name": "Bermuda Monetary Authority", "abbr": "BMA", "jurisdictions": [ "BM" ], "kind": "multi", "wikidata": "Q1774433", "wikipedia": "https://en.wikipedia.org/wiki/Bermuda_Monetary_Authority", "website": { "value": "https://www.bma.bm/", "source": "https://www.bma.bm/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://www.bma.bm/regulated-entities", "label": "Search the regulated entities: one search box covers every BMA-supervised sector, including Digital Asset Business, Banking, Investment Business, Investment Funds and Insurance", "source": "https://www.bma.bm/regulated-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "Type the full or partial entity name, optionally narrow by sector (e.g. Digital Assets Business, Banking, Investment Business), and search. An active entry shows the company name, sector, principal and registered addresses, licence/registration type and class (e.g. Class F, Class T), registration number, effective date and permitted activities; no licence-number or LEI search field was seen.", "source": "https://www.bma.bm/regulated-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "type the full name, or part of the name" }, "hq_city": { "value": "Hamilton", "source": "https://www.bma.bm/about-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "BMA House, 43 Victoria Street, Hamilton, HM12, Bermuda" }, "founded": { "value": 1969, "source": "https://en.wikipedia.org/wiki/Bermuda_Monetary_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Established on 20 February 1969" }, "mandate": { "value": "The BMA is Bermuda's single integrated financial regulator. It licenses and supervises banks and deposit companies, digital asset businesses, investment business firms, investment funds and fund administrators, insurers, money service businesses and corporate service providers, and it also regulates the Bermuda Stock Exchange and the Bermuda Credit Union.", "source": "https://www.bma.bm/about-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "banks, trust companies, investment businesses, investment funds" }, "supervises": [ { "value": "banks and deposit companies", "source": "https://www.bma.bm/about-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "digital asset businesses (issuance, exchange, custody and payment services using virtual coins or tokens)", "source": "https://www.bma.bm/digital-assets-supervision-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "investment business firms (standard and test licences)", "source": "https://www.bma.bm/investment-business-licensing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "fund administrators, under Part III of the Investment Funds Act 2006", "source": "https://www.bma.bm/fund-administration-licensing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "insurers and insurance managers (out of scope for this dossier)", "source": "https://www.bma.bm/about-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "vasp--BM--f", "family": "vasp", "name": { "value": "Digital Asset Business Class F (Full) Licence", "source": "https://www.bma.bm/digital-asset-business", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "companies seeking to provide any or all" }, "licensee_count": null, "open_question": "No per-class (F/M/T) breakdown found; only the aggregate DAB licensee count (49 at end of 2025) was published." }, { "id": "vasp--BM--m", "family": "vasp", "name": { "value": "Digital Asset Business Class M (Modified) Licence", "source": "https://www.bma.bm/digital-asset-business", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "expand operations for a limited period" }, "licensee_count": null, "open_question": "No per-class breakdown of licensee numbers found." }, { "id": "vasp--BM--t", "family": "vasp", "name": { "value": "Digital Asset Business Class T (Test) Licence", "source": "https://www.bma.bm/digital-asset-business", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "test their proof of concept" }, "licensee_count": null, "open_question": "No per-class breakdown of licensee numbers found." }, { "id": "investment-firm--BM", "family": "investment-firm", "name": { "value": "Investment Business Licence (standard licence, under the Investment Business Act 2003)", "source": "https://www.bma.bm/investment-business-licensing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null, "open_question": "No current licensee count published on a single page found this session; only sector-wide AuM/AuA figures were found (see statistics)." }, { "id": "fund-manager--BM", "family": "fund-manager", "name": { "value": "Fund Administrator Licence (Part III, Investment Funds Act 2006)", "source": "https://www.bma.bm/fund-administration-licensing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null, "open_question": "Current number of licensed fund administrators not found this session." }, { "id": "bank--BM", "family": "bank", "name": { "value": "Banking Licence / Deposit Company Licence / Restricted Banking Licence (Banks and Deposit Companies Act 1999)", "source": "https://www.bermudalaws.bm/Laws/Consolidated%20Law/1999/Banks%20and%20Deposit%20Companies%20Act%201999", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null, "open_question": "Current number of licensed banks not found this session; Bermuda is widely reported (secondary sources) to have around 4 licensed banks, not verified against a primary count this session." } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The FinTech/Digital Assets team offers a free scheduled consultation ('Contact Us During Office Hours', booked via an online calendar) before formal submission of a digital asset issuance or business application; applicants can also email innovate@bma.bm. Investment business applicants are pointed to published 'Guidance Notes for Prospective Applicants'.", "source": "https://www.bma.bm/digital-asset-issuance", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "unknown", "detail": { "value": "BMA operates a formal Innovation Hub, but the pages found this session describe it only for insurance/InsurTech; no equivalent named 'innovation hub' for digital asset business or investment business was found, though the Digital Assets team's pre-application consultation serves a similar early-stage purpose.", "source": "https://www.bma.bm/innovative-insurance-sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Two statutory sandbox-like pathways exist outside insurance: the Digital Asset Business Class T (Test) licence lets an entity test a proof-of-concept DAB model under BMA supervision before applying for Class M or F; and the Investment Business Act's test licence lets holders run investment activities inside the Authority's general regulatory sandbox to trial innovative products, technology or delivery methods.", "source": "https://www.bma.bm/investment-business-licensing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "general regulatory sandbox" } }, "portal": { "value": "SubmIT (submit.bma.bm) — the Authority's online system for filing digital asset business and other regulatory applications.", "source": "https://www.bma.bm/digital-asset-issuance", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "fee_schedule": { "value": "BMA publishes an annual consolidated fees notice (e.g. '2026 Bermuda Monetary Authority Fees') on its Document Centre / Fees page covering application, licence-grant and annual fees for every Act it administers; the PDF is an image/compressed layout that could not be text-extracted this session, so exact Digital Asset Business, investment business or banking fee amounts could not be confirmed and are left null below.", "source": "https://www.bma.bm/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "vasp--BM--f", "kind": "application", "amount": null }, { "licence_id": "vasp--BM--m", "kind": "application", "amount": null }, { "licence_id": "vasp--BM--t", "kind": "application", "amount": null } ], "timelines": [ { "licence_id": "vasp--BM--f", "statutory": null, "observed": { "value": "No fixed statutory decision deadline found; the Assessment and Licensing Committee typically gives an initial decision roughly four weeks after a complete application is submitted, depending on completeness and complexity.", "source": "https://salvusfunds.com/2026/07/10/establishing-a-digital-asset-business-in-bermuda-in-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "provides its initial decision ... in approximately four weeks" } }, { "licence_id": "vasp--BM--m", "statutory": null, "observed": null }, { "licence_id": "vasp--BM--t", "statutory": null, "observed": null } ], "statistics": [ { "value": { "value": "49 digital asset businesses were licensed by BMA at the end of 2025, up from 36 a year earlier (+36%).", "source": "https://www.royalgazette.com/local-business/business/article/20260626/bma-report-digital-assets-expand-revenue-up/", "source_type": "secondary", "as_of": "2026-06-26", "checked_by": "claude", "quote": "digital asset businesses ... rose to 49" } }, { "value": { "value": "Investment business sector assets under management reached USD 300.2 billion in 2025, up from USD 230.5 billion in 2024; assets under administration reached USD 30.7 billion, up from USD 25.4 billion.", "source": "https://www.royalgazette.com/local-business/business/article/20260626/bma-report-digital-assets-expand-revenue-up/", "source_type": "secondary", "as_of": "2026-06-26", "checked_by": "claude" } }, { "value": { "value": "BMA's total revenue was USD 150.7 million in 2025 (+16.1%), with a workforce of 343 full-time employees, up from 302 in 2024.", "source": "https://www.royalgazette.com/local-business/business/article/20260626/bma-report-digital-assets-expand-revenue-up/", "source_type": "secondary", "as_of": "2026-06-26", "checked_by": "claude" } } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Anyone intending to become a 10% (or majority) shareholder controller of a BMA-licensed undertaking, including a digital asset business, must first give the Authority written notice; the acquisition can proceed once the BMA confirms no objection, or once a statutory review period elapses without a written objection. Bermuda's regime also recognises a majority-controller threshold as a second trigger point.", "source": "https://charltonsquantum.com/bermuda-digital-assets-regulation/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "must serve a written notice to the BMA" } }, "recent_changes": [ { "value": "2026-06-26: BMA's 2025 results show digital asset business licensees rising to 49 (from 36 in 2024) and total authority revenue up 16.1% to USD 150.7 million.", "source": "https://www.royalgazette.com/local-business/business/article/20260626/bma-report-digital-assets-expand-revenue-up/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-04-09: BMA issued a consultation paper on Asset Tokenisation, signalling upcoming policy work on tokenised assets (document opened but not text-extractable this session; title and date taken from the official document filename on bma.bm).", "source": "https://www.bma.bm/viewPDF/documents/2026-04-09-07-13-38-Consultation-Paper---Asset-Tokenisation.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "PDF is an image/compressed layout that this session's fetch tool could not convert to readable text; only the filename-embedded title and date could be confirmed." }, { "value": "2025-09-08: BMA republished its Digital Asset Business Guidance Note for prospective applicants (dated in the document's own filename), the most recent version found this session.", "source": "https://www.bma.bm/viewPDF/documents/2025-09-08-11-57-23-Guidance-Note---Digital-Asset-Business---Guidance-for-prospective-applicants-for-licensing.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "PDF is an image/compressed layout that this session's fetch tool could not convert to readable text; only the filename-embedded title and date could be confirmed." } ], "contacts": { "address": { "value": "BMA House, 43 Victoria Street, Hamilton, HM12, Bermuda", "source": "https://www.bma.bm/about-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "BMA House 43 Victoria Street Hamilton Bermuda Monetary Authority building", "answer": "The Bermuda Monetary Authority (BMA) is Bermuda's single integrated financial regulator, established in 1969. Beyond banks, investment firms, funds and insurers, it licenses digital asset businesses under the Digital Asset Business Act 2018 in three classes: Test (proof-of-concept), Modified and Full. At end-2025, 49 digital asset businesses held a BMA licence, up from 36 a year earlier.", "faq": [ { "q": "What does the BMA regulate besides digital assets?", "a": "The BMA is Bermuda's integrated regulator: it licenses banks and deposit companies under the Banks and Deposit Companies Act 1999, investment business firms under the Investment Business Act 2003, fund administrators under the Investment Funds Act 2006, and insurers, alongside digital asset businesses and money service businesses. One searchable register at bma.bm/regulated-entities covers all these sectors." }, { "q": "What are the three Digital Asset Business licence classes?", "a": "Class T (Test) is for entities proving a concept, working like a sandbox; Class M (Modified) is for a limited-scope or time-limited expansion of activity; and Class F (Full) covers the complete range of digital asset business, including issuing or redeeming tokens, running an exchange, custody, payment services and vendor services, under the Digital Asset Business Act 2018." }, { "q": "How many digital asset businesses does BMA currently license?", "a": "BMA reported 49 licensed digital asset businesses at the end of 2025, up 36% from 36 a year earlier, according to its 2025 results reported in June 2026. BMA does not appear to publish a further breakdown by Class T/M/F on the pages checked this session; the searchable register shows each entity's class individually." }, { "q": "Is there a sandbox for testing a crypto business idea in Bermuda?", "a": "Yes. The Digital Asset Business Class T licence exists specifically so a company can test a proof-of-concept under BMA supervision before moving to a Modified or Full licence. Separately, the Investment Business Act's test licence lets firms trial investment activities inside BMA's general regulatory sandbox." }, { "q": "How do I check if a company is licensed by BMA?", "a": "Search the free public register at bma.bm/regulated-entities by company name, optionally filtered by sector (e.g. Digital Assets Business, Banking, Investment Business). An active listing shows the licence class, registration number, effective date, addresses and permitted activities." }, { "q": "What happens if someone wants to buy a large stake in a BMA-licensed digital asset business?", "a": "Anyone becoming a 10% or majority shareholder controller of a BMA-licensed undertaking must first give the Authority written notice. The change can proceed once BMA confirms no objection, or once its statutory review period passes without one — a prior-notification, objection-period model rather than a simple after-the-fact filing." } ], "open_questions": [ "Exact application, licence-grant and annual fee amounts for the Digital Asset Business Class T/M/F, Investment Business, Fund Administrator and banking licences: BMA's official fee-schedule PDFs (2024/2025/2026) could not be converted to readable text by this session's fetch tool. Secondary sources (cryptoverselawyers.io, consistent across several law-firm articles) cite DAB application fees of US$1,000 (Class T) and US$2,266 (Class M and F), with the licence-grant fee equal to the year's annual fee, but this could not be verified against a readable primary source and is not included as a fact.", "Per-class breakdown (F vs M vs T) of the 49 licensed digital asset businesses at end-2025.", "Current licensee counts for the Investment Business, Fund Administrator and Banking licences (only sector-wide AuM/AuA figures were found for investment business).", "Whether a dedicated Innovation Hub (distinct from the InsurTech one) exists for digital asset or investment business applicants; only a general FinTech pre-application consultation was confirmed.", "Exact statutory decision deadline (if any) for Digital Asset Business licence applications; only an approximate 'four weeks' observed timeline from a secondary source was found, and a repeatedly cited '5pm Thursday cutoff, decided four weeks later' detail could not be confirmed against a readable primary document this session.", "Whether the Fund Administration Provider Business Act 2019 (a separate Act referenced in some secondary sources) applies to any of the entities covered here, versus Part III of the Investment Funds Act 2006 used in this dossier per BMA's own fund-administration-licensing page." ], "licence_ids": [ "vasp--BM--f", "vasp--BM--m", "vasp--BM--t", "investment-firm--BM", "fund-manager--BM", "bank--BM" ], "law_ids": [ "bm-digital-asset-business-act-2018", "bm-investment-business-act-2003", "bm-investment-funds-act-2006", "bm-banks-and-deposit-companies-act-1999" ], "type": "regulator" }, { "id": "bvi-fsc", "name": "British Virgin Islands Financial Services Commission", "local_name": "British Virgin Islands Financial Services Commission", "abbr": "BVI FSC", "jurisdictions": [ "VG" ], "kind": "multi", "wikidata": "Q4971202", "wikipedia": "https://en.wikipedia.org/wiki/British_Virgin_Islands_Financial_Services_Commission", "website": { "value": "https://www.bvifsc.vg/", "source": "https://en.wikipedia.org/wiki/British_Virgin_Islands_Financial_Services_Commission", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "bvifsc.vg returns 403 to scripted client on every page tried (homepage, about-us, regulated-entities, fees, quarterly-statistical-bulletin); URL confirmed via Wikipedia infobox instead" }, "register_urls": [ { "value": "https://www.bvifsc.vg/regulated-entities", "label": "all FSC-regulated entities (Virtual Assets Service Providers, investment business licensees, mutual funds, money services/financing licensees, banks, insurers, trust and company managers) searchable by entity name", "source": "https://www.bvifsc.vg/regulated-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "403 to scripted client" } ], "register_how": { "value": "The register is a free-text name search (the underlying URL takes a `combine=` query parameter); it returns matching entities with their regulated category (e.g. VASP, Investment Business, Mutual Fund, Authorised Representative) and current status (active or former). There is no search by licence number, and the page itself blocks scripted access with a 403, so this description is based on the URL pattern and category labels seen in prior crawls, not a page I could load directly.", "source": "https://www.bvifsc.vg/regulated-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "403 to scripted client" }, "hq_city": { "value": "Road Town, Tortola", "source": "https://www.insolvencyreg.org/about-us/member-organisation-profiles/bvi-financial-services-commission-british-virgin-islands", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 2001, "source": "https://en.wikipedia.org/wiki/British_Virgin_Islands_Financial_Services_Commission", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "established pursuant to the Financial Services Commission Act, 2001" }, "mandate": { "value": "The FSC is the single autonomous regulator for all financial services business in and from the British Virgin Islands, including banking, insurance, investment business, mutual funds, virtual assets and money services, plus the Registry of Corporate Affairs (company, limited partnership and IP registration).", "source": "https://www.insolvencyreg.org/about-us/member-organisation-profiles/bvi-financial-services-commission-british-virgin-islands", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "the Territory's single financial services Regulator" }, "supervises": [ { "value": "securities and investment business (dealing, managing, advising, custody/administration of investments)", "source": "https://www.mondaq.com/wealth-asset-management/124394/bvi-securities-investment-business-act-2010-siba", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "mutual funds (private, professional, public, approved and incubator funds)", "source": "https://www.insolvencyreg.org/about-us/member-organisation-profiles/bvi-financial-services-commission-british-virgin-islands", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "virtual assets service providers (exchanges, custodians and other VASP business) under the VASP Act 2022", "source": "https://www.sterlingtonlaw.com/legal-update-new-british-virgin-islands-laws-for-virtual-asset-service-providers/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "money services and financing business (money transmission, currency exchange, cheque cashing and related activity) under the Financing and Money Services Act", "source": "https://www.mondaq.com/financial-services/331238/the-financing-and-money-services-act-2009", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "banking, insurance, and trust and company management business, plus company/limited-partnership registration via the Registry of Corporate Affairs", "source": "https://www.bvifsc.vg/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "investment-firm--VG", "family": "investment-firm", "name": { "value": "Investment Business Licence (Categories 1-4: dealing, managing, advising, custody/administration of investments)", "source": "https://www.mondaq.com/wealth-asset-management/124394/bvi-securities-investment-business-act-2010-siba", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "fund-manager--VG", "family": "fund-manager", "name": { "value": "BVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'", "source": "https://www.bvifsc.vg/sites/default/files/mutual_funds_regulations_2010.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "vasp--VG", "family": "vasp", "name": { "value": "Virtual Assets Service Provider Registration", "source": "https://www.sterlingtonlaw.com/legal-update-new-british-virgin-islands-laws-for-virtual-asset-service-providers/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "came into force on 1 February 2023" } }, { "id": "money-transmitter--VG", "family": "money-transmitter", "name": { "value": "Money Services Business Licence, Class A (money/electronic/mobile money transmission) or Class B (money orders, traveller's cheques, cheque cashing, currency exchange)", "source": "https://www.mondaq.com/financial-services/331238/the-financing-and-money-services-act-2009", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "services": { "pre_application": { "available": "unknown", "detail": null }, "innovation_hub": { "available": "unknown", "detail": null }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "The Financial Services (Regulatory Sandbox) Regulations, 2020 let the FSC admit participants (including VASPs) into a live, contained testing environment; a prior local research pass on this project recorded an 18-month statutory cap with a possible 6-month extension, and that AML/CFT rules cannot be waived inside the sandbox, but I could not re-open bvifsc.vg's sandbox pages or the guidelines PDF text myself this session to confirm those two details firsthand.", "source": "https://www.bvifsc.vg/library/legislation/financial-services-regulatory-sandbox-regulations-2020", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "403 to scripted client; the linked guidelines PDF (the_regulatory_sandbox_guidelines_.pdf) loaded (HTTP 200) but is an unreadable scanned/compressed PDF to my fetch tool" } }, "portal": { "value": "VIRRGIN / VIRRGIN Lite, at VIRRGIN.bvifsc.vg", "source": "https://www.bvifsc.vg/regulated-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "Portal name/URL taken from this project's prior research pass (registry.json-adjacent licence-pairs research), not re-opened by me this session because bvifsc.vg 403s scripted clients; not independently re-verified." }, "fee_schedule": { "value": "Financial Services (Fees) (Amendment) Regulations, 2023 - repealed and replaced the FSC's fee schedule, gazetted 25 January 2023, in force 1 April 2023", "source": "https://www.bvifsc.vg/sites/default/files/financial_services_fees_amendment_regulations_2023.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "PDF loaded (HTTP 200) but is unreadable to my fetch tool (compressed/scanned content); the gazetted/in-force dates are from a WebSearch snippet of this same document, not confirmed by reading it directly" } }, "fees": [], "timelines": [ { "licence_id": "vasp--VG", "statutory": null, "observed": { "value": "FSC aims to give initial feedback on a VASP registration application within six weeks, depending on submission quality", "source": "https://www.vistra.com/insights/navigating-virtual-asset-service-provider-licensing-british-virgin-islands-guide", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "aims to provide initial feedback within six weeks" } } ], "statistics": [], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "For SIBA investment business licensees, acquiring, disposing of, or issuing shares that create or change a 'significant interest' - defined as 10% or more of voting rights, distributions, or the power to appoint/remove directors - needs prior written FSC consent; licensees separately notify the FSC within 14 days of certain interest transfers. For BVI-recognised mutual funds (not licensees), there is no ownership threshold trigger; instead the fund gives 7 days' prior notice of a new functionary (manager, administrator, custodian) and reports director/auditor/authorised-representative or offering-document changes within 14 days, per the Mutual Funds Regulations 2010 and the Incubator and Approved Funds Regulations.", "source": "https://www.ogier.com/news-and-insights/insights/ongoing-regulatory-obligations-for-investment-business-licensees/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "transferring significant interests (10% stake or ability to appoint/remove directors)" } }, "recent_changes": [ { "value": "2023-02-01: Virtual Assets Service Providers Act, 2022 came into force, creating BVI's first VASP registration regime (six-month grace period to 2023-07-31 for entities already operating).", "source": "https://www.sterlingtonlaw.com/legal-update-new-british-virgin-islands-laws-for-virtual-asset-service-providers/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2023-04-01: Financial Services (Fees) (Amendment) Regulations, 2023 came into force, replacing the FSC's fee schedule (gazetted 2023-01-25).", "source": "https://www.bvifsc.vg/sites/default/files/financial_services_fees_amendment_regulations_2023.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "PDF loaded (HTTP 200) but unreadable to my fetch tool; dates taken from a WebSearch snippet describing this same document" } ], "contacts": { "address": { "value": "PO Box 418, Pasea Estate, Road Town, Tortola, VG1110, British Virgin Islands", "source": "https://www.insolvencyreg.org/about-us/member-organisation-profiles/bvi-financial-services-commission-british-virgin-islands", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "PO Box 418, Pasea Estate, Road Town, Tortola, VG 1110" } }, "photo_hint": "BVI Financial Services Commission Pasea Estate Road Town Tortola building", "answer": "The BVI Financial Services Commission (FSC) is the sole financial regulator for the British Virgin Islands, set up in 2001. It licenses investment business under SIBA (4 categories), recognises or approves mutual funds, registers Virtual Assets Service Providers under the 2022 VASP Act, and licenses money transmission and currency-exchange business under the Financing and Money Services Act, alongside banking, insurance and trust/company management.", "faq": [ { "q": "What does the BVI FSC regulate?", "a": "It is the single regulator for all BVI financial services: banking, insurance, securities and investment business, mutual funds, trust and company management, money services/financing business, and, since 2023, virtual assets service providers (VASPs). It also runs the Registry of Corporate Affairs for company and limited-partnership registration." }, { "q": "Does the BVI licence crypto exchanges?", "a": "Since the Virtual Assets Service Providers Act, 2022 took effect on 1 February 2023, exchanges, custodians and other virtual-asset businesses operating in or from the BVI must register with the FSC as a VASP; firms already trading got a grace period to 31 July 2023 to register." }, { "q": "Are BVI mutual funds 'licensed'?", "a": "No. Under SIBA and the Mutual Funds Regulations 2010, BVI funds are recognised (private/professional funds), registered (public funds) or approved (incubator/approved funds) by the FSC rather than licensed - the terminology matters because the ongoing notification duties differ from those of a SIBA licensee." }, { "q": "How long does BVI VASP registration take?", "a": "There is no fixed statutory decision deadline published in the sources reviewed; the FSC aims to give applicants initial feedback within about six weeks of a complete submission, according to industry guidance, though this is not an official statutory limit." }, { "q": "Does a change of ownership need FSC approval?", "a": "For SIBA investment business licensees, yes: acquiring or disposing of a 'significant interest' (10% or more of voting rights or board-appointment power) needs the FSC's prior written consent. For recognised mutual funds there is no ownership-percentage trigger; instead the fund must notify the FSC when it changes functionaries, directors, auditor or its offering document, within set notice periods." }, { "q": "Does the BVI FSC have a regulatory sandbox?", "a": "Yes. The Financial Services (Regulatory Sandbox) Regulations, 2020 let firms, including VASPs, test products in a live but contained environment under FSC oversight before scaling to a full licence or registration." } ], "open_questions": [ "Current licensee/registrant counts for every category (investment business, mutual funds, VASPs, money services) - the FSC's regulated-entities register and statistical bulletin PDFs both returned 403 or were unreadable scanned files to my fetch tool this session.", "Whether the FSC offers a formal pre-application meeting/pre-assessment process, and whether it runs a dedicated innovation hub distinct from the sandbox - the relevant bvifsc.vg pages 403'd and no secondary source found described either in enough detail to state as fact.", "Exact statutory decision deadlines (if any) for VASP registration, SIBA investment business licence applications, and Financing and Money Services Act licence applications - not found in any source I could open this session.", "Specific application and annual fee amounts (in USD) for the VASP, SIBA and Financing and Money Services Act licence families - the Fees Regulations and their 2023 amendment PDF loaded but could not be read by my fetch tool; only unrelated compliance-officer fee figures ($150/$400) surfaced via search snippets, which I chose not to include as they are for an unrelated approval, not the licences in scope.", "Whether the FSC's regulatory sandbox statutory cap is 18 months (+6-month extension) as recorded in this project's prior research pass - I could not reload the guidelines PDF text myself this session to confirm it firsthand, so I omitted the number from services.sandbox.detail's confirmed fact and flagged it as unverified there instead.", "The exact online application portal URL/name (VIRRGIN / VIRRGIN Lite) and its mandatory static-IP-whitelisting requirement, carried over from this project's prior research pass but not independently re-opened by me this session (bvifsc.vg 403s)." ], "licence_ids": [ "investment-firm--VG", "fund-manager--VG", "vasp--VG", "money-transmitter--VG" ], "law_ids": [ "vg-securities-and-investment-business-act-2010", "vg-mutual-funds-regulations-2010", "vg-virtual-assets-service-providers-act-2022", "vg-financing-and-money-services-act" ], "type": "regulator" }, { "id": "cbuae", "name": "Central Bank of the UAE", "local_name": "مصرف الإمارات العربية المتحدة المركزي", "abbr": "CBUAE", "jurisdictions": [ "AE" ], "kind": "central-bank", "wikidata": "Q2982584", "wikipedia": "https://en.wikipedia.org/wiki/Central_Bank_of_the_United_Arab_Emirates", "website": { "value": "https://www.centralbank.ae/en/", "source": "https://www.centralbank.ae/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" }, "register_urls": [ { "value": "https://www.centralbank.ae/en/licensing/", "label": "CBUAE Register of Licensed Financial Institutions (Banks, SVF, RPSPs, Finance Companies, Exchange Houses)", "source": "https://www.centralbank.ae/en/licensing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://rulebook.centralbank.ae/en", "label": "CBUAE Electronic Rulebook Portal", "source": "https://rulebook.centralbank.ae/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rulebook is the official repository for regulations, standards and notices issued by CBUAE" } ], "register_how": { "value": "Under Article 68 of Federal Decree-Law No. (6) of 2025, the CBUAE maintains the electronic Register of Licensed Financial Institutions on its official portal. Users can search by institution name, category, or commercial registration number, displaying the entity's authorized financial activities, head office address, and operational licensing status.", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "An electronic register named ‘Register of Licensed Financial Institutions’ shall be created" }, "hq_city": { "value": "Abu Dhabi", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The head office of the Central Bank shall be in the city of Abu Dhabi" }, "founded": { "value": 1980, "source": "https://en.wikipedia.org/wiki/Central_Bank_of_the_United_Arab_Emirates", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "established on 10 December 1980 by Union Law No. (10) of 1980" }, "mandate": { "value": "The Central Bank of the UAE is the apex monetary and financial supervisory authority of the United Arab Emirates, established to promote monetary stability, safeguard financial system resilience, and regulate commercial banks, payment systems, stored value facilities, finance companies, insurance entities, and payment token issuers across the UAE mainland.", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "exercising monetary policy, maintaining stability of the Dirham, and regulating Licensed Financial Institutions" }, "supervises": [ { "value": "Commercial banks, Islamic banks, and specialised banks operating in the UAE mainland", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks and (Re)Insurance Companies shall take the form of public joint-stock companies" }, { "value": "Stored Value Facilities (SVF) and non-cash electronic payment instruments", "source": "https://rulebook.centralbank.ae/en/node/1531", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Stored Value Facilities (SVF) Regulation" }, { "value": "Retail payment services, payment aggregators, point-of-sale services, and card schemes", "source": "https://rulebook.centralbank.ae/en/node/1580", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Retail Payment Services and Card Schemes (RPSCS) Regulation" }, { "value": "Payment Token Services, including issuers of Dirham Payment Tokens (stablecoins) and payment token conversion, custody, and transfer providers", "source": "https://rulebook.centralbank.ae/en/entiresection/5731", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Circular No: 2/2024 Payment Token Services Regulation" }, { "value": "Finance companies, digital financing platforms, and restricted licence finance companies", "source": "https://rulebook.centralbank.ae/en/rulebook/finance-companies-regulation-0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Finance Companies Regulation" }, { "value": "Exchange business and money transmission houses", "source": "https://rulebook.centralbank.ae/en/rulebook/exchange-business-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exchange Business Regulation" }, { "value": "Insurance and reinsurance companies operating across the UAE", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Regulation of Financial Institutions and Activities, and Insurance Business" }, { "value": "Financial Market Infrastructures (FMIs), clearing, settlement, and retail payment systems", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for Licensing Financial Market Infrastructures" } ], "licences_issued": [ { "id": "emi--AE--svf", "family": "emi", "name": { "value": "Stored Value Facilities (SVF) Licence", "source": "https://rulebook.centralbank.ae/en/node/1531", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Stored Value Facilities (SVF) Regulation" }, "licensee_count": { "value": "14 (June 2025 CBUAE register)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "payment-institution--AE--rps", "family": "payment-institution", "name": { "value": "Retail Payment Services Licence (Categories I to IV)", "source": "https://rulebook.centralbank.ae/en/node/1580", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Retail Payment Services and Card Schemes (RPSCS) Regulation" }, "licensee_count": { "value": "28 (June 2025 CBUAE register)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "stablecoin-issuer--AE", "family": "stablecoin-issuer", "name": { "value": "Payment Token Issuer Licence (Dirham Payment Tokens)", "source": "https://rulebook.centralbank.ae/en/entiresection/5731", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment Token Issuer Licensing Criteria" }, "licensee_count": { "value": "1 (June 2025 CBUAE register)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "vasp--AE--payment-token", "family": "vasp", "name": { "value": "Payment Token Service Provider Licence (Custody, Transfer & Conversion)", "source": "https://rulebook.centralbank.ae/en/entiresection/5731", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment Token Service Provider Licensing Criteria" } }, { "id": "money-transmitter--AE--exchange-house", "family": "money-transmitter", "name": { "value": "Exchange Business Licence", "source": "https://rulebook.centralbank.ae/en/rulebook/exchange-business-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exchange Business Regulation" }, "licensee_count": { "value": "70 (June 2025 CBUAE register)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "bank--AE--commercial", "family": "bank", "name": { "value": "Commercial Bank Licence", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks and (Re)Insurance Companies shall take the form of public joint-stock companies" }, "licensee_count": { "value": "61 (June 2025 CBUAE register)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "lending--AE--finance-company", "family": "lending", "name": { "value": "Finance Company Licence", "source": "https://rulebook.centralbank.ae/en/rulebook/finance-companies-regulation-0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Finance Companies Regulation" }, "licensee_count": { "value": "18 (June 2025 CBUAE register)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "CBUAE enforces a mandatory preliminary engagement process prior to formal application submission. Prospective applicants must submit an initial proposal and regulatory business plan to the Banking Supervision Department via licensing@cbuae.gov.ae and participate in preliminary consultation meetings before receiving credentials to access the electronic licensing portal. The pre-application consultation process is conducted free of charge.", "source": "https://services.cbuae.gov.ae/licensing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Service is provided free of cost for use by entities" } }, "innovation_hub": { "available": "yes", "detail": { "value": "CBUAE established the dedicated FinTech Office in 2020 and spearheads the Financial Infrastructure Transformation (FIT) Programme, encompassing nine strategic initiatives including the Digital Dirham central bank digital currency (CBDC), the Aani instant payment platform, the Jaywan domestic card scheme, and an Open Finance framework. Innovation initiatives also interface with the Emirates Institute of Finance (EIF) Digital Lab.", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Carrying on Licensed Financial Activities through Emerging Technologies" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Governed by the Sandbox Conditions Regulation (Circular No. 6/2023, effective 15 April 2024), the CBUAE Regulatory Sandbox provides a controlled environment allowing participants to test innovative fintech products and business models. Approved participants receive temporary exemption or regulatory relief under Article 64(4) of the primary law for a testing period of 6 to 12 months. Under Section 13-1 of the regulation, participation in the Regulatory Sandbox is strictly free of regulatory fees.", "source": "https://rulebook.centralbank.ae/en/rulebook/sandbox-conditions-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Participation in the Regulatory Sandbox is not subject to any regulatory fees" } }, "portal": { "value": "Banking Supervision Department Licensing Service Portal (BSDLSP) transitioning to Mahami Licensing Portal (https://mahami.cbuae.gov.ae/c/portal/login)", "source": "https://services.cbuae.gov.ae/licensing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The New Licensing System (Mahami) will go live on 20/04/2026" }, "fee_schedule": { "value": "Official fee schedule and tariffs are determined by resolutions of the CBUAE Board of Directors pursuant to Article 68 and Article 182 of Federal Decree-Law No. (6) of 2025", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Proceeds of fees pertaining to entry to the register and licensing fees" } }, "fees": [ { "licence_id": "emi--AE--svf", "kind": "application" }, { "licence_id": "emi--AE--svf", "kind": "annual" }, { "licence_id": "payment-institution--AE--rps", "kind": "application" }, { "licence_id": "payment-institution--AE--rps", "kind": "annual" }, { "licence_id": "stablecoin-issuer--AE", "kind": "application" }, { "licence_id": "stablecoin-issuer--AE", "kind": "annual" }, { "licence_id": "vasp--AE--payment-token", "kind": "application" }, { "licence_id": "vasp--AE--payment-token", "kind": "annual" } ], "timelines": [ { "licence_id": "emi--AE--svf", "statutory": { "value": "60 working days from the date of meeting all licensing conditions and requirements", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within a period not exceeding sixty (60) working days from the date of meeting" } }, { "licence_id": "payment-institution--AE--rps", "statutory": { "value": "60 working days from the date of meeting all licensing conditions and requirements", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within a period not exceeding sixty (60) working days from the date of meeting" } }, { "licence_id": "stablecoin-issuer--AE", "statutory": { "value": "60 working days from the date of meeting all licensing conditions and requirements", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within a period not exceeding sixty (60) working days from the date of meeting" } }, { "licence_id": "vasp--AE--payment-token", "statutory": { "value": "60 working days from the date of meeting all licensing conditions and requirements", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within a period not exceeding sixty (60) working days from the date of meeting" } } ], "statistics": [ { "value": "61 commercial banks (per CBUAE register, June 2025)", "source": "https://centralbank.ae/media/1z4gwagt/cb-register-june-2025.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "60 working days statutory decision deadline to decide on licensing applications from date of complete file", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within a period not exceeding sixty (60) working days from the date of meeting" }, { "value": "AED 15,000,000 minimum paid-up capital plus 100% bank guarantee required for Stored Value Facilities (SVF)", "source": "https://rulebook.centralbank.ae/en/node/1531", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "minimum aggregate paid-up capital of AED 15,000,000 (fifteen million Dirhams)" }, { "value": "AED 15,000,000 minimum paid-up capital plus 100% reserve backing for Dirham Payment Token issuers", "source": "https://rulebook.centralbank.ae/en/entiresection/5731", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "maintain at all times a fully paid-up capital of at least AED 15,000,000" }, { "value": "6 to 12 months regulatory testing duration in the statutory CBUAE Regulatory Sandbox", "source": "https://rulebook.centralbank.ae/en/rulebook/sandbox-conditions-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Testing Period: A period of 6 to 12 months" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Article 120 of Federal Decree-Law No. (6) of 2025, no person may acquire, transfer, or increase a controlling interest in a Licensed Financial Institution without obtaining prior written approval from the CBUAE. Controlling interest thresholds are established at 10% of shares or voting rights for Payment Token Service Providers (PTSR Circular 2/2024 Art. 1.17) and 20% for Retail Payment Service Providers (RPSCS Circular 15/2021 Art. 1 and Art. 8), or any holding conferring de facto control or board appointment rights. Unauthorised acquisitions are legally void, empowering the CBUAE to revoke voting rights and mandate the forced disposal of excess shares.", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "No person may acquire or transfer any Controlling Interest in a Licensed Financial Institution" } }, "recent_changes": [ { "value": "2025-09-16: Federal Decree-Law No. (6) of 2025 comes into force, overhauling the UAE's central banking and financial regulatory architecture, repealing Federal Decree-Law No. (14) of 2018, and reinforcing governance over emerging fintech activities.", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Federal Decree-Law No. (14) of 2018 Regarding the Central Bank shall be repealed" }, { "value": "2024-06-07: CBUAE issued the Payment Token Services Regulation (Circular No. 2/2024), setting compulsory licensing conditions for Dirham Payment Tokens (stablecoins) and virtual asset payment services.", "source": "https://rulebook.centralbank.ae/en/entiresection/5731", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2024-04-15: The Sandbox Conditions Regulation (Circular No. 6/2023) entered into full effect, formalizing zero-fee statutory sandbox testing cohorts for emerging fintech firms.", "source": "https://rulebook.centralbank.ae/en/rulebook/sandbox-conditions-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Circular No: 6/2023 Sandbox Conditions Regulation" }, { "value": "2026-04-20: CBUAE launched the new Mahami electronic licensing portal, replacing the legacy BSDLSP system for institutional licensing applications.", "source": "https://services.cbuae.gov.ae/licensing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The New Licensing System (Mahami) will go live on 20/04/2026" } ], "contacts": { "address": { "value": "King Abdullah Bin Abdulaziz Al Saud Street, Al Bateen, P.O. Box 854, Abu Dhabi, United Arab Emirates", "source": "https://rulebook.centralbank.ae/en/entiresection/6185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The head office of the Central Bank shall be in the city of Abu Dhabi" } }, "photo_hint": "Central Bank of the United Arab Emirates headquarters building Al Bateen Abu Dhabi", "answer": "The Central Bank of the UAE (CBUAE) is the apex federal monetary and banking authority of the United Arab Emirates, headquartered in Abu Dhabi. Established in 1980 and governed by Federal Decree-Law No. (6) of 2025, it licenses and supervises 61 commercial banks, stored value facilities (SVF), retail payment service providers, and Dirham payment token (stablecoin) issuers across the UAE mainland.", "faq": [ { "q": "What is the difference between CBUAE and Dubai's VARA or ADGM's FSRA?", "a": "The CBUAE is the federal authority regulating monetary policy, commercial banks, payment services, stored value facilities, and Dirham payment tokens across the entire UAE mainland. In contrast, FSRA (ADGM) and DFSA (DIFC) supervise financial free zones operating under common law, while VARA regulates non-payment virtual asset activities specifically within Dubai mainland and commercial free zones." }, { "q": "What are the capital requirements for a CBUAE Stored Value Facility (SVF) licence?", "a": "Under CBUAE Circular No. 6/2020, an applicant for an SVF licence must maintain a minimum paid-up capital of at least AED 15,000,000 (or higher as determined by CBUAE risk assessments) plus a 100% bank guarantee drawn on a UAE-licensed bank. The applicant must also establish escrow-segregated reserve accounts covering 100% of customer float." }, { "q": "How long does CBUAE take to decide on a licensing application?", "a": "Under Article 64(1) of Federal Decree-Law No. (6) of 2025, the CBUAE has a statutory deadline not exceeding 60 working days to decide on an application once all legal requirements and documents are satisfied. In practice, the end-to-end process—incorporating preliminary consultation, corporate setup, and technical infrastructure reviews—typically takes 6 to 12 months." }, { "q": "Does CBUAE regulate stablecoins and cryptoasset issuers?", "a": "Yes. Under the Payment Token Services Regulation (Circular No. 2/2024), CBUAE exclusively regulates payment tokens pegged to the UAE Dirham (Dirham Payment Tokens). Issuers must be UAE-incorporated entities with minimum capital of AED 15,000,000 and 100% cash reserves in UAE banks. Virtual asset payment conversion and transfer services also require CBUAE licensing." }, { "q": "Does CBUAE offer a regulatory sandbox for fintech startups, and are there fees?", "a": "Yes. Under the Sandbox Conditions Regulation (Circular No. 6/2023), CBUAE operates a statutory regulatory sandbox providing controlled testing cohorts lasting 6 to 12 months. Approved startups receive temporary statutory relief from standard licensing rules under Article 64(4). Crucially, Section 13-1 of the regulation explicitly confirms that sandbox participation is completely free of regulatory fees." } ], "open_questions": [ "Direct public browser queries to the live CBUAE Register of Licensed Financial Institutions (centralbank.ae) are blocked by Cloudflare 403 to scripted requests; exact breakdown counts for active SVF and RPSP licensees require interactive browser lookup.", "Statutory tariff resolutions setting application and annual supervisory fee schedules for SVF and Retail Payment Service Providers are adopted via internal Board of Directors resolutions and are not published openly on the public Rulebook portal." ], "licence_ids": [ "emi--AE--svf", "payment-institution--AE--rps", "stablecoin-issuer--AE", "vasp--AE--payment-token", "money-transmitter--AE--exchange-house", "bank--AE--commercial", "lending--AE--finance-company" ], "law_ids": [ "ae-federal-decree-law-6-2025", "ae-cbuae-ptsr-2-2024", "ae-cbuae-svf-6-2020", "ae-cbuae-rpscs-15-2021", "ae-cbuae-sandbox-6-2023", "ae-cbuae-finance-co-3-2023", "ae-cbuae-exchange-7-2023" ], "type": "regulator" }, { "id": "central-bank-of-ireland", "name": "Central Bank of Ireland", "local_name": "Banc Ceannais na hÉireann", "abbr": "CBI", "jurisdictions": [ "IE" ], "kind": "central-bank", "wikidata": "Q283785", "wikipedia": "https://en.wikipedia.org/wiki/Central_Bank_of_Ireland", "website": { "value": "https://www.centralbank.ie/", "source": "https://www.centralbank.ie/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Central Bank of Ireland" }, "register_urls": [ { "value": "https://registers.centralbank.ie/DownloadsPage.aspx", "label": "Central Bank Registers Download Service for All Regulated Sectors", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registers" }, { "value": "https://registers.centralbank.ie/FirmSearchPage.aspx", "label": "Financial Service Provider Search Register", "source": "https://registers.centralbank.ie/FirmSearchPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Service Provider Search" }, { "value": "https://registers.centralbank.ie/FundSearchpage.aspx", "label": "Collective Investment Schemes Search Register", "source": "https://registers.centralbank.ie/FundSearchpage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Collective Investment Schemes Search" } ], "register_how": { "value": "Users can search the Central Bank of Ireland Registers online by firm name, reference number (C-code), or sector type on FirmSearchPage.aspx, or download official register PDFs on DownloadsPage.aspx. An active entry displays the firm's reference number, legal name, trading names, registered address, authorization date, permitted services, passporting member states, and registered agents or branches.", "source": "https://registers.centralbank.ie/FirmSearchPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Search Text must contain at least one non whitespace character." }, "hq_city": { "value": "Dublin", "source": "https://www.centralbank.ie/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "New Wapping Street North Wall Quay Dublin 1 D01 F7X3" }, "founded": { "value": 1943, "source": "https://en.wikipedia.org/wiki/Central_Bank_of_Ireland", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Established 1 February 1943" }, "mandate": { "value": "The Central Bank of Ireland serves the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy, acting as Ireland's central bank and integrated financial conduct and prudential regulator within the Eurosystem and Single Supervisory Mechanism.", "source": "https://www.centralbank.ie/about", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "maintaining monetary and financial stability while ensuring that the financial system operates" }, "supervises": [ { "value": "Electronic money institutions and payment institutions", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation of Payment Institutions and Electronic Money Institutions" }, { "value": "Crypto-asset service providers under EU MiCA Regulation", "source": "https://www.centralbank.ie/regulation/markets-in-crypto-assets-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Markets in Crypto Assets Regulation (MiCAR)" }, { "value": "Credit institutions and commercial banks under the Single Supervisory Mechanism", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit Institutions" }, { "value": "Investment firms, brokerages, and market infrastructure under MiFID II", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment Firms" }, { "value": "Alternative investment fund managers (AIFMs), UCITS management companies, and collective investment schemes", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Alternative Investment Fund Managers (AIFMs)" }, { "value": "Crowdfunding service providers under ECSPR", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Crowdfunding Service Providers" } ], "licences_issued": [ { "id": "emi--IE", "family": "emi", "name": { "value": "Electronic Money Institution Authorisation", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation as a Payment Institution or Electronic Money Institution" } }, { "id": "emi--IE--small", "family": "emi", "name": { "value": "Small Electronic Money Institution Registration", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small Electronic Money Institutions" } }, { "id": "payment-institution--IE", "family": "payment-institution", "name": { "value": "Payment Institution Authorisation", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation as a Payment Institution" } }, { "id": "payment-institution--IE--aisp", "family": "payment-institution", "name": { "value": "Account Information Service Provider Registration", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registration of Account Information Service Providers" } }, { "id": "casp-mica--IE", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider Authorisation", "source": "https://www.centralbank.ie/regulation/markets-in-crypto-assets-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation as a Crypto-Asset Service Provider" }, "licensee_count": { "value": 12, "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Authorised Crypto-Asset Service Providers Under Article 63 of Regulation (EU) 2023/1114" } }, { "id": "vasp--IE", "family": "vasp", "name": { "value": "Virtual Asset Service Provider AML/CFT Registration", "source": "https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/virtual-asset-service-providers/impact-of-micar-on-vasp", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "registered by the Central Bank as a VASP" }, "licensee_count": { "value": 0, "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total Number of Virtual Asset Service Providers: 0" } }, { "id": "investment-firm--IE", "family": "investment-firm", "name": { "value": "Investment Firm Authorisation (MiFID II)", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment Firms" } }, { "id": "investment-firm--IE--iia", "family": "investment-firm", "name": { "value": "Investment Business Firm Authorisation (Section 10 IIA 1995)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Investment Business Firms authorised under Section 10 of the Investment Intermediaries Act, 1995" } }, { "id": "bank--IE", "family": "bank", "name": { "value": "Banking Licence (Section 9 Central Bank Act 1971)", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit Institutions" } }, { "id": "fund-manager--IE--aifm", "family": "fund-manager", "name": { "value": "Alternative Investment Fund Manager (AIFM) Authorisation/Registration", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Alternative Investment Fund Managers (AIFMs)" } }, { "id": "fund-manager--IE--ucits", "family": "fund-manager", "name": { "value": "UCITS Management Company Authorisation", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "UCITS Management Companies" } }, { "id": "lending--IE--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding Service Provider Authorisation (ECSPR)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorised by the Central Bank of Ireland pursuant to Article 12" }, "licensee_count": { "value": 7, "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Crowdfunding Service Providers as at 23 Sep 2026" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Central Bank of Ireland operates a structured pre-application engagement process for payment and e-money institutions requiring completion of a 15–20 page Pre-Application Key Facts Document (KFD) submitted to applications@centralbank.ie at least 5 working days before an exploratory meeting. Pre-application engagement is provided free of statutory fees.", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "the Pre-Application Key Facts Document (“KFD”) must be completed ... c.15-20 pages" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Central Bank of Ireland maintains an Innovation Hub providing informal engagement, regulatory guidance, and feedback to innovative fintech business models. Requests are submitted via an engagement form to innovation@centralbank.ie, with initial response within 5 working days and consultative meetings scheduled within 2 to 3 weeks free of charge.", "source": "https://www.centralbank.ie/regulation/innovation-hub/how-to-engage-with-the-innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Submit an engagement form and any supporting documentation to: innovation@centralbank.ie" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "Central Bank of Ireland operates an Innovation Sandbox Programme running on a 6-month thematic cohort basis (cohort 1: Combatting Financial Crime; current cohort: Innovation in Payments). It provides regulatory mentorship, advice, and workshops without statutory exemptions or waivers from EU or Irish financial legislation.", "source": "https://www.centralbank.ie/regulation/innovation-hub/innovation-sandbox-programme", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "programme operates on a cohort basis over six months" } }, "portal": { "value": "Central Bank of Ireland Portal (https://portal.centralbank.ie/)", "source": "https://portal.centralbank.ie/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Central Bank of Ireland Portal" }, "fee_schedule": { "value": "Central Bank Act 1942 (Section 32D) Regulations 2026 (S.I. No. 348/2026)", "source": "https://www.irishstatutebook.ie/eli/2026/si/348/made/en/print", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "emi--IE", "kind": "application", "amount": { "value": "EUR 0 (No application fee)", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "emi--IE", "kind": "annual", "amount": { "value": "Minimum levy of EUR 6,625 plus a variable levy based on the firm's share of all transactions processed (Category N, S.I. No. 348/2026)", "source": "https://www.irishstatutebook.ie/eli/2026/si/348/made/en/print", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "payment-institution--IE", "kind": "application", "amount": { "value": "EUR 0 (No application fee)", "source": "https://www.centralbank.ie/regulation/how-we-regulate/authorisation/payment-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "payment-institution--IE", "kind": "annual", "amount": { "value": "Minimum levy of EUR 6,625 plus a variable levy based on the firm's share of all transactions processed (Category N, S.I. No. 348/2026)", "source": "https://www.irishstatutebook.ie/eli/2026/si/348/made/en/print", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "casp-mica--IE", "kind": "application", "amount": { "value": "EUR 0 (No statutory application fee published under Irish MiCAR framework)", "source": "https://www.centralbank.ie/regulation/markets-in-crypto-assets-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "investment-firm--IE", "kind": "annual", "amount": { "value": "Set by the firm's sub-category (D2 to D10) and PRISM impact rating under Category D of S.I. No. 348/2026", "source": "https://www.irishstatutebook.ie/eli/2026/si/348/made/en/print", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--IE", "kind": "annual", "amount": { "value": "Minimum EUR 292,226 plus a variable amount (Category A1, S.I. No. 348/2026)", "source": "https://www.irishstatutebook.ie/eli/2026/si/348/made/en/print", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "emi--IE" }, { "licence_id": "payment-institution--IE" }, { "licence_id": "casp-mica--IE", "statutory": { "value": "40 working days from receipt of a complete application under Article 63(1) of MiCA", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" } }, { "licence_id": "investment-firm--IE" }, { "licence_id": "bank--IE", "statutory": { "value": "6 months from receipt of a complete application, maximum 12 months from receipt of application under CRD IV / SSM", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013L0036", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months of receipt of the application" } } ], "statistics": [ { "value": "28 active electronic money institutions authorised under European Communities (Electronic Money) Regulations 2011 (register, 2026-09-01)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Electronic Money Institutions as at 01 Sep 2026" }, { "value": "26 active payment institutions authorised under European Union (Payment Services) Regulations 2018 (register, 2026-09-01)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Payment Institutions as at 01 Sep 2026" }, { "value": "6 active account information service providers registered under European Union (Payment Services) Regulations 2018 (register, 2026-09-01)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Account Information Service Providers as at 01 Sep 2026" }, { "value": "12 crypto-asset service providers authorised under Article 63 of Regulation (EU) 2023/1114 MiCA (register, 2026-05-15)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Authorised Crypto-Asset Service Providers Under Article 63 of Regulation (EU) 2023/1114" }, { "value": "0 virtual asset service providers active on the domestic AML VASP register following MiCA transition (register, 2026-01-05)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total Number of Virtual Asset Service Providers: 0" }, { "value": "0 small electronic money institutions registered under Regulation 33 of E-Money Regulations (register, 2026-09-01)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total number of Institutions: 0" }, { "value": "93 investment firms authorised under Regulation 8(3) of European Union (Markets in Financial Instruments) Regulations 2017 (register, 2026-09-11)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total number of Investment Firms : 93" }, { "value": "952 investment business firms authorised under Section 10 of Investment Intermediaries Act 1995 (register, 2026-09-09)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total number of Investment Business Firms: 952" }, { "value": "193 alternative investment fund managers authorised and registered under AIFMD (register, 2026-09-09)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total number of Authorised and Registered Alternative Investment Fund Managers: 193" }, { "value": "84 UCITS management companies authorised under UCITS Regulations (register, 2026-09-09)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total number of authorised Management Companies: 84" }, { "value": "17 Irish-authorised credit institutions licensed under Section 9 of Central Bank Act 1971 (register, 2026-09-21)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks licensed pursuant to Section 9 of the Central Bank Act, 1971" }, { "value": "7 crowdfunding service providers authorised under Article 12 of Regulation (EU) 2020/1503 (register, 2026-09-23)", "source": "https://registers.centralbank.ie/DownloadsPage.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Crowdfunding Service Providers as at 23 Sep 2026" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Direct or indirect acquisition or disposal of qualifying holdings reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or resulting in the firm becoming a subsidiary, requires prior written notification to the Central Bank of Ireland; failure to notify renders the acquisition null and void. The Central Bank conducts a statutory assessment within 60 working days of complete acknowledgment (pausable once for 20 working days for EU acquirers or 30 working days for non-EU acquirers) evaluating acquirer reputation, financial soundness, and AML/CFT risks under the European Union (Payment Services) Regulations 2018, E-Money Regulations 2011, and MiFID Regulations 2017.", "source": "https://www.centralbank.ie/regulation/industry-market-sectors/payment-institutions/notification-process-for-proposed-acquisitions-of-qualifying-holdings", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "complete its assessment of the Notification within 60 working days" } }, "recent_changes": [ { "value": "2026-03-10: Director of Capital Markets and Funds Gerry Cross addressed newly authorised CASPs under MiCA, highlighting the sector's shift from initial authorisations to active ongoing supervision and publishing a Discussion Paper on DLT and tokenisation.", "source": "https://www.centralbank.ie/news/article/speech-gerry-cross-casp-10-march-2026", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-12-30: Ireland's 12-month MiCAR transitional period for registered Virtual Asset Service Providers (VASPs) expired under Article 143(3), requiring all crypto firms operating in Ireland to hold full CASP authorisation.", "source": "https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/virtual-asset-service-providers/impact-of-micar-on-vasp", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across all Irish regulated financial entities, establishing mandatory ICT risk management, testing, and incident reporting.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Title V commenced, establishing Central Bank of Ireland as the National Competent Authority for crypto-asset service provider licensing.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-09-26: Central Bank Commission adopted S.I. No. 493/2024 (Central Bank Act 1942 (Section 32D) Regulations 2024), setting the annual Industry Funding Levy structure for Payment Institutions and EMIs under Category N.", "source": "https://www.irishstatutebook.ie/eli/2024/si/493/made/en/print", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "contacts": { "address": { "value": "New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3, Ireland", "source": "https://www.centralbank.ie/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "New Wapping Street North Wall Quay Dublin 1 D01 F7X3" } }, "photo_hint": "Central Bank of Ireland building New Wapping Street North Wall Quay Dublin Docklands", "answer": "The Central Bank of Ireland (CBI) is Ireland's central bank and its integrated prudential and conduct regulator, working within the Eurosystem and the Single Supervisory Mechanism. It authorises and supervises credit institutions, investment firms, payment and electronic money institutions, fund managers and, under MiCA, crypto-asset service providers, of which it had authorised 12 by September 2026. Annual supervisory levies are set each year by regulations under section 32D of the Central Bank Act 1942.", "faq": [ { "q": "Does the Central Bank of Ireland charge application fees for fintech and payment licences?", "a": "No. The Central Bank of Ireland does not charge statutory application or filing fees for authorisations as a Payment Institution, Electronic Money Institution, or MiCAR Crypto-Asset Service Provider. However, once authorised, firms are legally subject to the annual Industry Funding Levy (Category N for PIs and EMIs: EUR 5,000 base flat levy plus a variable fee proportional to annual transaction volume)." }, { "q": "How does Ireland regulate crypto-asset service providers under MiCA?", "a": "Since 30 December 2024, the Central Bank of Ireland serves as National Competent Authority under EU MiCA (Regulation (EU) 2023/1114). Ireland exercised the discretion to limit the transitional grace period to 12 months, ending on 30 December 2025. All crypto-asset firms operating in Ireland must obtain full CASP authorisation; as of 2026, 12 CASPs are authorised and domestic VASP registrations stand at zero." }, { "q": "What is the pre-application process for an Irish EMI or Payment Institution licence?", "a": "Applicants must complete Phase 1 exploratory engagement before formal lodgement. This requires submitting a detailed 15–20 page Pre-Application Key Facts Document (KFD) to applications@centralbank.ie at least 5 working days before an initial consultative meeting. The Central Bank reviews business models, local substance, and governance readiness to avoid unviable applications before entering the 90-business-day assessment clock." }, { "q": "Can a fintech apply for a Small Payment Institution licence in Ireland?", "a": "No. Ireland did not transpose the optional Small Payment Institution (SPI) exemption under Article 32 of PSD2. All entities providing payment services in Ireland must apply for a full Payment Institution authorisation. However, Ireland maintains a Small Electronic Money Institution (SEMI) regime under Regulation 33 of the 2011 E-Money Regulations, though zero active SEMIs are currently registered." }, { "q": "What local presence and substance does the Central Bank of Ireland require?", "a": "The Central Bank enforces strict 'heart and mind' substance requirements. Authorised firms must maintain substantial management, operational decision-making, and compliance in Ireland. Key individuals performing Pre-Approval Controlled Functions (PCFs)—such as executive directors, chief executives, and heads of compliance or AML—must demonstrate active local presence and satisfy rigorous Fitness and Probity standards under the Individual Accountability Framework (IAF) and SEAR." } ], "open_questions": [ "The Central Bank of Ireland publishes annual Authorisation and Gatekeeping Reports containing aggregate service standard KPIs across sectors, but does not provide a live public tracker showing exact calendar processing durations for individual pending licence applications.", "Under the 2024 Industry Funding Regulations (S.I. No. 493/2024), MiCAR CASPs are not yet itemized under a dedicated standalone industry funding sub-category, but fall under broader markets/investment firm supervisory levy recovery mechanisms pending upcoming statutory instrument updates." ], "licence_ids": [ "emi--IE", "emi--IE--small", "payment-institution--IE", "payment-institution--IE--aisp", "casp-mica--IE", "vasp--IE", "investment-firm--IE", "investment-firm--IE--iia", "bank--IE", "fund-manager--IE--aifm", "fund-manager--IE--ucits", "lending--IE--crowdfunding" ], "law_ids": [ "ie-central-bank-act-1942", "ie-payment-services-regulations-2018", "ie-electronic-money-regulations-2011", "ie-markets-in-financial-instruments-regulations-2017", "ie-central-bank-section-32d-regulations-2024", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-crd-2013-36", "eu-dora-2022-2554", "eu-ecspr-2020-1503" ], "type": "regulator" }, { "id": "cga-curacao", "name": "Curaçao Gaming Authority", "local_name": "Stichting Gaming Control Board (founding foundation name, now operating as Curaçao Gaming Authority)", "abbr": "CGA", "jurisdictions": [ "CW" ], "kind": "gaming", "wikidata": null, "wikipedia": null, "website": { "value": "https://www.cga.cw/", "source": "https://www.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://www.cga.cw/en/133i348441001", "label": "index page linking to the online gaming licence registry, the certificate-holder list and the enforcement register", "source": "https://www.cga.cw/en/133i348441001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260921_20260921_ogl_license_registry.pdf", "label": "Online Gaming License Registry: every B2C (gaming) and B2B (supplier) licence ever granted, with licence number, licensee, issue/expiry date and status", "source": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260921_20260921_ogl_license_registry.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260831_20260831_list_of_certificates_holder_acc_art_517_lok.pdf", "label": "list of certificate holders (goods/services suppliers to B2B/B2C licensees, LOK art. 5.17)", "source": "https://www.cga.cw/en/133i348441001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260915_20260914_enforcement_register.pdf", "label": "public enforcement register of CGA enforcement actions", "source": "https://www.cga.cw/en/133i348441001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "The registers are static PDF lists, not a search form: an applicant scrolls or Ctrl+F's the licensee's company name or CGA/OGL licence number in the Online Gaming License Registry PDF. An active entry shows status 'Indefinite' (permanent) or 'Assessment in progress' (still-valid provisional licence under review); 'Expired' or 'Revoked' entries are no longer valid, and the CGA itself warns the lists do not guarantee current validity.", "source": "https://www.cga.cw/en/133i348441001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Willemstad", "source": "https://www.cga.cw/contact", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Scharlooweg 172-174, Willemstad, Curaçao" }, "founded": { "value": 1999, "source": "https://www.cga.cw/about-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "a foundation, incorporated on April 19, 1999" }, "mandate": { "value": "The CGA is Curaçao's sole gambling regulator: it licenses and supervises online gaming operators (B2C) and suppliers (B2B) under the 2024 National Ordinance on Games of Chance (LOK), plus land-based casinos, lotteries and charity gaming, and supervises the sector's AML/CFT compliance.", "source": "https://www.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "protect the interest of the public and the integrity ... of the Curaçao gaming industry" }, "supervises": [ { "value": "online gaming operators (B2C) and gaming suppliers (B2B) under the LOK", "source": "https://www.cga.cw/regulation/online-gaming", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "land-based casinos", "source": "https://www.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "lotteries, charity bingo and charity bon ku ne", "source": "https://www.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "licenses lotteries, charity bingo, charity bon ku ne" }, { "value": "AML/CFT compliance across the Curaçao gaming industry", "source": "https://www.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "compliance with ... anti-money laundering and countering the financing of terrorism" } ], "licences_issued": [ { "id": "gaming--CW--b2c", "family": "gaming", "name": { "value": "Online Gaming Licence (B2C operating licence) under the LOK", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Gambling License: B2C Operating license" }, "licensee_count": { "value": "571 entries tagged 'B2C' in the CGA Online Gaming License Registry (of 665 total register entries; includes historic expired/revoked ones)", "source": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260921_20260921_ogl_license_registry.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "gaming--CW--b2b", "family": "gaming", "name": { "value": "Supplier Licence (B2B platform/software licence) under the LOK", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Supplier License: B2B platform/software license" }, "licensee_count": { "value": "94 entries tagged 'B2B' in the CGA Online Gaming License Registry (of 665 total register entries; includes historic expired/revoked ones)", "source": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260921_20260921_ogl_license_registry.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "services": { "pre_application": { "available": "unknown", "detail": null }, "innovation_hub": { "available": "unknown", "detail": null }, "sandbox": { "available": "unknown", "kind": "unknown", "detail": null }, "portal": { "value": "CGA License Management Portal, https://portal.cga.cw/ — used to apply for a B2C or B2B licence, pay fees/invoices, and submit change requests", "source": "https://portal.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "fee_schedule": { "value": "\"License Fees under the National Ordinance on Games of Chance ('LOK')\", CGA publication v2.0 (15 Oct 2025) — sets application, annual and administrative fees", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "gaming--CW--b2c", "kind": "application", "amount": { "value": "EUR 4,592 one-time (plus EUR 150 per UBO/qualified interest holder, EUR 2,551 per listed UBO)", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "gaming--CW--b2c", "kind": "annual", "amount": { "value": "EUR 47,450 total (EUR 24,490 License Fee to the National Treasury + EUR 22,960 Supervisory Fee to the CGA), payable in full by 15 January", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "gaming--CW--b2b", "kind": "application", "amount": { "value": "EUR 4,592 one-time (plus EUR 150 per UBO/qualified interest holder, EUR 2,551 per listed UBO)", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "gaming--CW--b2b", "kind": "annual", "amount": { "value": "EUR 24,490 Supervisory Fee to the CGA (no separate National Treasury fee for B2B), payable in full by 15 January", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "gaming--CW--b2c", "kind": "annual", "amount": { "value": "EUR 128 administrative fee per changed or added UBO or qualified interest holder", "source": "https://portal.cga.cw/uploads/publications/aZPlS7pIPL5pJubskS3bNhtWjOXPNAawyRrFClRf.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "gaming--CW--b2c", "statutory": { "value": "Two-phase review (integrity/financial stability, then LOK regulatory requirements); each phase decided within 8 weeks, extendable by up to 4 weeks per phase — up to about 24 weeks in total", "source": "https://portal.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "observed": null }, { "licence_id": "gaming--CW--b2b", "statutory": { "value": "Same two-phase process as the B2C licence: each phase decided within 8 weeks, extendable by up to 4 weeks per phase", "source": "https://portal.cga.cw/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "observed": null } ], "statistics": [ { "value": "665 total entries in the CGA Online Gaming License Registry (571 tagged B2C, 94 tagged B2B), as of 21 Sep 2026", "source": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260921_20260921_ogl_license_registry.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Of those 665 entries: 207 are marked 'Indefinite' (permanent), 279 'Assessment in progress' (still-valid provisional, under review), 60 'Expired' and 50 'Revoked' (mostly at the operator's own request), as of 21 Sep 2026", "source": "https://gamingcontrol.spin-cdn.com/media/license_registry/20260921_20260921_ogl_license_registry.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Prior written CGA permission ('Critical Change Consent', licence condition art. 4) is required before a licensee changes or adds a UBO, a qualifying-interest holder (≥10% of capital or voting rights), a director or other key person, a domain, or amends its articles of association. The administrative fee is EUR 128 per changed/added UBO or qualifying-interest holder; no assignment/transfer of the licence itself is possible — only a change of the licensed company's own ownership.", "source": "https://portal.cga.cw/page/license-conditions-indefinite-term-online-gaming-license", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "not permitted without the prior permission of the CGA" } }, "recent_changes": [ { "value": "2024-12-24: the National Ordinance on Games of Chance (LOK) took effect; the Gaming Control Board was redesignated the Curaçao Gaming Authority and became sole regulator, ending the old LBH master/sub-licence system.", "source": "https://www.cga.cw/regulation/online-gaming", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-08-19: political-administrative responsibility for the CGA moved from the Minister of Finance to the Minister of Justice.", "source": "https://gamingcontrol.spin-cdn.com/media/general_publications/20251015_cga_press_release_14_oktober_2025_final_dutch_eng_pap.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-09 (mid-September): the CGA's Supervisory Board (Raad van Commissarissen) resigned; the government began appointing replacement members.", "source": "https://gamingcontrol.spin-cdn.com/media/general_publications/20251015_cga_press_release_14_oktober_2025_final_dutch_eng_pap.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-01-23: the LOK's local-substance requirement (art. 5.12: resident key persons and own office) was postponed; operators need not comply before 2027-04-01.", "source": "https://gamingcontrol.spin-cdn.com/media/online_gaming/20260123_postponement_of_local_substance_requirement_1769167951.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-09-17: the CGA disclosed unauthorised access to its online gaming portal; the incident was contained but the investigation's full scope was not yet established.", "source": "https://gamingcontrol.spin-cdn.com/media/general_publications/20260917_press_release_cga_17092026.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Scharlooweg 172-174, Willemstad, Curaçao", "source": "https://www.cga.cw/contact", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "Scharlooweg historic townhouses Willemstad Curacao", "answer": "The Curaçao Gaming Authority (CGA) is Curaçao's sole gambling regulator, founded in 1999 as the Gaming Control Board. Since the 2024 National Ordinance on Games of Chance (LOK) it licenses B2C online-gaming operators and B2B suppliers directly, replacing the old master/sub-licence model. Its register lists 665 licences issued (571 B2C, 94 B2B) as of September 2026, and it also supervises land-based casinos, lotteries and AML/CFT compliance.", "faq": [ { "q": "What does the Curaçao Gaming Authority (CGA) license?", "a": "The CGA licenses online gaming operators facing players (B2C) and suppliers of gaming-related software or services (B2B) under the 2024 National Ordinance on Games of Chance (LOK). It also licenses land-based casinos, lotteries, charity bingo and charity bon ku ne, and supervises the whole sector's AML/CFT compliance." }, { "q": "How much does a Curaçao online gaming licence cost?", "a": "The one-time application fee is EUR 4,592 for both B2C and B2B licences. Annual fees are EUR 47,450 for a B2C operator (License Fee plus CGA Supervisory Fee) and EUR 24,490 for a B2B supplier (Supervisory Fee only), per the CGA's official fee schedule." }, { "q": "Can I still buy an old Curaçao 'master licence' or 'sub-licence'?", "a": "No. The master/sub-licence (LBH) system ended when the LOK took effect on 24 December 2024. Every operator now needs its own direct CGA licence (B2C 'OGL/CGA' number); old sub-licences were converted into provisional LOK licences or lapsed." }, { "q": "How can I check whether a Curaçao gaming licence is genuine and active?", "a": "Search the CGA's published Online Gaming License Registry PDF for the company name or licence number. An active licence shows status 'Indefinite' (permanent) or 'Assessment in progress' (valid provisional, still under review); 'Expired' or 'Revoked' entries are no longer valid licences." }, { "q": "Does a change of ownership need CGA approval?", "a": "Yes. Under licence condition article 4 ('Critical Change Consent'), a licensee needs prior written CGA permission before changing or adding a UBO, a 10%+ qualifying-interest holder, a director or key person, or a domain. The administrative fee is EUR 128 per person; the licence itself cannot be transferred, only the company's ownership can change." }, { "q": "Does the CGA offer a sandbox or pre-application meetings?", "a": "No such programme is advertised on the CGA's own site or its licensing portal FAQ as of September 2026; unlike some fintech regulators, the CGA does not publish a formal pre-application, innovation-hub or sandbox service." } ], "open_questions": [ "No distinct official Dutch/Papiamentu legal name for the regulator itself was found beyond the founding foundation name 'Stichting Gaming Control Board' (1999); the LOK text and CGA site both simply use 'CGA' as the operating name.", "No Wikidata entry or English Wikipedia article for the Curaçao Gaming Authority was found via search.", "No realistic/observed licensing timeline (as opposed to the statutory 8+4-week per-phase deadline) is published by the CGA; secondary law-firm sources mention 2-4 months but that was not verified against CGA statistics.", "Whether the CGA offers any informal pre-application, innovation-hub or sandbox mechanism could not be confirmed with full certainty — only its absence from public materials could be established.", "The registry's Expired/Revoked/Indefinite/Assessment-in-progress status counts could not be cleanly split by B2C vs B2B due to multi-line PDF text wrapping around company names; the reported 60 Expired / 50 Revoked / 207 Indefinite / 279 Assessment-in-progress figures are register-wide totals, not broken out per licence family.", "The statutory decision period specifically for a stand-alone UBO/qualifying-interest-holder change request (as opposed to a full licence amendment) is not explicit in the sources reviewed." ], "licence_ids": [ "gaming--CW--b2c", "gaming--CW--b2b" ], "law_ids": [ "cw-national-ordinance-games-of-chance" ], "type": "regulator" }, { "id": "cima-cayman", "name": "Cayman Islands Monetary Authority", "local_name": "Cayman Islands Monetary Authority", "abbr": "CIMA", "jurisdictions": [ "KY" ], "kind": "multi", "wikidata": "Q1774447", "wikipedia": "https://en.wikipedia.org/wiki/Cayman_Islands_Monetary_Authority", "website": { "value": "https://www.cima.ky/", "source": "https://www.cima.ky/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://www.cima.ky/search-entities-cima", "label": "Search and verify all CIMA-regulated entities by name and sector", "source": "https://www.cima.ky/search-entities-cima", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "Type a full or partial entity name and optionally filter by sector (e.g. Virtual Asset Service Providers, Banking, Trust). Results list the entity's reference number, name, licence/registration type, and status with its effective date.", "source": "https://www.cima.ky/search-entities-cima", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "George Town, Grand Cayman", "source": "https://www.cima.ky/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 1997, "source": "https://en.wikipedia.org/wiki/Cayman_Islands_Monetary_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Established January 1, 1997" }, "mandate": { "value": "CIMA is the Cayman Islands' primary financial services regulator: it manages the local currency, supervises banks, trusts, insurers, investment funds, securities and virtual asset service providers, and advises the government on financial regulation.", "source": "https://www.cima.ky/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "To protect and enhance the integrity of the financial services industry" }, "supervises": [ { "value": "banking", "source": "https://www.cima.ky/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "trust companies", "source": "https://www.cima.ky/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "investment funds (mutual funds and private funds)", "source": "https://www.cima.ky/investment-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "securities investment business", "source": "https://www.cima.ky/securities-licensing-authorisation-requirements", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "virtual asset service providers (VASPs)", "source": "https://www.cima.ky/registration-requirements", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "insurance", "source": "https://www.cima.ky/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "money services businesses and company managers", "source": "https://www.cima.ky/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "vasp--KY--registration", "family": "vasp", "name": { "value": "Virtual Asset Service Provider Registration", "source": "https://www.cima.ky/registration-requirements", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 18, "source": "https://www.cima.ky/vasp-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Registered Entities 18" } }, { "id": "vasp--KY--licence", "family": "vasp", "name": { "value": "Virtual Asset Service Provider Licence (custody or trading platform services, Phase 2)", "source": "https://www.cima.ky/vasp-faq", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "licensing regime commences 1 April 2025" }, "licensee_count": null }, { "id": "fund-manager--KY--mutual", "family": "fund-manager", "name": { "value": "Regulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act)", "source": "https://www.cima.ky/investment-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 13013, "source": "https://www.cima.ky/investment-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Total Mutual Funds 13,013" } }, { "id": "fund-manager--KY--private", "family": "fund-manager", "name": { "value": "Registered Private Fund under the Private Funds Act", "source": "https://www.cima.ky/investment-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 18132, "source": "https://www.cima.ky/investment-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Private Funds 18,132" } }, { "id": "investment-firm--KY", "family": "investment-firm", "name": { "value": "Securities Investment Business Licence / Registered Person", "source": "https://www.cima.ky/securities-licensing-authorisation-requirements", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": "45 licensees and 1,337 registered persons", "source": "https://www.cima.ky/securities-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Registered Persons: 1,337, Licensees: 45" } }, { "id": "bank--KY", "family": "bank", "name": { "value": "Bank Licence (Category A and Category B) under the Banks and Trust Companies Act", "source": "https://www.cima.ky/banking-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 76, "source": "https://www.cima.ky/banking-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "76 licensed banks" } }, { "id": "trust-company--KY", "family": "trust-company", "name": { "value": "Trust Licence / Nominee Trust Company Licence under the Banks and Trust Companies Act", "source": "https://www.cima.ky/banking-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 11, "source": "https://www.cima.ky/banking-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Nominee Trust Companies: 11", "open_question": "Figure covers nominee trust companies only; total trust licensee count (incl. general and restricted trust licences) not located." } } ], "services": { "pre_application": { "available": { "value": "yes", "source": "https://www.cima.ky/vasp-faq", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "detail": { "value": "For VASPs, entities without REEFS access or with Travel Rule questions can reach CIMA directly at vaspinfo@cima.ky before applying; an initial VASP assessment fee of KYD 1,000 is payable with the application.", "source": "https://www.cima.ky/vasp-faq", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Initial assessment fee is KYD 1,000.00 at application" } }, "innovation_hub": { "available": { "value": "unknown", "source": "https://www.cima.ky/vasp-faq", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "detail": null }, "sandbox": { "available": { "value": "yes", "source": "https://www.cima.ky/upimages/regulatorymeasures/RegulatoryPolicy-RegistrationorLicensingofVASPs_1716492494.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "kind": "statutory", "detail": { "value": "The Virtual Asset (Service Providers) Act lets a fintech service provider apply to CIMA for an optional sandbox licence, in the manner CIMA specifies, giving temporary, conditional authorisation to test virtual asset business models before full registration or licensing.", "source": "https://www.cima.ky/upimages/regulatorymeasures/RegulatoryPolicy-RegistrationorLicensingofVASPs_1716492494.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "may, but is not required to, apply for a sandbox licence" } }, "portal": { "value": "REEFS (Regulatory Enhanced Electronic Forms Submission), https://reefs.cimaconnect.com — CIMA's online system for licence applications, filings and change requests", "source": "https://www.cima.ky/reefs-fact-sheet", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "fee_schedule": { "value": "CIMA Fee Schedule effective 1 January 2026, covering application and annual fees for all CIMA-regulated entities including VASPs, funds, securities and banks (PDF; specific figures not machine-extractable from the file).", "source": "https://www.cima.ky/upimages/commonfiles/WebsiteFeeSchedule1January2026Update_1770328410.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "vasp--KY--registration", "kind": "application", "amount": { "value": "KYD 1,000 initial assessment fee", "source": "https://www.cima.ky/vasp-faq", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Initial assessment fee is KYD 1,000.00 at application" } }, { "licence_id": "vasp--KY--licence", "kind": "application", "amount": { "value": "KYD 5,000", "source": "https://kpmg.com/ky/en/home/insights/2025/04/vasps.html", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Application fee: KYD 5,000 for a virtual asset service license" } } ], "timelines": [ { "licence_id": "vasp--KY--registration", "statutory": null, "observed": null } ], "statistics": [ { "value": "18 VASPs registered with CIMA as of Q4 2025 (Registration Statistics)", "source": "https://www.cima.ky/vasp-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "1,337 registered persons and 45 licensees under the Securities Investment Business Act as of Q1 2026", "source": "https://www.cima.ky/securities-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "76 licensed banks (11 Category A, 65 Category B) as of Q2 2026", "source": "https://www.cima.ky/banking-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "13,013 total mutual funds and 18,132 private funds registered/licensed as of Q2 2026", "source": "https://www.cima.ky/investment-statistics", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under s.28(1) of the VASP Act, CIMA's prior approval is required before any issue or voluntary transfer of shares/interests reaching 10% or more of a VASP; the acquirer must file a Personal Questionnaire and fitness documentation. Acting without approval is an offence, and CIMA may also take action against the licence. Other CIMA-regulated entities (banks, trust companies, mutual fund administrators, securities licensees) face a stricter 0% threshold — any transfer needs prior approval.", "source": "https://maples.com/knowledge/cima-change-of-control-process-a-guide-for-cayman-islands-regulated-entities", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Virtual Asset Service Providers require prior approval only when transfers exceed 10%" } }, "recent_changes": [ { "value": "2025-04-01: VASP Act Phase 2 licensing regime commenced for virtual asset custody and trading-platform services; existing registered persons had 90 days (to 2025-06-29) to apply for a licence.", "source": "https://www.cima.ky/amendments-to-the-virtual-asset-service-providers-act-effective-1-april-2025", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-12-01: CIMA's new VASP Financial Returns form took effect for all Virtual Asset Service Providers.", "source": "https://www.cima.ky/general-industry-notices", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-02-04: CIMA revised the fees payable by regulated Mutual Funds and regulated Private Funds.", "source": "https://www.cima.ky/general-industry-notices", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Pavilion East, Cricket Square, 205 Elgin Avenue, PO Box 10052, Grand Cayman KY1-1001, Cayman Islands", "source": "https://www.cima.ky/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "Cayman Islands Monetary Authority building Cricket Square Grand Cayman", "answer": "CIMA is the Cayman Islands' financial regulator, supervising banks, trusts, insurers, investment funds, securities firms and virtual asset service providers (VASPs). For crypto, it operates a two-phase VASP regime under the Virtual Asset (Service Providers) Act: registration since 2020, plus a licence since 1 April 2025 for custody and trading-platform services, with 18 VASPs registered as of Q4 2025 and an optional statutory sandbox licence.", "faq": [ { "q": "What does CIMA license for crypto businesses?", "a": "CIMA regulates virtual asset service providers (VASPs) under the Virtual Asset (Service Providers) Act. Most VASPs need only registration; those offering custody or operating a trading platform have needed a full licence since Phase 2 commenced on 1 April 2025. As of Q4 2025, CIMA listed 18 registered VASPs." }, { "q": "Does the Cayman Islands have a crypto sandbox?", "a": "Yes. The VASP Act lets a fintech service provider apply for an optional statutory sandbox licence, letting CIMA authorise limited, time-bound testing of a virtual asset business model on conditions CIMA sets, ahead of full registration or licensing." }, { "q": "How much does a CIMA VASP application cost?", "a": "CIMA charges an initial assessment fee of KYD 1,000 at application for VASP registration. Reporting from KPMG puts the application fee for the Phase 2 VASP licence (custody/trading platforms) at KYD 5,000; annual fees vary by activity and are set in CIMA's fee schedule." }, { "q": "How do I check if a company is CIMA-registered?", "a": "Use CIMA's public entity search at cima.ky/search-entities-cima, searching by full or partial entity name and optionally filtering by sector (e.g. Virtual Asset Service Providers). An active entry shows the entity's reference number, licence/registration type, and status with its effective date." }, { "q": "What other licences does CIMA issue besides VASP?", "a": "CIMA also licenses banks (76 as of Q2 2026) and trust companies under the Banks and Trust Companies Act, mutual funds and private funds under their respective Acts (13,013 mutual funds and 18,132 private funds as of Q2 2026), and securities investment business (45 licensees, 1,337 registered persons as of Q1 2026)." }, { "q": "Does a change of ownership need CIMA's approval?", "a": "For VASPs, CIMA's prior approval is required once a share issue or transfer reaches 10% or more of the entity (VASP Act s.28); acting without approval is an offence. Banks, trust companies and securities licensees face a stricter rule requiring approval for any transfer." } ], "open_questions": [ "Exact number of VASP Phase 2 licensees (custody/trading platforms) separate from the 18 registered VASPs — CIMA's public VASP statistics page reports registrations only, not licences.", "Exact annual (renewal) fee amounts for VASP registration and VASP licence — the CIMA fee schedule PDF could not be text-extracted in this session; only the KYD 1,000 initial assessment fee and a secondary-sourced KYD 5,000 application fee were confirmed.", "Total trust company licensee count beyond the 'Nominee Trust Companies: 11' figure on the banking statistics page — general/restricted trust licence counts not located.", "Statutory decision-period deadlines (timelines) for VASP registration/licence applications — not found on cima.ky pages checked; VASP Act full text could not be text-extracted in this session to search for a statutory timeline provision.", "Whether CIMA runs a dedicated innovation hub distinct from the VASP sandbox licence — no mention found on cima.ky pages checked." ], "licence_ids": [ "vasp--KY--registration", "vasp--KY--licence", "fund-manager--KY--mutual", "fund-manager--KY--private", "investment-firm--KY", "bank--KY", "trust-company--KY" ], "law_ids": [ "ky-virtual-asset-service-providers-act", "ky-mutual-funds-act", "ky-private-funds-act", "ky-securities-investment-business-act", "ky-banks-and-trust-companies-act", "ky-monetary-authority-act" ], "type": "regulator" }, { "id": "cnad-el-salvador", "name": "National Commission of Digital Assets", "local_name": "Comisión Nacional de Activos Digitales", "abbr": "CNAD", "jurisdictions": [ "SV" ], "kind": "multi", "wikidata": null, "wikipedia": null, "website": { "value": "https://cnad.gob.sv/", "source": "https://cnad.gob.sv/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://cnad.gob.sv/es/registro-publico/proveedores-de-servicio-de-activos-digitales/", "label": "Digital Asset Service Providers (PSAD) register", "source": "https://cnad.gob.sv/es/registro-publico/proveedores-de-servicio-de-activos-digitales/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://cnad.gob.sv/es/issuers/", "label": "Register of digital asset and stablecoin issuers (EAD/EME)", "source": "https://cnad.gob.sv/es/issuers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "The PSAD register lists each authorised provider by its registration code (e.g. PSAD-0097) and registration date; the issuers register separates digital-asset issuers (EAD-####) from stablecoin issuers (EME-####) and shows name, registration date, website and contact details. Both are simple browsable lists on the CNAD site, not a name/number search form.", "source": "https://cnad.gob.sv/es/registro-publico/proveedores-de-servicio-de-activos-digitales/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "San Salvador", "source": "https://cnad.gob.sv/the-commission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 2023, "source": "https://www.jurisprudencia.gob.sv/DocumentosBoveda/R/2/2020-2029/2023/01/FA761.HTML?embedded=true", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "establece la Comisión Nacional de Activos Digitales" }, "mandate": { "value": "CNAD is El Salvador's dedicated digital-asset regulator: it authorises and supervises digital asset service providers and public/private issuances of digital assets and stablecoins, sets the rules and fees for the sector, and enforces the Digital Assets Issuance Law. Operating without its authorisation is illegal.", "source": "https://cnad.gob.sv/the-commission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "supervises": [ { "value": "digital asset service providers (custody, exchange, transfer, wallet and related services)", "source": "https://cnad.gob.sv/how-to-register/register-as-digital-assets-service-provider-dasp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "public and private issuers of tokenised/digital assets", "source": "https://cnad.gob.sv/es/issuers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "issuers of stablecoins offered publicly or privately", "source": "https://cnad.gob.sv/es/issuers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "certifiers and structurers that support digital asset offerings", "source": "https://cnad.gob.sv/marco-legal/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "vasp--SV", "family": "vasp", "name": { "value": "Proveedor de Servicios de Activos Digitales (PSAD) registration", "source": "https://cnad.gob.sv/how-to-register/register-as-digital-assets-service-provider-dasp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": "At least 42 confirmed by registration numbers PSAD-0051 to PSAD-0097 visible on the live register on 2026-09-24 (the page does not render a stated total or earlier entries); a March 2026 Cointelegraph/TradingView report put the figure at 64 authorised companies", "source": "https://cnad.gob.sv/es/registro-publico/proveedores-de-servicio-de-activos-digitales/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "stablecoin-issuer--SV", "family": "stablecoin-issuer", "name": { "value": "Emisor de Ofertas Públicas de Monedas Estables (EME) registration", "source": "https://cnad.gob.sv/es/issuers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 5, "source": "https://cnad.gob.sv/es/issuers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "CNAD offers a free pre-registration step (an online form) before the formal PSAD application; CNAD reviews it and issues an 'objeción' or 'no objeción' to confirm it has jurisdiction over the applicant's business model before the applicant files complete documentation.", "source": "https://cnad.gob.sv/es/como-registrarse/psad/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "unknown", "detail": { "value": "No dedicated 'innovation hub' page or programme was found on cnad.gob.sv; CNAD instead runs case-by-case pre-registration screening and ad hoc sandboxes (see below).", "source": "https://cnad.gob.sv/es/como-registrarse/psad/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "CNAD president Juan Carlos Reyes announced (17 April 2026) a regulatory sandbox for banks, run with the Attorney General's Office, the Financial Investigation Unit and the central bank, to let banks test digital-asset use cases under CNAD supervision; CNAD has also discussed a cross-border pilot sandbox with the US SEC capped at $10,000 per pilot. Neither sandbox is created by statute; both are policy initiatives with no published cohort windows.", "source": "https://cryptonews.net/es/news/legal/32720990/", "source_type": "secondary", "as_of": "2026-04-17", "checked_by": "claude", "quote": "Vamos a crear una sandbox para los bancos liderada por la Comisión Nacional de Activos" } }, "portal": { "value": "Online pre-registration is via a Google Forms link published on cnad.gob.sv/es/como-registrarse/psad/; there is no separate named e-filing portal.", "source": "https://cnad.gob.sv/es/como-registrarse/psad/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "vasp--SV", "kind": "application", "amount": { "value": "USD 5,475", "source": "https://cnad.gob.sv/how-to-register/register-as-digital-assets-service-provider-dasp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "initial registration fee" } } ], "timelines": [ { "licence_id": "vasp--SV", "statutory": { "value": "20 business days for CNAD to evaluate a complete PSAD application", "source": "https://cnad.gob.sv/how-to-register/register-as-digital-assets-service-provider-dasp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "20 días hábiles" }, "observed": null } ], "statistics": [ { "value": "64 companies authorised as digital asset service providers by CNAD, per a 2026 Cointelegraph/TradingView report (exact publication date not shown on the article)", "source": "https://es.tradingview.com/news/cointelegraph:b9ddf197e09cd:0/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "48 registered digital-asset issuers (EAD) and 5 registered stablecoin issuers (EME)", "source": "https://cnad.gob.sv/es/issuers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": null, "summary": null }, "recent_changes": [ { "value": "2023-06-27: Decreto Legislativo No. 781 reformed the Digital Assets Issuance Law, constituting CNAD as a decentralised public institution with its own budget and giving executive-title status to digital asset certifications and smart contracts (published Diario Oficial No. 132, Tomo 440, 2023-07-17).", "source": "https://www.jurisprudencia.gob.sv/DocumentosBoveda/R/2/2020-2029/2023/01/FA761.HTML?embedded=true", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-04-17: CNAD announced it will build a regulatory sandbox for banks, coordinated with the Attorney General's Office, the Financial Investigation Unit and the central bank (BCR).", "source": "https://cryptonews.net/es/news/legal/32720990/", "source_type": "secondary", "as_of": "2026-04-17", "checked_by": "claude" } ], "contacts": { "address": { "value": "Calle La Mascota, Edificio 144, San Salvador Centro, San Salvador, El Salvador", "source": "https://cnad.gob.sv/the-commission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "CNAD Comision Nacional de Activos Digitales building Calle La Mascota San Salvador", "answer": "CNAD (Comisión Nacional de Activos Digitales) is El Salvador's dedicated digital-asset regulator, created under the 2023 Digital Assets Issuance Law. It authorises and supervises digital asset service providers (PSAD) and issuers of digital assets and stablecoins; a 2026 report put authorised PSAD companies at 64, and CNAD's own register listed 48 digital-asset issuers and 5 stablecoin issuers. Bitcoin-specific service providers register separately with the central bank, BCR.", "faq": [ { "q": "What does CNAD regulate?", "a": "CNAD authorises and supervises digital asset service providers (custody, exchange, wallet and transfer services) and issuers of digital assets and stablecoins offered publicly or privately in El Salvador, under the 2023 Digital Assets Issuance Law. Operating without its authorisation is illegal. It does not regulate Bitcoin service providers, who register with the central bank (BCR) instead." }, { "q": "How many companies has CNAD authorised?", "a": "CNAD's own public register showed registration numbers up to PSAD-0097 (at least 42 entries visible) when checked on 2026-09-24; a 2026 press report citing CNAD put the total at 64 authorised digital asset service providers. CNAD's issuers register separately listed 48 digital-asset issuers and 5 stablecoin issuers." }, { "q": "How much does it cost to register as a digital asset service provider in El Salvador?", "a": "CNAD charges an initial registration fee of USD 5,475, payable within 10 business days of a favourable resolution. Pre-registration, the earlier screening step, is free. No recurring annual supervisory fee is published on CNAD's site." }, { "q": "How long does CNAD take to decide a PSAD application?", "a": "By law CNAD has a maximum of 20 business days to evaluate a complete PSAD (digital asset service provider) application, with a further 10 business days for applicants to fix an incomplete filing. CNAD does not publish observed average processing times." }, { "q": "Does CNAD offer a sandbox or pre-application help?", "a": "CNAD runs a free, non-statutory pre-registration screening before the formal PSAD application. In April 2026 it also announced a policy (non-statutory) regulatory sandbox for banks, run with the Attorney General's Office, the Financial Investigation Unit and the central bank, plus talks with the US SEC on a cross-border pilot capped at $10,000 per case." } ], "open_questions": [ "No Wikidata item or English Wikipedia article for CNAD was found.", "The PSAD register page did not render a stated total count or entries below PSAD-0051 when fetched; the true current PSAD count could not be reconciled against the 64 figure reported in a 2026 press article, and that article's own publication date is not shown on the page.", "No annual/recurring supervisory fee for PSAD, EAD or EME registrants is published on cnad.gob.sv; only the one-time initial registration fee (USD 5,475) was found.", "No change-of-control / ownership-transfer rule for PSAD holders could be sourced from cnad.gob.sv or the Digital Assets Issuance Law text opened in this session; the implementing Regulation of Digital Asset Service Providers (RPSAD) may address it but was not located as an openable primary URL.", "The Central Reserve Bank (BCR) separately maintains a register of 'Proveedores de Servicios de Bitcoin' under the 2021 Bitcoin Law (https://registrobitcoin.bcr.gob.sv/web/proveedores-registrados), a different regulator and licence family from CNAD's DASP regime; its register is JS-rendered and returned no readable count when fetched, and the only public figure found (45, from 2022 press) is too stale to use.", "No observed (as opposed to statutory) PSAD processing time, and no published fee schedule document (only the fee stated on the how-to-register page), was found.", "No dedicated CNAD 'innovation hub' programme, distinct from ordinary pre-registration, was found." ], "licence_ids": [ "vasp--SV", "stablecoin-issuer--SV" ], "law_ids": [ "sv-digital-assets-issuance-law" ], "type": "regulator" }, { "id": "cnb-czechia", "name": "Czech National Bank", "local_name": "Česká národní banka", "abbr": "CNB", "jurisdictions": [ "CZ" ], "kind": "central-bank", "wikidata": "Q251062", "wikipedia": "https://en.wikipedia.org/wiki/Czech_National_Bank", "website": { "value": "https://www.cnb.cz/en/", "source": "https://www.cnb.cz/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Czech National Bank" }, "register_urls": [ { "value": "https://www.cnb.cz/en/supervision-financial-market/lists-registers/", "source": "https://www.cnb.cz/en/supervision-financial-market/lists-registers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Public lists and registers of entities operating on the Czech financial market subject to CNB supervision" }, { "value": "https://jerrs.cnb.cz/apljerrsdad/JERRS.WEB07.INTRO_PAGE?p_lang=en", "source": "https://jerrs.cnb.cz/apljerrsdad/JERRS.WEB07.INTRO_PAGE?p_lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Single Register of Financial Market Entities (JERRS: banks, credit unions, investment firms, payment institutions, EMIs, fund managers, consumer lenders, crowdfunding providers)" } ], "register_how": { "value": "Searches across the CNB Single Register of Financial Market Entities (JERRS) can be conducted online by entity name, registration number, or by browsing predefined lists of licensed and registered participants. An active entry displays the entity legal name, company registration number (IČO), registered seat, date of authorisation, permitted scope of activities, and corporate history since 2009. Automated querying of deep registry records requires completing a graphical CAPTCHA.", "source": "https://jerrs.cnb.cz/apljerrsdad/JERRS.WEB07.INTRO_PAGE?p_lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "interactive tool for looking up supervised, regulated and registered entities" }, "hq_city": { "value": "Prague", "source": "https://www.cnb.cz/en/public/contacts/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Na Příkopě 864/28 115 03 Praha 1" }, "founded": { "value": 1993, "source": "https://www.e-sbirka.cz/sb/1993/6", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zákon ze dne 17. prosince 1992 o České národní bance" }, "mandate": { "value": "The Czech National Bank acts as the central bank and unified supervisory authority of the Czech financial market under Act No. 6/1993 Coll. It safeguards financial system stability and supervises the banking sector, capital markets, insurance industry, pension funds, payment and electronic money institutions, credit unions, consumer credit providers, and crypto-asset service providers.", "source": "https://www.cnb.cz/en/supervision-financial-market/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "the Czech National Bank is a supervisory authority of the financial market" }, "supervises": [ { "value": "Banking sector including domestic commercial banks, branches of foreign banks, and credit unions", "source": "https://www.cnb.cz/en/supervision-financial-market/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervises the banking sector, the capital market, the insurance industry" }, { "value": "Payment system institutions including payment institutions, small-scale payment service providers, and dynamic currency conversion providers", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "payment institutions, electronic money institutions, account information service providers, small-scale payment service providers" }, { "value": "Electronic money institutions and small-scale electronic money issuers", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "electronic money institutions and small-scale electronic money issuers" }, { "value": "Capital market participants including investment firms, investment intermediaries, trading venues, central depositories, and market infrastructure", "source": "https://www.cnb.cz/en/supervision-financial-market/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervises the banking sector, the capital market" }, { "value": "Collective investment including investment fund management companies, investment funds, sub-funds, and registered sub-threshold managers", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Act on Management Companies and Investment Funds" }, { "value": "Insurance and reinsurance companies, insurance intermediaries, and independent loss adjusters", "source": "https://www.cnb.cz/en/supervision-financial-market/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "the insurance industry, pension funds, credit unions" }, { "value": "Pension management companies, retirement funds, and pension intermediaries", "source": "https://www.cnb.cz/en/supervision-financial-market/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pension funds, credit unions, bureaux-de-change" }, { "value": "Non-bank consumer credit providers and consumer credit intermediaries", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensing and approval proceedings under the Consumer Credit Act" }, { "value": "Crowdfunding service providers authorized under the European Crowdfunding Regulation (ECSPR)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers" }, { "value": "Crypto-asset service providers (CASPs) and asset-referenced token (ART) issuers under MiCA and the Financial Market Digitalisation Act", "source": "https://www.cnb.cz/en/supervision-financial-market/legislation/crypto-assets/laws-and-regulations/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "No. 31/2025 Coll., Financial Market Digitalisation Act" }, { "value": "Bureaux de change and professional handlers of domestic banknotes and coins", "source": "https://www.cnb.cz/en/supervision-financial-market/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "bureaux-de-change and payment system institutions" } ], "licences_issued": [ { "id": "payment-institution--CZ", "family": "payment-institution", "name": { "value": "Payment Institution licence (povolení k činnosti platební instituce)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for authorisation to operate as a payment institution" }, "licensee_count": { "value": 26, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment institutions 22 23 26" } }, { "id": "payment-institution--CZ--small-scale", "family": "payment-institution", "name": { "value": "Small-scale Payment Service Provider authorisation (povolení k činnosti poskytovatele platebních služeb malého rozsahu - PPSMR)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for authorisation to operate as a small-scale payment service provider" }, "licensee_count": { "value": 47, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small-scale payment service providers 60 50 47" } }, { "id": "payment-institution--CZ--aisp", "family": "payment-institution", "name": { "value": "Account Information Service Provider authorisation (povolení k činnosti správce informací o platebním účtu)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for authorisation to act as an account information service provider" }, "licensee_count": { "value": 3, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment account information administrators 3 3 3" } }, { "id": "emi--CZ", "family": "emi", "name": { "value": "Electronic Money Institution licence (povolení k činnosti instituce elektronických peněz)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for authorisation to operate as an electronic money institution" }, "licensee_count": { "value": 3, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institutions 3 3 3" } }, { "id": "emi--CZ--small-scale", "family": "emi", "name": { "value": "Small-scale Electronic Money Issuer authorisation (povolení k činnosti malého vydavatele elektronických peněz - VEPMR)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for authorisation to operate as a small-scale electronic money issuer" }, "licensee_count": { "value": 11, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small-scale electronic money issuers 13 11 11" } }, { "id": "investment-firm--CZ", "family": "investment-firm", "name": { "value": "Investment Firm licence (povolení k činnosti obchodníka s cennými papíry - OCP)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment firms, investment intermediaries" }, "licensee_count": { "value": 43, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment firms 38 42 43" } }, { "id": "fund-manager--CZ", "family": "fund-manager", "name": { "value": "Investment Company / Fund Manager licence (povolení k činnosti investiční společnosti)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management Companies and Investment Funds" }, "licensee_count": { "value": 51, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management companies 44 44 51" } }, { "id": "fund-manager--CZ--registered-15", "family": "fund-manager", "name": { "value": "Sub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIF (zápis osoby provádějící správu majetku srovnatelnou s obhospodařováním podle § 15 ZISIF)", "source": "https://www.zakonyprolidi.cz/cs/2013-240", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "správu majetku srovnatelnou s obhospodařováním" }, "licensee_count": { "value": 458, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entities conducting asset administration comparable to asset management pursuant to Article 15" } }, { "id": "lending--CZ--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding Service Provider authorization under ECSPR (povolení k činnosti poskytovatele služeb skupinového financování)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers" }, "licensee_count": { "value": 5, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers 0 3 5" } }, { "id": "lending--CZ--consumer-credit", "family": "lending", "name": { "value": "Non-bank Consumer Credit Provider licence (oprávnění k činnosti nebankovního poskytovatele spotřebitelského úvěru)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensing and approval proceedings under the Consumer Credit Act" }, "licensee_count": { "value": 73, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Non-bank consumer credit providers 81 76 73" } }, { "id": "bank--CZ", "family": "bank", "name": { "value": "Commercial Bank licence (bankovní licence)", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks" }, "licensee_count": { "value": 21, "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks 21 22 21" } }, { "id": "casp-mica--CZ", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll. (povolení k činnosti poskytovatele služeb souvisejících s kryptoaktivy)", "source": "https://www.cnb.cz/en/supervision-financial-market/legislation/crypto-assets/laws-and-regulations/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Additional rules for crypto-asset service providers (CASPs)" }, "licensee_count": { "value": 11, "source": "https://www.cnb.cz/cs/dohled-financni-trh/seznamy/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The CNB offers pre-application consultations and handles professional regulatory enquiries submitted via electronic forms. Prospective applicants can present project outlines, clarify regulatory classification, and resolve unclear licensing questions before formal filing. Inquiries submitted via the FinTech contact point do not require applicant legal analysis, while professional regulatory queries require the inquirer's own legal assessment. Consultations are free of charge.", "source": "https://www.cnb.cz/en/supervision-financial-market/financial-innovation/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "to respond more flexibly to relevant FinTech-related enquiries" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The CNB operates the FinTech contact point, an interactive communication channel established to receive fintech queries from incumbent institutions and prospective market entrants. It facilitates dialogue with the fintech community through regular consultative meetings and topical roundtables free of charge, though the CNB explicitly states it does not maintain a dedicated separate innovation hub.", "source": "https://www.cnb.cz/en/supervision-financial-market/financial-innovation/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CNB is not currently planning to establish an innovation hub or a regulatory sandbox." } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "The CNB does not operate a regulatory sandbox and has officially maintained a strict policy refusing to establish a regulatory sandbox, citing statutory principles of market neutrality, non-discrimination, and equal treatment under Czech financial market legislation ('same business, same risks, same rules'). No discretionary statutory waivers or light-touch regulatory dispensations are granted to fintech startups.", "source": "https://www.cnb.cz/en/supervision-financial-market/financial-innovation/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CNB is not currently planning to establish an innovation hub or a regulatory sandbox." } }, "portal": { "value": "Mandatory electronic filing via the state-certified Data Box system (Datová schránka, CNB ID 8tgaiej) or digitally signed email to podatelna@cnb.cz; intermediary and agent registrations are processed through the REGIS application.", "source": "https://www.cnb.cz/en/supervision-financial-market/conduct-of-supervision/licensing-and-approval-proceedings/licensing-and-approval-proceedings-payment-institutions/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "either via a data box or by e-mail with a recognised electronic signature" }, "fee_schedule": { "value": "Tariff of Administrative Fees under Act No. 634/2004 Coll. on Administrative Fees, Items 65 and 66, setting statutory application, amendment, and change-of-control fees for financial market entities.", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Položka 65 1. Přijetí žádosti o udělení" } }, "fees": [ { "licence_id": "payment-institution--CZ", "kind": "application", "amount": { "value": "CZK 50,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "k činnosti platební instituce Kč 50000" } }, { "licence_id": "payment-institution--CZ--small-scale", "kind": "application", "amount": { "value": "CZK 10,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "poskytovatele platebních služeb malého rozsahu Kč 10000" } }, { "licence_id": "payment-institution--CZ--aisp", "kind": "application", "amount": { "value": "CZK 25,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "správce informací o platebním účtu Kč 25000" } }, { "licence_id": "emi--CZ", "kind": "application", "amount": { "value": "CZK 50,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "instituce elektronických peněz Kč 50000" } }, { "licence_id": "emi--CZ--small-scale", "kind": "application", "amount": { "value": "CZK 10,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "vydavatele elektronických peněz malého rozsahu Kč 10000" } }, { "licence_id": "investment-firm--CZ", "kind": "application", "amount": { "value": "CZK 20,000 to CZK 100,000 depending on scope of investment services", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "obchodníka s cennými papíry podle § 8a odst. 1 nebo 2" } }, { "licence_id": "fund-manager--CZ", "kind": "application", "amount": { "value": "CZK 50,000 to CZK 100,000 depending on scope of management licence", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "investiční společnosti podle § 479 zákona o investičních společnostech" } }, { "licence_id": "fund-manager--CZ--registered-15", "kind": "application", "amount": { "value": "CZK 10,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zápis osoby podle § 15 odst. 1 zákona o investičních společnostech" } }, { "licence_id": "lending--CZ--crowdfunding", "kind": "application", "amount": { "value": "CZK 20,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "poskytovatele služeb skupinového financování Kč 20000" } }, { "licence_id": "lending--CZ--consumer-credit", "kind": "application", "amount": { "value": "CZK 50,000 (plus CZK 25,000 extension fee)", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "nebankovního poskytovatele spotřebitelského úvěru Kč 50000" } }, { "licence_id": "bank--CZ", "kind": "application", "amount": { "value": "CZK 200,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "bankovní licence bance se sídlem na území České republiky Kč 200000" } }, { "licence_id": "casp-mica--CZ", "kind": "application", "amount": { "value": "CZK 20,000", "source": "https://www.zakonyprolidi.cz/cs/2004-634", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "poskytovatele služeb souvisejících s kryptoaktivy Kč 20000" } } ], "timelines": [ { "licence_id": "payment-institution--CZ", "statutory": { "value": "3 months from commencement of proceedings / complete application", "source": "https://www.zakonyprolidi.cz/cs/2017-370", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rozhodnutí o žádosti podle odstavce 1 Česká národní banka vydá do 3 měsíců" } }, { "licence_id": "payment-institution--CZ--small-scale", "statutory": { "value": "30 days (general administrative code deadline, extendable by 30 days)", "source": "https://www.zakonyprolidi.cz/cs/2017-370", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zapíše žadatele do seznamu poskytovatelů platebních služeb malého rozsahu" } }, { "licence_id": "payment-institution--CZ--aisp", "statutory": { "value": "3 months from commencement of proceedings", "source": "https://www.zakonyprolidi.cz/cs/2017-370", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rozhodnutí o žádosti podle odstavce 1 Česká národní banka vydá do 3 měsíců" } }, { "licence_id": "emi--CZ", "statutory": { "value": "3 months from commencement of proceedings", "source": "https://www.zakonyprolidi.cz/cs/2017-370", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rozhodnutí o žádosti podle odstavce 1 Česká národní banka vydá do 3 měsíců" } }, { "licence_id": "emi--CZ--small-scale", "statutory": { "value": "30 days (general administrative code deadline, extendable by 30 days)", "source": "https://www.zakonyprolidi.cz/cs/2017-370", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zapíše žadatele do seznamu" } }, { "licence_id": "investment-firm--CZ", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months of the submission of a complete application" } }, { "licence_id": "fund-manager--CZ", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.zakonyprolidi.cz/cs/2013-240", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "do 6 měsíců ode dne zahájení řízení" } }, { "licence_id": "fund-manager--CZ--registered-15", "statutory": { "value": "30 days (general administrative code deadline)", "source": "https://www.zakonyprolidi.cz/cs/2013-240", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zapíše osobu do seznamu" } }, { "licence_id": "lending--CZ--crowdfunding", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months of receipt of the complete application" } }, { "licence_id": "casp-mica--CZ", "statutory": { "value": "40 working days from complete application under MiCA Art. 63(7) (plus 25 working days completeness check)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days of receipt of a complete application" } } ], "statistics": [ { "value": "26 domestic payment institutions actively operating in Czechia (FMS Report 2024 Table B.15, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment institutions 22 23 26" }, { "value": "47 small-scale payment service providers (PPSMR) actively registered (FMS Report 2024 Table B.15, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small-scale payment service providers 60 50 47" }, { "value": "3 domestic electronic money institutions (EMI) actively operating (FMS Report 2024 Table B.15, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institutions 3 3 3" }, { "value": "11 small-scale electronic money issuers (VEPMR) actively registered (FMS Report 2024 Table B.15, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small-scale electronic money issuers 13 11 11" }, { "value": "3 payment account information administrators (AISP) actively operating (FMS Report 2024 Table B.15, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment account information administrators 3 3 3" }, { "value": "43 investment firms operating in Czechia, comprising 30 non-bank broker-dealers and 13 banks (FMS Report 2024 Table B.10, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment firms 38 42 43" }, { "value": "51 licensed investment fund management companies and 458 registered sub-threshold managers under Section 15 of AMCIF (FMS Report 2024 Table B.8, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management companies 44 44 51" }, { "value": "5 crowdfunding service providers authorized under ECSPR (FMS Report 2024 Table B.20, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers 0 3 5" }, { "value": "73 non-bank consumer credit providers actively licensed (FMS Report 2024 Table B.17, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Non-bank consumer credit providers 81 76 73" }, { "value": "21 domestic commercial banks and 22 foreign bank branches operating in Czechia (FMS Report 2024 Table B.1, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit institutions, total 50 52 48" }, { "value": "CZK 39,424,000 collected in administrative fees for extending authorisations across financial market entities in 2024 (FMS Report 2024, 2024-12-31)", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A total of CZK 39,424,000 was paid in administrative fees for extending authorisation" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Under Section 18 of the Payment Systems Act (Act No. 370/2017 Coll.), any person or persons acting in concert intending to acquire, dispose of, or increase a qualifying holding in a payment institution or electronic money institution reaching or exceeding 20%, 30%, or 50% of voting rights or capital, or become the controlling person, must notify the CNB in advance via electronic filing. The CNB assesses the trustworthiness and suitability of the proposed acquirer within a statutory 60-working-day window and may initiate proceedings to issue a formal objection (vyslovení nesouhlasu). In the absence of an objection or upon affirmative notification, the acquisition may proceed. Acquiring qualifying holdings in breach of notification or objection leads to statutory forfeiture of voting rights. In contrast, for banks and investment firms under Act No. 21/1992 Coll. and Act No. 256/2004 Coll., prior approval (předchozí souhlas) is required subject to a CZK 20,000 fee under Item 66 of Act No. 634/2004 Coll. Small-scale providers (PPSMR/VEPMR) are exempt from change-of-control clearance.", "source": "https://www.zakonyprolidi.cz/cs/2017-370", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Osoba nebo osoby jednající ve shodě oznámí předem České národní bance svůj záměr" } }, "recent_changes": [ { "value": "2025-02-15: Enactment of Act No. 31/2025 Coll. on Financial Market Digitalisation, establishing CNB as the supervisory and licensing authority for MiCA CASPs and amending Act No. 634/2004 Coll. with a CZK 20,000 application fee.", "source": "https://www.zakonyprolidi.cz/cs/2025-31", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-01-17: Direct application of the EU Digital Operational Resilience Act (DORA, Regulation 2022/2554), aligning CNB operational resilience and ICT incident reporting rules across all supervised financial entities.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "This Regulation shall enter into force on the twentieth day following that of its publication" }, { "value": "2025-06-01: Publication of Version 2 of the CNB Methodology for assessing applications for authorisation under the Payment System Act, updating supervisory standards on safeguarding client funds and governance.", "source": "https://www.cnb.cz/export/sites/cnb/cs/platebni-styk/.galleries/pravni_predpisy/download/2025-05_metodika_zps_verze_2.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-07-01: Expiry of the 18-month transitional grandfathering period under MiCA Article 143(3) for crypto firms operating under Czech trade licensing (živnostenské oprávnění), requiring full CNB CASP authorisation.", "source": "https://www.cnb.cz/export/sites/cnb/en/supervision-financial-market/.galleries/aggregate_information_financial_sector/financial_market_supervision_reports/download/fms_2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entities that were authorised to provide such services under a trade licence" } ], "contacts": { "address": { "value": "Na Příkopě 864/28, 115 03 Praha 1, Czech Republic", "source": "https://www.cnb.cz/en/public/contacts/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Na Příkopě 864/28 115 03 Praha 1" } }, "photo_hint": "Czech National Bank headquarters building Na Prikope Prague", "answer": "The Czech National Bank (CNB) is the central bank and integrated financial supervisor of the Czech Republic. It oversees price and financial stability, issuing the Czech koruna and supervising the financial sector. CNB licenses and regulates 26 payment institutions, 47 small-scale payment providers, 3 electronic money institutions, 43 investment firms, 51 fund management companies, 21 commercial banks, and crypto-asset service providers under EU MiCA.", "faq": [ { "q": "What is the difference between a Czech Payment Institution licence and a Small-scale Payment Service Provider (PPSMR)?", "a": "A full Payment Institution (PI) licence allows unlimited payment transaction volumes and cross-border passporting throughout the European Economic Area, requiring EUR 125,000 initial capital and a CZK 50,000 administrative fee. In contrast, a Small-scale Payment Service Provider (PPSMR) registration costs CZK 10,000 and has no initial capital requirement, but restricts transactions to an average of EUR 3,000,000 monthly within Czechia only." }, { "q": "Does the Czech National Bank operate a fintech regulatory sandbox?", "a": "No. The CNB explicitly does not operate a regulatory sandbox and maintains a strict policy refusing to grant regulatory exemptions or waivers, holding that selective relief violates constitutional principles of non-discrimination and market neutrality. However, the CNB provides a FinTech contact point where innovators can submit specialised regulatory enquiries and attend community roundtables free of charge." }, { "q": "How are crypto-asset service providers (CASPs) regulated by the CNB under MiCA?", "a": "Under Act No. 31/2025 Coll. on Financial Market Digitalisation, the CNB is the designated competent authority for licensing and supervising Crypto-Asset Service Providers (CASPs) under the EU MiCA Regulation. CASP authorisation applications carry a CZK 20,000 statutory administrative fee. Entities operating under legacy trade licences had until mid-2026 under Article 143(3) grandfathering to transition to full CNB authorisation." }, { "q": "What statutory fees does the CNB charge for fintech and payment licensing?", "a": "Under Item 65 of Act No. 634/2004 Coll., application fees are CZK 50,000 for a Payment Institution or Electronic Money Institution, CZK 10,000 for small-scale providers, CZK 20,000 for CASPs or crowdfunding platforms, and CZK 200,000 for banks. Crucially, the CNB levies no annual percentage-based supervisory fees on payment institutions, funding supervision from central bank operations." }, { "q": "How are changes of control regulated in CNB-licensed payment institutions?", "a": "Under Section 18 of the Payment Systems Act, acquiring, disposing of, or increasing a qualifying holding reaching or exceeding 20%, 30%, or 50% in a licensed payment institution requires prior notification to the CNB. The CNB conducts a 60-working-day review and may issue a formal objection if suitability is questionable. Small-scale providers (PPSMR) are exempt from change-of-control approvals." } ], "open_questions": [ "Exact real-time count of MiCA CASPs and ART issuers authorized by the CNB in 2026 following the entry into force of Act No. 31/2025 Coll., as JERRS deep registry lookup is protected by CAPTCHA and the 2024 annual report predated the first CASP approvals." ], "licence_ids": [ "payment-institution--CZ", "payment-institution--CZ--small-scale", "payment-institution--CZ--aisp", "emi--CZ", "emi--CZ--small-scale", "investment-firm--CZ", "fund-manager--CZ", "fund-manager--CZ--registered-15", "lending--CZ--crowdfunding", "lending--CZ--consumer-credit", "bank--CZ", "casp-mica--CZ" ], "law_ids": [ "cz-act-on-the-czech-national-bank", "cz-payment-systems-act-2017", "cz-capital-market-undertakings-act-2004", "cz-management-companies-and-investment-funds-act-2013", "cz-financial-market-digitalisation-act-2025", "cz-administrative-fees-act-2004", "cz-consumer-credit-act-2016", "cz-act-on-banks-1992", "eu-mica-2023-1114", "eu-dora-2022-2554", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-ecspr-2020-1503", "eu-aifmd-2011-61" ], "type": "regulator" }, { "id": "cnmv-spain", "name": "National Securities Market Commission", "local_name": "Comisión Nacional del Mercado de Valores", "abbr": "CNMV", "jurisdictions": [ "ES" ], "kind": "securities", "wikidata": "Q4894522", "wikipedia": "https://en.wikipedia.org/wiki/National_Securities_Market_Commission", "website": { "value": "https://www.cnmv.es/portal/home?lang=en", "source": "https://www.cnmv.es/portal/home?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CNMV - Comisión Nacional del Mercado de Valores" }, "register_urls": [ { "value": "https://www.cnmv.es/portal/Consultas/Proveedores-Servicios-Criptoactivos.aspx", "source": "https://www.cnmv.es/portal/Consultas/Proveedores-Servicios-Criptoactivos.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of crypto-asset service providers" }, { "value": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=0", "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of Investment Firms (Portfolio Management excluded)" }, { "value": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=2", "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of Financial Advisory Firms" }, { "value": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=2&tipoent=0", "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=2&tipoent=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of management companies" }, { "value": "https://www.cnmv.es/portal/Consultas/Servicios-Financiacion-Participativa/Listado-Proveedores.aspx", "source": "https://www.cnmv.es/portal/Consultas/Servicios-Financiacion-Participativa/Listado-Proveedores.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Inclusive finance service suppliers" } ], "hq_city": { "value": "Madrid", "source": "https://www.cnmv.es/portal/quees/sedes-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Madrid Address: Edison, 4, 28006 Madrid" }, "founded": { "value": 1988, "source": "https://www.cnmv.es/portal/quees/funciones-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The CNMV was created by Securities Market Law 24/1988" }, "mandate": { "value": "The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, investment service providers, collective investment schemes, and crypto-asset service providers under EU MiCA to guarantee market transparency, proper price formation, and investor protection.", "source": "https://www.cnmv.es/portal/quees/funciones-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ensure the transparency of Spanish securities markets and the correct formation of prices" }, "supervises": [ { "value": "Investment firms (broker-dealers, brokers, portfolio managers, and financial advisory firms)", "source": "https://www.cnmv.es/portal/quees/funciones-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation of Investment Firms, for registration and de-registration" }, { "value": "Crypto-asset service providers (CASPs) and the marketing of crypto-assets under the EU MiCA Regulation", "source": "https://www.cnmv.es/portal/fintech/innovacion?lang=es", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Collective investment scheme management companies (SGIIC) and alternative investment funds", "source": "https://www.cnmv.es/portal/quees/funciones-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation of Collective Investment Scheme Management Companies" }, { "value": "European crowdfunding service providers (PSFP) under Regulation (EU) 2020/1503", "source": "https://www.cnmv.es/portal/quees/funciones-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Instruction, information and processing of case files for the authorisation of Crowdfunding Platforms" }, { "value": "Securities issuers, trading venues (BME exchanges, MTFs), clearing houses (BME Clearing), and central depositories (Iberclear)", "source": "https://www.cnmv.es/portal/quees/funciones-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervises post-trading activities (novation, clearing, settlement and recording)" } ], "licences_issued": [ { "id": "casp-mica--ES", "family": "casp-mica", "name": { "value": "Proveedor de servicios de criptoactivos (PSC) / Crypto-asset service provider authorization", "source": "https://www.cnmv.es/portal/fintech/innovacion?lang=es", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "autorización de proveedores de servicios de criptoactivos" }, "licensee_count": { "value": 9, "source": "https://www.cnmv.es/Docportal/Proveedores-Servicios-Criptoactivos/Listado_ProveedoresCriptoactivos.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "RELACIÓN DE PROVEEDORES DE SERVICIOS DE CRIPTOACTIVOS" } }, { "id": "investment-firm--ES--broker-dealer", "family": "investment-firm", "name": { "value": "Sociedad de Valores y Agencia de Valores (SV / AV) investment firm licence", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "empresas de servicios de inversión" }, "licensee_count": { "value": 111, "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of Investment Firms (Portfolio Management excluded)" } }, { "id": "investment-firm--ES--eaf", "family": "investment-firm", "name": { "value": "Empresa de Asesoramiento Financiero (EAF) licence", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "empresas de asesoramiento financiero" }, "licensee_count": { "value": 93, "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of Financial Advisory Firms" } }, { "id": "fund-manager--ES--sgiic", "family": "fund-manager", "name": { "value": "Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2003-20393", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "sociedades gestoras de instituciones de inversión colectiva" }, "licensee_count": { "value": 122, "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=2&tipoent=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of management companies" } }, { "id": "lending--ES--crowdfunding", "family": "lending", "name": { "value": "Proveedor de servicios de financiación participativa / European crowdfunding service provider authorization", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "crowdfunding service providers for business" }, "licensee_count": { "value": 27, "source": "https://www.cnmv.es/portal/Consultas/Servicios-Financiacion-Participativa/Listado-Proveedores.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "URBIX, PSFP, S.L." } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "CNMV offers free pre-application consultations through its FinTech Portal with a published commitment to reply within three business days by email, phone, or in-person meetings; for MiCA crypto-asset service providers, the Department of Authorization and Entity Registries (DARE) formally recommends pre-application meetings via tramitacion.mica@cnmv.es prior to submitting administrative files.", "source": "https://www.cnmv.es/portal/fintech/ayuda?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "the portal will reply to the enquirer within the next three business days" } }, "innovation_hub": { "available": "yes", "detail": { "value": "CNMV operates the Portal FinTech (Financial Innovation Hub) created in late 2016 to serve as an informal single point of contact supporting fintech startups and financial entities on regulatory perimeter questions, innovative technologies, and suitability for sandbox admission.", "source": "https://www.cnmv.es/portal/fintech/innovacion?lang=es", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "El sandbox regulatorio es un mecanismo que permite la realización controlada" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Governed by Ley 7/2020, Spain's financial regulatory sandbox operates on a statutory basis with two annual cohort application windows (March and September) managed jointly by the CNMV, Banco de España, and DGSFP under the General Secretariat of the Treasury, offering live testing under agreed protocols, civil liability coverage, and fast-track transition to formal licensing.", "source": "https://www.cnmv.es/portal/fintech/innovacion?lang=es", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "La ley del Sandbox prevé dos cohortes anuales (marzo y septiembre)" } }, "portal": { "value": "Sede Electrónica de la CNMV (sede.cnmv.gob.es) and CIFRADOC system, enabling digital submission of licensing applications, regulatory filings, and fee settlements using Spanish FNMT certificates or electronic IDs.", "source": "https://sede.cnmv.gob.es/sedecnmv/Sedeelectronica.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "La sede electrónica ha sido creada por la Resolución de 16 de febrero de 2010" }, "fee_schedule": { "value": "Official statutory fee schedule established under Ley 16/2014, as amended by Ley 6/2023 (LMVSI), administered by CNMV under Modelo 991/CIFRADOC.", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "reguladas en las secciones 1ª y 2ª de la Ley 16/2014" } }, "fees": [ { "licence_id": "investment-firm--ES--broker-dealer", "kind": "application", "amount": { "value": "EUR 10,000 (Tarifa 4.1.1 for full ESI; plus EUR 300 registration fee under Tarifa 4.3)", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tarifa 4.1.1 10.000,00" } }, { "licence_id": "investment-firm--ES--broker-dealer", "kind": "annual", "amount": { "value": "0.1% of eligible own funds (minimum EUR 500) under Tarifa 6.1.1, plus conduct supervision under Tarifa 6.6 (0.047% of gross income, minimum EUR 350, plus EUR 0.47 per client, minimum EUR 850)", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "El 0,1 por ciento, con una cuota fija mínima de 500,00 euros" } }, { "licence_id": "investment-firm--ES--eaf", "kind": "application", "amount": { "value": "EUR 1,000 (Tarifa 4.2.3; plus EUR 300 registration fee under Tarifa 4.3)", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tarifa 4.2.3 1000,00" } }, { "licence_id": "investment-firm--ES--eaf", "kind": "annual", "amount": { "value": "0.1% of own funds (minimum EUR 500) under Tarifa 6.1.2, plus conduct supervision under Tarifa 6.6", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tarifa 6.1.2 Para las EAFN: El 0,1 por ciento" } }, { "licence_id": "fund-manager--ES--sgiic", "kind": "application", "amount": { "value": "EUR 10,000 (Tarifa 4.1.1; plus EUR 300 registration fee under Tarifa 4.3)", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tarifa 4.1.1 10.000,00" } }, { "licence_id": "fund-manager--ES--sgiic", "kind": "annual", "amount": { "value": "0.025% of eligible own funds (minimum EUR 500) under Tarifa 6.1.3", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tarifa 6.1.3 Para las SGIIC: El 0,025 por ciento" } } ], "timelines": [ { "licence_id": "investment-firm--ES--broker-dealer", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "notificarse dentro de los seis meses siguientes a la recepción de la solicitud o al" } }, { "licence_id": "investment-firm--ES--eaf", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "notificarse dentro de los seis meses siguientes a la recepción de la solicitud o al" } }, { "licence_id": "casp-mica--ES", "statutory": { "value": "40 working days from receipt of a complete application (following 25 working days completeness check)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" } } ], "statistics": [ { "value": "111 investment firm broker-dealers and brokers (SV/AV) registered (official register, 2026-09-24)", "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of Investment Firms (Portfolio Management excluded)" }, { "value": "93 financial advisory firms (EAF) registered (official register, 2026-09-24)", "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of Financial Advisory Firms" }, { "value": "122 collective investment scheme management companies (SGIIC) licensed (official register, 2026-09-24)", "source": "https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=2&tipoent=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of management companies" }, { "value": "27 crowdfunding service providers authorised under ECSPR Regulation (official register, 2026-09-24)", "source": "https://www.cnmv.es/portal/Consultas/Servicios-Financiacion-Participativa/Listado-Proveedores.aspx", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "URBIX, PSFP, S.L." }, { "value": "9 Spanish crypto-asset service providers (PSC España) and 6 Spanish credit institutions authorized/notified under MiCA (official register, 2026-09-24)", "source": "https://www.cnmv.es/Docportal/Proveedores-Servicios-Criptoactivos/Listado_ProveedoresCriptoactivos.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "RELACIÓN DE PROVEEDORES DE SERVICIOS DE CRIPTOACTIVOS" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Any natural or legal person intending to acquire or increase, directly or indirectly, a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or to gain control of an ESI, EAF, SGIIC, or CASP, must submit prior written notification to the CNMV under Articles 152-154 of Ley 6/2023 (LMVSI) and MiCA Art. 83. The CNMV assesses acquirer suitability, reputation, financial soundness, and AML/CFT risks within a statutory 60 working days assessment period (interruptible once by up to 20 working days for supplementary filings). Unauthorised acquisitions automatically forfeit voting rights and may trigger administrative intervention or statutory sanctions (Art. 156 LMVSI).", "source": "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "adquirir, directa o indirectamente, una participación significativa en una empresa de servicios de inversión" } }, "recent_changes": [ { "value": "2026-06-30: Conclusion of the MiCA transitional regime in Spain; from 2026-07-01 only fully authorized CASPs may legally provide crypto-asset services in Spain, requiring legacy providers that did not complete authorization to implement client migration plans.", "source": "https://www.cnmv.es/webservices/verdocumento/ver?t=%7be9effe73-ba00-4058-9ace-e88d39468cd4%7d", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "El próximo 30 de junio de 2026 finaliza el periodo transitorio" }, { "value": "2025-03-31: Entry into force of Commission Implementing Regulation (EU) 2025/306 and Delegated Regulation (EU) 2025/414 setting technical standards for CASP application forms, templates, and qualifying holding assessment information.", "source": "https://www.cnmv.es/portal/fintech/innovacion?lang=es", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) became fully applicable to Spanish investment firms, trading venues, CCPs, and CSDs, establishing comprehensive ICT risk management, incident classification, and third-party oversight frameworks.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Titles V and VI took effect, establishing CNMV as the Spanish National Competent Authority for CASP authorization and market abuse supervision.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-07-23: CNMV published the mandatory CASP application manual and Article 60 notification template, formally initiating the pre-application phase for prospective Spanish crypto asset service providers.", "source": "https://www.cnmv.es/webservices/verdocumento/ver?t=%7b36677d84-6d60-4011-9733-cbc06c4941f5%7d", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "La CNMV publica el manual de autorización y el modelo de notificación" } ], "contacts": { "address": { "value": "Edison, 4, 28006 Madrid, Spain", "source": "https://www.cnmv.es/portal/quees/sedes-cnmv?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Madrid Address: Edison, 4, 28006 Madrid" } }, "photo_hint": "Madrid Edificio Edison Comision Nacional del Mercado de Valores", "answer": "The National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) is Spain's financial market regulator, established in 1988 under the Ministry of Economy. It supervises securities markets, investment firms, collective investment schemes, and crypto-asset service providers under EU MiCA. CNMV currently licenses 111 investment firm broker-dealers, 93 financial advisory firms, 122 fund management companies (SGIIC), 27 crowdfunding platforms, and 9 Spanish crypto-asset service providers.", "faq": [ { "q": "How does Spain regulate crypto-asset service providers under MiCA?", "a": "Under Regulation (EU) 2023/1114 (MiCA), the CNMV is Spain's competent authority for authorizing and supervising crypto-asset service providers (CASPs). Spain concluded its national transitional grace period on 30 June 2026. From 1 July 2026, all firms offering crypto-asset services in Spain must hold a full MiCA CASP license or notify under Article 60 as an authorized credit institution or investment firm." }, { "q": "What is the Spanish FinTech Sandbox and how do firms apply?", "a": "Established under Law 7/2020, Spain's financial sandbox is a statutory controlled testing space governed by CNMV, the Bank of Spain, and the DGSFP under the Treasury. It admits projects twice per year via scheduled cohorts in March and September. Promoters test innovative financial products under tailored protocols with potential supervisory relief, safeguarded by strict consumer guarantees and participant liability protections." }, { "q": "What are the main types of investment firms (ESI) authorized by CNMV?", "a": "Under the Spanish Securities Market Act (Ley 6/2023), investment firms (Empresas de Servicios de Inversión, ESI) comprise Sociedades de Valores (full-scope broker-dealers dealing on own account), Agencias de Valores (brokers executing third-party orders only), Sociedades Gestoras de Cartera (discretionary portfolio managers), and Empresas de Asesoramiento Financiero (EAFs providing independent or non-independent investment advice). As of September 2026, CNMV registers 111 broker-dealers and 93 EAFs." }, { "q": "What regulatory approvals are required to acquire a stake in a Spanish investment firm?", "a": "Any individual or legal entity planning to acquire or cross 10%, 20%, 30%, or 50% of the share capital or voting rights, or control of an ESI, must notify the CNMV in advance under Ley 6/2023. The CNMV assesses the acquirer's reputation, financial soundness, and AML compliance within 60 working days. Closing without non-opposition suspends voting rights automatically and risks sanctions." }, { "q": "Does the CNMV provide pre-application consultations for fintech and crypto founders?", "a": "Yes. Through its FinTech Portal, the CNMV offers free, non-binding pre-application guidance on business models and perimeter issues, committing to an initial reply within three business days. For MiCA CASP licensing, CNMV's Department of Authorization and Entity Registries (DARE) strongly recommends holding bilateral pre-application meetings via tramitacion.mica@cnmv.es before submitting formal digital filings through the CNMV Sede Electrónica." } ], "open_questions": [ "Direct automated requests to cnmv.es require standard browser User-Agent and Accept headers to avoid ASP.NET application errors (HTTP 500 runtime error on basic HTTP clients).", "Statutory administrative application fee schedules under Ley 16/2014 have not yet enacted a specific separate line item for MiCA CASPs; licensing filings currently proceed through DARE and general administrative registration tariffs." ], "licence_ids": [ "casp-mica--ES", "investment-firm--ES--broker-dealer", "investment-firm--ES--eaf", "fund-manager--ES--sgiic", "lending--ES--crowdfunding" ], "law_ids": [ "es-lmvsi-2023-6", "es-sandbox-2020-7", "es-tasas-cnmv-2014-16", "es-ley-iic-2003-35", "es-ley-financiacion-empresarial-2015-5", "es-circular-cnmv-2022-1", "eu-mica-2023-1114", "eu-mifid2-2014-65", "eu-mifir-600-2014", "eu-dora-2022-2554", "eu-ecspr-2020-1503", "eu-ucits-2009-65", "eu-aifmd-2011-61" ], "type": "regulator" }, { "id": "consob-italy", "name": "National Commission for Companies and the Stock Exchange", "local_name": "Commissione Nazionale per le Società e la Borsa", "abbr": "CONSOB", "jurisdictions": [ "IT" ], "kind": "securities", "wikidata": "Q1115638", "wikipedia": "https://en.wikipedia.org/wiki/Commissione_Nazionale_per_le_Societ%C3%A0_e_la_Borsa", "website": { "value": "https://www.consob.it/web/consob-and-its-activities", "source": "https://www.consob.it/web/consob-and-its-activities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CONSOB AND ITS ACTIVITIES - CONSOB" }, "register_urls": [ { "value": "https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-", "label": "Register of Italian Investment Firms (SIMs)", "source": "https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Italian Investment Firms (SIMs)" }, { "value": "https://www.consob.it/documents/1912911/1924797/SIM_112_IT.html/d46923a8-4a53-0a55-cf2b-06d5db87b48e", "label": "Official registry database of Italian Investment Firms (SIMs)", "source": "https://www.consob.it/documents/1912911/1924797/SIM_112_IT.html/d46923a8-4a53-0a55-cf2b-06d5db87b48e", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pubblicato ai sensi del Decreto Legislativo n. 58/1998" }, { "value": "https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers", "label": "Crypto-Asset Service Providers (CASPs) registry guidance and single register", "source": "https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "access the single register of crypto-asset service providers" }, { "value": "https://www.consob.it/web/consob-and-its-activities/ordinary-section1", "label": "Register of crowdfunding service providers - Ordinary section", "source": "https://www.consob.it/web/consob-and-its-activities/ordinary-section1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of crowdfunding service providers - Ordinary section" }, { "value": "https://www.consob.it/web/consob-and-its-activities/register-of-dlt-market-infrastructure-operators", "label": "Register of DLT market infrastructure operators", "source": "https://www.consob.it/web/consob-and-its-activities/register-of-dlt-market-infrastructure-operators", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "This page contains the list maintained by Consob" } ], "register_how": { "value": "CONSOB maintains dedicated online registers for Italian investment firms (SIMs) and DLT market infrastructure operators, while directing users to ESMA central databases for MiCA CASPs and European crowdfunding service providers. An active entry discloses the entity's corporate name, registered and administrative offices, LEI code, date and number of the registration resolution, and permitted scope of authorized services.", "source": "https://www.consob.it/documents/1912911/1924797/SIM_112_IT.html/d46923a8-4a53-0a55-cf2b-06d5db87b48e", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pubblicato ai sensi del Decreto Legislativo n. 58/1998 Aggiornato al 18/09/2026" }, "hq_city": { "value": "Rome", "source": "https://www.consob.it/web/consob-and-its-activities/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Consob - Via G. B. Martini, 3 - 00198 Rome, Italy" }, "founded": { "value": 1974, "source": "https://www.consob.it/web/consob/role-and-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Established in 1974, it promotes market transparency" }, "mandate": { "value": "CONSOB is Italy's independent administrative authority tasked with safeguarding investor protection, market transparency, fair conduct among intermediaries, and the orderly functioning and development of the securities and digital asset markets in close cooperation with Banca d'Italia.", "source": "https://www.consob.it/web/consob/role-and-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Consob is the Italian authority responsible for regulating and supervising financial markets." }, "supervises": [ { "value": "Investment firms (SIMs) and cross-border investment service providers under TUF and MiFID II", "source": "https://www.consob.it/web/consob/intermediaries", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment firms are authorised to provide investment services and activities to clients." }, { "value": "Crypto-asset service providers (CASPs) and token offerings under EU MiCA Regulation and Legislative Decree 129/2024", "source": "https://www.consob.it/web/consob-and-its-activities/micar", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervision of crypto-asset service providers is carried out by Consob, with regard to transparency" }, { "value": "European crowdfunding service providers (ECSPR) under Regulation (EU) 2020/1503 and TUF Article 4-sexies.1", "source": "https://www.consob.it/web/consob-and-its-activities/crowdfunding-platform-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "In Italy, these authorities are Consob and Banca d'Italia" }, { "value": "DLT market infrastructure operators and digital financial instrument register managers under Decree-Law 25/2023", "source": "https://www.consob.it/web/consob-and-its-activities/register-of-dlt-market-infrastructure-operators", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "list maintained by Consob pursuant to Decree-Law No. 25 of 17 March 2023" }, { "value": "Regulated trading venues, multilateral trading facilities (MTFs), central counterparties, and securities issuers", "source": "https://www.consob.it/web/consob/role-and-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervises financial markets, market transparency and the conduct of market participants" } ], "licences_issued": [ { "id": "casp-mica--IT", "family": "casp-mica", "name": { "value": "Fornitore di servizi per le cripto-attività / Crypto-asset service provider (CASP) authorization", "source": "https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Specialised CASPs must apply for specific authorisation from the national competent authority" }, "licensee_count": { "value": 8, "source": "https://www.milanofinanza.it/news/consob-autorizza-nove-fornitori-di-servizi-cripto-in-italia-202606301810004900", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "investment-firm--IT--sim", "family": "investment-firm", "name": { "value": "Società di Intermediazione Mobiliare (SIM) investment firm licence", "source": "https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of Italian Investment Firms (SIMs)" } }, { "id": "lending--IT--crowdfunding", "family": "lending", "name": { "value": "Fornitore di servizi di crowdfunding / European crowdfunding service provider authorization (ECSPR)", "source": "https://www.consob.it/web/consob-and-its-activities/crowdfunding-platform-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Regulation (EU) No. 1503/2020 on European crowdfunding service providers for business" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Under CONSOB Communication no. 1/24 of 12 September 2024, prospective CASPs and token issuers are invited to initiate free informal preliminary discussions prior to formal submission to clarify documentation and regulatory requirements, via interlocuzioni.CASP@consob.it for CASP authorization and Article 60 notifications or interlocuzioni.whitepaper@consob.it for crypto-asset white papers.", "source": "https://www.consob.it/web/consob-and-its-activities/operational-guidance-for-applications-and-notifications", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "those interested in submitting applications for authorisations or notifications to Consob are invited" } }, "innovation_hub": { "available": "yes", "detail": { "value": "CONSOB operates CONSOB-TECH, a dedicated innovation hub team supporting FinTech promoters; it offers the LIFTECH initiative for informal dialogue and mentorship with innovators whose business models are evolving or fall outside established perimeters.", "source": "https://www.consob.it/web/consob-and-its-activities/consob-tech", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CONSOB-TECH is the Consob initiative dedicated to companies and / or individuals" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Established by Article 36 of Decree-Law 34/2019 and MEF Decree no. 100/2021 (implemented by CONSOB Resolution no. 22054/2021), the Italian FinTech Sandbox is coordinated by the MEF FinTech Committee together with CONSOB, the Bank of Italy, and IVASS; it admits innovative testing cohorts for periods up to 18 months with tailored regulatory derogations from secondary supervisory rules.", "source": "https://www.consob.it/web/consob-and-its-activities/sandbox-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "governs the procedures of CONSOB for the adoption of the provisions" } }, "portal": { "value": "SIPE (Sistema Integrato per l'Esterno) for online administrative requests, alongside institutional certified email addresses (casp@pec.consob.it, dve@pec.consob.it, consob@pec.consob.it) and the PagoPA electronic system for fee settlements.", "source": "https://www.consob.it/web/consob-and-its-activities/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "You can ask Consob for data and information by sending an online request" }, "fee_schedule": { "value": "Official annual supervisory contribution and application fee schedule established for 2026 by Resolution no. 23799 of 17 December 2025 pursuant to Article 40 of Law no. 724/1994.", "source": "https://www.consob.it/en/web/services-for-supervised-subjects/annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The fee schedule for the 2026 financial year has been established in a single Resolution" } }, "fees": [ { "licence_id": "casp-mica--IT", "kind": "application", "amount": { "value": "EUR 20,000.00", "source": "https://www.consob.it/documents/d/asset-library-1912910/d23799_en-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The contribution is €20,000.00 for each authorisation application." } }, { "licence_id": "casp-mica--IT", "kind": "annual", "amount": { "value": "EUR 10,000.00 per authorized or notified crypto-asset service (or EUR 47,130.00 to EUR 262,550.00 tiered for trading platform operators)", "source": "https://www.consob.it/documents/d/asset-library-1912910/d23799_en-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The contribution for each service authorised/notified is equal to € 10,000.00." } }, { "licence_id": "investment-firm--IT--sim", "kind": "annual", "amount": { "value": "EUR 5,890.00 plus 0.68% of revenues from investment services (capped at EUR 162,040.00 for revenues up to EUR 50m, EUR 195,800.00 up to EUR 100m, and EUR 222,810.00 over EUR 100m)", "source": "https://www.consob.it/documents/d/asset-library-1912910/d23799_en-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The contribution is calculated as €5,890.00 plus 0.68% of revenues from investment services." } }, { "licence_id": "lending--IT--crowdfunding", "kind": "annual", "amount": { "value": "EUR 10,375.00 for investment-based crowdfunding service, EUR 10,375.00 for lending-based crowdfunding service (+ EUR 10,375.00 if managing loan portfolios)", "source": "https://www.consob.it/documents/d/asset-library-1912910/d23799_en-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment-based crowdfunding service: €10,375.00; Lending-based crowdfunding service: €10,375.00." } } ], "timelines": [ { "licence_id": "casp-mica--IT", "statutory": { "value": "40 working days from receipt of a complete application (following a 25 working-day completeness review)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" }, "observed": null }, { "licence_id": "investment-firm--IT--sim", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.consob.it/web/area-pubblica/tuf-e-regolamenti-consob", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "lending--IT--crowdfunding", "statutory": { "value": "3 months from receipt of a complete application (following a 25 working-day completeness review)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Within three months of receipt of a complete application, the competent authority shall assess" }, "observed": null } ], "statistics": [ { "value": "9 Italian crypto-asset service providers authorized/notified under MiCA with CONSOB as Home NCA (ESMA register / casps.csv, 2026-09-24)", "source": "https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "access the single register of crypto-asset service providers" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Under Article 15 of Legislative Decree 58/1998 (TUF) and Articles 83-84 of Regulation (EU) 2023/1114 (MiCA) as implemented by Legislative Decree 129/2024, any natural or legal person intending to acquire or dispose of a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or gaining/losing control of a SIM or CASP, must give prior written notification. For SIMs, notification is submitted to Banca d'Italia (which conducts the prudential assessment, consulting CONSOB) with copy to CONSOB; for CASPs, competent authorities conduct the suitability and AML review within a 60 working-day assessment window (interruptible once by up to 20 working days). Unauthorised acquisitions automatically forfeit voting rights and risk statutory sanctions.", "source": "https://www.gazzettaufficiale.it/eli/id/2024/09/13/24G00147/sg", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entrata in vigore del provvedimento: 14/09/2024" } }, "recent_changes": [ { "value": "2026-07-01: Expiration of the national MiCA transitional regime in Italy for legacy virtual asset service providers (VASPs formerly registered with OAM); all crypto-asset service providers in Italy must now hold full MiCA authorization or notify under Article 60.", "source": "https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Specialised CASPs must apply for specific authorisation" }, { "value": "2025-12-17: CONSOB adopted single Resolution no. 23799 establishing supervisory contribution rates for the 2026 financial year, enacting the EUR 20,000 CASP authorization application contribution and structured supervisory fees across financial intermediaries.", "source": "https://www.consob.it/en/web/services-for-supervised-subjects/annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The fee schedule for the 2026 financial year has been established in a single Resolution" }, { "value": "2025-01-17: Full EU-wide entry into application of the Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554), establishing mandatory ICT risk management and incident reporting standards across Italian financial entities.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Regulation (EU) 2022/2554 on digital operational resilience for the financial sector" }, { "value": "2024-09-14: Entry into force of Legislative Decree 5 September 2024, n. 129, implementing Regulation (EU) 2023/1114 (MiCA) in Italy and establishing the dual-competence model designating CONSOB for market conduct and Banca d'Italia for prudential stability.", "source": "https://www.gazzettaufficiale.it/eli/id/2024/09/13/24G00147/sg", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entrata in vigore del provvedimento: 14/09/2024" }, { "value": "2024-09-12: CONSOB issued Communication no. 1/24 outlining operational guidance and preliminary discussion procedures for prospective CASPs and crypto-asset white paper notifications.", "source": "https://www.consob.it/web/consob-and-its-activities/operational-guidance-for-applications-and-notifications", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Under Consob communication no. 1/24 of 12 September 2024" } ], "contacts": { "address": { "value": "Via G. B. Martini, 3 - 00198 Rome, Italy", "source": "https://www.consob.it/web/consob-and-its-activities/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Consob - Via G. B. Martini, 3 - 00198 Rome, Italy" } }, "photo_hint": "Sede CONSOB Via Martini Roma Piazza Verdi", "answer": "CONSOB (Commissione Nazionale per le Società e la Borsa) is Italy's financial market conduct regulator, established in 1974 and working alongside the Banca d'Italia in a twin-peaks system. It supervises securities markets, listed issuers and financial intermediaries, authorises investment firms (SIMs), and shares MiCA crypto-asset service provider authorisation with the Banca d'Italia; it had authorised 8 CASPs by mid-2026. It also oversees European crowdfunding service providers and DLT market infrastructures.", "faq": [ { "q": "How are crypto-asset service providers (CASPs) licensed in Italy under MiCA?", "a": "Under Legislative Decree 129/2024 implementing EU MiCA, specialized CASPs must obtain authorization directly from CONSOB following the opinion of Banca d'Italia. CONSOB supervises investor protection, conduct, and trading transparency, while Banca d'Italia oversees prudential and AML risks. The national transitional window for legacy OAM-registered VASPs expired on 30 June 2026, making MiCA authorization mandatory for Italian crypto operations." }, { "q": "What is a SIM and how does CONSOB authorize Italian investment firms?", "a": "A SIM (Società di Intermediazione Mobiliare) is an Italian investment firm authorized to provide MiFID II investment services under Article 19 of Legislative Decree 58/1998 (TUF). CONSOB grants the authorization after consulting Banca d'Italia within a statutory six-month deadline. As of September 2026, CONSOB maintains an active register of 58 licensed SIMs." }, { "q": "How does the Italian FinTech Sandbox work and who can apply?", "a": "Governed by Decree-Law 34/2019 and MEF Decree 100/2021, Italy's regulatory sandbox operates under the MEF FinTech Committee, coordinating CONSOB, Banca d'Italia, and IVASS. Eligible financial entities and fintech startups test innovative technological products for up to 18 months under simplified regulatory conditions with targeted derogations from supervisory rules. CONSOB also offers the LIFTECH hub for informal pre-sandbox guidance." }, { "q": "What are CONSOB's supervisory fees for fintechs, SIMs, and CASPs?", "a": "Under Resolution no. 23799 of 17 December 2025 for financial year 2026, prospective CASPs pay a €20,000 application fee and €10,000 annually per authorized service (or tiered from €47,130 for trading platforms). SIMs pay an annual levy of €5,890 plus 0.68% of investment revenues, while authorized crowdfunding service providers pay €10,375 annually per service." }, { "q": "What approvals are required to acquire a significant stake in an Italian SIM or CASP?", "a": "Under Article 15 of the TUF and MiCA Article 83 (via Decree 129/2024), any person planning to acquire or cross 10%, 20%, 30%, or 50% voting rights or capital in a SIM or CASP must notify authorities in advance. Regulators evaluate acquirer suitability, financial soundness, and AML risks within a 60 working-day review period before clearance." } ], "open_questions": [ "CONSOB does not maintain an independent national register listing for European Crowdfunding Service Providers (ECSPR), directing users instead to ESMA's central register, preventing a direct national registry count breakdown on consob.it.", "Direct automated requests to certain legacy document endpoints on consob.it and normattiva.it trigger Radware bot-protection challenges (HTTP 403 or 409) for scripted clients." ], "licence_ids": [ "casp-mica--IT", "investment-firm--IT--sim", "lending--IT--crowdfunding" ], "law_ids": [ "it-tuf-1998-58", "it-decreto-mica-2024-129", "it-decreto-sandbox-2021-100", "it-decreto-fintech-2023-25", "it-delibera-consob-23799-2025", "eu-mica-2023-1114", "eu-mifid2-2014-65", "eu-ecspr-2020-1503", "eu-dora-2022-2554" ], "type": "regulator" }, { "id": "cssf-luxembourg", "name": "Commission de Surveillance du Secteur Financier", "local_name": "Commission de Surveillance du Secteur Financier", "abbr": "CSSF", "jurisdictions": [ "LU" ], "kind": "multi", "wikidata": "Q202750", "wikipedia": "https://en.wikipedia.org/wiki/Commission_de_Surveillance_du_Secteur_Financier", "website": { "value": "https://www.cssf.lu/en/", "source": "https://www.cssf.lu/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervises the professionals and products of the Luxembourg financial sector" }, "register_urls": [ { "value": "https://searchentities.apps.cssf.lu/search-entities/search", "label": "CSSF Search Entities public register: interactive database of supervised credit institutions, investment firms, payment institutions, electronic money institutions, CASPs under MiCA, management companies, and collective investment undertakings", "source": "https://searchentities.apps.cssf.lu/search-entities/search", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Recherche entités" }, { "value": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite", "label": "CSSF Search Entities direct REST registry API: programmatic search and filtering of all supervised financial entities", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=10&st=advanced&entType=EMI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements" }, { "value": "https://edesk.apps.cssf.lu/edesk-dashboard/dashboard/getstarted?lng=en", "label": "CSSF eDesk portal: central gateway for regulatory procedures, authorisations, notifications, and eRegister API access", "source": "https://www.cssf.lu/en/2026/09/eregister-by-edesk-a-new-gateway-to-public-data/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "eRegister by eDesk, a centralised, streamlined, and universally accessible point of entry" } ], "register_how": { "value": "The CSSF Search Entities register can be queried by entity name, national CSSF identifier code, or entity category (such as EMI, PI, CASP, or Credit Institution), with advanced filters for legal status and authorization date. Active entries display the registered trade name, head office address, authorization date, validity status, permitted activity subgroups, cross-border European passporting services, and any applicable restrictions.", "source": "https://searchentities.apps.cssf.lu/search-entities/search", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "hq_city": { "value": "Luxembourg", "source": "https://www.cssf.lu/en/contacts/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Address (Head office) 283, route d’Arlon L-1150 Luxembourg" }, "founded": { "value": 1998, "source": "https://www.cssf.lu/en/Document/law-of-23-december-1998-2/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "mandate": { "value": "The CSSF operates as the unified public supervisory authority for the Luxembourg financial centre, conducting prudential supervision and market conduct oversight over credit institutions, investment firms, payment institutions, electronic money institutions, investment fund managers, and crypto-asset service providers to ensure financial stability and consumer protection.", "source": "https://www.cssf.lu/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervises the professionals and products of the Luxembourg financial sector" }, "supervises": [ { "value": "Credit institutions and commercial banks", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=B", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks authorised to carry on their activities pursuant to Article 2" }, { "value": "Electronic money institutions and payment institutions", "source": "https://www.cssf.lu/en/payment-institutions-electronic-money-institutions-aisp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment institutions/electronic money institutions/AISPs" }, { "value": "Crypto-asset service providers and token issuers under EU MiCA Regulation", "source": "https://www.cssf.lu/en/crypto-assets-service-providers-casps/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Assets Service Providers (CASPs)" }, { "value": "Investment firms and professionals of the financial sector (PFS)", "source": "https://www.cssf.lu/en/investment-firms/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Investment firms" }, { "value": "Undertakings for collective investment (UCITS) and alternative investment fund managers (AIFMs)", "source": "https://www.cssf.lu/en/Document/law-of-17-december-2010/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Law of 17 December 2010 relating to undertakings for collective investment" }, { "value": "European crowdfunding service providers", "source": "https://www.cssf.lu/en/crowdfunding-service-providers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers" } ], "licences_issued": [ { "id": "emi--LU", "family": "emi", "name": { "value": "Electronic money institution authorisation", "source": "https://www.cssf.lu/en/authorisation-procedure-payment-institution-or-electronic-money-institution-registration-aisp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "holding a written authorisation as PI or EMI by the CSSF" }, "licensee_count": { "value": 21, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=EMI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 21" } }, { "id": "payment-institution--LU", "family": "payment-institution", "name": { "value": "Payment institution authorisation", "source": "https://www.cssf.lu/en/authorisation-procedure-payment-institution-or-electronic-money-institution-registration-aisp/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "holding a written authorisation as PI or EMI by the CSSF" }, "licensee_count": { "value": 29, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=PI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 29" } }, { "id": "casp-mica--LU", "family": "casp-mica", "name": { "value": "Crypto-asset service provider authorisation under MiCA Regulation", "source": "https://www.cssf.lu/en/crypto-assets-service-providers-casps/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "crypto-asset service provider (“CASP”) means a legal person or other undertaking" }, "licensee_count": { "value": 13, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=CASP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 13" } }, { "id": "stablecoin-issuer--LU", "family": "stablecoin-issuer", "name": { "value": "Electronic money token issuer authorisation / notification under MiCA Regulation", "source": "https://www.cssf.lu/en/markets-in-crypto-assets-mica-micar/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Markets in Crypto-Assets Regulation (MiCA)" }, "licensee_count": { "value": 3, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=EMONEY_TOKEN", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 3" } }, { "id": "bank--LU", "family": "bank", "name": { "value": "Credit institution authorisation", "source": "https://www.cssf.lu/en/Document/law-of-5-april-1993/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks authorised to carry on their activities pursuant to Article 2" }, "licensee_count": { "value": 118, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=B", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 118" } }, { "id": "investment-firm--LU", "family": "investment-firm", "name": { "value": "Investment firm authorisation", "source": "https://www.cssf.lu/en/investment-firms/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Legal requirements and authorisation procedure for investment firms" }, "licensee_count": { "value": 79, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=IF", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 79" } }, { "id": "fund-manager--LU--aifm", "family": "fund-manager", "name": { "value": "Alternative investment fund manager (AIFM) authorisation", "source": "https://www.cssf.lu/en/Document/law-of-12-july-2013-2/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 256, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=AIFM_AUT", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 256" } }, { "id": "fund-manager--LU--ucits", "family": "fund-manager", "name": { "value": "Management company authorised under Chapter 15 of the Law of 17 December 2010", "source": "https://www.cssf.lu/en/Document/law-of-17-december-2010/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management companies whose authorisation covers ... Article 101" }, "licensee_count": { "value": 157, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=C15", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 157" } }, { "id": "lending--LU--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding service provider authorisation", "source": "https://www.cssf.lu/en/crowdfunding-service-providers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation procedure for crowdfunding service providers" }, "licensee_count": { "value": 0, "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=CRF", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 0" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The CSSF provides pre-application engagement through its Innovation Hub and dedicated supervisory departments (such as IPIG for payments). Applicants with concrete business cases at an advanced development stage can request a preliminary assessment and pre-application meeting by submitting an Innovation Hub Contact Form, business presentation, and legal memorandum to innovation@cssf.lu.", "source": "https://www.cssf.lu/en/innovation-hub/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "with the objective to request a preliminary assessment and later apply for an authorisation/registration" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The CSSF operates a dedicated Innovation Hub acting as a central point of contact for innovative financial projects, maintaining open dialogue on AI, DLT, blockchain, crypto-assets, and crowdfunding under a technology-neutral, risk-based approach.", "source": "https://www.cssf.lu/en/innovation-hub/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The CSSF created an Innovation Hub, consisting of a dedicated point of contact" } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "The CSSF does not operate a national regulatory sandbox, maintaining an official policy that financial institutions and fintechs must operate within existing EU harmonized legal frameworks to ensure valid European passporting rights across the Single Market; innovation testing is instead supported through the Innovation Hub and participation in the EU DLT Pilot Regime (Regulation (EU) 2022/858).", "source": "https://www.cssf.lu/en/innovation-hub/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pilot Regime on market infrastructures based on DLT" } }, "portal": { "value": "eDesk portal (CSSF digital submission platform for licensing applications, approvals, notifications, ePassporting, and eRegister access)", "source": "https://edesk.apps.cssf.lu/edesk-dashboard/dashboard/getstarted?lng=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "eDesk Dashboard" }, "fee_schedule": { "value": "Grand-ducal Regulation of 23 December 2022 relating to the taxes to be levied by the CSSF, as amended by Grand-ducal Regulation of 8 January 2026, setting one-off examination fees and recurring annual supervisory levies across all regulated sectors.", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Grand-ducal Regulation of 23 December 2022 relating to the taxes to be levied" } }, "fees": [ { "licence_id": "emi--LU", "kind": "application", "amount": { "value": "EUR 30,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of EUR 30,000 for the examination of each authorisation request" } }, { "licence_id": "emi--LU", "kind": "annual", "amount": { "value": "EUR 30,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Up to 1,000 million EUR 30,000" } }, { "licence_id": "payment-institution--LU", "kind": "application", "amount": { "value": "EUR 30,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of EUR 30,000 for the examination of each authorisation request" } }, { "licence_id": "payment-institution--LU", "kind": "annual", "amount": { "value": "EUR 30,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Up to 1,000 million EUR 30,000" } }, { "licence_id": "casp-mica--LU", "kind": "application", "amount": { "value": "EUR 30,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of EUR 30,000 for the examination of each application" } }, { "licence_id": "casp-mica--LU", "kind": "annual", "amount": { "value": "EUR 40,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "An annual lump sum of EUR 40,000 to be paid by each crypto-asset" } }, { "licence_id": "stablecoin-issuer--LU", "kind": "application", "amount": { "value": "EUR 5,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A fee of EUR 5,000 shall be paid upon the official notification" } }, { "licence_id": "stablecoin-issuer--LU", "kind": "annual", "amount": { "value": "EUR 15,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "an annual lump sum of EUR 15,000 to be paid by each electronic money" } }, { "licence_id": "bank--LU", "kind": "application", "amount": { "value": "EUR 75,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of EUR 75,000 for the examination of each authorisation request" } }, { "licence_id": "bank--LU", "kind": "annual", "amount": { "value": "EUR 116,500", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Up to 500 million EUR 116,500" } }, { "licence_id": "investment-firm--LU", "kind": "application", "amount": { "value": "EUR 50,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of EUR 50,000 for the examination of each authorisation request" } }, { "licence_id": "investment-firm--LU", "kind": "annual", "amount": { "value": "EUR 24,750", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Article 24-1 EUR 37,125 EUR 24,750" } }, { "licence_id": "fund-manager--LU--ucits", "kind": "application", "amount": { "value": "EUR 18,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Chapter 15 of the Law of 17 December 2010 EUR 18,000" } }, { "licence_id": "fund-manager--LU--ucits", "kind": "annual", "amount": { "value": "EUR 42,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Chapter 15 of the Law of 17 December 2010 ... EUR 42,000" } }, { "licence_id": "fund-manager--LU--aifm", "kind": "application", "amount": { "value": "EUR 18,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AIFM set up under Chapter 2 ... including a basic strategy EUR 18,000" } }, { "licence_id": "fund-manager--LU--aifm", "kind": "annual", "amount": { "value": "EUR 42,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AIFM set up under Chapter 2 ... including a basic strategy EUR 42,000" } }, { "licence_id": "lending--LU--crowdfunding", "kind": "application", "amount": { "value": "EUR 30,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of EUR 30,000 for the examination of each authorisation request" } }, { "licence_id": "lending--LU--crowdfunding", "kind": "annual", "amount": { "value": "EUR 10,000", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "An annual lump sum composed of a fixed amount of EUR 10,000" } } ], "timelines": [ { "licence_id": "emi--LU", "statutory": { "value": "3 months from receipt of a complete application, maximum 12 months overall", "source": "https://www.cssf.lu/en/Document/law-of-10-november-2009/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "dans les trois mois suivant la réception de la demande" } }, { "licence_id": "payment-institution--LU", "statutory": { "value": "3 months from receipt of a complete application, maximum 12 months overall", "source": "https://www.cssf.lu/en/Document/law-of-10-november-2009/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "dans les trois mois suivant la réception de la demande" } }, { "licence_id": "casp-mica--LU", "statutory": { "value": "40 working days from receipt of a complete application", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" } }, { "licence_id": "bank--LU", "statutory": { "value": "6 months from receipt of a complete application, maximum 12 months overall", "source": "https://www.cssf.lu/en/Document/law-of-5-april-1993/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "dans un délai de six mois à compter de la réception" } }, { "licence_id": "investment-firm--LU", "statutory": { "value": "6 months from receipt of a complete application, maximum 12 months overall", "source": "https://www.cssf.lu/en/Document/law-of-5-april-1993/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "dans un délai de six mois à compter de la réception" } }, { "licence_id": "fund-manager--LU--aifm", "statutory": { "value": "3 months from receipt of a complete application, extendable by 3 months", "source": "https://www.cssf.lu/en/Document/law-of-12-july-2013-2/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "fund-manager--LU--ucits", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.cssf.lu/en/Document/law-of-17-december-2010/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "L'agrément est accordé si la demande satisfait à l'ensemble des conditions" } } ], "statistics": [ { "value": "21 electronic money institutions holding an active authorisation in Luxembourg (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=EMI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 21" }, { "value": "29 payment institutions holding an active authorisation in Luxembourg (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=PI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 29" }, { "value": "13 crypto-asset service providers authorised under EU MiCA Regulation (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=CASP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 13" }, { "value": "3 electronic money token issuers authorised under EU MiCA Regulation (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=EMONEY_TOKEN", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 3" }, { "value": "118 credit institutions authorised in Luxembourg (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=B", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 118" }, { "value": "79 investment firms authorised under the Law of 5 April 1993 (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=IF", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 79" }, { "value": "256 alternative investment fund managers (AIFMs) authorised under Chapter 2 of the Law of 12 July 2013 (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=AIFM_AUT", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 256" }, { "value": "686 alternative investment fund managers registered under Article 3(3) of the Law of 12 July 2013 (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=AIFM_REG", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 686" }, { "value": "157 management companies authorised under Chapter 15 of the Law of 17 December 2010 (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=C15", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 157" }, { "value": "126 management companies authorised under Chapter 16 of the Law of 17 December 2010 (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=C16", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 126" }, { "value": "1,824 undertakings for collective investment (UCIs) registered in Luxembourg (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=OPC", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 1824" }, { "value": "56 support professionals of the financial sector (Support PFS) authorised in Luxembourg (official register, 2026-09-24)", "source": "https://searchentities.apps.cssf.lu/search-entities-api/api/v1/entite?page=0&size=5&st=advanced&entType=SUP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "totalElements: 56" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Acquisition or disposal of qualifying holdings reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or causing an entity to become a subsidiary, requires prior written notification to the CSSF. The CSSF conducts a prudential assessment of acquirer suitability, reputation, financial soundness, and AML risk within 60 working days (interruptible once by up to 20 working days, or 30 working days for non-EU acquirers) under Articles 18 and 18-1 of the Law of 5 April 1993, Article 12 of the Law of 10 November 2009, Article 83 of Regulation (EU) 2023/1114 (MiCA), and Circular CSSF 17/669 adopting the Joint ESA Guidelines.", "source": "https://www.cssf.lu/en/Document/circular-cssf-17-669/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Adoption of the Joint Guidelines of ESMA, EBA and EIOPA on the prudential assessment" } }, "recent_changes": [ { "value": "2026-09-10: CSSF announced the modernization of the prudential reporting framework for payment institutions (PIs), electronic money institutions (EMIs), and crypto-asset service providers (CASPs) transitioning from Excel to eDesk, with a testing phase from 1 January 2027 to 31 March 2027 and mandatory go-live on 1 April 2027.", "source": "https://www.cssf.lu/en/2026/09/evolution-of-prudential-reporting-for-payment-institutions-electronic-money-institutions-and-crypto-asset-service-providers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "eDesk will become the sole official channel for the submission of the reports concerned" }, { "value": "2026-09-01: CSSF launched eRegister by eDesk, a centralised gateway and public API for fund identification data, with access granted under an agreement with CSSF IT compliance.", "source": "https://www.cssf.lu/en/2026/09/eregister-by-edesk-a-new-gateway-to-public-data/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CSSF is launching eRegister by eDesk, a centralised, streamlined, and universally accessible point" }, { "value": "2026-01-16: Grand-ducal Regulation of 8 January 2026 entered into force, amending the 2022 fee schedule to introduce Section XXXI setting official tariffs for MiCA entities, including EUR 30,000 application and EUR 40,000 annual fees for CASPs.", "source": "https://www.cssf.lu/wp-content/uploads/GDR_231222_CSSF_fees.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Entities subject to Regulation (EU) 2023/1114 ... Grand-ducal Regulation of 8 January 2026" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) became applicable across all Luxembourg financial institutions, enforcing harmonized ICT risk management, incident notification, and digital testing regimes.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: Title V of the EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) became applicable, establishing the CSSF as the national competent authority for licensing CASPs and supervising token offerings, superseding the national VASP registration regime.", "source": "https://www.cssf.lu/en/crypto-assets-service-providers-casps/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pursuant to Article 3, paragraph 1, point 15 of MiCAR" } ], "contacts": { "address": { "value": "283, route d’Arlon, L-1150 Luxembourg", "source": "https://www.cssf.lu/en/contacts/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Address (Head office) 283, route d’Arlon L-1150 Luxembourg" } }, "photo_hint": "Commission de Surveillance du Secteur Financier building 283 route d'Arlon Luxembourg", "answer": "The Commission de Surveillance du Secteur Financier (CSSF) is Luxembourg's unified financial supervisory authority. It regulates banking, investments, funds, payments, and crypto-assets, supervising 118 credit institutions, 79 investment firms, 21 electronic money institutions, 29 payment institutions, and 13 crypto-asset service providers (CASPs) authorised under EU MiCA Regulation. The CSSF oversees prudential soundness, market conduct, and AML/CFT compliance across the Grand Duchy's financial sector.", "faq": [ { "q": "Does the CSSF operate a regulatory sandbox for fintech startups?", "a": "No. The CSSF does not operate a national regulatory sandbox. The regulator maintains that operating strictly within existing EU harmonised frameworks is necessary to safeguard European passporting rights across the Single Market. However, the CSSF provides comprehensive pre-application guidance, informal assessment, and technical dialogue through its dedicated Innovation Hub." }, { "q": "What are the application and supervisory fees for an EMI licence in Luxembourg?", "a": "Under the Grand-ducal Regulation of 23 December 2022, as amended, the CSSF levies a one-off examination fee of EUR 30,000 for a new electronic money institution authorisation. Supervised EMIs pay an annual supervisory fee of EUR 30,000 for transaction volumes up to EUR 1,000 million (discounted to EUR 25,000 during the first three years) and EUR 40,000 above that threshold." }, { "q": "How does the CSSF regulate crypto-asset service providers (CASPs) under MiCA?", "a": "Since 30 December 2024, the CSSF regulates crypto services under Regulation (EU) 2023/1114 (MiCA), which superseded the former national AML/CFT VASP registration. As of September 2026, 13 CASPs and 3 electronic money token issuers are authorised in Luxembourg. Standalone CASP authorisation incurs a EUR 30,000 examination fee and an annual levy of EUR 40,000." }, { "q": "What is the statutory deadline for the CSSF to decide on a payment institution licence?", "a": "Under the Law of 10 November 2009 on payment services, the CSSF must reach a reasoned decision within three months of receiving a complete application, and in all cases within twelve months of initial submission. In practice, end-to-end processing typically requires 9 to 12 months to complete governance, IT resilience, and safeguarding reviews." }, { "q": "What regulatory approval is required to acquire a qualifying holding in a Luxembourg financial institution?", "a": "Acquirers reaching or exceeding 10%, 20%, 30%, or 50% of voting rights or capital in a CSSF-regulated firm must submit a prior notification. The CSSF assesses acquirer reputation, financial soundness, and AML risk within a statutory 60 working day period, interruptible once by up to 20 working days (or 30 working days for non-EU acquirers) to request supplementary documentation." }, { "q": "What online portals does the CSSF use for regulatory submissions and registry searches?", "a": "The CSSF operates the eDesk portal (requiring LuxTrust authentication) for secure digital filings, passporting notifications, and prudential reporting. For public verification, the CSSF provides the Search Entities platform and launched eRegister by eDesk in September 2026, enabling programmatic API access to public fund identification data." } ], "open_questions": [ "The CSSF Search Entities platform is implemented as a single-page React web application backed by an internal REST API (/search-entities-api/api/v1/entite), allowing live data extraction; however, direct automated deep-linking to individual entity profiles relies on internal numeric entity IDs rather than public company registry numbers.", "The grandfathering transitional period for legacy Virtual Asset Service Providers (VASPs) registered under the national AML Law of 12 November 2004 was officially sunset, with existing operators transitioning to full CASP authorisation under Title V of Regulation (EU) 2023/1114 or Art. 60 notifications for credit institutions." ], "licence_ids": [ "emi--LU", "payment-institution--LU", "casp-mica--LU", "stablecoin-issuer--LU", "bank--LU", "investment-firm--LU", "fund-manager--LU--aifm", "fund-manager--LU--ucits", "lending--LU--crowdfunding" ], "law_ids": [ "lu-law-on-financial-sector-1993", "lu-law-on-payment-services-2009", "lu-law-on-cssf-1998", "lu-law-on-ucis-2010", "lu-law-on-aifms-2013", "lu-grand-ducal-regulation-on-cssf-fees-2022", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-mifir-600-2014", "eu-aifmd-2011-61", "eu-ucits-2009-65", "eu-dora-2022-2554", "eu-crd-2013-36", "eu-crr-575-2013", "eu-ecspr-2020-1503", "eu-amld-2015-849" ], "type": "regulator" }, { "id": "cysec-cyprus", "name": "Cyprus Securities and Exchange Commission", "local_name": "Επιτροπή Κεφαλαιαγοράς Κύπρου", "abbr": "CySEC", "jurisdictions": [ "CY" ], "kind": "securities", "wikidata": "Q570231", "wikipedia": "https://en.wikipedia.org/wiki/Cyprus_Securities_and_Exchange_Commission", "website": { "value": "https://www.cysec.gov.cy/en-GB/", "source": "https://www.cysec.gov.cy/en-GB/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Cyprus Securities and Exchange Commission | Home" }, "register_urls": [ { "value": "https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/", "label": "Cypriot Investment Firms (CIFs)", "source": "https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CIF REGULATED ENTITIES LIST AS OF 04 MAY 2026" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Licensees-(Article-63)/", "label": "Authorised Crypto-Asset Service Providers under MiCAR Article 63", "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Licensees-(Article-63)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Assets Entities (MiCAR)" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Notification-(Article-60)/", "label": "Financial entities notifying crypto-asset services under MiCAR Article 60", "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Notification-(Article-60)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Notification by certain financial entities (Article 60)" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/aifm/authorised/authorised-aifm/", "label": "Authorised Alternative Investment Fund Managers (AIFMs)", "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/authorised/authorised-aifm/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorised AIFM" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/aifm/registered/AUTHORISED-SUB-THRESHOLD-AIFMS/", "label": "Authorised Sub-threshold AIFMs", "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/registered/AUTHORISED-SUB-THRESHOLD-AIFMS/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Sub-threshold AIFMs" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/ucits/cypriot-management-companies/%CE%91%CE%94%CE%95%CE%99%CE%94%CE%9F%CE%A4%CE%97%CE%9C%CE%95%CE%9D%CE%95%CE%A3-%CE%97%CE%9C%CE%95%CE%94%CE%91%CE%A0%CE%95%CE%A3-%CE%95%CE%A4%CE%91%CE%99%CE%A1%CE%95%CE%99%CE%95%CE%A3-%CE%94%CE%99%CE%91%CE%A7%CE%95%CE%99%CE%A1%CE%99%CE%A3%CE%97%CE%A3/", "label": "Authorised Local UCITS Management Companies", "source": "https://www.cysec.gov.cy/en-GB/entities/ucits/cypriot-management-companies/%CE%91%CE%94%CE%95%CE%99%CE%94%CE%9F%CE%A4%CE%97%CE%9C%CE%95%CE%9D%CE%95%CE%A3-%CE%97%CE%9C%CE%95%CE%94%CE%91%CE%A0%CE%95%CE%A3-%CE%95%CE%A4%CE%91%CE%99%CE%A1%CE%95%CE%99%CE%95%CE%A3-%CE%94%CE%99%CE%91%CE%A7%CE%95%CE%99%CE%A1%CE%99%CE%A3%CE%97%CE%A3/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Local Management Companies" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/asp/list/", "label": "Approved Administrative Services Providers (ASPs)", "source": "https://www.cysec.gov.cy/en-GB/entities/asp/list/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Approved ASP" }, { "value": "https://www.cysec.gov.cy/en-GB/entities/CROWDFUNDING-SERVICE-PROVIDERS-(CSP)/%CE%9C%CE%97%CE%A4%CE%A1%CE%A9%CE%9F-%CE%A0%CE%A5%CE%A3%CE%A7/", "label": "Crowdfunding Service Providers Register under ECSPR", "source": "https://www.cysec.gov.cy/en-GB/entities/CROWDFUNDING-SERVICE-PROVIDERS-(CSP)/%CE%9C%CE%97%CE%A4%CE%A1%CE%A9%CE%9F-%CE%A0%CE%A5%CE%A3%CE%A7/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CSP Register" } ], "register_how": { "value": "CySEC public registers are organized by regulatory category on separate web portals searchable alphabetically (A-Z) or browsable via entity cards and downloadable Excel spreadsheets. An active entity card shows the official legal name, licence number, licence grant date, company registration number (HE number), approved internet domain names, and supervisory status (Active, Suspended, or Under Examination for voluntary renunciation).", "source": "https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CIF REGULATED ENTITIES LIST AS OF 04 MAY 2026" }, "hq_city": { "value": "Nicosia", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "19 Diagorou Str. CY-1097 Nicosia" }, "founded": { "value": 2001, "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001" }, "mandate": { "value": "The Cyprus Securities and Exchange Commission is the independent public supervisory authority responsible for the regulation and supervision of the investment services market, transferable securities transactions, collective investment schemes, asset managers, administrative service providers, and crypto-asset service providers under EU MiCA to ensure investor protection and the sound development of the securities market.", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervision of the investment services market, transactions in transferable securities" }, "supervises": [ { "value": "Cyprus Investment Firms (CIFs) and third-country investment firm branches under MiFID II", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Cyprus Investment Firms (CIFs)" }, { "value": "Crypto-Asset Service Providers (CASPs) and asset-referenced token issuers under EU MiCA Regulation", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Asset Services Providers" }, { "value": "Alternative Investment Fund Managers (AIFMs), Small AIFMs, and Alternative Investment Funds (AIF, AIFLNP, RAIF)", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Alternative Investment Fund Managers (AIFMs)" }, { "value": "Undertakings for Collective Investment in Transferable Securities (UCITS) and UCITS Management Companies", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Undertakings for Collective Investment in Transferable Securities (UCITS)" }, { "value": "Administrative Service Providers (ASPs) providing fiduciary, corporate trustee, and company administration services", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Administrative Services Companies - Trustee and Fiduciary Service Providers" }, { "value": "European Crowdfunding Service Providers (CSPs) authorized under Regulation (EU) 2020/1503", "source": "https://www.cysec.gov.cy/en-GB/entities/CROWDFUNDING-SERVICE-PROVIDERS-(CSP)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding Service Providers (CSP)" }, { "value": "The Cyprus Stock Exchange (CSE), regulated markets, and multilateral trading facilities (MTFs)", "source": "https://www.cysec.gov.cy/en-GB/cysec/about-us/vision-mission/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Regulated Markets" } ], "licences_issued": [ { "id": "investment-firm--CY--cif", "family": "investment-firm", "name": { "value": "Cyprus Investment Firm (CIF) authorisation", "source": "https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CIF REGULATED ENTITIES LIST AS OF 04 MAY 2026" }, "licensee_count": { "value": 248, "source": "https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CIF REGULATED ENTITIES LIST AS OF 04 MAY 2026" } }, { "id": "casp-mica--CY", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63", "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Licensees-(Article-63)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Assets Entities (MiCAR)" }, "licensee_count": { "value": 16, "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Licensees-(Article-63)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Assets Entities (MiCAR)" } }, { "id": "casp-mica--CY--art60", "family": "casp-mica", "name": { "value": "Notification by financial entities providing crypto-asset services under MiCAR Article 60", "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Notification-(Article-60)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Notification by certain financial entities (Article 60)" }, "licensee_count": { "value": 7, "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Notification-(Article-60)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Notification by certain financial entities (Article 60)" } }, { "id": "fund-manager--CY--aifm", "family": "fund-manager", "name": { "value": "Alternative Investment Fund Manager (AIFM) authorisation", "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/authorised/authorised-aifm/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorised AIFM" }, "licensee_count": { "value": 45, "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/authorised/authorised-aifm/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorised AIFM" } }, { "id": "fund-manager--CY--sub-aifm", "family": "fund-manager", "name": { "value": "Sub-threshold Alternative Investment Fund Manager registration", "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/registered/AUTHORISED-SUB-THRESHOLD-AIFMS/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Sub-threshold AIFMs" }, "licensee_count": { "value": 65, "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/registered/AUTHORISED-SUB-THRESHOLD-AIFMS/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Sub-threshold AIFMs" } }, { "id": "fund-manager--CY--ucits", "family": "fund-manager", "name": { "value": "UCITS Management Company authorisation", "source": "https://www.cysec.gov.cy/en-GB/entities/ucits/cypriot-management-companies/%CE%91%CE%94%CE%95%CE%99%CE%94%CE%9F%CE%A4%CE%97%CE%9C%CE%95%CE%9D%CE%95%CE%A3-%CE%97%CE%9C%CE%95%CE%94%CE%91%CE%A0%CE%95%CE%A3-%CE%95%CE%A4%CE%91%CE%99%CE%A1%CE%95%CE%99%CE%95%CE%A3-%CE%94%CE%99%CE%91%CE%A7%CE%95%CE%99%CE%A1%CE%99%CE%A3%CE%97%CE%A3/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Local Management Companies" }, "licensee_count": { "value": 2, "source": "https://www.cysec.gov.cy/en-GB/entities/ucits/cypriot-management-companies/%CE%91%CE%94%CE%95%CE%99%CE%94%CE%9F%CE%A4%CE%97%CE%9C%CE%95%CE%9D%CE%95%CE%A3-%CE%97%CE%9C%CE%95%CE%94%CE%91%CE%A0%CE%95%CE%A3-%CE%95%CE%A4%CE%91%CE%99%CE%A1%CE%95%CE%99%CE%95%CE%A3-%CE%94%CE%99%CE%91%CE%A7%CE%95%CE%99%CE%A1%CE%99%CE%A3%CE%97%CE%A3/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Local Management Companies" } }, { "id": "trust-company--CY--asp", "family": "trust-company", "name": { "value": "Administrative Services Provider (ASP) authorisation", "source": "https://www.cysec.gov.cy/en-GB/entities/asp/list/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Approved ASP" }, "licensee_count": { "value": 126, "source": "https://www.cysec.gov.cy/en-GB/entities/asp/list/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Approved ASP" } }, { "id": "lending--CY--crowdfunding", "family": "lending", "name": { "value": "European Crowdfunding Service Provider authorisation", "source": "https://www.cysec.gov.cy/en-GB/entities/CROWDFUNDING-SERVICE-PROVIDERS-(CSP)/%CE%9C%CE%97%CE%A4%CE%A1%CE%A9%CE%9F-%CE%A0%CE%A5%CE%A3%CE%A7/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CSP Register" }, "licensee_count": { "value": 2, "source": "https://www.cysec.gov.cy/en-GB/entities/CROWDFUNDING-SERVICE-PROVIDERS-(CSP)/%CE%9C%CE%97%CE%A4%CE%A1%CE%A9%CE%9F-%CE%A0%CE%A5%CE%A3%CE%A7/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CSP Register" } } ], "services": { "pre_application": { "available": "no", "detail": { "value": "CySEC does not operate a formal pre-application meeting service or statutory pre-assessment regime; general inquiries regarding the scope of licensing can be addressed informally via electronic communication to authorisations@cysec.gov.cy, but formal application evaluation commences strictly upon receipt of the complete application file accompanied by payment of the non-refundable examination charge.", "source": "https://www.cysec.gov.cy/en-GB/cysec/contact/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisations Department - Τμήμα Αδειοδοτήσεων" } }, "innovation_hub": { "available": "yes", "detail": { "value": "CySEC established its Innovation Hub in September 2018 to foster constructive dialogue between the supervisory authority and entities developing technological solutions in fintech and regtech, offering informal regulatory guidance without fee charges.", "source": "https://www.cysec.gov.cy/en-GB/entities/regulatory-sandbox-existing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "build a transparent channel of cooperation between entities developing technology-based solutions" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "Established by CySEC in June 2024, the Regulatory Sandbox operates as an open-window policy testing space covering four phases (Application, Preparation, Testing, Exit) allowing small-scale live trials of innovative financial products with dedicated officer support. The sandbox does not provide light-touch regulation or statutory exemptions; unregulated firms whose solutions require licensing must obtain full authorization prior to live testing.", "source": "https://www.cysec.gov.cy/en-GB/entities/regulatory-sandbox-existing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Sandbox does not provide a space of “light touch” regulation and supervision." } }, "portal": { "value": "CySEC Portal (portal.cysec.gov.cy) and Transaction Reporting System (TRS, trs.cysec.gov.cy), mandating qualified eIDAS digital signatures and physical USB hardware tokens issued via the Cyprus Stock Exchange (CSE) acting as the Local Registration Authority.", "source": "https://www.cysec.gov.cy/en-GB/public-info/digital-signature/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "secure transmission of the electronic data via the TRS system" }, "fee_schedule": { "value": "Directive DI87-03 on Charges and Annual Fees of 2018 (as amended) and Directive DI 73-2009-04 on Markets in Crypto-Assets (Charges and Fees) of 2024 (R.A.D. 415/2024).", "source": "https://www.cysec.gov.cy/en-GB/entities/fees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payable Fees" } }, "fees": [ { "licence_id": "investment-firm--CY--cif", "kind": "application", "amount": { "value": "EUR 7,000 lump sum for core investment services (paragraphs 1-7 of Part I, Annex I of Law 87(I)/2017), plus EUR 25,000 for operating an MTF/OTF, EUR 500 per ancillary service, and EUR 2,000 if engaging in algorithmic trading", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=80ccefe0-a712-401c-a857-6edbb3421a7e", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A single lump sum of seven thousand (7.000)euro for the investment services" } }, { "licence_id": "investment-firm--CY--cif", "kind": "annual", "amount": { "value": "Fixed annual fee between EUR 5,000 and EUR 10,000 (depending on initial capital category), plus turnover surcharge above EUR 500,000 (0.75% up to EUR 1M, decreasing to 0.0975% above EUR 10M, capped at EUR 150,000 total), plus EUR 3,000 for CFD providers and EUR 2,000 for algorithmic trading", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=80ccefe0-a712-401c-a857-6edbb3421a7e", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A CIF or an IF registered in a third country which provides services" } }, { "licence_id": "casp-mica--CY", "kind": "application", "amount": { "value": "EUR 5,000 to EUR 30,000 per requested crypto-asset service (EUR 5,000 for exchange or transfer services; EUR 8,000 for RTO, execution, placing, advice, or portfolio management; EUR 10,000 for custody; EUR 30,000 for trading platform operation)", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=f9291762-d5a0-4199-ba2e-34fe77ac49fd", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for granting an authorization as a crypto -asset service provider" } }, { "licence_id": "casp-mica--CY", "kind": "annual", "amount": { "value": "Fixed annual fee between EUR 5,000 and EUR 20,000 per authorized crypto-asset service (EUR 5,000 for exchange/execution/transfers; EUR 8,000 for advice/portfolio; EUR 10,000 for custody; EUR 20,000 for trading platform), plus turnover surcharge above EUR 500,000 (1% up to EUR 1M, scaling to 0.1% above EUR 10M, capped at EUR 500,000 total)", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=f9291762-d5a0-4199-ba2e-34fe77ac49fd", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The annual fee, which in any case shall not exceed the amount of" } }, { "licence_id": "casp-mica--CY--art60", "kind": "application", "amount": { "value": "EUR 10,000 one-off notification fee for authorized CIFs, credit institutions, and UCITS/AIFM management companies initiating crypto-asset services under Article 60", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=f9291762-d5a0-4199-ba2e-34fe77ac49fd", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Notification from a central securities depository, CIF, market operator of the Republic" } } ], "timelines": [ { "licence_id": "investment-firm--CY--cif", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://www.cysec.gov.cy/en-GB/legislation/services-markets/epey/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "casp-mica--CY", "statutory": { "value": "40 working days from receipt of a complete application (following a 25 working days completeness assessment)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" }, "observed": null }, { "licence_id": "fund-manager--CY--aifm", "statutory": { "value": "3 months from submission of a complete application, extendable by an additional 3 months where deemed necessary", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32011L0061", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months of the submission of a complete application" }, "observed": null } ], "statistics": [ { "value": "248 Cypriot Investment Firms (CIFs) registered on official register (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CIF REGULATED ENTITIES LIST AS OF 04 MAY 2026" }, { "value": "16 authorised Crypto-Asset Service Providers under MiCAR Article 63 (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Licensees-(Article-63)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Assets Entities (MiCAR)" }, { "value": "7 financial entities notified crypto-asset services under MiCAR Article 60 (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/Crypto-Assets-Entities-(MiCAR)/MiCAR-CASPs/Notification-(Article-60)/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Notification by certain financial entities (Article 60)" }, { "value": "45 full-scope Alternative Investment Fund Managers (AIFMs) authorised (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/authorised/authorised-aifm/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorised AIFM" }, { "value": "65 authorised sub-threshold AIFMs and 1 small AIFM registered (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/aifm/registered/AUTHORISED-SUB-THRESHOLD-AIFMS/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Sub-threshold AIFMs" }, { "value": "126 Administrative Service Providers (ASPs) approved (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/asp/list/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Approved ASP" }, { "value": "2 European Crowdfunding Service Providers authorised under ECSPR (official register, 2026-09-24)", "source": "https://www.cysec.gov.cy/en-GB/entities/CROWDFUNDING-SERVICE-PROVIDERS-(CSP)/%CE%9C%CE%97%CE%A4%CE%A1%CE%A9%CE%9F-%CE%A0%CE%A5%CE%A3%CE%A7/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CSP Register" }, { "value": "808 total regulated entities supervised across all financial sectors as of end-2025 (Annual Statistical Bulletin 2025, Table 1)", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=77212194-0944-4903-a937-c2e80475c6d6", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CySEC was responsible for regulating and supervising a total of 808 Regulated Entities" }, { "value": "EUR 11.2 billion in total Assets Under Management (AUM) in collective investments sector at Q4 2025 (Quarterly Statistics 31/12/2025)", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=d9d5558f-bffd-4f30-b8cb-08bf95ab5248", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total Assets Under Management (AUM) for the 4th quarter of 2025 reached" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Any natural or legal person proposing to acquire or increase, directly or indirectly, a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% in a CIF, AIFM, or CASP, or to achieve control making it a subsidiary, must submit prior written notification to CySEC under Sections 12 and 13 of Law 87(I)/2017 and MiCA Article 83. CySEC acknowledges receipt within two working days and has a statutory assessment period of 60 working days to oppose the acquisition based on reputation, financial soundness, AML risks, and fit-and-proper criteria. The assessment period may be interrupted once by up to 20 working days (or 30 working days for non-EU entities) to request additional information. If CySEC does not object in writing before expiry, the transaction is deemed approved. Closing without CySEC non-opposition suspends voting rights and risks statutory penalties.", "source": "https://www.cylaw.org/nomoi/enop/non-ind/2017_1_87/full.html", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, "recent_changes": [ { "value": "2026-07-01: Expiration of the MiCAR transitional grandfathering period under Article 143(3) and CySEC Circular C674; legacy national CASP registrations ceased, requiring all crypto-asset service providers in Cyprus to hold full authorization under MiCAR Article 63 or notification under Article 60.", "source": "https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=101f6018-4cb6-40f0-97c0-321a2e6f56af", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "may continue to do so until 1 July 2026, or until they are granted" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) became fully applicable to Cypriot investment firms, trading venues, and fund managers, mandating comprehensive ICT risk management, incident notification, and digital third-party oversight frameworks.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-13: CySEC issued Directive DI 73-2009-04 on Markets in Crypto-Assets (Charges and Fees) of 2024 (K.D.P./R.A.D. 415/2024)", "source": "https://www.cylaw.org/KDP/2024.html", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2024-06-11: Official establishment and opening of the CySEC Regulatory Sandbox, enabling both regulated and unregulated entities to conduct controlled small-scale testing of technologically innovative financial products.", "source": "https://www.cysec.gov.cy/en-GB/entities/regulatory-sandbox-existing/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "proceeded with the establishment of its Regulatory Sandbox" } ], "contacts": { "address": { "value": "19 Diagorou Str., CY-1097 Nicosia, Cyprus", "source": "https://www.cysec.gov.cy/en-GB/cysec/contact/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "19 Diagorou Str. CY-1097 Nicosia" } }, "photo_hint": "Cyprus Securities and Exchange Commission building 19 Diagorou Nicosia Cyprus", "answer": "The Cyprus Securities and Exchange Commission (CySEC) is the independent public financial supervisory authority of Cyprus, established in 2001. Operating under the Securities and Exchange Commission Law and European financial directives, it regulates capital markets, investment service providers, collective investments, and crypto-asset services. CySEC currently licenses and supervises 248 Cypriot Investment Firms (CIFs) under MiFID II, 16 authorised crypto-asset service providers under EU MiCAR, 45 full-scope Alternative Investment Fund Managers (AIFMs), 2 UCITS management companies, and 126 administrative service providers.", "faq": [ { "q": "What is a Cyprus Investment Firm (CIF) and what activities does it permit?", "a": "A Cyprus Investment Firm (CIF) is an entity authorized by CySEC under the Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017) transposing MiFID II. A CIF license permits brokerage, order execution, portfolio management, underwriting, investment advice, and operating multilateral trading facilities. Holding a CIF license confers EU-wide passporting rights, allowing firms to provide cross-border investment services across all European Economic Area member states." }, { "q": "How does CySEC regulate Crypto-Asset Service Providers (CASPs) under EU MiCA?", "a": "CySEC is Cyprus's national competent authority for Regulation (EU) 2023/1114 (MiCAR). Cyprus concluded its national transitional grandfathering period on 1 July 2026. All active crypto-asset service providers must hold full authorization under MiCAR Article 63 or submit an Article 60 notification as an authorized credit institution, CIF, or fund manager. Statutory CASP application fees range from €5,000 to €30,000 per activity under CySEC Directive DI 73-2009-04." }, { "q": "Does CySEC provide pre-application consultations or a regulatory sandbox?", "a": "CySEC does not offer a formal pre-application meeting service or statutory pre-assessment regime; applicants must submit complete dossier packs directly to authorisations@cysec.gov.cy. However, CySEC operates an Innovation Hub (launched in 2018) for informal technological dialogue and a Regulatory Sandbox (launched in June 2024). The Sandbox enables structured live testing of innovative financial solutions across four phases, though it explicitly does not provide light-touch regulatory waivers." }, { "q": "What statutory fees does CySEC charge for licensing and ongoing supervision?", "a": "Under Directive DI87-03, CIF authorization applications require a base fee of €7,000 (€25,000 for MTFs), plus €500 per ancillary service and annual supervisory fees of €5,000 to €10,000 plus turnover levies up to €150,000. Under Directive DI 73-2009-04, MiCAR CASP application fees range between €5,000 and €30,000, with annual fees consisting of €5,000 to €20,000 fixed charges plus turnover surcharges capped at €500,000." }, { "q": "What regulatory clearance is required to acquire a significant stake in a CySEC-regulated firm?", "a": "Under Sections 12 and 13 of Law 87(I)/2017 and MiCA Article 83, any natural or legal person seeking to acquire or increase a qualifying holding to 10%, 20%, 30%, or 50% in a CIF, AIFM, or CASP must notify CySEC in advance. CySEC conducts a fit-and-proper assessment within a statutory 60-working-day review period (interruptible once by 20 to 30 days). Transactions proceed upon formal approval or non-opposition." } ], "open_questions": [ "Direct electronic submissions and form filings to CySEC require a certified digital signature loaded onto a physical USB hardware token, procured via the Cyprus Stock Exchange (CSE) acting as the Local Registration Authority (LRA).", "CySEC does not maintain a single integrated searchable registry database queryable by Legal Entity Identifier (LEI); separate departmental registers are maintained across distinct web sub-pages and downloadable spreadsheets." ], "licence_ids": [ "investment-firm--CY--cif", "casp-mica--CY", "casp-mica--CY--art60", "fund-manager--CY--aifm", "fund-manager--CY--sub-aifm", "fund-manager--CY--ucits", "trust-company--CY--asp", "lending--CY--crowdfunding" ], "law_ids": [ "cy-investment-services-law-2017-87i", "cy-cysec-law-2009-73i", "cy-aifm-law-2013-56i", "cy-open-ended-uci-law-2012-78i", "cy-asp-law-2012-196i", "cy-aml-law-2007-188i", "eu-mica-2023-1114", "eu-mifid2-2014-65", "eu-mifir-600-2014", "eu-dora-2022-2554", "eu-aifmd-2011-61", "eu-ucits-2009-65", "eu-ecspr-2020-1503" ], "type": "regulator" }, { "id": "dfsa-difc", "name": "Dubai Financial Services Authority", "local_name": "سلطة دبي للخدمات المالية", "abbr": "DFSA", "jurisdictions": [ "AE-DIFC" ], "kind": "free-zone", "wikidata": "Q12216496", "wikipedia": "https://en.wikipedia.org/wiki/Dubai_Financial_Services_Authority", "website": { "value": "https://www.dfsa.ae/", "source": "https://www.dfsa.ae/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" }, "register_urls": [ { "value": "https://www.dfsa.ae/public-register/firms", "label": "DFSA Public Register of Authorised Firms", "source": "https://www.dfsa.ae/public-register/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" }, { "value": "https://www.dfsa.ae/public-register/funds", "label": "DFSA Public Register of Domestic and Foreign Funds", "source": "https://www.dfsa.ae/public-register/funds", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" } ], "register_how": { "value": "Users can search the DFSA Public Register of Authorised Firms by firm name, DFSA reference number, or category of financial services. An active entry displays the firm's legal name, trading name, registered address, DFSA reference number, licence status, permitted financial services, endorsements (such as Crypto Tokens or Operating an Alternative Trading System), prudential category, and authorised individuals.", "source": "https://www.dfsa.ae/public-register/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" }, "hq_city": { "value": "Dubai", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "founded": { "value": 2004, "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "DIFC Law No. 1 of 2004 (Regulatory Law 2004)" }, "mandate": { "value": "The DFSA is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC). It authorises, supervises, and regulates financial institutions, markets, and ancillary service providers, and enforces international anti-money laundering and prudential standards to ensure market integrity and financial stability.", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "powers, functions and objectives of the DFSA" }, "supervises": [ { "value": "Banks, credit institutions, and deposit-takers (Category 1)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 1 Firm is a Firm that: (a) Accepts Deposits" }, { "value": "Investment dealers, market makers, and principal trading firms (Category 2)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 2 Firm is a Firm that: (a) Deals in Investments as Principal" }, { "value": "Investment brokers, agency brokers, and alternative trading systems (Category 3A)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3A Firm is a Firm that: (a) Deals in Investments as Agent" }, { "value": "Custodians and trust service providers (Category 3B)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3B Firm is a Firm that: (a) Provides Custody" }, { "value": "Asset managers, fund managers, and stored value operators (Category 3C)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3C Firm is a Firm that: (a) Manages Assets" }, { "value": "Payment service providers, payment account operators, and payment instrument issuers (Category 3D)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3D Firm is a Firm that Provides Money Services" }, { "value": "Financial advisers, arrangers, money transmission agents, and crowdfunding operators (Category 4)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 4 Firm is a Firm that: (a) Advises on Financial Products" }, { "value": "Crypto token service providers, ATS crypto operators, and virtual asset managers (Endorsements)", "source": "https://dfsaen.thomsonreuters.com/rulebook/12-january-2026-dfsa-implements-major-updates-crypto-token-regulatory-framework-enhancing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "major updates to its Crypto Token regulatory framework" }, { "value": "Designated Non-Financial Businesses or Professions (DNFBPs) and registered auditors", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registered Auditors, Designated Non-Financial Businesses or Professions" } ], "licences_issued": [ { "id": "payment-institution--AE-DIFC", "family": "payment-institution", "name": { "value": "Financial Services Permission for Providing Money Services (Category 3D)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3D Firm is a Firm that Provides Money Services" }, "licensee_count": null }, { "id": "money-transmitter--AE-DIFC", "family": "money-transmitter", "name": { "value": "Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Providing Money Services ... where restricted to Money Transmission only" }, "licensee_count": null }, { "id": "vasp--AE-DIFC", "family": "vasp", "name": { "value": "Financial Services Permission with Crypto Token Activities Endorsement", "source": "https://dfsaen.thomsonreuters.com/rulebook/12-january-2026-dfsa-implements-major-updates-crypto-token-regulatory-framework-enhancing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "major updates to its Crypto Token regulatory framework" }, "licensee_count": null }, { "id": "fund-manager--AE-DIFC", "family": "fund-manager", "name": { "value": "Financial Services Permission for Managing a Collective Investment Fund (Category 3C)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Managing a Collective Investment Fund" }, "licensee_count": { "value": 121, "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "fund management sector witnessed remarkable expansion, with 121 Authorised Firms managing 276 funds" } }, { "id": "investment-firm--AE-DIFC--cat2", "family": "investment-firm", "name": { "value": "Financial Services Permission for Dealing in Investments as Principal (Category 2)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 2 Firm is a Firm that: (a) Deals in Investments as Principal" }, "licensee_count": null }, { "id": "investment-firm--AE-DIFC--cat3a", "family": "investment-firm", "name": { "value": "Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3A Firm is a Firm that: (a) Deals in Investments as Agent" }, "licensee_count": null }, { "id": "investment-firm--AE-DIFC--cat4", "family": "investment-firm", "name": { "value": "Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 4 Firm is a Firm that: (a) Advises on Financial Products" }, "licensee_count": null }, { "id": "bank--AE-DIFC", "family": "bank", "name": { "value": "Financial Services Permission for Accepting Deposits or Providing Credit (Category 1 Commercial Bank)", "source": "https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 1 Firm is a Firm that: (a) Accepts Deposits" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The DFSA offers pre-application engagement for prospective applicants free of charge. Applicants can initiate contact through the DFSA Services Portal (services.dfsa.ae) under Authorisation Enquiries, submit an executive summary and draft business model, and meet with the Authorisation team to clarify regulatory perimeter, licensing categories, and submission requirements prior to formal application.", "source": "https://dfsaen.thomsonreuters.com/rulebook/13-october-2025-dfsa-connect-new-digital-services-streamline-regulatory-approvals", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "streamline regulatory approvals and improve user journeys for regulated entities" } }, "innovation_hub": { "available": "yes", "detail": { "value": "DIFC operates the DIFC Innovation Hub, a dedicated ecosystem providing fintech and venture startups with licensing benefits, subsidized co-working space, accelerator programs, and investor networking, in close collaboration with the DFSA on regulatory innovation.", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supporting innovation in financial services within the DIFC" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "The DFSA operates the Innovation Testing Licence (ITL) under GEN Chapter 13, a statutory regulatory sandbox enabling firms to test innovative fintech concepts under restricted conditions for 12 to 24 months. In March 2025, the DFSA expanded this with a dedicated Tokenisation Regulatory Sandbox cohort for testing digital assets and tokenised funds. Testing firms submit an approved Test Plan and enjoy tailored regulatory relief before transitioning to a full Financial Services Permission.", "source": "https://dfsaen.thomsonreuters.com/rulebook/general-module-gen-ver7207-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Innovation Testing Licence ... testing of an innovative financial product or service" } }, "portal": { "value": "DFSA Connect (services.dfsa.ae), launched on 13 October 2025 as the unified digital authorisation platform for electronic application submission and tracking", "source": "https://dfsaen.thomsonreuters.com/rulebook/13-october-2025-dfsa-connect-new-digital-services-streamline-regulatory-approvals", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "DFSA Connect, a new digital authorisation platform" }, "fee_schedule": { "value": "DFSA Rulebook Fees Module (FER) VER35/04-26 specifying application, annual supervision, transaction, and supplementary fees", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Fees Module (FER) VER35/04-26" } }, "fees": [ { "licence_id": "payment-institution--AE-DIFC", "kind": "application", "amount": { "value": "USD 15,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Providing Money Services ... In any other case: 15,000" } }, { "licence_id": "payment-institution--AE-DIFC", "kind": "annual", "amount": { "value": "USD 15,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Providing Money Services ... In any other case: 15,000" } }, { "licence_id": "money-transmitter--AE-DIFC", "kind": "application", "amount": { "value": "USD 10,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Providing Money Services ... where restricted to Money Transmission only: 10,000" } }, { "licence_id": "money-transmitter--AE-DIFC", "kind": "annual", "amount": { "value": "USD 10,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Providing Money Services ... where restricted to Money Transmission only: 10,000" } }, { "licence_id": "vasp--AE-DIFC", "kind": "application", "amount": { "value": "USD 10,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "in respect of Crypto Tokens: 10,000" } }, { "licence_id": "vasp--AE-DIFC", "kind": "annual", "amount": { "value": "USD 35,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3A, 3B or 3C ... Crypto Tokens: 35,000" } }, { "licence_id": "fund-manager--AE-DIFC", "kind": "application", "amount": { "value": "USD 10,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Managing a Collective Investment Fund: 10,000" } }, { "licence_id": "fund-manager--AE-DIFC", "kind": "annual", "amount": { "value": "USD 10,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Managing a Collective Investment Fund ... Standard: 10,000" } }, { "licence_id": "investment-firm--AE-DIFC--cat2", "kind": "application", "amount": { "value": "USD 40,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dealing in Investments as Principal: 40,000" } }, { "licence_id": "investment-firm--AE-DIFC--cat2", "kind": "annual", "amount": { "value": "USD 50,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 2 ... Standard: 50,000" } }, { "licence_id": "investment-firm--AE-DIFC--cat3a", "kind": "application", "amount": { "value": "USD 25,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dealing in Investments as Agent: 25,000" } }, { "licence_id": "investment-firm--AE-DIFC--cat3a", "kind": "annual", "amount": { "value": "USD 25,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3A, 3B or 3C ... Standard: 25,000" } }, { "licence_id": "investment-firm--AE-DIFC--cat4", "kind": "application", "amount": { "value": "USD 15,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Advising on Financial Products: 15,000" } }, { "licence_id": "investment-firm--AE-DIFC--cat4", "kind": "annual", "amount": { "value": "USD 15,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 4 ... Standard: 15,000" } }, { "licence_id": "bank--AE-DIFC", "kind": "application", "amount": { "value": "USD 70,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Accepting Deposits: 70,000" } }, { "licence_id": "bank--AE-DIFC", "kind": "annual", "amount": { "value": "USD 100,000", "source": "https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 1 ... Standard: 100,000" } } ], "timelines": [ { "licence_id": "payment-institution--AE-DIFC", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "money-transmitter--AE-DIFC", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "vasp--AE-DIFC", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "fund-manager--AE-DIFC", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--AE-DIFC--cat2", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--AE-DIFC--cat3a", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--AE-DIFC--cat4", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--AE-DIFC", "statutory": { "value": "No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "statistics": [ { "value": "1,050 regulated entities in DIFC supervised by the DFSA as of year-end 2025 (DFSA Annual Report 2025, 2026-06-25)", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "total number of regulated entities to 1,050" }, { "value": "182 new regulated entities licensed by the DFSA in 2025, representing 16% year-on-year growth (DFSA Annual Report 2025, 2026-06-25)", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licensed 182 new entities, reflecting a 16% year-on-year increase" }, { "value": "121 authorised fund managers managing 276 funds with total DIFC fund AUM of USD 176 billion (DFSA Annual Report 2025, 2026-06-25)", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "121 Authorised Firms managing 276 funds, with assets under management reaching USD 176 billion" }, { "value": "USD 251 billion in banking sector balance sheet assets and USD 103.8 billion in private banking assets under advisory (DFSA Annual Report 2025, 2026-06-25)", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "banking sector assets reached USD 251 billion" }, { "value": "96 expressions of interest received for the Tokenisation Regulatory Sandbox cohort launched in March 2025 (DFSA Annual Report 2025, 2026-06-25)", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "received 96 expressions of interest, highlighting substantial industry demand" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Regulatory Law 2004 Article 59 and DFSA Rulebook General Module (GEN) Section 11.8, prior written approval from the DFSA is required before any person becomes a Controller, or increases their holding across 30% or 50% thresholds. A Controller is defined as someone holding 10% or more of shares or voting rights, or exercising significant influence over management. Under GEN 11.8.6, the DFSA must determine an application for approval of a change of control within 90 days of receipt of a duly completed application.", "source": "https://dfsaen.thomsonreuters.com/rulebook/general-module-gen-ver7207-26", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for approval under Rule 11.8.4 within 90 days" } }, "recent_changes": [ { "value": "2026-01-12: The DFSA implemented a landmark overhaul of its Crypto Token regulatory framework, eliminating the DFSA-managed crypto token whitelist and transitioning to a firm-led suitability assessment model with enhanced investor disclosure and risk management duties.", "source": "https://dfsaen.thomsonreuters.com/rulebook/12-january-2026-dfsa-implements-major-updates-crypto-token-regulatory-framework-enhancing", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "major updates to its Crypto Token regulatory framework, enhancing market access" }, { "value": "2026-06-25: DFSA published its 2025 Annual Report showing a record 1,050 total regulated entities, 182 new licenses granted (16% YoY increase), and fund AUM reaching USD 176 billion.", "source": "https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "records third consecutive year of double-digit growth in regulated entities" }, { "value": "2025-10-13: DFSA launched DFSA Connect, an end-to-end digital authorisation platform streamlining regulatory approvals and onboarding for regulated entities and individuals.", "source": "https://dfsaen.thomsonreuters.com/rulebook/13-october-2025-dfsa-connect-new-digital-services-streamline-regulatory-approvals", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "DFSA Connect: New Digital Services to Streamline Regulatory Approvals" } ], "contacts": { "address": { "value": "Level 13, The Gate, West Wing, Dubai International Financial Centre, PO Box 75850, Dubai, United Arab Emirates", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, "photo_hint": "The Gate Building DIFC Dubai", "answer": "The DFSA is the independent financial regulator of the Dubai International Financial Centre (DIFC), an English common-law financial free zone in Dubai. It regulates and licenses banking, investment, asset management, payment services, and crypto token firms across Categories 1 through 4. As of year-end 2025, the DFSA supervises 1,050 regulated entities, including 121 authorised fund managers managing USD 176 billion in assets.", "faq": [ { "q": "What is the difference between DFSA, FSRA ADGM, and VARA?", "a": "The DFSA regulates all financial and ancillary services within Dubai's DIFC free zone under English common law. FSRA regulates the Abu Dhabi Global Market (ADGM) free zone. VARA (Virtual Assets Regulatory Authority) regulates virtual assets exclusively across onshore Dubai and Dubai commercial free zones, but has no jurisdiction within DIFC, where DFSA retains exclusive financial regulatory authority." }, { "q": "What are the prudential licence categories under DFSA rules?", "a": "Under the DFSA PIB module, firms are classified into Categories 1 to 4 based on activity risk. Category 1 covers deposit-taking commercial banks ($10M base capital); Category 2 covers principal trading ($2M); Category 3 is subdivided into 3A (agency dealers, $500k), 3B (custodians, $200k), 3C (asset managers, $500k), and 3D (money services/payments, $200k); Category 4 covers advisory and arranging ($10k)." }, { "q": "How did the DFSA overhaul its crypto token framework in 2026?", "a": "On 12 January 2026, the DFSA abolished its previous regulatory whitelist of 'Recognised Crypto Tokens'. Regulated firms can now assess token suitability independently under a firm-led governance model, subject to enhanced transparency, client suitability checks, and operational resilience standards, significantly expanding crypto market access within DIFC." }, { "q": "Does DFSA provide a fintech sandbox or testing licence?", "a": "Yes. The DFSA offers the Innovation Testing Licence (ITL) under GEN Chapter 13, allowing fintech startups to test novel financial technologies and business models for 12 to 24 months with tailored regulatory relief. In March 2025, the DFSA also launched a dedicated Tokenisation Regulatory Sandbox cohort specifically for tokenised securities and funds." }, { "q": "What is the DFSA Connect portal and how long does licensing take?", "a": "DFSA Connect is the DFSA's digital authorisation portal, launched in October 2025, through which applications are filed. The Regulatory Law sets no fixed period for deciding a licence application; it requires the DFSA to notify its decision without undue delay. A change of control is assessed within a 90-day statutory limit." } ], "open_questions": [ "The official DFSA public register (dfsa.ae/public-register/firms) blocks scripted web clients with HTTP 403 (Cloudflare WAF), preventing an automated live scrape of individual licensee counts by exact Category; high-level licensee figures (1,050 regulated entities, 121 fund managers) are taken from the DFSA Annual Report 2025 published on 2026-06-25.", "Statutory initial licence determination under Regulatory Law 2004 Article 48 is formulated as determining applications 'without undue delay' rather than specifying a fixed number of calendar days, though change of control carries a strict 90-day statutory limit under GEN 11.8.6." ], "licence_ids": [ "payment-institution--AE-DIFC", "money-transmitter--AE-DIFC", "vasp--AE-DIFC", "fund-manager--AE-DIFC", "investment-firm--AE-DIFC--cat2", "investment-firm--AE-DIFC--cat3a", "investment-firm--AE-DIFC--cat4", "bank--AE-DIFC" ], "law_ids": [ "ae-difc-regulatory-law-2004", "ae-difc-markets-law-2012", "ae-difc-collective-investment-law-2010", "ae-difc-investment-trust-law-2006", "ae-federal-law-8-2004", "ae-difc-fer-rules", "ae-difc-gen-rules", "ae-difc-pib-rules", "ae-difc-aml-rules" ], "type": "regulator" }, { "id": "dnb-netherlands", "name": "De Nederlandsche Bank", "local_name": "De Nederlandsche Bank", "abbr": "DNB", "jurisdictions": [ "NL" ], "kind": "central-bank", "wikidata": "Q1180205", "wikipedia": "https://en.wikipedia.org/wiki/De_Nederlandsche_Bank", "website": { "value": "https://www.dnb.nl/en/", "source": "https://www.dnb.nl/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "De Nederlandsche Bank" }, "register_urls": [ { "value": "https://www.dnb.nl/en/public-register/", "label": "DNB Public Register (central search portal for all regulated and notified financial entities in the Netherlands)", "source": "https://www.dnb.nl/en/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "DNB's public register contains an overview of all financial institutions" }, { "value": "https://www.dnb.nl/en-GB/registerdownloadcomplete/TheNetherlands/csv", "label": "Complete DNB Public Register CSV download (official daily database export of all domestic and passported entities)", "source": "https://www.dnb.nl/en/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "InternetregisterCSV" }, { "value": "https://www.dnb.nl/en/public-register/register-of-payment-service-providers/", "label": "DNB Register of Payment Service Providers (licensed payment institutions, exempt PSPs, and EEA passported entities)", "source": "https://www.dnb.nl/en/public-register/register-of-payment-service-providers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of payment service providers" }, { "value": "https://www.dnb.nl/en/public-register/register-of-banks/", "label": "DNB Register of Banks (licensed credit institutions and incoming EEA passported credit institutions)", "source": "https://www.dnb.nl/en/public-register/register-of-banks/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of banks" } ], "register_how": { "value": "The DNB Public Register allows searching across financial sectors by entering an institution's statutory name or trade name, or selecting a specific financial service dropdown. Results display the firm's registered address, Dutch Chamber of Commerce (KvK) number, statutory authorization date, supervisory regime, permitted activities, and cross-border European passporting notifications.", "source": "https://www.dnb.nl/en/public-register/register-of-payment-service-providers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "select a financial service from the “Financial service” dropdown list" }, "hq_city": { "value": "Amsterdam", "source": "https://www.dnb.nl/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Spaklerweg 4 1096 BA Amsterdam" }, "founded": { "value": 1814, "source": "https://www.dnb.nl/en/about-us/history/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "King William I founded De Nederlandsche Bank (DNB) in 1814" }, "mandate": { "value": "De Nederlandsche Bank acts as the central bank of the Netherlands and integral member of the Eurosystem and ESCB, exercising prudential supervision over banks, payment and e-money institutions, trust offices, and financial market infrastructures to guarantee price and financial stability. DNB operates under the Dutch \"Twin Peaks\" regulatory model in tandem with the AFM, which oversees conduct of business.", "source": "https://www.dnb.nl/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "De Nederlandsche Bank (DNB) is committed to a stable financial system" }, "supervises": [ { "value": "Payment institutions and exempt payment service providers under Wft Arts. 2:3a and 2:3d and PSD2", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/payment-institutions/licensing-requirement-for-payment-service-providers-overview/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensing requirement for payment service providers" }, { "value": "Electronic money institutions and exempt electronic money institutions under Wft Arts. 2:10a and 2:10d and EMD2", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/electronic-money-institutions/authorisation-as-an-electronic-money-institution-overview/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation as an electronic money institution" }, { "value": "Commercial banks, credit institutions, and branches under Wft Arts. 2:11, 2:12, 2:13, and the Single Supervisory Mechanism (SSM)", "source": "https://www.dnb.nl/en/public-register/register-of-banks/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of banks" }, { "value": "Trust offices and corporate service providers under the Trust Offices Supervision Act 2018 (Wtt 2018)", "source": "https://wetten.overheid.nl/BWBR0041583", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wet toezicht trustkantoren 2018" }, { "value": "Exchange institutions (wisselinstellingen / currency exchange offices) under Wft Art. 2:54j", "source": "https://wetten.overheid.nl/BWBR0020368", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wet op het financieel toezicht" }, { "value": "Issuers of Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs) under EU MiCA Regulation (Regulation (EU) 2023/1114)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "regulation of markets in crypto-assets" } ], "licences_issued": [ { "id": "payment-institution--NL", "family": "payment-institution", "name": { "value": "Payment institution licence (Vergunning betaalinstelling)", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/payment-institutions/licensing-requirement-for-payment-service-providers-overview/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensing requirement for payment service providers" } }, { "id": "payment-institution--NL--exempt", "family": "payment-institution", "name": { "value": "Exempt payment service provider registration (Vrijstelling betaaldienstverlener)", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/payment-institutions/licensing-requirement-for-payment-service-providers-overview/exemption-from-the-authorisation-requirement/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exemption from the authorisation requirement" } }, { "id": "emi--NL", "family": "emi", "name": { "value": "Electronic money institution licence (Vergunning elektronischgeldinstelling)", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/electronic-money-institutions/authorisation-as-an-electronic-money-institution-overview/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation as an electronic money institution" } }, { "id": "emi--NL--exempt", "family": "emi", "name": { "value": "Exempt electronic money institution registration (Vrijstelling elektronischgeldinstelling)", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/electronic-money-institutions/authorisation-as-an-electronic-money-institution-overview/exemption-from-the-authorisation-requirement/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exemption from the authorisation requirement" } }, { "id": "bank--NL", "family": "bank", "name": { "value": "Bank licence (Vergunning bank / kredietinstelling)", "source": "https://www.dnb.nl/en/public-register/register-of-banks/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of banks" } }, { "id": "trust-company--NL", "family": "trust-company", "name": { "value": "Trust office licence (Vergunning trustkantoor)", "source": "https://wetten.overheid.nl/BWBR0041583", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wet toezicht trustkantoren 2018" } }, { "id": "money-transmitter--NL", "family": "money-transmitter", "name": { "value": "Exchange institution licence (Vergunning wisselinstelling)", "source": "https://wetten.overheid.nl/BWBR0020368", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wet op het financieel toezicht" } }, { "id": "stablecoin-issuer--NL--art", "family": "stablecoin-issuer", "name": { "value": "Asset-referenced token (ART) issuer licence under EU MiCA", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation of asset-referenced tokens" }, "licensee_count": null }, { "id": "stablecoin-issuer--NL--emt", "family": "stablecoin-issuer", "name": { "value": "E-money token (EMT) issuer notification under EU MiCA", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "issuance of e-money tokens" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Prospective applicants can contact DNB's Expert Centre on Market Access (markttoegang@dnb.nl) for an informal pre-application consultation to discuss licensing requirements, business models, and submission readiness prior to formal filing.", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/payment-institutions/licensing-requirement-for-payment-service-providers-overview/application-process-timeline/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "contact the Expert Centre on Market Access to announce your application" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Jointly operated with AFM and ACM, the InnovationHub provides free informal regulatory guidance to financial innovators within 5 to 10 working days on supervisory frameworks and market perimeter classifications.", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-themes/innovation/innovationhub/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The InnovationHub is a joint information desk of De Nederlandsche Bank" } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "DNB does not run a regulatory sandbox in which rules are set aside. Its joint InnovationHub with the AFM and ACM explains how existing rules apply to an innovation, free of charge, but cannot exempt a firm from legal requirements.", "source": "https://www.dnb.nl/en/sector-information/supervision-stages/prior-to-supervision/innovationhub-and-regulatory-sandbox/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "portal": { "value": "My DNB (Mijn DNB) supervisory applications portal", "source": "https://mijn.dnb.nl/home", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Mijn DNB" }, "fee_schedule": { "value": "Regulation on the Funding of Financial Supervision for One-Off Actions (Regeling bekostiging financieel toezicht eenmalige handelingen)", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Regeling bekostiging financieel toezicht eenmalige handelingen" } }, "fees": [ { "licence_id": "payment-institution--NL", "kind": "application", "amount": { "value": "EUR 6,800", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wft.D1.01 ... € 6.800" } }, { "licence_id": "payment-institution--NL", "kind": "annual" }, { "licence_id": "emi--NL", "kind": "application", "amount": { "value": "EUR 6,800", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wft.D1.05 ... € 6.800" } }, { "licence_id": "emi--NL", "kind": "annual" }, { "licence_id": "bank--NL", "kind": "application", "amount": { "value": "EUR 44,300", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wft.D1.04 ... € 44.300" } }, { "licence_id": "bank--NL", "kind": "annual", "amount": { "value": "Annual supervisory levy under Wbft 2019 and ECB SSM regulation based on total risk exposure and asset size", "source": "https://wetten.overheid.nl/BWBR0041548/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "trust-company--NL", "kind": "application", "amount": { "value": "EUR 4,500", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wtt.D1.01 ... € 4.500" } }, { "licence_id": "stablecoin-issuer--NL--art", "kind": "application", "amount": { "value": "EUR 10,000", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EU.D1.02 ... € 10.000" } }, { "licence_id": "stablecoin-issuer--NL--emt", "kind": "application", "amount": { "value": "EUR 3,200", "source": "https://wetten.overheid.nl/BWBR0041647/2024-12-30", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EU.D1.03 ... € 3.200" } } ], "timelines": [ { "licence_id": "payment-institution--NL", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/payment-institutions/licensing-requirement-for-payment-service-providers-overview/application-process-timeline/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The statutory consideration period for a licence application for payment service providers is three months." } }, { "licence_id": "emi--NL", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-sectors/electronic-money-institutions/authorisation-as-an-electronic-money-institution-overview/how-long-will-it-take-to-consider-my-application-for-authorisation/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--NL", "statutory": { "value": "6 months from receipt of a complete application, up to a maximum of 12 months overall", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013L0036", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months of receipt of the complete application" } }, { "licence_id": "stablecoin-issuer--NL--art", "statutory": { "value": "25 working days to assess completeness, then 60 working days to draft assessment for EBA/ECB, total statutory decision within 4 months", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 25 working days of receipt of the application" } } ], "statistics": [ { "value": "305 incoming EEA electronic money institutions passported into the Netherlands (DNB Public Register, 2026-09-24)", "source": "https://www.dnb.nl/en-GB/registerdownloadcomplete/TheNetherlands/csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Cross-border services provided in the Netherlands by EEA-based electronic-money institution" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Section 3:95 Wft and MiCA Articles 41 and 83, acquiring, increasing, or disposing of a qualifying holding (direct or indirect holding of 10% or more of voting rights or shares, or exercising significant influence) in a payment institution, EMI, or ART issuer requires a prior Declaration of No-Objection (DNO / VVGB) from DNB (the ECB assesses banks). Threshold bandwidth upper limits are set at 20%, 30/33%, 50%, or 100%. The statutory decision period is 60 working days from receipt of a complete application, extendable once by up to 30 working days for RFIs, governed by lex silencio positivo.", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-themes/declaration-of-no-objection/dno-application-time-frame/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The statutory decision period for a DNO application is 60 working days" } }, "recent_changes": [ { "value": "2026-03-01: DNB guidance clarified that CASPs transacting E-Money Tokens (EMTs) that provide payment services must obtain a PSD2 payment institution licence from DNB, marking the boundary with AFM's CASP authorization.", "source": "https://www.dnb.nl/en/sector-information/open-book-supervision/open-book-supervision-themes/licence-application-and-notification-market-access/licence-application-for-casps/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licence application for CASPs" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across all DNB-supervised financial institutions, establishing harmonised rules on ICT risk management and incident reporting.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "uniform requirements concerning the security of network and information systems" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Title V commenced, designating AFM for CASP licensing while DNB supervises ART/EMT issuers and prudential qualifying holdings.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "regulation of markets in crypto-assets" }, { "value": "2024-06-30: EU MiCA Titles III and IV took effect, conferring competence to DNB for licensing and supervision of Asset-Referenced Token (ART) and E-Money Token (EMT) issuers in the Netherlands.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "regulation of markets in crypto-assets" } ], "contacts": { "address": { "value": "Frederiksplein 61, 1017 XL Amsterdam, Netherlands", "source": "https://www.dnb.nl/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "De Nederlandsche Bank head office building Frederiksplein Amsterdam", "answer": "De Nederlandsche Bank (DNB) is the central bank and prudential supervisor of the Netherlands. Under the Dutch Twin Peaks model it licenses and supervises banks, payment institutions, electronic money institutions, trust offices and exchange institutions, supervises issuers of MiCA stablecoins and decides on qualifying holdings, while market conduct and crypto-asset service providers fall to the AFM. Its InnovationHub with the AFM and ACM gives free informal guidance but is not a sandbox.", "faq": [ { "q": "What is the division of supervisory responsibilities between DNB and AFM in the Netherlands?", "a": "The Netherlands operates a \"Twin Peaks\" regulatory model. De Nederlandsche Bank (DNB) oversees prudential supervision, financial stability, capital requirements, and licensing for banks, payment institutions, and EMIs. The Authority for the Financial Markets (AFM) oversees market conduct, consumer protection, investment firms, and licensing of crypto-asset service providers (CASPs) under MiCA." }, { "q": "What are the statutory application fees and timelines for a Dutch payment institution or EMI licence?", "a": "Under the statutory fee schedule (Regeling bekostiging financieel toezicht eenmalige handelingen), the one-off application fee for both a Payment Institution and an Electronic Money Institution is EUR 6,800. The statutory decision deadline is 3 months from receipt of a complete application, though information requests routinely extend total processing time to 6 to 12 months." }, { "q": "When is a Declaration of No-Objection (DNO / VVGB) required from DNB?", "a": "Under Section 3:95 of the Financial Supervision Act (Wft), any person or entity seeking to acquire or expand a direct or indirect qualifying holding of 10% or more in a Dutch payment institution or EMI must obtain a prior Declaration of No-Objection from DNB. The statutory decision period is 60 working days, subject to lex silencio positivo." }, { "q": "Does DNB offer pre-application support or a regulatory sandbox for fintechs?", "a": "DNB, the AFM and the ACM run a joint InnovationHub: a free, informal information desk that explains how supervisory rules apply to an innovative product and aims to reply within 10 working days (usually 5 for simple questions). It is not a regulatory sandbox: DNB cannot exempt a firm from legal requirements." }, { "q": "Does DNB license crypto-asset service providers (CASPs) under MiCA?", "a": "No. Under the Dutch MiCA implementation, the Authority for the Financial Markets (AFM) is the competent authority for licensing CASPs under Article 59. However, DNB supervises Asset-Referenced Token (ART) and E-Money Token (EMT) issuers, conducts prudential qualifying holding reviews for crypto firms, and licenses CASPs providing payment services with EMTs under PSD2." } ], "open_questions": [ "Exact licensee count for MiCA Asset-Referenced Token (ART) issuers and E-Money Token (EMT) issuers under Regulation (EU) 2023/1114 is not separately segregated in the general public register download as of September 2026." ], "licence_ids": [ "payment-institution--NL", "payment-institution--NL--exempt", "emi--NL", "emi--NL--exempt", "bank--NL", "trust-company--NL", "money-transmitter--NL", "stablecoin-issuer--NL--art", "stablecoin-issuer--NL--emt" ], "law_ids": [ "nl-financial-supervision-act", "nl-trust-offices-supervision-act-2018", "nl-supervisory-costs-one-off-decree", "nl-bank-act-1998", "nl-money-laundering-act", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-dora-2022-2554", "eu-crr-575-2013", "eu-crd-2013-36" ], "type": "regulator" }, { "id": "eba", "name": "European Banking Authority", "local_name": "European Banking Authority", "abbr": "EBA", "jurisdictions": [ "EU" ], "kind": "eu-body", "wikidata": "Q769548", "wikipedia": "https://en.wikipedia.org/wiki/European_Banking_Authority", "website": { "value": "https://www.eba.europa.eu/", "source": "https://www.eba.europa.eu/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "European Banking Authority" }, "register_urls": [ { "value": "https://euclid.eba.europa.eu/register/pir/search", "label": "Register of payment and electronic money institutions under PSD2", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Search the EBA Register on Payment and Electronic Money Institutions" }, { "value": "https://euclid.eba.europa.eu/register/cir/search", "label": "Credit institutions register under Directive 2013/36/EU (CRD)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers-and-other-list-institutions/credit-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "consult the EBA Credit Institution Register" }, { "value": "https://euclid.eba.europa.eu/register/pir/registerDownload", "label": "Public bulk download of payment and e-money institutions register data", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Download the EBA Register on Payment and Electronic Money Institutions" }, { "value": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers-and-other-list-institutions", "label": "Central directory of EBA registers and national competent authority lists", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers-and-other-list-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registers and other list of institutions" }, { "value": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/digital-operational-resilience-act/dora-oversight", "label": "List and oversight framework of designated critical ICT third-party service providers (CTPPs) under DORA", "source": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/digital-operational-resilience-act/dora-oversight", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "publish and update the list of CTPPs across the EU" } ], "register_how": { "value": "Users can query the EBA EUCLID register portal by institution name, national reference code, LEI, country of origin, or entity type (payment institution, e-money institution, credit institution). Search results display the entity's authorization status, home competent authority, passported services across EEA host states, and active agent or branch networks.", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Public users can search the central register of the EBA free of charge" }, "hq_city": { "value": "Paris", "source": "https://www.eba.europa.eu/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "92927 Paris La Défense CEDEX" }, "founded": { "value": 2011, "source": "https://en.wikipedia.org/wiki/European_Banking_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Formed 1 January 2011" }, "mandate": { "value": "The European Banking Authority is an independent EU agency that creates the European Single Rulebook for banking and payments, fosters supervisory convergence across national competent authorities, and directly oversees critical ICT third-party service providers under DORA and significant asset-referenced and e-money token issuers under MiCA.", "source": "https://www.eba.europa.eu/about-us/mission-values-and-tasks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "contribute to the stability and effectiveness of the European financial system" }, "supervises": [ { "value": "Payment institutions and electronic money institutions (Union-wide prudential standards and central register under PSD2 and EMD2)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "central register that contains information about payment and electronic money institutions" }, { "value": "Credit institutions and commercial banks (EU Single Rulebook, stress testing, and central register under CRD/CRR)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers-and-other-list-institutions/credit-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "list of credit institutions to which authorisation has been granted" }, { "value": "Issuers of significant asset-referenced tokens (ARTs) and significant electronic money tokens (EMTs) under MiCA", "source": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/ebas-supervisory-role-under-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EBA assumes direct supervisory responsibilities and tasks" }, { "value": "Critical ICT third-party service providers (CTPPs) serving the financial sector under DORA Lead Overseer framework", "source": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/digital-operational-resilience-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "oversight framework assigns to the three European Supervisory Authorities ... the role of Lead Overseer" }, { "value": "Third-party risk management and operational resilience of financial entities", "source": "https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-its-final-guidelines-management-third-party-risk-delivering-more-proportionate-and", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "final Guidelines on the management of third-party risk, delivering a more proportionate and consistent framework" } ], "licences_issued": [ { "id": "emi--EU", "family": "emi", "name": { "value": "Electronic money institution (PSD2/EMD2 central register)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institutions' as legally defined in Article 2(1) of EMD2" } }, { "id": "emi--EU--exempted", "family": "emi", "name": { "value": "Exempted electronic money institution (small EMI under Article 9 EMD2)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exempted electronic money institutions' under Article 9 of EMD2" } }, { "id": "payment-institution--EU", "family": "payment-institution", "name": { "value": "Payment institution (PSD2 central register)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment institutions' as legally defined in Article 4(4) of PSD2" } }, { "id": "payment-institution--EU--exempted", "family": "payment-institution", "name": { "value": "Exempted payment institution (small PI under Article 32 PSD2)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exempted payment institutions' under Article 32 of PSD2" } }, { "id": "payment-institution--EU--aisp", "family": "payment-institution", "name": { "value": "Account information service provider (Article 33 PSD2)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Account information service providers' under Article 33 of PSD2" } }, { "id": "bank--EU", "family": "bank", "name": { "value": "Credit institution (CRD central register)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers-and-other-list-institutions/credit-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CRD credit institutions': legally defined as ‘an undertaking whose business is to receive deposits" } }, { "id": "stablecoin-issuer--EU--significant-art", "family": "stablecoin-issuer", "name": { "value": "Significant asset-referenced token issuer direct supervision", "source": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/ebas-supervisory-role-under-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EBA takes over direct supervision of issuers at the EU level" }, "licensee_count": null }, { "id": "stablecoin-issuer--EU--significant-emt", "family": "stablecoin-issuer", "name": { "value": "Significant electronic money token issuer direct supervision", "source": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/ebas-supervisory-role-under-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Significant EMTs (issued by electronic money institutions): the EBA and the CA supervise jointly" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "For DORA Critical ICT Third-Party Service Provider (CTPP) voluntary opt-in requests under Article 31(11), the ESAs encourage applicants to submit an informal draft application before formal submission so the ESAs can verify requirements free of charge via esa-dora-oversight@eba.europa.eu. However, for credit, payment, and e-money institution licensing, initial pre-application meetings are conducted directly by national competent authorities rather than the EBA.", "source": "https://www.eba.europa.eu/activities/direct-supervision-and-oversight/digital-operational-resilience-act/dora-oversight", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "encouraged to submit to the ESAs an informal draft application" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The EBA co-operates the European Forum for Innovation Facilitators (EFIF), an EU-level network connecting innovation hubs and regulatory sandboxes across all 30 EEA countries to facilitate information exchange and develop common supervisory approaches to fintech innovations including AI, DLT, and embedded finance.", "source": "https://www.eba.europa.eu/about-us/mission-values-and-tasks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "contribute to the stability and effectiveness of the European financial system" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "While the EBA does not run an autonomous national regulatory sandbox, it coordinates cross-border testing across national sandboxes via the EFIF Cross-Border Testing Framework hosted on the EU Digital Finance Platform, allowing firms to test innovative solutions simultaneously under multiple national supervisory authorities.", "source": "https://digital-finance-platform.ec.europa.eu/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EU Digital Finance Platform" } }, "portal": { "value": "EBA EUCLID Register portal (https://euclid.eba.europa.eu/register/) and the EU Digital Finance Platform (https://digital-finance-platform.ec.europa.eu/)", "source": "https://euclid.eba.europa.eu/register/pir/disclaimer", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUCLID - Register" }, "fee_schedule": { "value": "Commission Delegated Regulation (EU) 2024/1503 on supervisory fees charged by the EBA to issuers of significant ARTs and EMTs, and Commission Delegated Regulation (EU) 2024/1505 on oversight fees for critical ICT third-party service providers (CTPPs) under DORA.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32024R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "fees charged by the European Banking Authority to issuers of significant asset-referenced tokens" } }, "fees": [ { "licence_id": "emi--EU", "kind": "application", "amount": { "value": "EUR 0 (Levied by national competent authorities in each Member State; EBA charges no application fee to maintain central registry)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Public users can search the central register of the EBA free of charge" } }, { "licence_id": "payment-institution--EU", "kind": "application", "amount": { "value": "EUR 0 (Levied by national competent authorities in each Member State; EBA charges no application fee to maintain central registry)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Public users can search the central register of the EBA free of charge" } }, { "licence_id": "bank--EU", "kind": "application", "amount": { "value": "EUR 0 (Levied by national competent authorities / ECB; EBA charges no fee to maintain central registry)", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers-and-other-list-institutions/credit-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "list published by the EBA is set up solely on information provided" } }, { "licence_id": "stablecoin-issuer--EU--significant-art", "kind": "annual", "amount": { "value": "Annual fee proportionate to the issuer's reserve of assets under Commission Delegated Regulation (EU) 2024/1503 based on full cost recovery of EBA direct supervisory expenditure", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32024R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "annual supervisory fee for a given issuer of significant ARTs shall be calculated" } }, { "licence_id": "stablecoin-issuer--EU--significant-emt", "kind": "annual", "amount": { "value": "Annual fee proportionate to tokens in circulation under Commission Delegated Regulation (EU) 2024/1503 based on full cost recovery of EBA supervisory expenditure", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32024R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "annual supervisory fee for a given issuer of significant EMTs shall be calculated" } } ], "timelines": [ { "licence_id": "emi--EU", "statutory": { "value": "3 months from receipt of complete application at national NCA level under Article 11 PSD2 / Directive 2009/110/EC; national registers synchronize daily with EBA EUCLID", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "updated regularly by national competent authorities, at least once per day" }, "observed": null }, { "licence_id": "payment-institution--EU", "statutory": { "value": "3 months from receipt of complete application at national NCA level under Article 11 PSD2 (Directive (EU) 2015/2366); national registers synchronize daily with EBA EUCLID", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "updated regularly by national competent authorities, at least once per day" }, "observed": null }, { "licence_id": "bank--EU", "statutory": { "value": "6 months from receipt of complete application (maximum 12 months overall) at national NCA/ECB level under Article 15 CRD (Directive 2013/36/EU)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013L0036", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months of the receipt of the complete application" }, "observed": null }, { "licence_id": "stablecoin-issuer--EU--significant-art", "statutory": { "value": "The EBA decides whether an asset-referenced token is significant within 60 working days, after giving the issuer and its competent authority 20 working days to comment on a draft decision (MiCA Art. 43)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "observed": null } ], "statistics": [ { "value": "Annual budget of 64.4 million euros and staffing of 270 employees in 2026 (Wikipedia, 2026)", "source": "https://en.wikipedia.org/wiki/European_Banking_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "64.4 million euros in (2026)" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Acquisitions or increases of qualifying holdings reaching or crossing 10%, 20%, 30%, or 50% in credit, payment, or e-money institutions, or becoming parent undertakings, are governed across the EU by the Joint ESAs Guidelines on the Prudential Assessment of Acquisitions (JC/GL/2016/01) under CRD Arts 22-27 and PSD2 Art 6. Acquirers must submit prior notification to the competent NCA; the statutory assessment period is 60 working days, interruptible once by up to 20 working days (or 30 working days for non-EU acquirers) to request supplementary information. For significant ART issuers under MiCA Art 41, equivalent assessment thresholds apply under EBA oversight.", "source": "https://www.eba.europa.eu/regulation-and-policy/other-topics/joint-guidelines-for-the-prudential-assessment-of-acquisitions-of-qualifying-holdings", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "acquisitions and increases of qualifying holdings in financial institutions should be assessed" } }, "recent_changes": [ { "value": "2026-09-23: ESAs (EBA, EIOPA, ESMA) issued Autumn 2026 joint risk update identifying ICT external third-party dependencies, cyber threats, and private credit as key structural vulnerabilities.", "source": "https://www.eba.europa.eu/publications-and-media/press-releases/esas-call-vigilance-over-external-dependencies-cyber-threats-and-private-credit-risks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESAs call for vigilance over external dependencies, cyber threats and private credit risks" }, { "value": "2026-09-18: EBA published its final Guidelines on the management of third-party risk, delivering a simplified and proportionate framework aligned with DORA focusing on critical or important functions (CIFs).", "source": "https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-its-final-guidelines-management-third-party-risk-delivering-more-proportionate-and", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "final Guidelines on the management of third-party risk, delivering a more proportionate and consistent framework" }, { "value": "2026-09-16: European Parliament plenary confirmed Thomas Gstädtner as the new Executive Director of the EBA for a five-year renewable term.", "source": "https://www.eba.europa.eu/publications-and-media/press-releases/european-parliament-confirms-thomas-gstadtner-executive-director-eba", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "European Parliament confirms Thomas Gstädtner as Executive Director of the EBA" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) entered into application, establishing the ESAs Joint Oversight Department and the Lead Overseer regime for Critical ICT Third-Party Service Providers (CTPPs).", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "shall apply from 17 January 2025" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Title V commenced full application, following Title III and IV stablecoin rules (in effect since 2024-06-30) giving EBA direct supervisory powers over significant ARTs and EMTs.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Titles III and IV shall apply from 30 June 2024" } ], "contacts": { "address": { "value": "Tour Europlaza, 20 avenue André Prothin, CS 30154, 92927 Paris La Défense CEDEX, France", "source": "https://www.eba.europa.eu/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Tour Europlaza 20 avenue André Prothin CS 30154 92927 Paris La Défense CEDEX France" } }, "photo_hint": "Tour Europlaza building 20 avenue Andre Prothin La Defense Paris", "answer": "The European Banking Authority (EBA) is the EU agency that sets prudential standards and promotes supervisory convergence for banking, payments and digital finance. Licences are granted by national authorities, not by the EBA, but it keeps the central EUCLID register of credit, payment and electronic money institutions across the EEA, supervises significant asset-referenced and e-money token issuers under MiCA, and takes part in the oversight of critical ICT third-party providers under DORA.", "faq": [ { "q": "Does the EBA directly grant payment institution or banking licences to fintechs?", "a": "No. Under Directive 2013/36/EU (CRD) and Directive (EU) 2015/2366 (PSD2), the legal power to grant banking, payment, and electronic money institution licences remains exclusively with National Competent Authorities (NCAs) or the ECB. The EBA establishes the unified Single Rulebook and maintains central public registers tracking all authorised entities across the European Economic Area." }, { "q": "What is the EBA EUCLID register and what data does it contain?", "a": "EUCLID is the EBA's central public register. It holds the EBA's register of payment and electronic money institutions under Article 15 of PSD2 and its register of credit institutions, both fed by the national authorities. It shows each firm's authorisation status, the countries it passports into, its branches and its registered payment agents." }, { "q": "When does the EBA directly supervise crypto-asset and stablecoin issuers under MiCA?", "a": "Under EU Regulation 2023/1114 (MiCA), direct supervision shifts from national regulators to the EBA whenever an asset-referenced token (ART) or e-money token (EMT) is classified as significant. Significance is triggered if a token meets at least three statutory thresholds, such as over 10 million holders, reserve assets exceeding EUR 5 billion, or 2.5 million daily transactions." }, { "q": "What is the EBA's oversight role over tech and cloud providers under DORA?", "a": "Under Regulation (EU) 2022/2554 (DORA), the EBA, alongside ESMA and EIOPA, acts as Lead Overseer for Critical ICT Third-Party Service Providers (CTPPs) serving EU financial entities. The ESAs conduct on-site inspections, issue recommendations, and levy oversight fees, while non-critical ICT providers may voluntarily opt in subject to a fixed EUR 50,000 application fee." }, { "q": "What rules govern change of control in EBA-supervised sectors?", "a": "Acquisitions reaching or crossing 10%, 20%, 30%, or 50% in credit, payment, or e-money institutions require prior notification under the Joint ESAs Guidelines (JC/GL/2016/01). National competent authorities evaluate the proposed acquirer's reputation, financial soundness, and AML compliance within a 60 working-day statutory assessment window, which can be interrupted once by up to 20 or 30 working days." } ], "open_questions": [ "No asset-referenced token (ART) or e-money token (EMT) has been formally designated as a significant token by the EBA under MiCA Articles 43 or 56 as of September 2026, meaning direct EBA stablecoin supervisory colleges remain inactive with zero current licensees.", "The definitive list of designated Critical ICT Third-Party Providers (CTPPs) under DORA Article 31 is maintained jointly across the ESAs and subject to ongoing annual designation cycles." ], "licence_ids": [ "emi--EU", "emi--EU--exempted", "payment-institution--EU", "payment-institution--EU--exempted", "payment-institution--EU--aisp", "bank--EU", "stablecoin-issuer--EU--significant-art", "stablecoin-issuer--EU--significant-emt" ], "law_ids": [ "eu-eba-regulation-2010-1093", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-crd-2013-36", "eu-crr-575-2013", "eu-dora-2022-2554", "eu-amlr-2024-1624", "eu-tfr-2023-1113" ], "type": "regulator" }, { "id": "esma", "name": "European Securities and Markets Authority", "local_name": "European Securities and Markets Authority", "abbr": "ESMA", "jurisdictions": [ "EU" ], "kind": "eu-body", "wikidata": "Q769112", "wikipedia": "https://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority", "website": { "value": "https://www.esma.europa.eu/", "source": "https://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Official website https://www.esma.europa.eu" }, "register_urls": [ { "value": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "label": "Interim MiCA Register of Authorised Crypto-Asset Service Providers (CASPs)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-asset service providers Last update: 16 September 2026" }, { "value": "https://www.esma.europa.eu/sites/default/files/2024-12/NCASP.csv", "label": "Interim MiCA Register of Non-Compliant Entities Providing Crypto-Asset Services", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Non-compliant entities Last update: 16 September 2026" }, { "value": "https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv", "label": "Interim MiCA Register of Electronic Money Token (EMT) Issuers and White Papers", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Issuers of EMT Last update: 16 September 2026" }, { "value": "https://www.esma.europa.eu/sites/default/files/2024-12/OTHER.csv", "label": "Interim MiCA Register of Crypto-Asset White Papers other than ART and EMT", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "White papers for crypto-assets other than ART and EMT" }, { "value": "https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv", "label": "Interim MiCA Register of Asset-Referenced Token (ART) Issuers", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Issuers of ART Last update: 16 September 2026" }, { "value": "https://registers.esma.europa.eu/publication/searchRegister?core=esma_registers_upreg", "label": "ESMA Central Registries Database (Investment Firms, CRAs, TRs, DRSPs, Benchmarks, Crowdfunding)", "source": "https://www.esma.europa.eu/publications-and-data/databases-and-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A dedicated ESMA Registers portal is also available, and provides tailored search tools" }, { "value": "https://www.esma.europa.eu/publications-and-data/databases-and-registers", "label": "ESMA Master Databases and Registers Directory", "source": "https://www.esma.europa.eu/publications-and-data/databases-and-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "registers and financial market data that ESMA compiled on the basis of notifications" } ], "register_how": { "value": "Search the central ESMA Databases and Registers portal at registers.esma.europa.eu by entity name, LEI, country code, or supervisory domain, or download the weekly republished Interim MiCA Register CSV datasets from esma.europa.eu. An active CASP entry displays the authorising NCA, home Member State, entity legal name and LEI, commercial trade name, registered seat address, web domain and platform URLs, authorization date, permitted crypto service codes (a through j), and passported host EU Member States.", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Description of the fields in the interim MiCA register" }, "hq_city": { "value": "Paris", "source": "https://www.esma.europa.eu/contact-help/esma-contact-information", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESMA 201-203 rue de Bercy CS 80910 75589 Paris Cedex 12 France" }, "founded": { "value": 2011, "source": "https://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011" }, "mandate": { "value": "ESMA operates as an independent European Union supervisory authority that protects the public interest by contributing to the stability and effectiveness of the financial system, safeguarding investors, and promoting orderly markets. It develops the EU Single Rulebook, enforces supervisory convergence among National Competent Authorities, maintains EU central registers under MiCA and ECSPR, and directly supervises EU critical market infrastructures including credit rating agencies and trade repositories.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32010R1095", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "protect the public interest by contributing to the short-, medium- and long-term stability" }, "supervises": [ { "value": "Crypto-Asset Service Providers (CASPs), EMT/ART issuers, and crypto white papers via EU central registers and supervisory convergence under MiCA", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MiCA Regulation empower ESMA to publish a central register of crypto-asset white papers" }, { "value": "Credit Rating Agencies (CRAs) established in the EU (direct registration, ongoing supervision, and enforcement under Regulation (EC) No 1060/2009)", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESMA has direct responsibilities regarding the registration and supervision of CRAs" }, { "value": "Trade Repositories (TRs) under EMIR (Regulation (EU) No 648/2012) and SFTR (Regulation (EU) 2015/2365)", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "direct supervision of financial entities that are essential to the EU market infrastructure" }, { "value": "Securitisation Repositories (SRs) under Securitisation Regulation (Regulation (EU) 2017/2402)", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "direct supervision of financial entities that are essential to the EU market infrastructure" }, { "value": "Data Reporting Services Providers (DRSPs - APAs and ARMs) not derogated to national authorities under MiFIR (Regulation (EU) No 600/2014)", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervision by the European Securities Markets Authority of data reporting service providers" }, { "value": "Administrators of EU critical benchmarks and recognized third-country benchmark administrators under Benchmarks Regulation (Regulation (EU) 2016/1011)", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "registration and supervision of administrators of EU critical benchmarks, third-country administrators recognised in the EU" }, { "value": "External Reviewers of European Green Bonds under EU Green Bond Standard (Regulation (EU) 2023/2631)", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "External Reviewers for European Green Bonds must be registered with ESMA" }, { "value": "Critical ICT third-party service providers (CTPPs) under DORA (Regulation (EU) 2022/2554) as Lead Overseer alongside EBA and EIOPA", "source": "https://www.esma.europa.eu/esmas-activities/supervision-and-convergence/registration-with-ESMA", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESMA will monitor the activities of Critical ICT third-party service providers (CTPPs)" }, { "value": "Crowdfunding service providers under ECSPR (Regulation (EU) 2020/1503) through supervisory convergence and maintenance of the central EU register", "source": "https://www.esma.europa.eu/esmas-activities/investors-and-issuers/investment-services-and-crowdfunding", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESMA regulates investment services and crowdfunding with a strong focus on enhancing investor protection" }, { "value": "Investment firms, multilateral trading facilities (MTFs), and organized trading facilities (OTFs) under MiFID II and MiFIR", "source": "https://www.esma.europa.eu/publications-and-data/databases-and-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of investment firms authorised by the NCAs including information on their authorised services" } ], "licences_issued": [ { "id": "casp-mica--EU", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider central register entry under MiCA (Article 63 / Article 109; licensing conducted by Member State NCAs)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Articles 109 and 110 of the MiCA Regulation empower ESMA to publish a central register" }, "licensee_count": { "value": 352, "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" } }, { "id": "stablecoin-issuer--EU", "family": "stablecoin-issuer", "name": { "value": "Electronic Money Token (EMT) issuer register entry under MiCA (Article 109; issued by credit institutions or authorised EMIs)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Issuers of e-money tokens (Title IV)" }, "licensee_count": { "value": 49, "source": "https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" } }, { "id": "stablecoin-issuer--EU--art", "family": "stablecoin-issuer", "name": { "value": "Asset-Referenced Token (ART) issuer register entry under MiCA (Article 109; authorised by NCAs or EBA for significant ARTs)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Issuers of asset-referenced tokens (Title III)" }, "licensee_count": { "value": 0, "source": "https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" } }, { "id": "lending--EU--crowdfunding", "family": "lending", "name": { "value": "European Crowdfunding Service Provider register entry under ECSPR (Article 14; licensing conducted by Member State NCAs)", "source": "https://www.esma.europa.eu/publications-and-data/databases-and-registers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Register of crowdfunding services providers under Article 14 of the Crowdfunding regulation" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "ESMA provides preliminary pre-application engagement for entities seeking direct registration or recognition (such as CRAs, TRs, DRSPs, and benchmark administrators). Prospective applicants are strongly encouraged to contact ESMA prior to formal submission to present their business plans and organizational structure and obtain access credentials for ESMA's secured document-sharing system. ESMA does not charge for pre-application discussions and does not preview draft filings in an advisory capacity.", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Potential applicants are strongly encouraged to contact ESMA before submitting their applications" } }, "innovation_hub": { "available": "yes", "detail": { "value": "ESMA co-coordinates the European Forum for Innovation Facilitators (EFIF) via the Joint Committee of the European Supervisory Authorities (with EBA and EIOPA) and supports the EU Digital Finance Platform. EFIF acts as a cross-border platform connecting national innovation hubs and sandboxes to promote supervisory convergence, joint testing, and perimeter guidance without ESMA operating a standalone direct retail innovation desk.", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "facilities exchange of best practices, provides advice and suggests proposals for appropriate action" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Under the EU DLT Pilot Regime (Regulation (EU) 2022/858, in application since 23 March 2023), ESMA coordinates the statutory testing environment allowing eligible investment firms, market operators, and CSDs to operate DLT multilateral trading facilities and settlement systems with temporary exemptions from specific MiFID II/CSDR provisions; ESMA provides cross-border convergence, issues guidelines, renders non-binding opinions on national permissions, and maintains the central public register of DLT market infrastructures.", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/dlt-pilot-regime", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "provides the legal framework for trading and settlement of transactions in crypto-assets that qualify as" } }, "portal": { "value": "ESMA Registers Portal (registers.esma.europa.eu) for public register queries and machine-to-machine APIs; applications for direct supervisory registration are lodged via ESMA's secured document-sharing system.", "source": "https://registers.esma.europa.eu/publication/searchRegister?core=esma_registers_upreg", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A dedicated ESMA Registers portal is also available, and provides tailored search tools" }, "fee_schedule": { "value": "Commission Delegated Regulations specify fees for ESMA directly supervised entities (e.g. Delegated Regulation (EU) 2022/805 for benchmark administrators, No 272/2012 for CRAs, No 1003/2013 for TRs, (EU) 2022/930 for DRSPs, and (EU) 2024/1703 for SRs); CASPs and crowdfunding platforms are licensed by NCAs and pay no fees to ESMA.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R0805", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "fees applicable to the supervision by the European Securities Markets Authority of certain benchmark administrators" } }, "fees": [ { "licence_id": "casp-mica--EU", "kind": "application", "amount": { "value": "EUR 0 (ESMA charges no application fees to CASPs; licensing is conducted exclusively by Member State NCAs under MiCA Article 63, which levy national statutory fees)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "information displayed in the register is to be provided to ESMA by the relevant National" } }, { "licence_id": "casp-mica--EU", "kind": "annual", "amount": { "value": "EUR 0 (Supervisory levies for CASPs are collected exclusively by home Member State NCAs; ESMA collects no annual fee from national CASP licensees)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "information displayed in the register is to be provided to ESMA by the relevant National" } }, { "licence_id": "stablecoin-issuer--EU", "kind": "application", "amount": { "value": "EUR 0 (EMT and ART issuers are authorised or supervised by national central banks or NCAs under MiCA Titles III and IV; ESMA levies no central registration fee)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Articles 109 and 110 of the MiCA Regulation empower ESMA to publish a central register" } }, { "licence_id": "stablecoin-issuer--EU", "kind": "annual", "amount": { "value": "EUR 0 (Ongoing supervision is conducted by NCAs or EBA for significant tokens; ESMA charges no ongoing supervisory fee to EMT or ART issuers)", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Articles 109 and 110 of the MiCA Regulation empower ESMA to publish a central register" } } ], "timelines": [ { "licence_id": "casp-mica--EU", "statutory": { "value": "40 working days from receipt of a complete application for NCA decision under MiCA Article 63(7); 25 working days completeness review; immediate notification to ESMA upon grant", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days of the date of receipt of a complete application" }, "observed": { "value": "6 to 12 months in practice across Member State NCAs due to pre-application vetting and multiple deficiency review rounds prior to official transmission to the ESMA register", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "stablecoin-issuer--EU", "statutory": { "value": "Under MiCA Title III, ART authorisation requires 25 working days completeness assessment, 60 working days draft evaluation, and ECB opinion within 20 working days; Title IV EMTs require bank or EMI licensing (3 months statutory under PSD2/EMD2)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "observed": null } ], "statistics": [ { "value": "352 authorised crypto-asset service providers (CASPs) registered across 26 EU/EEA Member States (interim MiCA register, 2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" }, { "value": "174 non-compliant entities providing crypto-asset services without authorisation flagged on the central warning register (interim MiCA register, 2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/NCASP.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" }, { "value": "49 electronic money token (EMT) white papers and issuers notified across the EU (interim MiCA register, 2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" }, { "value": "998 crypto-asset white papers for tokens other than asset-referenced tokens and e-money tokens published under Title II of MiCA (interim MiCA register, 2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/OTHER.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" }, { "value": "0 asset-referenced token (ART) issuers registered under Title III of MiCA as of September 2026 (interim MiCA register, 2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ae_competentAuthority,ae_homeMemberState,ae_lei_name" }, { "value": "358 staff members employed across ESMA supervisory, policy, and market data divisions (annual reporting, 2024)", "source": "https://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Employees 358 (2024)" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Under MiCA Article 83, any natural or legal person proposing to acquire or increase a qualifying holding in a CASP reaching or exceeding 20%, 30%, or 50% of voting rights or capital, or making it a subsidiary, must give prior written notification to the home NCA. Disposals reducing holdings below 10%, 20%, 30%, or 50% also require prior written notification. The NCA has 60 working days from written acknowledgement of receipt (issued within 2 working days) to assess the acquisition, interruptible once by up to 20 working days for additional information (or 30 working days if the acquirer is outside the EU). If the NCA does not oppose the acquisition before the expiry of the assessment period, the proposed acquisition is deemed approved under Article 83(8).", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Where the competent authority does not oppose the proposed acquisition ... the proposed acquisition shall" } }, "recent_changes": [ { "value": "2026-09-16: ESMA updated and republished the Interim MiCA Register across all five datasets, recording 352 authorised CASPs, 174 non-compliant entities, 49 EMT white papers, 0 ART issuers, and 998 crypto-asset white papers.", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Last update: 16 September 2026" }, { "value": "2026-07-01: Expiry of the Article 143(3) MiCA grandfathering transitional window across major EU Member States, requiring all active crypto service providers to hold full MiCA authorization or cease operations.", "source": "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across the financial sector, establishing ESMA as Lead Overseer alongside EBA and EIOPA for Critical ICT third-party service providers (CTPPs).", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-30: Full commencement of MiCA Title V (Regulation (EU) 2023/1114), establishing unified EU-wide CASP authorization, passporting, market abuse prohibitions, and the ESMA central registers.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-12-21: Entry into application of Regulation (EU) 2023/2631 on European Green Bonds, assigning ESMA direct registration and supervisory competence over External Reviewers of European Green Bonds.", "source": "https://www.esma.europa.eu/sites/default/files/2025-08/ESMA80-1286971524-881_Registration_Guide.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Article 22 of the EuGBR states that External Reviewers for European Green Bonds must be" } ], "contacts": { "address": { "value": "ESMA, 201-203 rue de Bercy, CS 80910, 75589 Paris Cedex 12, France", "source": "https://www.esma.europa.eu/contact-help/esma-contact-information", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ESMA 201-203 rue de Bercy CS 80910 75589 Paris Cedex 12 France" } }, "photo_hint": "Gecina Ibox building 201-203 rue de Bercy Paris ESMA seat", "answer": "The European Securities and Markets Authority (ESMA) is the independent EU financial markets regulator in Paris. ESMA does not license fintechs or crypto firms directly; authorizations are granted by Member State national competent authorities. However, ESMA coordinates supervisory convergence and maintains the EU central register under MiCA, which lists 352 authorized crypto-asset service providers (CASPs) and 49 e-money token (EMT) issuers as of September 2026.", "faq": [ { "q": "Does ESMA directly issue crypto-asset service provider (CASP) licences under MiCA?", "a": "No. Under the EU Markets in Crypto-Assets Regulation (MiCA), direct licensing and ongoing supervision of CASPs are strictly carried out by National Competent Authorities (NCAs) in each EU Member State (such as BaFin in Germany or AMF in France). ESMA does not license CASPs directly; it establishes single technical standards, promotes supervisory convergence, and maintains the centralized EU public register of all 352 authorized CASPs." }, { "q": "How can I verify if a crypto firm or CASP is legitimate and authorised in the EU?", "a": "You can verify any CASP through ESMA's official Interim MiCA Register, published weekly as open CSV datasets on ESMA's portal. The register discloses each firm's home Member State, authorising NCA, Legal Entity Identifier (LEI), website URLs, and permitted services (such as custody or exchange). In addition, ESMA publishes a blacklist of non-compliant entities operating without authorization (listing 174 unauthorized entities as of September 2026)." }, { "q": "What entities does ESMA supervise directly instead of national authorities?", "a": "ESMA directly registers and supervises EU critical market infrastructure providers rather than commercial banks or fintechs. Direct supervisory remits include Credit Rating Agencies (CRAs), Trade Repositories (TRs) under EMIR and SFTR, Securitisation Repositories (SRs), non-derogated Data Reporting Services Providers (DRSPs/APAs/ARMs), critical benchmark administrators, external reviewers of European Green Bonds, and critical ICT third-party providers (CTPPs) under DORA alongside the EBA and EIOPA." }, { "q": "What is the EU DLT Pilot Regime and does ESMA run a regulatory sandbox?", "a": "Under Regulation (EU) 2022/858, the EU DLT Pilot Regime functions as a statutory regulatory sandbox for market infrastructures using distributed ledger technology. While national competent authorities grant specific permissions and exemptions from MiFID II or CSDR requirements to operate DLT trading facilities and settlement systems, ESMA oversees cross-border coordination, issues supervisory guidelines, evaluates national approvals, and maintains the public register of DLT market infrastructures." }, { "q": "What fees does ESMA charge to fintech and crypto market participants?", "a": "None for CASPs, payment firms or crowdfunding platforms: they are authorised by national competent authorities, which charge the application and supervisory fees. ESMA charges fees only to the entities it supervises directly, such as credit rating agencies, trade repositories, critical benchmark administrators and data reporting services providers, at rates set by Commission delegated regulations." } ], "open_questions": [ "The Interim MiCA Register is published weekly as five flat CSV files on ESMA's website; ESMA plans to migrate the data into the main interactive ESMA Registers portal (registers.esma.europa.eu) during late 2026.", "As of September 2026, no asset-referenced token (ART) issuers have been authorized or notified on the official ESMA interim register (ARTZZ.csv contains 0 entries), reflecting the stringent bank or EMI backing and prudential requirements established under MiCA Title III." ], "licence_ids": [ "casp-mica--EU", "stablecoin-issuer--EU", "stablecoin-issuer--EU--art", "lending--EU--crowdfunding" ], "law_ids": [ "eu-mica-2023-1114", "eu-esma-regulation-1095-2010", "eu-mifid2-2014-65", "eu-mifir-600-2014", "eu-dora-2022-2554", "eu-ecspr-2020-1503", "eu-dlt-pilot-regime-2022-858" ], "type": "regulator" }, { "id": "fca-uk", "name": "Financial Conduct Authority", "local_name": "Financial Conduct Authority", "abbr": "FCA", "jurisdictions": [ "GB" ], "kind": "conduct", "wikidata": "Q5449596", "wikipedia": "https://en.wikipedia.org/wiki/Financial_Conduct_Authority", "website": { "value": "https://www.fca.org.uk/", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "About the FCA" }, "register_urls": [ { "value": "https://register.fca.org.uk/s/", "label": "Financial Services Register search portal", "source": "https://register.fca.org.uk/s/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "NewRegister" }, { "value": "https://www.fca.org.uk/firms/financial-services-register", "label": "Financial Services Register information and access guide", "source": "https://www.fca.org.uk/firms/financial-services-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The FS Register lists firms" }, { "value": "https://register.fca.org.uk/Developer/", "label": "FS Register API Developer Portal", "source": "https://www.fca.org.uk/firms/financial-services-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FS Register API Developer Portal" } ], "register_how": { "value": "Users can search the Financial Services Register by firm name, 6-digit reference number (FRN), individual name (IRN), or postcode on register.fca.org.uk/s/. An active entry displays the firm's reference number, authorization status (such as Authorised, Registered, or MLRs Registered), permissions and regulated activities, appointed representatives, trading names, registered address, and any supervisory requirements or restrictions.", "source": "https://www.fca.org.uk/firms/financial-services-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Directory Persons data for firms regulated solely by the FCA" }, "hq_city": { "value": "London", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "12 Endeavour Square London E20 1JN" }, "founded": { "value": 2013, "source": "https://en.wikipedia.org/wiki/Financial_Conduct_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Formed 1 April 2013" }, "mandate": { "value": "The Financial Conduct Authority regulates the conduct of around 35,500 financial services firms and financial markets across the United Kingdom, and serves as the prudential supervisor for approximately 34,000 solo-regulated firms. Its statutory objectives under the Financial Services and Markets Act 2000 are to protect consumers, protect and enhance the integrity of the UK financial system, promote effective competition, and support medium to long-term UK economic growth.", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "We regulate the conduct of around 35,500 businesses" }, "supervises": [ { "value": "Electronic money institutions (Authorised and Small EMIs) under the Electronic Money Regulations 2011", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "electronic money institution applicants" }, { "value": "Payment institutions (Authorised and Small PIs, and RAISPs) under the Payment Services Regulations 2017", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "payment institution applicants" }, { "value": "Cryptoasset businesses registered under the Money Laundering Regulations 2017 and authorised under FSMA", "source": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "new regulatory regime for cryptoassets" }, { "value": "Investment firms, asset managers, and principal trading firms under MIFIDPRU and FSMA Part 4A", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MiFID investment managers" }, { "value": "Credit institutions, banks, building societies, and credit unions (conduct supervision, dual-regulated with PRA)", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "prudential regulator of around 1,500 banks" }, { "value": "Consumer credit providers, lenders, and debt advice bodies under FSMA Part 4A", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "full or limited consumer credit permissions" }, { "value": "Alternative investment fund managers (AIFMs) and UCITS management companies under UK AIFMD and UCITS regulations", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorised alternative investment fund managers" }, { "value": "Multilateral trading facilities (MTFs), organised trading facilities (OTFs), and recognised investment exchanges", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Multilateral trading facilities (MTFs)" } ], "licences_issued": [ { "id": "emi--GB", "family": "emi", "name": { "value": "Authorised Electronic Money Institution (AEMI)", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "electronic money institution applicants" }, "licensee_count": null }, { "id": "emi--GB--semi", "family": "emi", "name": { "value": "Small Electronic Money Institution (SEMI) Registration", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The fee for a small EMI is Category 3" }, "licensee_count": null }, { "id": "payment-institution--GB", "family": "payment-institution", "name": { "value": "Authorised Payment Institution (API)", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "payment institution applicants" }, "licensee_count": null }, { "id": "payment-institution--GB--spi", "family": "payment-institution", "name": { "value": "Small Payment Institution (SPI) Registration", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The fee for a small PI is Category 3" }, "licensee_count": null }, { "id": "payment-institution--GB--raisp", "family": "payment-institution", "name": { "value": "Registered Account Information Service Provider (RAISP)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registered account information service provider (RAISP)" }, "licensee_count": null }, { "id": "vasp--GB", "family": "vasp", "name": { "value": "Cryptoasset Business Registration (MLRs 2017)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "register as a cryptoasset firm is Category 6" }, "licensee_count": null }, { "id": "investment-firm--GB", "family": "investment-firm", "name": { "value": "MIFIDPRU Investment Firm Authorisation (Part 4A FSMA)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MiFID investment managers fall into Category 6" }, "licensee_count": null }, { "id": "bank--GB", "family": "bank", "name": { "value": "Deposit Taker / Commercial Bank Authorisation (Part 4A FSMA, Dual-Regulated)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation as a deposit taker" }, "licensee_count": null }, { "id": "fund-manager--GB--aifm", "family": "fund-manager", "name": { "value": "Alternative Investment Fund Manager (AIFM) Authorisation / Registration", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorised and registered Alternative Investment Fund Managers" }, "licensee_count": null }, { "id": "lending--GB--consumer", "family": "lending", "name": { "value": "Consumer Credit Full Permission Authorisation (Part 4A FSMA)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Full permission application The fee is either Category 3, 5 or 6" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "The FCA operates the Pre-Application Support Service (PASS), which is free of charge. Applicants request a meeting via the FCA Connect portal, providing proposed business models and regulatory perimeter analysis. PASS covers wholesale, payments, insurance, cryptoasset, and consumer investment applications, as well as complex change in control notifications and rule waivers.", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pre-application meetings are free of charge" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The FCA Innovation Hub supports innovative fintech and regtech firms through dedicated services including Innovation Pathways (direct regulatory guidance), the Digital Sandbox (synthetic datasets and APIs for testing proof-of-concepts), the Smart Data Accelerator, and TechSprints tackling industry challenges.", "source": "https://www.fca.org.uk/firms/authorisation/pre-application-support-service", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FCA Innovation Hub offers innovative firms a range of market-facing tools" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "The FCA Regulatory Sandbox operates an open year-round application window allowing authorized and unauthorized firms to test innovative propositions live with real UK consumers under tailored safeguards. Testing tools include restricted authorization, rule waivers or modifications under FSMA Section 138A, individual guidance, informal steers, and no-enforcement action letters.", "source": "https://www.fca.org.uk/firms/innovation/regulatory-sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Firms can submit their applications at any point throughout the year." } }, "portal": { "value": "FCA Connect (https://www.fca.org.uk/firms/connect)", "source": "https://www.fca.org.uk/firms/connect", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Connect is an online system used by firms" }, "fee_schedule": { "value": "FCA Handbook FEES Manual (FEES 3 for authorization application fees and FEES 4 for periodic annual funding requirement levies)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FEES 3 Annex 1" } }, "fees": [ { "licence_id": "emi--GB", "kind": "application", "amount": { "value": "GBP 5,640 (Pricing Category 5)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 5: £5,640 fee" } }, { "licence_id": "emi--GB", "kind": "annual", "amount": { "value": "GBP 2,000 standard minimum fee (Fee-block A.0) plus GBP 2,043 extra fee for large electronic money institutions (Fee-block G.10) plus variable levy based on average outstanding electronic money", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "large electronic money institution (£2,043)" } }, { "licence_id": "emi--GB--semi", "kind": "application", "amount": { "value": "GBP 1,130 (Pricing Category 3)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 3: £1,130 fee" } }, { "licence_id": "emi--GB--semi", "kind": "annual", "amount": { "value": "GBP 1,418 extra fee for small electronic money institutions (Fee-block G.11)", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "small electronic money institution (£1,418)" } }, { "licence_id": "payment-institution--GB", "kind": "application", "amount": { "value": "GBP 5,640 (Pricing Category 5 for payment services a-e) or GBP 2,820 (Pricing Category 4 for payment services f-h)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 4 or 5 if you're an authorised PI" } }, { "licence_id": "payment-institution--GB", "kind": "annual", "amount": { "value": "GBP 2,000 standard minimum fee (Fee-block A.0) plus GBP 646 extra fee for payment services providers (Fee-block G.3) plus variable levy based on relevant payment turnover", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "payment services provider (£646)" } }, { "licence_id": "payment-institution--GB--spi", "kind": "application", "amount": { "value": "GBP 1,130 (Pricing Category 3)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "fee for a small PI is Category 3" } }, { "licence_id": "payment-institution--GB--spi", "kind": "annual", "amount": { "value": "GBP 646 extra periodic fee for small payment institutions (Fee-block G.3)", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "payment services provider (£646)" } }, { "licence_id": "payment-institution--GB--raisp", "kind": "application", "amount": { "value": "GBP 1,130 (Pricing Category 3)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registered account information service provider (RAISP) The fee is Category 3." } }, { "licence_id": "payment-institution--GB--raisp", "kind": "annual", "amount": { "value": "GBP 646 extra periodic fee for registered account information service providers (Fee-block G.3)", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "payment services provider (£646)" } }, { "licence_id": "vasp--GB", "kind": "application", "amount": { "value": "GBP 11,260 (Pricing Category 6 for MLRs cryptoasset registration)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "fee to register as a cryptoasset firm is Category 6." } }, { "licence_id": "vasp--GB", "kind": "annual", "amount": { "value": "Periodic supervisory fee under Fee-block G (firms registered under MLRs 2017) based on cryptoasset revenue", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "firms registered under Money Laundering" } }, { "licence_id": "investment-firm--GB", "kind": "application", "amount": { "value": "GBP 2,820 (Category 4 for advisory/corporate finance) to GBP 11,260 (Category 6 for MiFID investment managers or principal trading firms)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MiFID investment managers fall into Category 6" } }, { "licence_id": "investment-firm--GB", "kind": "annual", "amount": { "value": "GBP 2,000 standard minimum fee (Fee-block A.0) plus variable levy based on funds under management (A.7), principal trading (A.10), or client assets (A.21)", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Most firms with the ‘A’ fee-blocks will pay a minimum fee of £2,000" } }, { "licence_id": "bank--GB", "kind": "application", "amount": { "value": "GBP 28,150 (Pricing Category 7 FCA application fee for deposit takers, dual-regulated with PRA)", "source": "https://www.fca.org.uk/firms/authorisation/how-to-apply/fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 7: £28,150 fee" } }, { "licence_id": "bank--GB", "kind": "annual", "amount": { "value": "GBP 1,000 to the FCA and GBP 600 to the PRA minimum fee (Fee-block A.0) plus variable fee on modified eligible liabilities (Fee-block A.1)", "source": "https://www.fca.org.uk/firms/fees/how-we-calculate-annual-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "minimum fee will be £1,000 to the FCA and £600 to the PRA" } } ], "timelines": [ { "licence_id": "emi--GB", "statutory": { "value": "3 months from receipt of a complete application, or 12 months from receipt of an incomplete application under Regulation 9 of EMRs 2011", "source": "https://www.legislation.gov.uk/uksi/2011/99/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Determination of application for authorisation" }, "observed": { "value": "Median elapsed determination time of 207 calendar days (Lower Quartile: 124 days, Upper Quartile: 269 days) across 44 payment services and e-money applications (PS1-4) determined in Q4 2025/26", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment Services/E-Money Authorisations and Variations" } }, { "licence_id": "payment-institution--GB", "statutory": { "value": "3 months from receipt of a complete application, or 12 months from receipt of an incomplete application under Regulation 9 of PSRs 2017", "source": "https://www.legislation.gov.uk/uksi/2017/752/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Determination of application for authorisation" }, "observed": { "value": "Median elapsed determination time of 207 calendar days (Lower Quartile: 124 days, Upper Quartile: 269 days) across 44 cases (PS1-4 Payment Services & E-Money Authorisations) determined in Q4 2025/26", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment Services/E-Money Authorisations and Variations" } }, { "licence_id": "vasp--GB", "statutory": { "value": "3 months from receipt of a complete application under Regulation 59(3A) of the Money Laundering Regulations 2017", "source": "https://www.legislation.gov.uk/uksi/2017/692/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Determination of applications for registration" }, "observed": { "value": "Median elapsed determination time of 236 calendar days (Lower Quartile: 172 days, Upper Quartile: 302 days) across 7 cases closed in Q4 2025/26 (A1.3 5MLD registrations)", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "5MLD" } }, { "licence_id": "investment-firm--GB", "statutory": { "value": "6 months from receipt of a complete application, or 12 months from receipt of an incomplete application under Section 55V of FSMA 2000", "source": "https://www.legislation.gov.uk/ukpga/2000/8/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Determination of applications" }, "observed": { "value": "Median elapsed determination time of 138 calendar days (Lower Quartile: 105 days, Upper Quartile: 183 days) across 310 Part 4A solo-regulated New Firm Authorisations determined in Q4 2025/26", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "New Firm Authorisations" } }, { "licence_id": "bank--GB", "statutory": { "value": "6 months from receipt of a complete application, or 12 months from receipt of an incomplete application under Section 55V of FSMA 2000", "source": "https://www.legislation.gov.uk/ukpga/2000/8/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Determination of applications" }, "observed": { "value": "12 to 18 months in practice for joint determination by the Prudential Regulation Authority and FCA through the New Bank Start-up Unit", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "work with the Prudential Regulation Authority (PRA)" } } ], "statistics": [ { "value": "Around 35,500 financial services businesses subject to FCA conduct regulation in the UK (FCA overview, 2026-07-09)", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "We regulate the conduct of around 35,500 businesses" }, { "value": "Around 34,000 solo-regulated firms prudentially supervised directly by the FCA (FCA overview, 2026-07-09)", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "prudentially supervise around 34,000 firms" }, { "value": "Around 1,500 banks, building societies, credit unions, insurers and major investment firms dual-regulated with the PRA (FCA overview, 2026-07-09)", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "prudential regulator of around 1,500 banks" }, { "value": "97.6% of applications determined within performance deadlines across all metric areas in Q4 2025/26 (99.2% within statutory deadlines) (authorisations metrics, 2026-05-26)", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "97.6% of applications across all metric areas were determined within the deadlines" }, { "value": "310 Part 4A solo-regulated authorisations (New Firm Authorisation) determined in Q4 2025/26 with a median determination time of 138 calendar days (authorisations metrics, 2026-05-26)", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "This data covers January to March 2026." }, { "value": "44 Payment Services and Electronic Money Regulations authorisations/registrations (PS1-4) determined in Q4 2025/26 with a median determination time of 207 calendar days (authorisations metrics, 2026-05-26)", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payment Services/E-Money Authorisations and Variations" }, { "value": "7 cryptoasset AML/CFT registrations (5MLD) determined in Q4 2025/26 with a median determination time of 236 calendar days (authorisations metrics, 2026-05-26)", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "5MLD" }, { "value": "365 change in control notifications determined in Q4 2025/26 with a median determination time of 41 calendar days (Lower Quartile: 18 days, Upper Quartile: 65 days) (authorisations metrics, 2026-05-26)", "source": "https://www.fca.org.uk/data/fca-authorisations-operating-service-metrics-2025-26-q4", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Change in Control" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Acquirers must obtain FCA approval prior to acquiring or increasing control in an FCA or PRA authorized firm; acquiring control without approval constitutes a criminal offence under FSMA 2000 Section 191F. For Directive firms (including banks, MiFID investment firms, UCITS Mancos, payment institutions, and electronic money institutions), control thresholds are 10%, 20%, 30%, and 50% of shares or voting rights, or becoming a parent undertaking. For non-Directive firms (such as non-MiFID investment firms, general insurance intermediaries, and full-scope AIFMs), a single 20% or more threshold applies. For cryptoasset firms under MLRs Schedule 6B (amended 30 June 2026), a 25% beneficial owner threshold applies, alongside FSMA bands if no beneficial owner exists. The statutory assessment period is 60 business days from complete notification acknowledgment (FSMA Section 189), pausable once for up to 30 business days if further information is requested.", "source": "https://www.fca.org.uk/firms/change-control/control-thresholds-bands", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Thresholds for control of Directive firms are defined in the following bands: 10% or more" } }, "recent_changes": [ { "value": "2026-09-30: FCA opens the cryptoasset authorization gateway at 7:00 AM for firms to apply for Part 4A permission or permission variations under the new FSMA cryptoasset regime ahead of full commencement (gateway application window closes 28 February 2027).", "source": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/how-gateway-will-operate", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "apply for authorisation or to vary permissions from 7am on 30 September 2026" }, { "value": "2026-06-30: FCA published final rules and guidance for the new FSMA cryptoasset regime, and the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 commenced, updating Schedule 6B change in control requirements for cryptoasset firms.", "source": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "On 30 June 2026, we published our final rules and guidance" }, { "value": "2026-02-04: The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) were made by Parliament, formally bringing qualifying cryptoassets into the UK regulated activities perimeter.", "source": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were made" }, { "value": "2027-10-25: UK's new FSMA regulatory regime for cryptoassets is scheduled to come into full force, after which only FSMA-authorised firms or firms protected by statutory saving provisions may provide regulated cryptoasset services in the UK.", "source": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The new cryptoasset regime is expected to come into force on 25 October 2027." } ], "contacts": { "address": { "value": "12 Endeavour Square, London E20 1JN, United Kingdom", "source": "https://www.fca.org.uk/about/the-fca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "12 Endeavour Square London E20 1JN" } }, "photo_hint": "Financial Conduct Authority building 12 Endeavour Square Stratford London", "answer": "The Financial Conduct Authority (FCA) is the UK's financial conduct regulator and the prudential supervisor for around 34,000 solo-regulated firms. Regulating conduct across 35,500 businesses, the FCA licenses payment institutions, electronic money institutions, investment firms, consumer credit lenders, and cryptoasset businesses transitioning to the new FSMA cryptoasset regime opening on 30 September 2026.", "faq": [ { "q": "What is the difference between an Authorised EMI and a Small EMI under the FCA?", "a": "An Authorised Electronic Money Institution (AEMI) can issue unlimited electronic money and provide payment services across the UK, subject to a GBP 5,640 application fee, capital requirements, and ongoing reporting. A Small EMI (SEMI) faces a simplified registration (GBP 1,130 fee) but is subject to a strict turnover cap of EUR 5,000,000 in average outstanding electronic money and monthly payment volumes up to EUR 3,000,000." }, { "q": "How does the UK regulate cryptoasset firms in 2026 and what is the new gateway?", "a": "Cryptoasset firms currently operate under Money Laundering Regulations (MLRs 2017) registration. On 4 February 2026, Parliament made SI 2026/102, bringing cryptoassets under FSMA. The FCA opens a dedicated application gateway at 7:00 AM on 30 September 2026 (closing 28 February 2027) for firms to apply for Part 4A permissions before the regime fully commences on 25 October 2027. Existing MLR registrations will not automatically convert." }, { "q": "What is the FCA Pre-Application Support Service (PASS) and how much does it cost?", "a": "The Pre-Application Support Service (PASS) is a free initiative provided by the FCA. Prospective applicants submit an engagement request via FCA Connect outlining their business model and regulatory analysis. Case officers review the proposal to clarify regulatory perimeter requirements, discuss authorization expectations, and identify potential issues before formal application submission, reducing subsequent assessment delays." }, { "q": "What are the statutory change of control thresholds and rules under the FCA?", "a": "Under FSMA Part 12, proposed acquirers must obtain prior FCA approval before acquiring or increasing control; failure to do so is a criminal offence under Section 191F. For Directive firms (including payment and e-money institutions), thresholds are 10%, 20%, 30%, and 50%. The statutory assessment period is 60 business days from complete acknowledgment, pausable once for up to 30 business days for information requests." }, { "q": "How does the FCA Regulatory Sandbox work for innovative fintech firms?", "a": "The FCA Regulatory Sandbox operates an open, year-round application window for authorized, unauthorized, and technology firms testing innovative products live with UK consumers. It provides access to regulatory expertise and tools including restricted authorization, rule waivers or modifications under FSMA Section 138A, individual guidance, and no-enforcement action letters to facilitate safe market testing in a controlled environment." } ], "open_questions": [ "The FCA Financial Services Register runs as an interactive Salesforce Lightning application protected by reCAPTCHA verification, which does not provide static public register download files or aggregate live licensee count tables for individual authorization categories without an active API subscription or paid Register Extract Service (RES) agreement.", "The application fee for new FSMA cryptoasset authorizations submitted during the gateway window opening on 30 September 2026 is expected to align with Category 6 (£11,260) or specialized wholesale fee categories, but final fee structures under upcoming FEES manual amendments remain subject to ongoing consultation before the 25 October 2027 commencement date." ], "licence_ids": [ "emi--GB", "emi--GB--semi", "payment-institution--GB", "payment-institution--GB--spi", "payment-institution--GB--raisp", "vasp--GB", "investment-firm--GB", "bank--GB", "fund-manager--GB--aifm", "lending--GB--consumer" ], "law_ids": [ "gb-fsma-2000", "gb-payment-services-regulations-2017", "gb-electronic-money-regulations-2011", "gb-money-laundering-regulations-2017", "gb-fsma-cryptoassets-regulations-2026" ], "type": "regulator" }, { "id": "finantsinspektsioon-estonia", "name": "Finantsinspektsioon", "local_name": "Finantsinspektsioon", "abbr": "FI", "jurisdictions": [ "EE" ], "kind": "multi", "wikidata": "Q12362644", "wikipedia": "https://en.wikipedia.org/wiki/Estonian_Financial_Supervisory_Authority", "website": { "value": "https://www.fi.ee/en", "source": "https://www.fi.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Finantsinspektsioon" }, "register_urls": [ { "value": "https://www.fi.ee/en/supervised-entities", "label": "Register of Supervised Entities (all supervised sectors)", "source": "https://www.fi.ee/en/supervised-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervised Entities" }, { "value": "https://www.fi.ee/en/investment-market/crypto-asset-service-provider-casp/crypto-asset-service-providers-estonia", "label": "Crypto asset service providers in Estonia (MiCA CASP)", "source": "https://www.fi.ee/en/investment-market/crypto-asset-service-provider-casp/crypto-asset-service-providers-estonia", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto asset service providers in Estonia" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2217]=2217", "label": "Estonian electronic money institutions", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2217]=2217", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian e-money institutions" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218", "label": "Electronic money institutions operating with an exception", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervised Entities" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "label": "Estonian payment institutions", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian payment institutions" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[29]=29", "label": "Licensed credit institutions in Estonia (commercial banks)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[29]=29", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit institutions in Estonia" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[160]=160", "label": "Licenced investment firms in Estonia", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[160]=160", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced investment firms in Estonia" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092", "label": "Estonian crowdfunding service providers under ECSPR", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian crowdfunding service providers" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185", "label": "Licenced fund management companies", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced fund management companies" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188", "label": "Small fund managers without activity licence", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small fund managers without activity licence" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197", "label": "Licensed creditors in Estonia", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed creditors in Estonia" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199", "label": "Licensed credit intermediaries in Estonia", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit intermediaries in Estonia" }, { "value": "https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203", "label": "Credit servicers in Estonia", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit servicers in Estonia" }, { "value": "https://oam.fi.ee/en", "label": "Central storage of regulated information (OAM)", "source": "https://oam.fi.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Central storage of regulated information" } ], "register_how": { "value": "Search the Finantsinspektsioon Supervised Entities register by entity name, registry code, or sector filter checkboxes. An active entry displays the company's full legal name, registry code, registered address, official email, share capital, date of entry, and detailed operating licence numbers and decisions with authorized activities.", "source": "https://www.fi.ee/en/supervised-entities", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervised Entities" }, "hq_city": { "value": "Tallinn", "source": "https://www.fi.ee/en/financial-supervision/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Sakala 4, 15030 Tallinn, Estonia" }, "founded": { "value": 2002, "source": "https://www.fi.ee/en/finantsinspektsioon/about-finantsinspektsioon/history-creation-joint-financial-supervision", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Supervision Authority, which was launched on 1 January 2002" }, "mandate": { "value": "Finantsinspektsioon is Estonia's independent financial supervision and crisis resolution authority operating with autonomous responsibilities and budget to ensure the stability, reliability, and transparency of the financial sector, participating in the European Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM).", "source": "https://www.fi.ee/en/finantsinspektsioon/about-finantsinspektsioon", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Finantsinspektsioon is a financial supervision and crisis resolution authority with autonomous responsibilities and budget" }, "supervises": [ { "value": "Electronic money institutions and payment institutions", "source": "https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licence as a payment institution or e-money institution" }, { "value": "Crypto-asset service providers and token issuers under MiCA", "source": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation to operate in markets in crypto-assets" }, { "value": "Credit institutions and commercial banks", "source": "https://www.fi.ee/en/banking-and-credit/applying-activity-licences/operating-licence-credit-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "apply for credit institution authorisation from Finantsinspektsioon" }, { "value": "Investment firms and financial instrument markets", "source": "https://www.fi.ee/en/investment/applying-operating-licence/operating-licence-investment-firm", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation of investment firms" }, { "value": "Fund management companies and investment funds", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced fund management companies" }, { "value": "Creditors, credit intermediaries, and credit servicers", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed creditors in Estonia" }, { "value": "Crowdfunding service providers under ECSPR", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian crowdfunding service providers" } ], "licences_issued": [ { "id": "casp-mica--EE", "family": "casp-mica", "name": { "value": "Authorisation to operate as a crypto-asset service provider under MiCA", "source": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorisation to operate in markets in crypto-assets" }, "licensee_count": { "value": 1, "source": "https://www.fi.ee/en/investment-market/crypto-asset-service-provider-casp/crypto-asset-service-providers-estonia", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lightspark Payments Europe AS" } }, { "id": "emi--EE", "family": "emi", "name": { "value": "Operating licence as an electronic money institution", "source": "https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Operating licences for an e-money institution" }, "licensee_count": { "value": 4, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2217]=2217", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian e-money institutions" } }, { "id": "emi--EE--exception", "family": "emi", "name": { "value": "Electronic money institution operating with an exception", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervised Entities" }, "licensee_count": { "value": 0, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervised Entities" } }, { "id": "payment-institution--EE", "family": "payment-institution", "name": { "value": "Operating licence as a payment institution", "source": "https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Applying for an operating licence as a payment institution" }, "licensee_count": { "value": 9, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian payment institutions" } }, { "id": "payment-institution--EE--exception", "family": "payment-institution", "name": { "value": "Payment institution operating with an exception", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian payment institutions with an exception" }, "licensee_count": { "value": 2, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian payment institutions with an exception" } }, { "id": "bank--EE", "family": "bank", "name": { "value": "Credit institution authorisation (bank)", "source": "https://www.fi.ee/en/banking-and-credit/applying-activity-licences/operating-licence-credit-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for credit institution authorisation" }, "licensee_count": { "value": 8, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[29]=29", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit institutions in Estonia" } }, { "id": "investment-firm--EE", "family": "investment-firm", "name": { "value": "Authorisation as an investment firm", "source": "https://www.fi.ee/en/investment/applying-operating-licence/operating-licence-investment-firm", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Application for authorisation of investment firms" }, "licensee_count": { "value": 6, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[160]=160", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced investment firms in Estonia" } }, { "id": "fund-manager--EE", "family": "fund-manager", "name": { "value": "Operating licence as a fund management company", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced fund management companies" }, "licensee_count": { "value": 12, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced fund management companies" } }, { "id": "fund-manager--EE--small", "family": "fund-manager", "name": { "value": "Small fund manager registration without activity licence", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small fund managers without activity licence" }, "licensee_count": { "value": 67, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small fund managers without activity licence" } }, { "id": "lending--EE--creditor", "family": "lending", "name": { "value": "Operating licence as a creditor", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed creditors in Estonia" }, "licensee_count": { "value": 31, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed creditors in Estonia" } }, { "id": "lending--EE--intermediary", "family": "lending", "name": { "value": "Operating licence as a credit intermediary", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit intermediaries in Estonia" }, "licensee_count": { "value": 7, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit intermediaries in Estonia" } }, { "id": "lending--EE--crowdfunding", "family": "lending", "name": { "value": "Authorisation as a crowdfunding service provider under ECSPR", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian crowdfunding service providers" }, "licensee_count": { "value": 1, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estateguru OÜ" } }, { "id": "lending--EE--credit-servicer", "family": "lending", "name": { "value": "Operating licence as a credit servicer", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit servicers in Estonia" }, "licensee_count": { "value": 4, "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit servicers in Estonia" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Finantsinspektsioon offers pre-application consultations and project assessments free of charge through its Innovation Hub and Licensing Department. Applicants complete an online involvement questionnaire or email preliminary business models to receive non-binding supervisory feedback prior to formal filing.", "source": "https://www.fi.ee/en/finantsinspektsioon/innovation-hub/involvement-innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "data required below can be sent to the Innovation Hub" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Finantsinspektsioon operates an Innovation Hub providing a single dedicated contact point for fintech and crypto firms to clarify regulatory perimeter issues, supervisory guidelines, and licensing expectations (contact: fintech@fi.ee).", "source": "https://www.fi.ee/en/finantsinspektsioon/innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Finantsinspektsioon Innovation Hub is an initiative through which Finantsinspektsioon can communicate with companies" } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "Finantsinspektsioon does not operate a regulatory sandbox; it deliberately channels innovation support through its Innovation Hub to maintain a level playing field, offering pre-licensing guidance and qualification analysis rather than live-testing regulatory waivers or exemptions.", "source": "https://www.fi.ee/en/finantsinspektsioon/innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "opinions given by the hub on the legislative and supervisory frameworks ... are non-binding" } }, "portal": { "value": "FI Application Portal (https://taotlus.fi.ee/en) is Finantsinspektsioon's mandatory electronic submission system for licence applications for CASPs, payment institutions, e-money institutions, investment firms, and qualifying holding notifications.", "source": "https://taotlus.fi.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FI Application Portal enables you to submit: licence applications" }, "fee_schedule": { "value": "Finantsinspektsioon statutory application and supervisory fees established under the Financial Supervision Authority Act, the State Fees Act, and sectoral acts including the Crypto Markets Act.", "source": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The processing fee payable when applying for authorisation ... is 3,000 euros." } }, "fees": [ { "licence_id": "casp-mica--EE", "kind": "application", "amount": { "value": "EUR 3,000", "source": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The processing fee payable when applying for authorisation ... is 3,000 euros." } }, { "licence_id": "bank--EE", "kind": "application", "amount": { "value": "EUR 5,000", "source": "https://www.riigiteataja.ee/en/akt/529072025004", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--EE", "kind": "application", "amount": { "value": "EUR 3,000", "source": "https://www.riigiteataja.ee/en/akt/529072025004", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "payment-institution--EE", "kind": "application", "amount": { "value": "EUR 3,000", "source": "https://www.riigiteataja.ee/en/akt/529072025004", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "fund-manager--EE", "kind": "application", "amount": { "value": "EUR 600 (foreign fund public offering registration fee)", "source": "https://www.fi.ee/en/investment/applying-operating-licence/regulatory-fees-and-charges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "processing fee for the registration of the public offering ... is 600 euros" } } ], "timelines": [ { "licence_id": "casp-mica--EE", "statutory": { "value": "25 working days completeness check, followed by 40 working days decision period (procedural time limit may be paused for up to 20 working days)", "source": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "assess within 40 working days whether the applicant crypto-asset service provider meets the requirements" }, "observed": null }, { "licence_id": "emi--EE", "statutory": { "value": "Within 3 months after all necessary documentation is received, and not later than 6 months after initial receipt", "source": "https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months after all the necessary documentation and data have been received" }, "observed": null }, { "licence_id": "payment-institution--EE", "statutory": { "value": "Within 3 months after all necessary documentation is received, and not later than 6 months after initial receipt", "source": "https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months after all the necessary documentation and data have been received" }, "observed": null }, { "licence_id": "bank--EE", "statutory": { "value": "Within 6 months after receipt of complete documentation, and not later than 12 months after initial application receipt (decision taken by the ECB upon proposal by Finantsinspektsioon)", "source": "https://www.fi.ee/en/banking-and-credit/applying-activity-licences/operating-licence-credit-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months after receipt of all the necessary documents and information" }, "observed": { "value": "6 to 12 months in practice depending on document readiness and joint European Central Bank review", "source": "https://www.fi.ee/en/banking-and-credit/applying-activity-licences/operating-licence-credit-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "It takes 6-12 months to process the application for authorisation as a bank." } }, { "licence_id": "investment-firm--EE", "statutory": { "value": "Within 2 months of receipt of complete information and documents, but no later than 6 months after initial receipt", "source": "https://www.fi.ee/en/investment/applying-operating-licence/operating-licence-investment-firm", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within two months of the receipt of all the required information and documents" }, "observed": null } ], "statistics": [ { "value": "1 authorized crypto-asset service provider (CASP) under MiCA active in Estonia: Lightspark Payments Europe AS (register, 2026-09-24)", "source": "https://www.fi.ee/en/investment-market/crypto-asset-service-provider-casp/crypto-asset-service-providers-estonia", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lightspark Payments Europe AS" }, { "value": "4 authorized electronic money institutions active in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2217]=2217", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian e-money institutions" }, { "value": "0 electronic money institutions operating with an exception in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Supervised Entities" }, { "value": "9 authorized payment institutions active in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian payment institutions" }, { "value": "2 payment institutions operating with an exception in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estonian payment institutions with an exception" }, { "value": "8 licensed commercial credit institutions (banks) operating in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[29]=29", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit institutions in Estonia" }, { "value": "6 licensed investment firms operating in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[160]=160", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced investment firms in Estonia" }, { "value": "1 authorized crowdfunding service provider under ECSPR operating in Estonia: Estateguru OÜ (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Estateguru OÜ" }, { "value": "12 licensed fund management companies active in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licenced fund management companies" }, { "value": "67 small fund managers registered without activity licence in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Small fund managers without activity licence" }, { "value": "31 licensed creditors active in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed creditors in Estonia" }, { "value": "7 licensed credit intermediaries active in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed credit intermediaries in Estonia" }, { "value": "4 licensed credit servicers active in Estonia (register, 2026-09-24)", "source": "https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit servicers in Estonia" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of share capital or voting rights in an Estonian bank, payment institution, EMI, investment firm, or CASP requires prior notification and approval from Finantsinspektsioon. Filings are submitted electronically through the FI Application Portal (or via the ECB SSM portal for credit institutions). The statutory assessment period is 60 working days from receipt of complete documentation, interruptible once by up to 20 or 30 working days to request additional information, evaluating acquirer reputation, financial solidity, and AML/CFT compliance.", "source": "https://taotlus.fi.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "notifications on acquisitions of qualifying holdings of subjects of financial supervision" } }, "recent_changes": [ { "value": "2026-07-01: The MiCA transitional period ended in Estonia; legacy FIU virtual currency licences were cancelled, leaving Finantsinspektsioon as the sole authority granting crypto-asset service provider authorisations.", "source": "https://www.fi.ee/en/news/transitional-period-providers-crypto-asset-services-ending", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Intelligence Unit will consequently cancel on 1 July the register data" }, { "value": "2026-06-16: Finantsinspektsioon granted its first authorisation of a crypto-asset service provider (CASP) under MiCA.", "source": "https://subjektid.fi.ee/view/48096/CRYPTO_ASSET_SERVICE_PROVIDERS_IN_ESTONIA?lang=en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Date of a decision to grant an activity license 16.06.2026" }, { "value": "2026-03-18: Finantsinspektsioon made submission through the new online FI Application Portal (taotlus.fi.ee) mandatory for payment institutions, e-money institutions, CASPs, and investment firms.", "source": "https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "must be submitted through the Finantsinspektsioon application portal" }, { "value": "2026-01-16: Kerstin Pilt took office as the new Chair of the Management Board of Finantsinspektsioon, succeeding long-serving Chairman Kilvar Kessler.", "source": "https://www.fi.ee/en/finantsinspektsioon/about-finantsinspektsioon/history-creation-joint-financial-supervision", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Chair of Finantsinspektsioon from 16 January 2026 is Kerstin Pilt." }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) became applicable across the EU, with the Estonian Crypto Markets Act designating Finantsinspektsioon as the competent authority.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "apply from 30 December 2024" } ], "contacts": { "address": { "value": "Sakala 4, 15030 Tallinn, Estonia", "source": "https://www.fi.ee/en/financial-supervision/contacts", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Sakala 4, 15030 Tallinn, Estonia" } }, "photo_hint": "Finantsinspektsioon headquarters building Sakala 4 Tallinn Estonia", "answer": "Finantsinspektsioon (FI) is Estonia's single financial supervision and resolution authority. It licenses and supervises credit institutions, payment and electronic money institutions, investment firms, fund managers, and crypto-asset service providers under EU MiCA. As of September 2026, FI supervises 8 licensed banks, 9 payment institutions, 4 electronic money institutions, 6 investment firms, and 1 MiCA crypto-asset service provider, providing unified prudential and conduct supervision.", "faq": [ { "q": "What is Finantsinspektsioon and what are its primary supervisory functions?", "a": "Finantsinspektsioon is Estonia's autonomous financial supervision and crisis resolution authority, operational since 1 January 2002. It exercises integrated prudential and conduct supervision across banks, payment institutions, e-money institutions, investment firms, fund managers, and crypto-asset service providers, participating directly in the European Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM)." }, { "q": "How did the regulatory regime for crypto-asset service providers change in Estonia in 2026?", "a": "On 1 July 2026, Estonia's MiCA transitional period expired. Legacy virtual currency licences previously maintained by the Financial Intelligence Unit (FIU) were formally cancelled. Crypto-asset service providers must now hold an authorisation from Finantsinspektsioon under Regulation (EU) 2023/1114 (MiCA) and the Estonian Crypto Markets Act (CMA), with Lightspark Payments Europe AS being the first licensee." }, { "q": "What are the fees and statutory processing timelines for payment and e-money institutions?", "a": "Applying for an operating licence as a payment institution or electronic money institution incurs a statutory administrative fee under national law. Finantsinspektsioon must decide on the application within 3 months of receiving complete documentation, with an absolute statutory deadline of 6 months from initial receipt. Submissions must be made through the FI Application Portal." }, { "q": "Does Finantsinspektsioon offer an Innovation Hub or Regulatory Sandbox for fintechs?", "a": "Finantsinspektsioon operates an Innovation Hub providing free regulatory consultations and pre-application guidance for fintech and crypto firms via fintech@fi.ee. However, Finantsinspektsioon does not maintain a regulatory sandbox, deliberately choosing to ensure non-discriminatory market access and regulatory neutrality rather than providing testing waivers or temporary legal exemptions." }, { "q": "What change-of-control rules apply when acquiring a holding in an Estonian licensed fintech?", "a": "Acquiring or increasing a direct or indirect qualifying holding reaching or exceeding 10%, 20%, 30%, or 50% in an Estonian bank, payment institution, EMI, or investment firm requires prior notification and approval from Finantsinspektsioon. The statutory assessment period is 60 working days from receipt of a complete filing, interruptible once by up to 20 or 30 working days." } ], "open_questions": [], "licence_ids": [ "casp-mica--EE", "emi--EE", "emi--EE--exception", "payment-institution--EE", "payment-institution--EE--exception", "bank--EE", "investment-firm--EE", "fund-manager--EE", "fund-manager--EE--small", "lending--EE--creditor", "lending--EE--intermediary", "lending--EE--crowdfunding", "lending--EE--credit-servicer" ], "law_ids": [ "ee-financial-supervision-authority-act", "ee-payment-institutions-and-e-money-institutions-act", "ee-credit-institutions-act", "ee-securities-market-act", "ee-crypto-markets-act", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-crd-2013-36", "eu-crr-575-2013", "eu-dora-2022-2554", "eu-ecspr-2020-1503" ], "type": "regulator" }, { "id": "fincen-usa", "name": "Financial Crimes Enforcement Network", "local_name": "Financial Crimes Enforcement Network", "abbr": "FinCEN", "jurisdictions": [ "US" ], "kind": "fiu", "wikidata": "Q5449587", "wikipedia": "https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network", "website": { "value": "https://www.fincen.gov/", "source": "https://www.fincen.gov/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://msb.fincen.gov/", "label": "MSB Registrant Search — federal register of money services businesses (MSBs) registered under the Bank Secrecy Act; not a licence register and does not list state money-transmitter licences", "source": "https://msb.fincen.gov/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "Search by BSA ID/registration number, legal or DBA name, street address, city, state, ZIP, MSB activity type, or the states in which the business operates. An active entry shows the registrant's legal name, DBA name, address, the MSB activities it engages in, the states of operation, number of branches, and the dates the Form 107 registration was signed and received. The tool does not show a licence status, only whether a Form 107 registration is on file.", "source": "https://msb.fincen.gov/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Vienna, Virginia", "source": "https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 1990, "source": "https://www.fincen.gov/overview", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "FinCEN was created in 1990" }, "mandate": { "value": "FinCEN is a bureau of the U.S. Department of the Treasury and the U.S. Financial Intelligence Unit. It administers the Bank Secrecy Act, collecting and analysing financial data (currency, suspicious-activity and MSB registration reports) to counter money laundering, terrorist financing and other financial crime. It does not licence businesses; it registers and regulates for BSA/AML compliance, and money-transmission licensing itself sits with the 50 states via NMLS.", "source": "https://www.fincen.gov/overview", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "supervises": [ { "value": "Money services businesses (money transmitters, currency dealers/exchangers, check cashers, issuers/sellers/redeemers of money orders and traveler's checks, providers of prepaid access) for Bank Secrecy Act registration and AML compliance", "source": "https://www.fincen.gov/money-services-business-msb-registration", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Banks, credit unions, broker-dealers, casinos and other 'financial institutions' as defined by the Bank Secrecy Act, for AML programme, recordkeeping and reporting obligations", "source": "https://www.fincen.gov/overview", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Permitted payment stablecoin issuers, proposed (2026) to be treated as financial institutions under the Bank Secrecy Act with AML/CFT and sanctions-compliance obligations under the GENIUS Act", "source": "https://www.federalregister.gov/documents/2026/04/10/2026-06963/permitted-payment-stablecoin-issuer-anti-money-launderingcountering-the-financing-of-terrorism", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "federalregister.gov redirected to an interstitial page and was not readable directly; fact taken from law-firm secondary summaries of the same NPRM, cross-checked against multiple firms" }, { "value": "Beneficial ownership information reporting under the Corporate Transparency Act — narrowed by an August 2026 final rule to foreign reporting companies only", "source": "https://www.fincen.gov/boi", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "money-transmitter--US", "family": "money-transmitter", "name": { "value": "Registration of Money Services Business (Form 107 / RMSB)", "source": "https://www.fincen.gov/money-services-business-msb-registration", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 28969, "source": "https://msb.fincen.gov/", "source_type": "primary", "as_of": "2026-09-22", "checked_by": "claude", "quote": "Total Registered MSB Count: 28,969" } } ], "services": { "pre_application": { "available": "unknown", "detail": null }, "innovation_hub": { "available": "yes", "detail": "FinCEN's Innovation Hours Program offers monthly meeting slots where fintech/regtech firms and financial institutions can present BSA/AML compliance innovations to FinCEN staff; a firm requests a slot via a web request describing its business and product. The program's own public report on file is from 2021 and no 2026 update confirming it is still running was found." }, "sandbox": { "available": "no", "kind": "none", "detail": "FinCEN operates no statutory or policy sandbox. Its 2019 Innovation Initiative said it would 'consider' case-by-case exceptive relief for AML/CFT compliance pilots, but no defined cohorts, windows or published relief decisions were found." }, "portal": { "value": "BSA E-Filing System (https://bsaefiling.fincen.gov/) — the electronic system used to file Form 107 MSB registrations and re-registrations", "source": "https://bsaefiling.fincen.gov/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "fee_schedule": null }, "fees": [ { "licence_id": "money-transmitter--US", "kind": "application", "amount": { "value": "No fee", "source": "https://www.fincen.gov/money-services-business-msb-registration", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "money-transmitter--US", "statutory": { "value": "None — Form 107 is a self-filed registration with no FinCEN approval or decision step; it must be filed within 180 days of the MSB being established", "source": "https://www.fincen.gov/money-services-business-msb-registration", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "observed": null } ], "statistics": [ { "value": "28,969 money services businesses registered with FinCEN (MSB Registrant Search, as of 2026-09-22)", "source": "https://msb.fincen.gov/", "source_type": "primary", "as_of": "2026-09-22", "checked_by": "claude" } ], "change_of_control": { "approval_type": "notification", "summary": { "value": "No FinCEN approval or vetting of acquirers exists because MSB registration is not a licence. A transfer of more than 10% of an MSB's voting power or equity interests (31 CFR 1022.380(b)(4)), any ownership/control change requiring re-registration under state law, or a rise of more than 50% in the number of agents, triggers a mandatory re-registration: a new Form 107 filed via BSA E-Filing within 180 days of the event, with no waiting period for approval. State money-transmitter regulators, where the entity also holds a state licence, separately vet controllers on their own thresholds and timelines (not covered here).", "source": "https://www.fincen.gov/money-services-business-msb-registration", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "More than 10 percent of the voting power or equity interest" } }, "recent_changes": [ { "value": "2026-08-11: FinCEN issued a final rule permanently ending Corporate Transparency Act beneficial-ownership reporting for U.S. companies and U.S. persons; only foreign reporting companies still must file.", "source": "https://www.fincen.gov/news/news-releases/fincen-permanently-ends-beneficial-ownership-reporting-requirements-millions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-04-08: FinCEN and OFAC jointly proposed a rule (comment period to 2026-06-09) that would treat GENIUS Act permitted payment stablecoin issuers as BSA 'financial institutions', requiring AML/CFT and sanctions-compliance programs.", "source": "https://www.federalregister.gov/documents/2026/04/10/2026-06963/permitted-payment-stablecoin-issuer-anti-money-launderingcountering-the-financing-of-terrorism", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "federalregister.gov redirected to an interstitial anti-bot page and could not be read directly; date and content corroborated by multiple law-firm summaries of the same NPRM instead" } ], "contacts": { "address": { "value": "FinCEN Disclosure Office, P.O. Box 39, Vienna, VA 22183", "source": "https://www.fincen.gov/filing-foia-request", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "FinCEN headquarters building Vienna Virginia Treasury", "answer": "FinCEN (Financial Crimes Enforcement Network) is the US Treasury bureau enforcing the Bank Secrecy Act. It does not issue licences: money services businesses, including money transmitters and crypto exchangers, must register — not be licensed — via Form 107. As of September 2026 FinCEN's register lists 28,969 active MSB registrants. Actual money-transmission licensing is separate, done state-by-state through NMLS.", "faq": [ { "q": "Is FinCEN registration a money transmitter licence?", "a": "No. FinCEN's Form 107 (RMSB) is a Bank Secrecy Act registration, not a licence, approval or endorsement — FinCEN itself warns that describing it as one is a scam indicator. Authority to actually transmit money comes from separate state money-transmitter licences, obtained through NMLS in nearly every state where customers are served." }, { "q": "How many money services businesses are registered with FinCEN?", "a": "FinCEN's MSB Registrant Search listed 28,969 total registered MSBs as of 2026-09-22. This figure covers all MSB activity types (money transmission, currency exchange, check cashing, money orders, prepaid access) combined, not money transmitters or crypto businesses alone." }, { "q": "Does FinCEN charge a fee to register as an MSB?", "a": "No fee has been found stated on FinCEN's own site, and secondary legal sources confirm there is no filing fee for MSB registration via Form 107. The absence of a fee is consistent with registration being a mandatory filing rather than a licence application." }, { "q": "What happens to a FinCEN MSB registration when the business is sold?", "a": "The registration stays with the entity; it cannot be assigned to a buyer. But transferring more than 10% of voting power or equity, or another ownership change requiring re-registration under state law, forces the MSB to re-file Form 107 within 180 days. FinCEN does not vet or approve the new owners." }, { "q": "Does FinCEN offer a sandbox or pre-application help for fintechs?", "a": "There is no FinCEN regulatory sandbox. Its Innovation Hours Program gives fintech/regtech firms monthly slots to present AML compliance innovations to FinCEN staff, and its 2019 Innovation Initiative said it would consider case-by-case exceptive relief for compliance pilots, but no defined sandbox cohorts or windows exist." }, { "q": "What changed for beneficial ownership (BOI) reporting in 2026?", "a": "A FinCEN final rule effective 2026-08-11 permanently ended Corporate Transparency Act beneficial-ownership reporting for all US-formed companies and US persons. Only foreign entities registered to do business in the US that qualify as 'reporting companies' still have to file BOI reports." } ], "open_questions": [ "Whether the Innovation Hours Program is still actively accepting requests as of September 2026 — FinCEN's own program page links only to a 2021 public report and a 2018 statement; no 2026 confirmation of ongoing operation was found.", "Exact registration fee status: no FinCEN.gov page opened in this session explicitly states registration is free; 'no fee' is sourced to a secondary legal-FAQ source only.", "Breakdown of the 28,969 registered MSBs by activity type (how many are money transmitters/crypto specifically) was not shown on the MSB Registrant Search page fetched.", "FinCEN's exact street HQ address (commonly cited elsewhere as 2070 Chain Bridge Road, Vienna, VA 22182) could not be confirmed from a fincen.gov page opened directly in this session; only the P.O. Box mailing address for FOIA correspondence was verified.", "federalregister.gov blocked direct fetch with an anti-bot interstitial, so the April 2026 stablecoin AML/sanctions NPRM's exact text and comment deadline are sourced to secondary law-firm summaries rather than the Federal Register text itself.", "State money-transmitter licensing (NMLS) is out of scope per the brief hint (mention only) and is not documented here as its own licences_issued entry." ], "licence_ids": [ "money-transmitter--US" ], "law_ids": [ "us-bank-secrecy-act", "us-usa-patriot-act" ], "type": "regulator" }, { "id": "finma-switzerland", "name": "Swiss Financial Market Supervisory Authority", "local_name": "Eidgenössische Finanzmarktaufsicht", "abbr": "FINMA", "jurisdictions": [ "CH" ], "kind": "multi", "wikidata": "Q688329", "wikipedia": "https://en.wikipedia.org/wiki/Swiss_Financial_Market_Supervisory_Authority", "website": { "value": "https://www.finma.ch/en/", "source": "https://www.finma.ch/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Swiss Financial Market Supervisory Authority FINMA" }, "register_urls": [ { "value": "https://www.finma.ch/en/finma-public/authorised-institutions-individuals-and-products/", "label": "FINMA Public Register (search portal and official downloadable XLS/PDF directories for banks, securities firms, fund managers, portfolio managers, trustees, FinTechs, and DLT trading facilities)", "source": "https://www.finma.ch/en/finma-public/authorised-institutions-individuals-and-products/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Authorised or registered institutions, persons and products" }, { "value": "https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/sro-member-search/", "label": "FINMA SRO Member Search (public verification register for financial intermediaries and VASPs affiliated with FINMA-recognised self-regulatory organisations under AMLA)", "source": "https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/sro-member-search/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "SRO member search" }, { "value": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/fintech.pdf", "label": "FINMA list of FinTech licence holders under Art. 1b BankA (PDF)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/fintech.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "register_how": { "value": "Users can search the FINMA Public Register by institution name, legal form, domicile, or supervisory category to verify active regulatory status, or download comprehensive spreadsheets (XLSX/PDF) updated daily. An active entry confirms the entity's regulatory authorization, supervisory category, registered office, and permitted scope of financial activities. For AMLA financial intermediaries, the SRO Member Search allows querying by company name or UID to confirm valid affiliation with a FINMA-recognised self-regulatory organisation.", "source": "https://www.finma.ch/en/finma-public/authorised-institutions-individuals-and-products/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "These companies, persons and products have a licence and are permitted to operate on the" }, "hq_city": { "value": "Bern", "source": "https://www.finma.ch/en/contact/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Laupenstrasse 27, 3003 Bern" }, "founded": { "value": 2009, "source": "https://www.finma.ch/en/finma/finma-an-overview/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "commenced its operational activity on 1 January 2009" }, "mandate": { "value": "FINMA is Switzerland's independent financial markets authority, established under the Financial Market Supervision Act (FINMASA) to protect creditors, investors, and insured persons, and ensure the orderly functioning and systemic stability of Swiss financial markets. It exercises integrated prudential and conduct supervision over banks, securities firms, fund managers, insurers, financial market infrastructures, and fintech entities.", "source": "https://www.finma.ch/en/finma/finma-an-overview/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FINMA is an independent public-law institution" }, "supervises": [ { "value": "Banks, private bankers, and foreign bank branches under the Banking Act (BankA) and Banking Ordinance (BankO)", "source": "https://www.finma.ch/en/authorisation/banks-and-securities-firms/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks and securities firms" }, { "value": "FinTech licence holders accepting public deposits up to CHF 100M or cryptobased assets under Article 1b BankA", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Persons pursuant to Article 1b of the Banking Act" }, { "value": "Securities firms (Wertpapierhäuser) and foreign securities branches under the Financial Institutions Act (FinIA)", "source": "https://www.finma.ch/en/authorisation/banks-and-securities-firms/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Securities firms" }, { "value": "Fund management companies, managers of collective assets, and collective investment schemes under FinIA and CISA", "source": "https://www.finma.ch/en/authorisation/asset-management/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Asset management" }, { "value": "Portfolio managers and trustees authorized under FinIA and supervised via FINMA-recognised Supervisory Organisations (AO)", "source": "https://www.finma.ch/en/authorisation/portfolio-managers-and-trustees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Portfolio managers and trustees" }, { "value": "Financial market infrastructures and DLT trading facilities under the Financial Market Infrastructure Act (FinMIA)", "source": "https://www.finma.ch/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial market infrastructures" }, { "value": "Anti-money laundering compliance for financial intermediaries and recognition of Self-Regulatory Organisations (SROs) under AMLA", "source": "https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Self-regulatory organisations (SROs)" }, { "value": "Direct private insurance companies, reinsurance undertakings, and insurance intermediaries under the Insurance Supervision Act (ISA)", "source": "https://www.finma.ch/en/authorisation/insurers/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Insurers" } ], "licences_issued": [ { "id": "bank--CH--fintech", "family": "bank", "name": { "value": "FinTech licence (Persons pursuant to Article 1b Banking Act / FinTech-Bewilligung nach Art. 1b BankG)", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Persons pursuant to Article 1b of the Banking Act" }, "licensee_count": { "value": 6, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/fintech.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bewilligte Personen nach Artikel 1b BankG" } }, { "id": "bank--CH", "family": "bank", "name": { "value": "Banking licence (Bankbewilligung nach Art. 3 BankG)", "source": "https://www.finma.ch/en/authorisation/banks-and-securities-firms/getting-licensed/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banks and securities firms" }, "licensee_count": { "value": 208, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/beh.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banken und Effektenhändler" } }, { "id": "investment-firm--CH", "family": "investment-firm", "name": { "value": "Securities firm licence (Wertpapierhaus-Bewilligung nach Art. 41 FINIG)", "source": "https://www.finma.ch/en/authorisation/banks-and-securities-firms/getting-licensed/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Securities firms" }, "licensee_count": { "value": 34, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/beh.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wertpapierhäuser" } }, { "id": "fund-manager--CH--manager", "family": "fund-manager", "name": { "value": "Manager of collective assets licence (Verwalter von Kollektivvermögen nach Art. 24 FINIG)", "source": "https://www.finma.ch/en/authorisation/asset-management/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Managers of collective assets" }, "licensee_count": { "value": 344, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/flvervt.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Verwalter von Kollektivvermögen" } }, { "id": "fund-manager--CH--fund-management", "family": "fund-manager", "name": { "value": "Fund management company licence (Fondsleitung nach Art. 32 FINIG)", "source": "https://www.finma.ch/en/authorisation/asset-management/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Fund management companies" }, "licensee_count": { "value": 54, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/flvervt.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Fondsleitungen" } }, { "id": "investment-firm--CH--portfolio-manager", "family": "investment-firm", "name": { "value": "Portfolio manager licence (Vermögensverwalter nach Art. 17 FINIG)", "source": "https://www.finma.ch/en/authorisation/portfolio-managers-and-trustees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Portfolio managers" }, "licensee_count": { "value": 1359, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/vvtr.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Vermögensverwalter und Trustees" } }, { "id": "trust-company--CH", "family": "trust-company", "name": { "value": "Trustee licence (Trustee nach Art. 17 FINIG)", "source": "https://www.finma.ch/en/authorisation/portfolio-managers-and-trustees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Trustees" }, "licensee_count": { "value": 159, "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/vvtr.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Trustees" } }, { "id": "vasp--CH", "family": "vasp", "name": { "value": "Financial intermediary / VASP SRO affiliation (Finanzintermediär nach Art. 2 Abs. 3 GwG / AMLA)", "source": "https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Self-regulatory organisations (SROs)" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "FINMA accepts preliminary project presentations and isolated regulatory enquiries prior to formal licence application submission. Submissions must be transmitted electronically via the Survey and Application Platform (EHP) or to fintech@finma.ch. However, pre-application reviews are legally subject to fees billed hourly at CHF 100 to CHF 500 per hour under the FINMA Fees and Levies Ordinance (SR 956.122). FINMA is legally barred from offering legal advice or structuring business models.", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/beurteilung-von-bewilligungsprojekten-und-vorfragen/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Assessments of licensing projects are subject to a fee." } }, "innovation_hub": { "available": "yes", "detail": { "value": "FINMA operates a specialized FinTech Desk within its authorization division, established to assist startups and innovators with regulatory perimeter determinations, ICO classifications, and guidance across supervisory pathways (fintech@finma.ch).", "source": "https://www.finma.ch/en/authorisation/fintech/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FINMA encourages innovation and competitiveness in the Swiss financial marketplace." } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "Art. 6(2) of the Banking Ordinance lets a firm accept public deposits of up to CHF 1 million without a banking licence, if the money is not used for interest-margin business and depositors are told beforehand that the firm is not supervised by FINMA and deposits are not protected. Settlement accounts held for up to 60 days are not treated as deposits.", "source": "https://www.fedlex.admin.ch/eli/cc/2014/820/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "portal": { "value": "FINMA Survey and Application Platform (EHP - Erhebungs- und Gesuchs-Plattform) at portal.finma.ch", "source": "https://www.finma.ch/en/finma/digital-exchange/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FINMA portal" }, "fee_schedule": { "value": "FINMA Ordinance on the Levying of Fees and Levies (FINMA-GebV, SR 956.122)", "source": "https://www.fedlex.admin.ch/eli/cc/2008/749/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Verordnung über die Erhebung von Gebühren und Abgaben durch die Eidgenössische Finanzmarktaufsicht" } }, "fees": [ { "licence_id": "bank--CH--fintech", "kind": "application", "amount": { "value": "CHF 100 to 500 per hour of work (Art. 8 FINMA-GebV)", "source": "https://www.newsd.admin.ch/newsd/message/attachments/13277.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--CH--fintech", "kind": "annual", "amount": { "value": "CHF 3,000 fixed base levy (Art. 19e FINMA-GebV) plus supplementary levy based on balance sheet total and gross income (Art. 19f FINMA-GebV)", "source": "https://www.fedlex.admin.ch/eli/cc/2008/749/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Die Grundabgabe beträgt 3000 Franken je Person nach Artikel 1 b BankG pro Jahr" } }, { "licence_id": "investment-firm--CH", "kind": "annual", "amount": { "value": "Annual cost allocation levy based on balance sheet total and gross revenue under Art. 16 ff. FINMA-GebV", "source": "https://www.fedlex.admin.ch/eli/cc/2008/749/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bereich der übrigen Banken und Wertpapierhäuser" } }, { "licence_id": "fund-manager--CH--manager", "kind": "annual", "amount": { "value": "Annual supervisory levy allocated across collective asset managers under Section 3 FINMA-GebV", "source": "https://www.fedlex.admin.ch/eli/cc/2008/749/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bereich der kollektiven Kapitalanlagen" } }, { "licence_id": "fund-manager--CH--fund-management", "kind": "annual", "amount": { "value": "Annual supervisory levy allocated across fund management companies under Section 3 FINMA-GebV", "source": "https://www.fedlex.admin.ch/eli/cc/2008/749/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bereich der kollektiven Kapitalanlagen" } }, { "licence_id": "vasp--CH", "kind": "application", "amount": { "value": "Admission fee set by the chosen SRO (VQF: CHF 2,000); FINMA charges the SRO itself CHF 9,000 to 20,000 for recognition", "source": "https://goldblum.ch/de/wissensdatenbank/vqf-selbstregulierende-organisation-in-der-schweiz/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "bank--CH--fintech", "statutory": { "value": "No statutory decision deadline prescribed in Swiss administrative law (FINMA examines applications once complete documentation and regulatory audit report are submitted)", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FINMA will process the application once it is complete." } }, { "licence_id": "bank--CH", "statutory": { "value": "No fixed calendar deadline under Swiss administrative law (BankA contains no statutory expiry clock)", "source": "https://www.fedlex.admin.ch/eli/cc/51/117_121_129/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Federal Act on Banks and Savings Banks" } }, { "licence_id": "investment-firm--CH", "statutory": { "value": "No fixed calendar deadline under Swiss administrative law", "source": "https://www.fedlex.admin.ch/eli/cc/2018/801/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Institutions Act" } }, { "licence_id": "fund-manager--CH--manager", "statutory": { "value": "No fixed calendar deadline under Swiss administrative law", "source": "https://www.fedlex.admin.ch/eli/cc/2018/801/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Institutions Act" } }, { "licence_id": "investment-firm--CH--portfolio-manager", "statutory": { "value": "No fixed calendar deadline under Swiss administrative law (pre-assessed by a FINMA-recognised Supervisory Organisation prior to FINMA decree)", "source": "https://www.finma.ch/en/authorisation/portfolio-managers-and-trustees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Portfolio managers and trustees" } } ], "statistics": [ { "value": "6 active FinTech licence holders under Article 1b Banking Act (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/fintech.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Bewilligte Personen nach Artikel 1b BankG" }, { "value": "208 authorized Swiss banks and 27 foreign bank branches under the Banking Act (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/beh.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banken und Effektenhändler" }, { "value": "34 authorized securities firms and 8 foreign securities branches under FinIA (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/beh.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wertpapierhäuser" }, { "value": "344 authorized managers of collective assets under FinIA (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/flvervt.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Verwalter von Kollektivvermögen" }, { "value": "54 authorized fund management companies under FinIA (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/flvervt.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Fondsleitungen" }, { "value": "1,507 authorised portfolio managers and trustees under FinIA: 1,348 portfolio managers, 148 trustees and 11 holding both licences (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/vvtr.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "1 authorized DLT trading facility under Article 73a FinMIA: Seturion AG in Zurich (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/bourses.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Handelssysteme für DLT-Effekten" }, { "value": "12 FINMA-recognised self-regulatory organisations (SROs) overseeing non-bank financial intermediaries under AMLA (register, 2026-09-24)", "source": "https://www.finma.ch/de/~/media/finma/dokumente/bewilligungstraeger/pdf/sro.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Selbstregulierungsorganisationen (SRO)" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "A qualifying participation is defined as directly or indirectly holding at least 10% of the capital or voting rights, or otherwise exerting a significant influence over the company (BankA Art. 3 para. 2 let. c; FinIA Art. 11 para. 1). Notification to FINMA is mandatory prior to acquiring, disposing of, or reaching, exceeding, or falling below the statutory thresholds of 10%, 20%, 33%, or 50% (BankA Art. 3 para. 5; BankO Art. 8a; FinIA Art. 11 para. 4). For FinTech licence holders (Art. 1b BankA), FINMA's FinTech Licensing Guidelines explicitly mandate prior formal approval before completing any change in qualified participations. Furthermore, when foreign control is established or modified in a Swiss bank or securities firm, a supplementary licence (Zusatzbewilligung) is mandatory under BankA Art. 3bis. For SRO-affiliated financial intermediaries, Art. 6 para. 2 of SRO regulations (e.g. VQF) mandates prior written notice and SRO approval before transferring qualified holdings.", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Changes to qualified participations require prior approval" } }, "recent_changes": [ { "value": "2026-04-09: FINMA published Guidance 02/2026 on managing digital fraud risks at banks and Art. 1b FinTech institutions.", "source": "https://www.finma.ch/en/news/2026/04/20260409-mm-am-02-2026-digitale-betrugsrisiken/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-10-22: Federal Council opened consultation (concluded February 2026) proposing FinIA and BankA amendments to replace the Art. 1b FinTech licence with dedicated licence categories for payment-instrument issuers and crypto-asset institutions.", "source": "https://www.loyensloeff.com/insights/news--events/news/swiss-federal-council-proposes-finia-amendments-new-licences-for-payment-and-crypto-institutions-to-replace-fintech-regime/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Swiss Federal Council proposes FinIA amendments" }, { "value": "2025-09-05: FINMA Guidance 03/2025 set out how crypto-assets held on and off balance sheet are to be disclosed in annual financial statements.", "source": "https://www.finma.ch/en/news/2025/09/20250905-meldung-am-kryptovermoegenswerte/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2024-07-26: FINMA issued Guidance 06/2024 on stablecoins, clarifying that default guarantees issued by Swiss banks to cover stablecoin reserves must satisfy stringent supervisory conditions to protect depositors.", "source": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2023-01-01: Transitional period under the Financial Institutions Act (FinIA) expired for commercial portfolio managers and trustees, completing compulsory authorization and Supervisory Organisation oversight across Switzerland.", "source": "https://www.finma.ch/en/authorisation/portfolio-managers-and-trustees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Portfolio managers and trustees" }, { "value": "2021-08-01: Swiss Federal DLT Act entered fully into force, introducing DLT trading facilities under Art. 73a FinMIA and uncertificated ledger-based securities (Registerwertrechte).", "source": "https://www.fedlex.admin.ch/eli/cc/2015/853/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Trading facilities for DLT securities" } ], "contacts": { "address": { "value": "Laupenstrasse 27, 3003 Bern, Switzerland", "source": "https://www.finma.ch/en/contact/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Laupenstrasse 27, 3003 Bern" } }, "photo_hint": "Swiss Financial Market Supervisory Authority FINMA headquarters Laupenstrasse 27 Bern", "answer": "FINMA (Eidgenössische Finanzmarktaufsicht) is Switzerland's independent financial market supervisory authority, overseeing banks, securities firms, fund managers, financial market infrastructures and fintech companies. As of September 2026 its registers list 208 Swiss banks, 34 securities firms, 6 Article 1b FinTech licence holders and 12 recognised self-regulatory organisations that supervise anti-money-laundering financial intermediaries.", "faq": [ { "q": "What is the difference between a Swiss FinTech licence and a full banking licence?", "a": "A FinTech licence under Article 1b BankA permits accepting public deposits up to CHF 100 million or holding cryptobased assets, provided funds are not reinvested in interest rate differential business. A full banking licence permits unlimited deposit-taking, maturity transformation, and lending, but mandates CHF 10 million minimum capital and full deposit insurance coverage." }, { "q": "How does Switzerland's regulatory sandbox work under Article 6 of the Banking Ordinance?", "a": "The statutory sandbox allows startups to accept public deposits up to CHF 1 million without a licence, provided funds are not invested in interest-bearing business and clients are explicitly informed prior to deposit that the firm is neither supervised by FINMA nor covered by deposit protection. Transit accounts held up to 60 days are also exempted." }, { "q": "Does FINMA charge fees for pre-application meetings and preliminary enquiries?", "a": "Yes. Unlike many global regulators, FINMA legally bills applicants an hourly rate of CHF 100 to CHF 500 per hour under the Fees and Levies Ordinance (SR 956.122) for reviewing preliminary submissions. Applicants must also hire an accredited independent audit firm to produce a licensing audit report." }, { "q": "How are crypto brokers and VASPs regulated in Switzerland without a banking licence?", "a": "Under Article 2 paragraph 3 of the Anti-Money Laundering Act (AMLA), non-bank crypto brokers, digital asset custodians holding individual on-chain wallets, and payment processors must affiliate with a FINMA-recognised Self-Regulatory Organisation (SRO) such as VQF, ARIF, or PolyReg, adhering to Swiss AML regulations and travel rule standards." }, { "q": "What are the rules and approval requirements for a change of control in a FINMA-licensed institution?", "a": "A qualifying participation is reaching or exceeding 10% of capital or voting rights, or significant influence. Notification is required at 10%, 20%, 33%, and 50% thresholds under BankA and FinIA. For FinTech licence holders, FINMA requires prior approval, and transfers of banks to foreign control mandate supplementary authorization." } ], "open_questions": [ "The exact number of non-bank financial intermediaries (VASPs, crypto brokers, and payment providers) currently affiliated under each of Switzerland's 12 FINMA-recognised SROs is maintained on separate SRO rosters rather than in a consolidated single FINMA register count.", "The parliamentary dispatch and legislative adoption timeline for the Federal Council's proposed FinIA reform (replacing the Art. 1b FinTech licence with dedicated payment-instrument and crypto-institution licences) following the February 2026 consultation closure remains pending." ], "licence_ids": [ "bank--CH--fintech", "bank--CH", "investment-firm--CH", "fund-manager--CH--manager", "fund-manager--CH--fund-management", "investment-firm--CH--portfolio-manager", "trust-company--CH", "vasp--CH" ], "law_ids": [ "ch-finma-act", "ch-banking-act", "ch-banking-ordinance", "ch-financial-institutions-act", "ch-financial-services-act", "ch-financial-market-infrastructure-act", "ch-anti-money-laundering-act", "ch-collective-investment-schemes-act", "ch-finma-fee-ordinance" ], "type": "regulator" }, { "id": "fintrac-canada", "name": "Financial Transactions and Reports Analysis Centre of Canada", "local_name": "Financial Transactions and Reports Analysis Centre of Canada", "abbr": "FINTRAC", "jurisdictions": [ "CA" ], "kind": "fiu", "wikidata": "Q5449682", "wikipedia": "https://en.wikipedia.org/wiki/Financial_Transactions_and_Reports_Analysis_Centre_of_Canada", "website": { "value": "https://fintrac-canafe.canada.ca/fintrac-canafe/1-eng", "source": "https://fintrac-canafe.canada.ca/fintrac-canafe/1-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://fintrac-canafe.canada.ca/msb-esm/reg-eng", "label": "Money Services Business (MSB) Registry - registered MSBs and foreign MSBs, including virtual currency dealers", "source": "https://fintrac-canafe.canada.ca/msb-esm/reg-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/psp-registry/", "label": "Bank of Canada registry of payment service providers (PSPs) registered under the Retail Payment Activities Act - a separate regulator, listed for context since MSB registration and RPAA registration are often required together", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/psp-registry/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "The MSB Registry is searchable by organization name; results show legal/operating names, business address, services offered, registration status, registration number, approval/expiry dates, and a foreign-MSB indicator. FINTRAC also publishes the full registry as a downloadable CSV/Excel file, updated monthly. An active entry shows status \"Registered\"; FINTRAC states registration does not mean FINTRAC endorses or licenses the business.", "source": "https://fintrac-canafe.canada.ca/msb-esm/reg-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Ottawa", "source": "https://fintrac-canafe.canada.ca/fintrac-canafe/1-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 2000, "source": "https://en.wikipedia.org/wiki/Financial_Transactions_and_Reports_Analysis_Centre_of_Canada", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "formed in 2000" }, "mandate": { "value": "FINTRAC is Canada's financial intelligence unit and the anti-money-laundering/anti-terrorist-financing supervisor. It collects, analyses and discloses financial intelligence to police and security agencies, and it registers and supervises money services businesses (MSBs), including foreign MSBs and virtual currency dealers, for compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).", "source": "https://fintrac-canafe.canada.ca/fintrac-canafe/1-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor" }, "supervises": [ { "value": "Money services businesses (foreign exchange dealing, fund/money transfer, negotiable instruments, virtual currency dealing, crowdfunding platforms, armoured car services, cheque cashing, private ATM acquiring)", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Foreign MSBs that direct virtual-currency or money-transfer services at persons or entities in Canada", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Other reporting entities under the PCMLTFA (banks, securities dealers, life insurers, real estate, casinos, etc.) for AML/ATF compliance and reporting", "source": "https://fintrac-canafe.canada.ca/fintrac-canafe/1-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Payment service providers are separately registered and prudentially supervised by the Bank of Canada under the Retail Payment Activities Act (RPAA); this is a distinct regime from FINTRAC's MSB registration, and many payment/virtual-currency businesses need both.", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/psp-registry/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "money-transmitter--CA", "family": "money-transmitter", "name": { "value": "Money services business (MSB) registration (covers foreign exchange dealing, money transferring, virtual currency dealing, crowdfunding platforms and related services; a separate foreign-MSB registration applies to businesses without a place of business in Canada that direct services at Canadians)", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "services": { "pre_application": { "available": "yes", "detail": "Applicants must first submit FINTRAC's online \"Pre-registration form: Request to register a money services business or foreign money services business\"; a FINTRAC compliance officer then contacts the applicant and issues the formal registration form. No fee is charged.", "source": "https://forms-formulaires.alpha.canada.ca/en/id/cmo7fwq0t00iayi0102lj14ej", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "innovation_hub": { "available": "no", "detail": "No FINTRAC innovation hub or fintech liaison office was found; FINTRAC's public-facing fintech contact point is the MSB registration process itself.", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "sandbox": { "available": "no", "kind": "none", "detail": "FINTRAC is an AML/ATF supervisor with no statutory or policy sandbox; MSBs (including virtual currency dealers) must fully comply with registration and reporting obligations from the start, with no relief regime identified.", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "fee_schedule": { "value": "FINTRAC does not charge any fee for MSB registration, renewal, or updates; it states explicitly that it does not charge registration fees.", "source": "https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/reg-ins-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "FINTRAC does not charge registration fees" } }, "fees": [ { "licence_id": "money-transmitter--CA", "kind": "application", "amount": { "value": "CAD 0 (no fee)", "source": "https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/reg-ins-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "FINTRAC does not charge registration fees" } }, { "licence_id": "money-transmitter--CA", "kind": "annual", "amount": { "value": "CAD 0 (no fee)", "source": "https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/reg-ins-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "money-transmitter--CA", "statutory": { "value": "No fixed statutory maximum found; FINTRAC states most complete applications are processed within a target window (see observed)", "source": "https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/reg-ins-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "observed": { "value": "The majority of complete applications are processed within three months of receipt of a complete application package; incomplete applications are closed and must be resubmitted.", "source": "https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/reg-ins-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "processed within three months from the receipt of a complete application" } } ], "statistics": [ { "value": "As of March 31, 2024, 2,984 money services businesses were registered with FINTRAC; in 2023-24, 1,390 MSBs registered or renewed, 135 ceased, 250 expired, there were 17 revocations and two denials of registration.", "source": "https://fintrac-canafe.canada.ca/publications/ar/2024/1-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "2,984 money services businesses were registered with the Centre" }, { "value": "The Bank of Canada's RPAA payment-service-provider registry did not render any entries when fetched (page shows a live-loaded search table); a total registered-PSP count could not be confirmed from the static page content.", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/psp-registry/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "page content is loaded dynamically; static fetch showed no rendered table rows" } ], "change_of_control": { "approval_type": "notification", "summary": { "value": "For MSB registration, FINTRAC requires a criminal record check for each person who owns or controls, directly or indirectly, 20% or more of the entity or its shares. Registered MSBs must keep registration information up to date and notify FINTRAC of changes (e.g., contact person, Canadian representative for service) within 30 days; failure to notify in time can lead to administrative monetary penalties, criminal charges, or denial/revocation of registration. Separately, under the Retail Payment Activities Act a payment service provider must obtain new Bank of Canada registration (with a Minister of Finance national-security review of up to 60 days, extendable, plus up to 180 days, extendable, if a review is undertaken) before an acquisition of one-third or more of voting control closes; this is the Bank of Canada's regime, not FINTRAC's.", "source": "https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/respond-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "must inform FINTRAC within 30 days" } }, "recent_changes": [ { "value": "2026-03-26: Budget 2025 Implementation Act received Royal Assent, amending the PCMLTFA to require stablecoin issuers to register with FINTRAC as money services businesses; implementing regulations and a Bank of Canada public registry of stablecoin issuers are still pending (Canada Gazette Part II).", "source": "https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-03-26: Strengthening Canada's Immigration System and Borders Act received Royal Assent, introducing a new administrative monetary penalties framework, enhanced compliance-program requirements, universal enrolment obligations, and the Commissioner of Canada Elections as a new disclosure recipient.", "source": "https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-10-01: Remaining Budget 2023/Fall Economic Statement 2023 amendments took effect, including MSB registration changes, real estate representative verification, automated banking machine acquirers, and title insurers as reporting entities; beneficial-ownership discrepancy reporting also commenced.", "source": "https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-04-01: New PCMLTFA obligations took effect for factors, cheque-cashing businesses, and financing/leasing entities under Budget 2024 amendments.", "source": "https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-09-08: The risk-management and fund-safeguarding duties of the Retail Payment Activities Act and the Bank of Canada's public registry of payment service providers took effect; RPAA registration itself had opened on 1 November 2024.", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/retail-payments-supervision-key-milestones/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "FINTRAC, 24th floor, 234 Laurier Avenue West, Ottawa, ON K1P 1H7, Canada", "source": "https://fintrac-canafe.canada.ca/contact-contactez/1-eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "234 Laurier Avenue West Ottawa office building", "answer": "FINTRAC is Canada's financial intelligence unit and anti-money-laundering supervisor. It does not license firms: it registers money services businesses, including foreign exchange dealers, money transmitters, virtual currency dealers, crowdfunding platforms and foreign MSBs that serve people in Canada, free of charge, and keeps the public MSB registry. Payment service providers register separately with the Bank of Canada under the Retail Payment Activities Act.", "faq": [ { "q": "Does FINTRAC issue licences?", "a": "No. FINTRAC operates a registration regime, not a licensing one. Money services businesses, including virtual currency dealers and qualifying foreign MSBs, must register in FINTRAC's public MSB Registry. FINTRAC explicitly warns it is illegal to market a business as \"licensed by FINTRAC.\"" }, { "q": "Do virtual currency exchanges need to register with FINTRAC?", "a": "Yes. Any business dealing in virtual currency with a place of business in Canada must register as an MSB, and foreign virtual-currency businesses that direct services at persons in Canada (through marketing, a .ca domain, or serving Canadian clients) must register as foreign MSBs, even without a Canadian office." }, { "q": "How much does FINTRAC MSB registration cost?", "a": "Nothing. FINTRAC states it does not charge registration, renewal, or amendment fees. Most complete applications are processed within about three months; incomplete applications are closed and must be resubmitted." }, { "q": "Is FINTRAC MSB registration the same as Bank of Canada payment service provider registration?", "a": "The Retail Payment Activities Act came into force in stages: its registration provisions on 1 November 2024, when payment service providers had to apply to the Bank of Canada, and its risk-management and fund-safeguarding requirements, together with the public registry, on 8 September 2025. The Bank of Canada supervises these providers; FINTRAC continues to supervise MSBs for anti-money-laundering purposes." }, { "q": "Does FINTRAC offer a regulatory sandbox for fintechs?", "a": "No sandbox or innovation hub was identified. FINTRAC's fintech-facing service is the free pre-registration form for prospective MSBs, after which a compliance officer issues the formal registration form; full AML/ATF compliance applies from the outset." }, { "q": "What changes are coming to FINTRAC's regime in 2026-2027?", "a": "The Budget 2025 Implementation Act (Royal Assent 26 March 2026) will require stablecoin issuers to register with FINTRAC as MSBs and creates a planned Bank of Canada public registry of stablecoin issuers, though implementing regulations were still pending as of September 2026." } ], "open_questions": [ "Exact number of Bank of Canada RPAA-registered payment service providers: the live registry page renders its results table via client-side script, so a static fetch showed no rows and no total could be confirmed.", "Breakdown of the 4,059 active MSB registrations by specific service type (e.g., how many are virtual-currency dealers specifically, how many are foreign MSBs) was not reliably extractable from the CSV via text search and is not published as a summary statistic by FINTRAC.", "Effective date and text of the implementing regulations for stablecoin-issuer MSB registration were not yet published in the Canada Gazette Part II as of 2026-09-24.", "FINTRAC's own founding date/year was sourced from Wikipedia (secondary); an official FINTRAC 'about us'/history page with the founding year was not located in this session.", "No official fee schedule regulation citation (e.g., a specific SOR/regulation number) was found for the $0 MSB fee beyond FINTRAC's own guidance page statement." ], "licence_ids": [ "money-transmitter--CA" ], "law_ids": [ "ca-pcmltfa", "ca-retail-payment-activities-act" ], "type": "regulator" }, { "id": "fiu-estonia", "name": "Estonian Financial Intelligence Unit", "local_name": "Rahapesu Andmebüroo", "abbr": "FIU", "jurisdictions": [ "EE" ], "kind": "fiu", "wikidata": null, "wikipedia": null, "website": { "value": "https://fiu.ee/en", "source": "https://fiu.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Intelligence Unit" }, "register_urls": [ { "value": "https://mtr.ttja.ee/tegevusluba?m=97", "label": "Register of Economic Activities (MTR) - Valid authorisations search", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Search for valid authorisations: The Register of Economic Activities" }, { "value": "https://fiu.ee/tegevusluba-ja-jarelevalve/kehtetuks-tunnistatud-tegevusload", "label": "Register of revoked licences by the FIU", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Revoked licenses by the FIU" }, { "value": "https://fiu.ee/tegevusluba-ja-jarelevalve/ettekirjutused", "label": "Register of compliance notices and precepts issued by the FIU", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Compliance notices by the FIU" } ], "register_how": { "value": "Search the Register of Economic Activities (MTR) at mtr.ttja.ee by undertaking name, registry code, or area of activity (e.g., operating as a financial institution or trust and company services). An active entry displays the company's legal name, registration code, registered address, authorized areas of activity, authorization number, date of issue and validity, and responsible persons.", "source": "https://fiu.ee/en/authorisation-economic-activity/process-application", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "submitted in the Register of Economic Activities" }, "hq_city": { "value": "Tallinn", "source": "https://fiu.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pronksi 12, 10117 Tallinn, Estonia" }, "founded": { "value": 1999, "source": "https://fiu.ee/en/fiu-useful-information-and-contacts/fiu", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The FIU was established on 1 July 1999 within the Police Board." }, "mandate": { "value": "The Estonian Financial Intelligence Unit (Rahapesu Andmebüroo) is an independent government agency under the jurisdiction of the Ministry of Finance, responsible for combating money laundering and terrorist financing, enforcing international financial sanctions, and licensing and supervising designated non-bank financial institutions and trust and company service providers.", "source": "https://fiu.ee/en/fiu-useful-information-and-contacts/fiu", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "independent government agency under the jurisdiction of the Ministry of Finance" }, "supervises": [ { "value": "Financial institutions not subject to Finantsinspektsioon supervision (non-bank lenders, leasing, financial advisors)", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "operating as a financial institution" }, { "value": "Trust and company service providers (TCSPs)", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "providing trust and company services" }, { "value": "Pawnbroking service providers", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "providing pawnbroking services" }, { "value": "Dealers and wholesalers in precious metals and precious stones", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "buying-in or wholesale of precious metals, precious metal articles or precious stones" }, { "value": "Anti-money laundering and suspicious transaction reporting compliance across all obliged entities in Estonia", "source": "https://fiu.ee/en/news/transitional-period-providers-crypto-asset-services-ending", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "must inform the Financial Intelligence Unit about suspicious transactions" } ], "licences_issued": [ { "id": "lending--EE--financial-institution", "family": "lending", "name": { "value": "Authorisation for operating as a financial institution (Tegevusluba finantseerimisasutusena tegutsemiseks)", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "operating as a financial institution" }, "licensee_count": null }, { "id": "trust-company--EE", "family": "trust-company", "name": { "value": "Authorisation for providing trust and company services (Tegevusluba usaldushaldusteenuse ja äriühinguteenuse osutamiseks)", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "providing trust and company services" }, "licensee_count": null }, { "id": "vasp--EE", "family": "vasp", "name": { "value": "Authorisation for providing virtual currency services (legacy; cancelled and transitioned to Finantsinspektsioon under MiCA)", "source": "https://fiu.ee/en/news/transitional-period-providers-crypto-asset-services-ending", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "cancel on 1 July the register data for the licences" }, "licensee_count": { "value": 0, "source": "https://fiu.ee/en/news/transitional-period-providers-crypto-asset-services-ending", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "cancel on 1 July the register data for the licences" } } ], "services": { "pre_application": { "available": "no", "detail": { "value": "The Estonian FIU does not maintain a formal statutory pre-application review or pre-assessment process. Prospective applicants may address informal inquiries to info@fiu.ee or by telephone (+372 696 0500) before submitting formal filings.", "source": "https://fiu.ee/en/authorisation-economic-activity/process-application", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "For more information about the process of an application please contact" } }, "innovation_hub": { "available": "no", "detail": { "value": "The Estonian FIU does not operate a fintech innovation hub; regulatory fintech guidance and market participant support in Estonia are operated by Finantsinspektsioon.", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Currently, Finantsinspektsioon issues these licences." } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "No regulatory sandbox exists under the Estonian FIU regime. Authorisations are granted solely on strict compliance with statutory preconditions under the Money Laundering and Terrorist Financing Prevention Act without sandbox exemptions.", "source": "https://fiu.ee/en/authorisation-economic-activity/authorisation-economic-activity", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Since 1 July, 2014 Estonian FIU issues authorisations" } }, "portal": { "value": "Register of Economic Activities (Majandustegevuse register - MTR) accessible via the Eesti.ee state portal or directly at mtr.ttja.ee", "source": "https://fiu.ee/en/authorisation-economic-activity/applying-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "submitted in the register of economic activities, which can be accessed" }, "fee_schedule": { "value": "State fee schedule established in Section 269 of the State Fees Act, payable to the Ministry of Finance reference account prior to application review.", "source": "https://fiu.ee/en/authorisation-economic-activity/state-fee", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A state fee shall be paid for the review of an application" } }, "fees": [ { "licence_id": "lending--EE--financial-institution", "kind": "application", "amount": { "value": "EUR 3,300", "source": "https://fiu.ee/en/authorisation-economic-activity/state-fee", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "3,300 euros for operating as a financial institution" } }, { "licence_id": "lending--EE--financial-institution", "kind": "annual", "amount": { "value": "EUR 0 (no annual supervisory fee; no state fee applies for licence amendment)", "source": "https://fiu.ee/en/authorisation-economic-activity/state-fee", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "No state fee will apply for the review of an application for amendment" } }, { "licence_id": "trust-company--EE", "kind": "application", "amount": { "value": "EUR 345", "source": "https://fiu.ee/en/authorisation-economic-activity/state-fee", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "345 euros for other types of activity licence" } }, { "licence_id": "trust-company--EE", "kind": "annual", "amount": { "value": "EUR 0 (no annual supervisory fee; no state fee applies for licence amendment)", "source": "https://fiu.ee/en/authorisation-economic-activity/state-fee", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "No state fee will apply for the review of an application for amendment" } } ], "timelines": [ { "licence_id": "lending--EE--financial-institution", "statutory": { "value": "60 working days as of the date of submission of the application", "source": "https://fiu.ee/en/authorisation-economic-activity/process-application", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 60 working days as of the date of submission of the application" }, "observed": null }, { "licence_id": "trust-company--EE", "statutory": { "value": "60 working days as of the date of submission of the application", "source": "https://fiu.ee/en/authorisation-economic-activity/process-application", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 60 working days as of the date of submission of the application" }, "observed": null } ], "statistics": [ { "value": "678 authorisations issued by the FIU were in force across all regulated categories as of 31 December 2025", "source": "https://fiu.ee/en/news/financial-intelligence-unit-yearbook-new-patterns-add-persistent-risks-five-years-experience", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "As of 31 December 2025, 678 authorisations issued by the FIU were in force" }, { "value": "14 323 reports and notifications were submitted to the FIU in 2025, of which 10 433 related to money laundering suspicions or unusual activities", "source": "https://fiu.ee/en/news/financial-intelligence-unit-yearbook-new-patterns-add-persistent-risks-five-years-experience", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "In 2025, 14 323 reports were submitted to the FIU" }, { "value": "147 analysed intelligence disseminations submitted to criminal investigative authorities in 2025", "source": "https://fiu.ee/en/news/financial-intelligence-unit-yearbook-new-patterns-add-persistent-risks-five-years-experience", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "including 147 analysed disseminations to investigative authorities" }, { "value": "36 valid virtual currency service provider licences remained at the beginning of 2026 (down from 641 in mid-2021) prior to complete cancellation on 1 July 2026", "source": "https://fiu.ee/en/news/transitional-period-providers-crypto-asset-services-ending", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "There were 36 valid licences at the start of 2026" } ], "change_of_control": { "approval_type": "notification", "summary": { "value": "Under Section 30 of the General Part of the Economic Activities Code Act and Section 70 of the MLTFPA, licensees must notify changes in beneficial owners (>25% shareholding or control), management board members, procurators, or compliance officers via the Register of Economic Activities (MTR). The FIU conducts fit and proper checks on new owners and managers to ensure impeccable reputation and absence of criminal convictions; failure to satisfy requirements initiates licence revocation proceedings under MLTFPA Section 76.", "source": "https://fiu.ee/en/authorisation-economic-activity/process-application", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pursuant to subsection 30 (6) of the General Part of the Economic Activities Code Act" } }, "recent_changes": [ { "value": "2026-07-01: Transitional period under EU MiCA Regulation ended in Estonia; the FIU cancelled all register data for legacy virtual currency service provider licences, completing the regulatory transfer of crypto assets to Finantsinspektsioon.", "source": "https://fiu.ee/en/news/transitional-period-providers-crypto-asset-services-ending", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "cancel on 1 July the register data for the licences" }, { "value": "2026-06-29: The FIU revoked the operating licence of major crypto provider BB Trade Estonia OÜ (Zondacrypto) following supervision proceedings and compliance failures.", "source": "https://fiu.ee/en/news/financial-intelligence-unit-revokes-operating-licence-virtual-currency-service-provider-bb", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Intelligence Unit revokes the operating licence of virtual currency service provider BB Trade" }, { "value": "2026-03-05: The Government of the Republic of Estonia reappointed Matis Mäeker as Head of the Financial Intelligence Unit for a new five-year term.", "source": "https://fiu.ee/en/news/government-appointed-matis-maeker-head-financial-intelligence-unit-new-term", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Government appointed Matis Mäeker as the Head of the Financial Intelligence Unit" }, { "value": "2024-12-30: Application of EU MiCA rules (Title V) for crypto-asset service providers took effect across the EU, starting Estonia's transitional period before CASP authorisation transferred from the FIU to Finantsinspektsioon.", "source": "https://www.klgates.com/The-Regulation-on-Markets-in-Crypto-Assets-Becomes-Fully-Applicable-in-All-Member-States-of-the-European-Union-1-24-2025", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Pronksi 12, 10117 Tallinn, Estonia", "source": "https://fiu.ee/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pronksi 12, 10117 Tallinn, Estonia" } }, "photo_hint": "Estonian Financial Intelligence Unit building Pronksi 12 Tallinn", "answer": "The Financial Intelligence Unit (FIU / Rahapesu Andmebüroo) is Estonia’s independent national anti-money laundering and counter-terrorist financing authority under the Ministry of Finance. It issues activity licences for non-bank financial institutions, trust and company service providers, and pawnbrokers, while enforcing sanctions across all obliged entities. Following the completion of the EU MiCA transitional transfer on 1 July 2026, crypto-asset provider licensing transferred entirely to Finantsinspektsioon.", "faq": [ { "q": "Does the Estonian FIU still issue crypto licence (VASP) authorisations?", "a": "No. The Estonian FIU ceased issuing new virtual currency service provider licences at the end of 2024. Under EU Regulation 2023/1114 (MiCA), crypto-asset service providers (CASPs) must obtain authorization from Finantsinspektsioon. On 1 July 2026, the national transitional period expired and the FIU cancelled all remaining legacy virtual currency licence entries in the register." }, { "q": "What financial entities require an activity licence from the Estonian FIU?", "a": "Under Section 70 of the Money Laundering and Terrorist Financing Prevention Act, undertakings operating as non-bank financial institutions (such as lending, leasing, or consumer credit consulting), trust and company service providers (TCSPs), pawnbrokers, and precious metal or gemstone traders must obtain an activity licence from the FIU, provided they are not already supervised by Finantsinspektsioon." }, { "q": "How much does an Estonian FIU licence cost and is there an annual fee?", "a": "Under Section 269 of the State Fees Act, an application for a financial institution licence requires a one-time state fee of EUR 3,300 payable to the Ministry of Finance, while trust and company service provider applications incur EUR 345. Estonia does not levy an annual supervisory fee for FIU licences, and licence amendments incur no state fee." }, { "q": "What is the statutory processing time for an FIU licence application in Estonia?", "a": "The Financial Intelligence Unit is legally bound to grant or refuse an authorization within 60 working days from the date a complete application is submitted. Applications are filed electronically via the Register of Economic Activities (MTR) at mtr.ttja.ee or through the state portal Eesti.ee, supported by AML compliance rules, fit and proper documentation, and background checks." }, { "q": "What are the change of control requirements for FIU-licensed firms?", "a": "Under the General Part of the Economic Activities Code Act and the Money Laundering Act, licensed entities must submit a notice of change in the Register of Economic Activities when modifying shareholders, beneficial owners (>25% interest), or management members. The FIU vets incoming individuals for clean criminal records and business reputation; failure to maintain compliance can trigger licence revocation." } ], "open_questions": [ "Current exact licensee count breakdown between non-bank financial institutions (lending) and trust/company service providers (TCSPs) in the Register of Economic Activities (MTR): while the FIU reported 678 total active authorisations across all regulated sectors as of 31 December 2025, MTR does not expose real-time aggregated sub-sector counts via its public search interface without individual paginated extraction.", "Observed practical processing times beyond the strict 60-working-day statutory deadline, as the FIU does not publish empirical median or average approval duration metrics." ], "licence_ids": [ "lending--EE--financial-institution", "trust-company--EE", "vasp--EE" ], "law_ids": [ "ee-money-laundering-and-terrorist-financing-prevention-act", "ee-international-sanctions-act", "ee-general-part-of-the-economic-activities-code-act", "ee-state-fees-act", "eu-amld-2015-849", "eu-amlr-2024-1624", "eu-tfr-2023-1113", "eu-mica-2023-1114" ], "type": "regulator" }, { "id": "fsa-seychelles", "name": "Financial Services Authority (Seychelles)", "local_name": "Financial Services Authority", "abbr": "FSA", "jurisdictions": [ "SC" ], "kind": "multi", "wikidata": "Q107179111", "wikipedia": "https://en.wikipedia.org/wiki/Seychelles_Financial_Services_Authority", "website": { "value": "https://fsaseychelles.sc/", "source": "https://fsaseychelles.sc/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://fsaseychelles.sc/regulated-entities/capital-markets", "label": "Capital markets: securities dealers, dealer representatives and securities exchanges", "source": "https://fsaseychelles.sc/regulated-entities/capital-markets", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://fsaseychelles.sc/regulated-entities/fiduciary", "label": "Fiduciary licensees: International Corporate Service Providers (ICSP), Fiduciary Service Providers (FSP), Trustee Service Providers (TSP)", "source": "https://fsaseychelles.sc/regulated-entities/fiduciary", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://fsaseychelles.sc/vasp/licensed-vasps", "label": "Virtual Asset Service Providers licensed or in assessment under the VASP Act 2024", "source": "https://fsaseychelles.sc/vasp/licensed-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://fsaseychelles.sc/regulated-entities/regulatory-sandbox", "label": "Participants admitted to the FSA regulatory sandbox", "source": "https://fsaseychelles.sc/regulated-entities/regulatory-sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "Each register is a browsable, tabbed list of licensee company names grouped by activity (e.g. Securities Dealer, Securities Exchange, ICSP), not a licence-number search tool. An active entry shows the company name and, for most tabs, a registered address; the VASP register additionally shows an 'Assessment' or licensed status and the date the application was accepted.", "source": "https://fsaseychelles.sc/vasp/licensed-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Victoria, Mahé", "source": "https://fsaseychelles.sc/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "founded": { "value": 2014, "source": "https://fsaseychelles.sc/about/who-we-are", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "mandate": { "value": "The FSA is Seychelles' autonomous non-bank financial regulator: it licenses, supervises and enforces standards on financial services businesses carried on in or from Seychelles, administers company/trust/foundation registry legislation, and takes action against unauthorised financial services activity.", "source": "https://fsaseychelles.sc/about/who-we-are", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "supervise, monitor and regulate licensees ... administer the registry legislation" }, "supervises": [ { "value": "Securities dealers, dealer representatives and securities exchanges (capital markets)", "source": "https://fsaseychelles.sc/regulated-entities/capital-markets", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Mutual funds and hedge funds, including fund administrators", "source": "https://fsaseychelles.sc/legal-framework/legislations", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Fiduciary services: international corporate service providers, foundation and trustee service providers, IBC/foundation/trust/limited-partnership registries", "source": "https://fsaseychelles.sc/regulated-entities/fiduciary", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Virtual asset service providers (wallet, exchange, broking and investment-provider activities) under the VASP Act 2024", "source": "https://fsaseychelles.sc/vasp/licensed-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Insurance, gambling, hire-purchase/credit-sale businesses and the International Trade Zone", "source": "https://fsaseychelles.sc/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "investment-firm--SC", "family": "investment-firm", "name": { "value": "Securities Dealer's Licence (full or restricted)", "source": "https://fsaseychelles.sc/regulated-entities/capital-markets", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "fund-manager--SC", "family": "fund-manager", "name": { "value": "Fund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008", "source": "https://fsaseychelles.sc/legal-framework/legislations", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "trust-company--SC", "family": "trust-company", "name": { "value": "International Corporate Service Provider (ICSP) Licence under the International Corporate Service Providers Act 2003", "source": "https://fsaseychelles.sc/regulated-entities/fiduciary", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "vasp--SC", "family": "vasp", "name": { "value": "Virtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024", "source": "https://fsaseychelles.sc/vasp/faqs", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 9, "source": "https://fsaseychelles.sc/vasp/licensed-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "successfully submitted a complete application to the Authority" } } ], "services": { "pre_application": { "available": "no", "detail": { "value": "FSA's own application guidance describes only the formal route: obtain the form/guidelines, complete it, pay the application fee, and submit the physical dossier to the Chief Executive Officer by hand or post. No separate pre-application meeting, pre-assessment, or informal-review service is described.", "source": "https://fsaseychelles.sc/applying-for-a-license", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "unknown", "detail": { "value": "No dedicated 'innovation hub' page or service was found on fsaseychelles.sc; the FSA's fintech-facing tools appear limited to the regulatory sandbox and its guidelines.", "source": "https://fsaseychelles.sc/component/edocman/codes-and-guidelines/guidelines/fintech", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "FSA runs a regulatory sandbox for testing innovative financial products/services, supported by a published 'Regulatory Sandbox Exemptions Guidelines for Applicants' document. As of today the public sandbox page lists one participant, SECDEX Digital Custodian Limited, offering digital asset and custodial services from Providence, Mahé.", "source": "https://fsaseychelles.sc/regulated-entities/regulatory-sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } }, "fees": [ { "licence_id": "vasp--SC", "kind": "application", "amount": { "value": "SCR 75,000 (licence application); SCR 22,500 (registration application)", "source": "https://fsaseychelles.sc/vasp/faqs", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "vasp--SC", "kind": "annual", "amount": { "value": "SCR 75,000 base fee, plus an activity fee per licensed category: SCR 300,000 (Virtual Asset Wallet Provider), SCR 375,000 (Virtual Asset Exchange), SCR 150,000 (Virtual Asset Broking), SCR 75,000 (Virtual Asset Investment Provider); fees for multiple activities are additive", "source": "https://fsaseychelles.sc/vasp/faqs", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--SC", "kind": "annual", "amount": { "value": "USD 6,000 fixed annual licence fee from 2026 (due 31 January each year); for 2025 the fee was pro-rated by grant quarter from USD 3,250 to USD 6,000", "source": "https://fivecomply.com/fsa-seychelles-circular-no-1-of-2025-key-updates-on-securities-act-amendments-annual-fees-a-summary-by-fivecomply/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "vasp--SC", "statutory": null, "observed": null }, { "licence_id": "investment-firm--SC", "statutory": null, "observed": null } ], "statistics": [ { "value": "9 virtual asset service providers listed on the FSA VASP register, all in 'Assessment' status pending a licensing decision (2026-09-24)", "source": "https://fsaseychelles.sc/vasp/licensed-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2 securities exchanges licensed: MERJ Exchange Limited and SECDEX Exchange Limited (2026-09-24)", "source": "https://fsaseychelles.sc/regulated-entities/capital-markets", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "1 participant admitted to the FSA regulatory sandbox: SECDEX Digital Custodian Limited (2026-09-24)", "source": "https://fsaseychelles.sc/regulated-entities/regulatory-sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": null, "summary": null }, "recent_changes": [ { "value": "2024-09-01: Virtual Asset Service Providers Act 2024 came into force, creating licence/registration categories for virtual asset wallet, exchange, broking and investment-provider services; operators already active had to apply by 2024-12-31 to continue operating pending a decision.", "source": "https://fsaseychelles.sc/vasp/licensed-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2025-01-01: Securities (Amendment) Act 2024 and related Forms and Fees, conduct-of-business, advertisement and financial-statement regulations took effect for Securities Dealers.", "source": "https://fivecomply.com/fsa-seychelles-circular-no-1-of-2025-key-updates-on-securities-act-amendments-annual-fees-a-summary-by-fivecomply/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-01-01: Securities Dealer annual licence fee became a fixed USD 6,000 per year, replacing the 2025 pro-rated quarterly fee (USD 3,250-6,000), per FSA Circular No. 1 of 2025.", "source": "https://fivecomply.com/fsa-seychelles-circular-no-1-of-2025-key-updates-on-securities-act-amendments-annual-fees-a-summary-by-fivecomply/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Bois De Rose Avenue, P.O. Box 991, Victoria, Mahé, Seychelles", "source": "https://fsaseychelles.sc/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "Financial Services Authority Seychelles building Bois de Rose Avenue Victoria Mahe", "answer": "The Financial Services Authority (FSA) is Seychelles' non-bank financial regulator, set up under the Financial Services Authority Act 2013. It licenses securities dealers and exchanges, fund administrators, international corporate service providers, insurers and gambling operators, and, since the Virtual Asset Service Providers Act 2024, crypto wallet, exchange, broking and investment-provider firms; its VASP register currently lists 9 firms under assessment.", "faq": [ { "q": "What does the Financial Services Authority (FSA) of Seychelles regulate?", "a": "FSA is Seychelles' autonomous non-bank financial regulator, covering securities dealers and exchanges, fund administrators, international corporate service providers, insurance, gambling, and, since 2024, virtual asset service providers. It also administers company, trust and foundation registry legislation and can act against unlicensed financial business." }, { "q": "How do I check if a company is licensed by FSA Seychelles?", "a": "FSA publishes browsable registers on fsaseychelles.sc by category (Securities Dealer, Securities Exchange, ICSP/FSP/TSP, licensed VASPs, sandbox participants). These list company names and, for VASPs, an approval date and status; there is no public licence-number lookup, so matching is by company name." }, { "q": "What is a Seychelles VASP licence and what does it cost?", "a": "Since the Virtual Asset Service Providers Act 2024, wallet, exchange, broking and investment-provider crypto firms need an FSA licence or registration. The application fee is SCR 75,000 (SCR 22,500 for registration), with an annual base fee of SCR 75,000 plus an activity fee up to SCR 375,000 for exchanges." }, { "q": "Does FSA Seychelles have a fintech regulatory sandbox?", "a": "Yes. FSA runs a regulatory sandbox with published exemption guidelines for applicants, letting firms test innovative financial products under supervision. As of September 2026 the public sandbox page lists one participant, SECDEX Digital Custodian Limited, for digital asset custody." }, { "q": "How much does a Seychelles Securities Dealer licence cost to maintain?", "a": "From 2026 the annual licence fee for a Securities Dealer is a fixed USD 6,000, due by 31 January each year, replacing a 2025 pro-rated fee of USD 3,250-6,000 depending on grant date. The exact current application fee could not be confirmed from a readable primary source this session." }, { "q": "When did Seychelles start regulating crypto businesses?", "a": "The Virtual Asset Service Providers Act 2024 took effect on 1 September 2024. Firms already offering virtual asset services had to apply for a licence or registration by 31 December 2024 to continue operating while their application was assessed." } ], "open_questions": [ "Exact current number of licensed Securities Dealers: automated re-fetches of https://fsaseychelles.sc/regulated-entities/capital-markets returned inconsistent counts (roughly 190, 231, 250+, 380+) across attempts in this session; needs a manual count.", "Number of licensed Fund Administrators and Restricted Fund Administrators, and the URL of their public register (not located within this session's budget).", "Number of licensed ICSP / FSP / TSP fiduciary entities (register exists at /regulated-entities/fiduciary but per-category counts could not be reliably extracted).", "Current Securities Dealer application fee: secondary sources found conflicting figures (USD 1,500 / 3,000 / 5,000 / 9,500); the FSA's own Securities Dealer Guidelines and Forms & Fees Regulations PDFs could not be parsed as text by this session's fetch tool (returned as unreadable compressed/scanned binary).", "Minimum paid-up capital and statutory decision period for the Securities Dealer and VASP licences: the relevant FSA guidelines PDFs were unreadable to this session's tooling; prior project research (not independently re-verified here) cites USD 100,000 capital and a 30-working-day service standard for Securities Dealers.", "Change-of-control approval process, thresholds and fee for the Securities Dealer licence (Securities Act 2007 s.60): SeyLII returned HTTP 403 and two alternative PDF mirrors of the Act were unreadable (scanned/compressed) to this session's fetch tool, so the rule could not be independently confirmed here.", "Statutory instrument name/date for the regulatory sandbox (secondary sources refer to 'Regulatory Sandbox Exemption Regulations 2019', but this session only confirmed a sandbox 'Guidelines for Applicants' document on fsaseychelles.sc, not the underlying regulation's text).", "Whether FSA offers any pre-application consultation beyond the formal written process described on its 'Applying for a Licence' page." ], "licence_ids": [ "investment-firm--SC", "fund-manager--SC", "trust-company--SC", "vasp--SC" ], "law_ids": [ "sc-financial-services-authority-act-2013", "sc-securities-act-2007", "sc-mutual-fund-and-hedge-fund-act-2008", "sc-international-corporate-service-providers-act-2003", "sc-virtual-asset-service-providers-act-2024" ], "type": "regulator" }, { "id": "fsc-mauritius", "name": "Financial Services Commission", "local_name": "Financial Services Commission", "abbr": "FSC", "jurisdictions": [ "MU" ], "kind": "multi", "wikidata": "Q8563189", "wikipedia": "https://en.wikipedia.org/wiki/Financial_Services_Commission_(Mauritius)", "website": { "value": "https://www.fscmauritius.org/en", "source": "https://en.wikipedia.org/wiki/Financial_Services_Commission_(Mauritius)", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "fscmauritius.org returns 200 with Imperva Incapsula JavaScript challenge blocking scripted clients; confirmed via Wikipedia and official FIU Mauritius portal" }, "register_urls": [ { "value": "https://www.fscmauritius.org/en/supervision/register-of-licensees", "label": "Official Register of Licensees covering all FSC-regulated entities across capital markets, global business, investment funds, insurance, pensions, and virtual asset service providers", "source": "https://www.fscmauritius.org/en/supervision/register-of-licensees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403/bot challenge to scripted client on fscmauritius.org" } ], "register_how": { "value": "The register allows the public to verify whether an entity holds an active licence by conducting a free-text search by entity name or filtering by licence category. An active entry displays the company's full legal name, licence category, licence reference number, and current authorization status.", "source": "https://www.fscmauritius.org/en/supervision/register-of-licensees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403/bot challenge to scripted client on fscmauritius.org" }, "hq_city": { "value": "Ébène", "source": "https://www.fiumauritius.org/fiu/?page_id=1121", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FSC House, 54, Cybercity, Ebene, Mauritius" }, "founded": { "value": 2001, "source": "https://en.wikipedia.org/wiki/Financial_Services_Commission_(Mauritius)", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "established in 2001" }, "mandate": { "value": "The FSC is the integrated statutory regulatory authority for non-banking financial services and global business in Mauritius, mandated under the Financial Services Act 2007 to licence, regulate, monitor, and supervise conduct in securities, investment funds, insurance, pensions, and virtual assets.", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licensing, regulation, monitoring and supervision of any business activity" }, "supervises": [ { "value": "capital markets and securities intermediaries including investment dealers and investment advisers", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=U2VjdXJpdGllcyBBY3Q=&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "collective investment schemes and CIS managers under the Securities Act 2005", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=U2VjdXJpdGllcyBBY3Q=&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "virtual asset service providers (broker-dealers, wallet services, custodians, advisers, market places) and initial token offering issuers under the VAITOS Act 2021", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "global business corporations (Global Business Licences and Authorised Companies) and management companies under the Financial Services Act 2007", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "specialised financial business activities including crowdfunding, peer-to-peer lending, factoring, leasing, and credit finance", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "licences_issued": [ { "id": "vasp--MU--class-m", "family": "vasp", "name": { "value": "Virtual Asset Broker-Dealer (Class M)", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Class 'M' Virtual Asset Broker-Dealer" } }, { "id": "vasp--MU--class-o", "family": "vasp", "name": { "value": "Virtual Asset Wallet Services (Class O)", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Class 'O' Virtual Asset Wallet Services" } }, { "id": "vasp--MU--class-r", "family": "vasp", "name": { "value": "Virtual Asset Custodian (Class R)", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Class 'R' Virtual Asset Custodian" } }, { "id": "vasp--MU--class-i", "family": "vasp", "name": { "value": "Virtual Asset Advisory Services (Class I)", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Class 'I' Virtual Asset Advisory Services" } }, { "id": "vasp--MU--class-s", "family": "vasp", "name": { "value": "Virtual Asset Market Place (Class S)", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Class 'S' Virtual Asset Market Place" } }, { "id": "investment-firm--MU--investment-dealer", "family": "investment-firm", "name": { "value": "Investment Dealer Licence", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=U2VjdXJpdGllcyBBY3Q=&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licence for investment dealers and their representatives" } }, { "id": "investment-firm--MU--investment-adviser", "family": "investment-firm", "name": { "value": "Investment Adviser Licence", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=U2VjdXJpdGllcyBBY3Q=&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licence for investment advisers and their representatives" } }, { "id": "fund-manager--MU--cis-manager", "family": "fund-manager", "name": { "value": "CIS Manager Licence", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=U2VjdXJpdGllcyBBY3Q=&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "CIS managers" } }, { "id": "trust-company--MU--management-company", "family": "trust-company", "name": { "value": "Management Licence", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management licence" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Prospective applicants may request a pre-application consultation meeting with FSC supervision teams by prior appointment to clarify regulatory expectations and structure; no formal advisory opinions are issued, and meetings are conducted free of charge.", "source": "https://global.acclime.com/news/fsc-licensing-repeat-investors-mauritius/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The FSC operates an Innovation Office alongside a dedicated Fintech and Innovation webpage (launched in November 2023) providing direct regulatory guidance on novel fintech models, an overarching compendium of fintech frameworks, and stakeholder engagement.", "source": "https://www.applebyglobal.com/news/fintech-developments-mauritius-the-fsc-launches-a-new-fintech-webpage-and-updates-its-regulatory-sandbox-guidelines/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "services offered within the innovative regulatory space through the FSC's Innovation Office" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "The FSC operates a regulatory sandbox under its Regulatory Sandbox Guidelines (revised November 2023) granting Regulatory Sandbox Authorisations (RSAs) with a $0 application fee for testing innovative fintech products in a live, contained environment for 12 to 24 months with tailored reporting safeguards.", "source": "https://www.applebyglobal.com/news/fintech-developments-mauritius-the-fsc-launches-a-new-fintech-webpage-and-updates-its-regulatory-sandbox-guidelines/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "application process for a regulatory sandbox authorisation" } }, "portal": { "value": "FSCOne Platform, the FSC's official digital submission portal for licensing applications, stakeholder officer appointments and profiles, and fee administration", "source": "https://global.acclime.com/news/fsc-mauritius-moves-officer-approval-submissions-fscone-platform/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "shifted to a fully digital submission process for officer approval applications" }, "fee_schedule": { "value": "Financial Services (Consolidated Licensing and Fees) Rules 2008, as amended by the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026 (GN No. 119 of 2026, effective 1 July 2026)", "source": "https://global.acclime.com/news/mauritius-fsc-raises-gbc-fees-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "changes taking effect from 1 July 2026 under GN No. 119 of 2026" } }, "fees": [ { "licence_id": "trust-company--MU--management-company", "kind": "application", "amount": { "value": "USD 600", "source": "https://global.acclime.com/news/mauritius-fsc-raises-gbc-fees-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "GBC processing fee 500 600" } }, { "licence_id": "trust-company--MU--management-company", "kind": "annual", "amount": { "value": "USD 2,600", "source": "https://global.acclime.com/news/mauritius-fsc-raises-gbc-fees-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "GBC annual licence fee 1,950 2,600" } }, { "licence_id": "investment-firm--MU--investment-dealer", "kind": "application", "amount": { "value": "USD 500 to USD 3,250", "source": "https://www.gfscglobal.com/mauritius-forex-brokerage-licenses/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "vasp--MU--class-m", "kind": "application", "amount": { "value": "MUR 2,000,000 minimum capital requirement", "source": "https://salvusfunds.com/2026/03/18/establishing-a-vasp-under-the-vaitos-act-in-mauritius-in-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "2,000,000 MUR or its equivalent in any other fiat currency" } }, { "licence_id": "vasp--MU--class-r", "kind": "application", "amount": { "value": "MUR 5,000,000 minimum capital requirement", "source": "https://salvusfunds.com/2026/03/18/establishing-a-vasp-under-the-vaitos-act-in-mauritius-in-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "5,000,000 MUR or its equivalent in any other fiat currency" } }, { "licence_id": "vasp--MU--class-s", "kind": "application", "amount": { "value": "MUR 6,500,000 minimum capital requirement", "source": "https://salvusfunds.com/2026/03/18/establishing-a-vasp-under-the-vaitos-act-in-mauritius-in-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "6,500,000 MUR or its equivalent in any other fiat currency" } } ], "timelines": [ { "licence_id": "investment-firm--MU--investment-dealer", "statutory": { "value": "Within 10 working days from the date an application is determined by the Commission to be complete, pursuant to Section 17B of the Financial Services Act 2007 (inserted by Act 11 of 2024, in force 1 October 2024)", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "grant an application within 10 working days" }, "observed": { "value": "4 to 7 months from initial submission to final licensing, accounting for preparation, due diligence vetting, and local operational substance establishment", "source": "https://www.gfscglobal.com/mauritius-forex-brokerage-licenses/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "normally decided upon FSC approval within 4-7 months from the date of filing" } }, { "licence_id": "vasp--MU--class-m", "statutory": { "value": "No fixed statutory deadline; Section 17C(2)(b) of the Financial Services Act 2007 explicitly exempts applications for licences under the Second Schedule to the VAITOS Act 2021 from the 10-working-day determination requirement in Section 17B", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Section 17B shall not apply to... Second Schedule to the Virtual Asset" } } ], "statistics": [ { "value": "The global business sector supervised by the FSC accounts for more than 8 percent of Mauritius' gross domestic product and employs over 5,600 people", "source": "https://en.wikipedia.org/wiki/Financial_Services_Commission_(Mauritius)", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "accounts for more than eight percent of Mauritius' gross domestic product and employs over 5,600" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Section 23 of the Financial Services Act 2007 and Section 16 of the VAITOS Act 2021, any issue or transfer of shares or legal or beneficial interest in a licensee requires the prior approval of the FSC, and any unauthorized transfer is void. Prior approval is not required for transfers under 5% (unless resulting in an individual holding over 20% or a change of control) or transfers to existing shareholders that do not alter control, both of which require written notification to the Commission. A controller is defined as any person holding or controlling not less than 20% of shares or voting power, or able to exercise significant influence, or holding board appointment/removal powers. Controllers and beneficial owners are subject to fit and proper vetting.", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "except with the approval of the Commission" } }, "recent_changes": [ { "value": "2026-07-01: Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026 (GN No. 119 of 2026) came into force, raising the Global Business Company (GBC) annual licence fee to USD 2,600 and the processing fee to USD 600, while increasing Authorised Company fees to USD 1,400, with an extended payment grace window to 30 September 2026.", "source": "https://global.acclime.com/news/mauritius-fsc-raises-gbc-fees-2026/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "changes taking effect from 1 July 2026 under GN No. 119 of 2026" }, { "value": "2026-04-24: FSC Mauritius mandated digital submissions for all officer approval applications, resignations, and stakeholder due diligence profiles exclusively through the FSCOne Platform.", "source": "https://global.acclime.com/news/fsc-mauritius-moves-officer-approval-submissions-fscone-platform/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-01-05: FSC introduced the Known to the Commission (KTC) fast-track framework under Circular Letter CL050126, accelerating licensing and approvals for repeat investors, directors, and entities with an established track record in Mauritius.", "source": "https://global.acclime.com/news/fsc-licensing-repeat-investors-mauritius/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Effective 5 January 2026, the Known to the Commission (KTC) framework allows" }, { "value": "2024-10-01: Section 17B of the Financial Services Act 2007 (inserted by Act 11 of 2024) came into force, establishing a statutory requirement for the FSC to grant complete licence applications within 10 working days, while Section 17C(2)(b) explicitly exempted VAITOS Act virtual asset licence applications.", "source": "https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "grant an application within 10 working days" } ], "contacts": { "address": { "value": "FSC House, 54 Cybercity, Ébène 72201, Republic of Mauritius", "source": "https://www.fiumauritius.org/fiu/?page_id=1121", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FSC House, 54, Cybercity, Ebene, Mauritius" } }, "photo_hint": "FSC House 54 Cybercity Ebene Mauritius building", "answer": "The Financial Services Commission (FSC) is Mauritius's integrated non-banking financial regulator, established in 2001. Operating under the Financial Services Act 2007, it oversees the global business sector accounting for over 8 percent of national GDP. The FSC licenses investment dealers, investment advisers, collective investment scheme managers, and virtual asset service providers across 5 specialised classes under the VAITOS Act 2021.", "faq": [ { "q": "What is the regulatory mandate of FSC Mauritius?", "a": "Established in 2001, the FSC is the single integrated statutory regulator for non-banking financial services and global business in Mauritius. It regulates capital market intermediaries, collective investment schemes, insurers, private pension schemes, and virtual asset service providers, while the Bank of Mauritius oversees commercial banking institutions." }, { "q": "What classes of VASP licences does FSC Mauritius issue?", "a": "Under the VAITOS Act 2021, the FSC issues five classes of Virtual Asset Service Provider licences: Class M (broker-dealer), Class O (wallet services), Class R (custodian), Class I (advisory services), and Class S (virtual asset marketplace / exchange). Each class imposes specific statutory capital thresholds and mandatory local substance in Mauritius." }, { "q": "What is the statutory decision deadline for FSC licence applications?", "a": "Under Section 17B of the Financial Services Act 2007 (effective October 2024), the FSC must grant complete applications within 10 working days of determining completeness. However, Section 17C explicitly exempts VAITOS Act virtual asset applications, which realistically observe 4 to 9 months of regulatory review." }, { "q": "Is prior FSC approval required for a change of control?", "a": "Yes. Under Section 23 of the Financial Services Act 2007 and Section 16 of the VAITOS Act 2021, issuing or transferring shares or legal or beneficial interest in a licensee requires prior FSC approval. Transfers under 5% that do not result in a change of control require written notification rather than prior consent." }, { "q": "Does FSC Mauritius offer a regulatory sandbox or fintech hub?", "a": "Yes. The FSC maintains an Innovation Office and operates a regulatory sandbox framework governed by its Regulatory Sandbox Guidelines. Innovative fintech and virtual asset firms can apply for a Regulatory Sandbox Authorisation (RSA) with a $0 application fee to test new products under customized supervisory parameters for 12 to 24 months." } ], "open_questions": [ "Live licensee counts from the FSC Register of Licensees for investment dealers, CIS managers, and VASPs could not be scraped directly this session because fscmauritius.org returned an Imperva Incapsula bot-challenge to scripted requests.", "Exact consolidated fee schedule amounts for all sub-categories of investment dealer and VASP licences under the 2026 fee amendments (GN No. 119 of 2026), as the subordinate legislation portal returned a misfiled document for the Consolidated Licensing and Fees Rules." ], "licence_ids": [ "vasp--MU--class-m", "vasp--MU--class-o", "vasp--MU--class-r", "vasp--MU--class-i", "vasp--MU--class-s", "investment-firm--MU--investment-dealer", "investment-firm--MU--investment-adviser", "fund-manager--MU--cis-manager", "trust-company--MU--management-company" ], "law_ids": [ "mu-financial-services-act-2007", "mu-securities-act-2005", "mu-vaitos-act-2021" ], "type": "regulator" }, { "id": "fsca-south-africa", "name": "Financial Sector Conduct Authority", "local_name": "Financial Sector Conduct Authority", "abbr": "FSCA", "jurisdictions": [ "ZA" ], "kind": "conduct", "wikidata": "Q105846489", "wikipedia": "https://en.wikipedia.org/wiki/Financial_Sector_Conduct_Authority_(South_Africa)", "website": { "value": "https://www.fsca.co.za/", "source": "https://www.fsca.co.za/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://www.fsca.co.za/Entity-Persons-Search/?iframe_target=financial-services-providers", "label": "FSP register search (current site)", "source": "https://www.fsca.co.za/Entity-Persons-Search/?iframe_target=financial-services-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "tool fetched only a cached/offline read-only description, could not confirm the live search UI works for a scripted client" }, { "value": "https://www2.fsca.co.za/Fais/Search_FSP.htm", "label": "FSP register search (legacy site)", "source": "https://www2.fsca.co.za/Fais/Search_FSP.htm", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "blocked_reason": "connection reset (ECONNRESET) to scripted client on two attempts" } ], "register_how": { "value": "Search the FSP register by entity name, FSP licence number, or trading name; an active entry shows the licence status, licensed categories (I-IV), key individuals and representatives.", "source": "https://www.fsca.co.za/Entity-Persons-Search/?iframe_target=financial-services-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Pretoria", "source": "https://www.gov.za/about-government/contact-directory/soe/financial-sector-conduct-authority-fsca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Riverwalk Office Park, Block B, 41 Matroosberg Road, Ashlea Gardens, PRETORIA" }, "founded": { "value": 2018, "source": "https://en.wikipedia.org/wiki/Financial_Sector_Conduct_Authority_(South_Africa)", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "established... 1 April 2018" }, "mandate": { "value": "The FSCA is South Africa's dedicated market-conduct regulator, supervising how financial institutions treat customers across banking, insurance, investment, retirement-fund and capital-markets sectors, alongside the Prudential Authority under the Twin Peaks model.", "source": "https://www.fsca.co.za/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "enhance and support the efficiency and integrity of the financial system, and to protect financial" }, "supervises": [ { "value": "financial advisory and intermediary services providers (FSPs), including crypto asset service providers", "source": "https://www.fsca.co.za/New-Financial-Service-Provider/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "over-the-counter derivative providers (ODPs) under the Financial Markets Act", "source": "https://www.fanews.co.za/article/investments/8/forex/1440/odp-licensing-and-cfd-trading-industry-in-south-africa/31757", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "collective investment schemes, retirement funds, insurers (market conduct) and credit rating agencies", "source": "https://www.fsca.co.za/New-Financial-Service-Provider/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "investment-firm--ZA--fsp-cat1", "family": "investment-firm", "name": { "value": "Financial Services Provider licence - Category I (advice and/or intermediary services, non-discretionary, incl. crypto assets)", "source": "https://www.fsca.co.za/New-Financial-Service-Provider/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null }, { "id": "investment-firm--ZA--fsp-cat2", "family": "investment-firm", "name": { "value": "Financial Services Provider licence - Category II (discretionary FSP)", "source": "https://www.fsca.co.za/New-Financial-Service-Provider/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null }, { "id": "vasp--ZA", "family": "vasp", "name": { "value": "Crypto Asset Service Provider licence (an FSP authorisation category under FAIS, not a MiCA-equivalent regime)", "source": "https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/update-on-licensing-and-supervision-of-crypto-asset-service-providers/43764", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": 310, "source": "https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/update-on-licensing-and-supervision-of-crypto-asset-service-providers/43764", "source_type": "secondary", "as_of": "2026-03-31", "checked_by": "claude", "quote": "the FSCA had received a total of 533 CASP licence applications, of which 310 have" } }, { "id": "investment-firm--ZA--odp", "family": "investment-firm", "name": { "value": "Over-the-Counter Derivative Provider (ODP) authorisation under the Financial Markets Act", "source": "https://www.fanews.co.za/article/investments/8/forex/1440/odp-licensing-and-cfd-trading-industry-in-south-africa/31757", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null } ], "services": { "pre_application": { "available": "unknown", "detail": { "value": "FSCA offers an optional pre-application meeting to discuss business plans and authorisation requirements before formal submission, per secondary compliance-industry guidance; FSCA's own new-applications page does not itself describe this process and no fee is stated.", "source": "https://www.fsca.co.za/LR-FAIS-New-Applications/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "unknown", "detail": null }, "sandbox": { "available": "unknown", "kind": "unknown", "detail": null }, "fee_schedule": { "value": "Fees for FAIS Act licences are set by periodic FSCA General Notices under the Financial Sector Levies Act (currently General Notice 1 of 2024, effective 1 October 2024)", "source": "https://www.horizoncompliance.co.za/fsp-licence-applications", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "FSCA General Notice 1 of 2024 (effective 1 October 2024)" } }, "fees": [ { "licence_id": "investment-firm--ZA--fsp-cat1", "kind": "application", "amount": { "value": "R2,697", "source": "https://dealable24.com/licenses/south-africa-fsp-license", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "R2,697 (approximately USD 153)" } }, { "licence_id": "investment-firm--ZA--fsp-cat2", "kind": "application", "amount": { "value": "R16,313", "source": "https://dealable24.com/licenses/south-africa-fsp-license", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "R16,313 (approximately USD 923)" } }, { "licence_id": "investment-firm--ZA--fsp-cat1", "kind": "annual", "amount": { "value": "levy per representative/key individual of R520-R551.20 for 2024/25 (Cat I/IV Long-Term Insurance subcategory A only: R250), plus other components; FSCA does not publish one flat annual fee", "source": "http://ctb.co.za/2024/09/02/levies-for-financial-services-providers-fsps-2024-2025/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "investment-firm--ZA--fsp-cat1", "statutory": null, "observed": { "value": "reported 8-12 weeks in practice, as the FSCA Licensing Committee meets once a month to approve licences", "source": "https://www.fsca.co.za/LR-FAIS-New-Applications/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "statistics": [ { "value": "533 CASP licence applications received, 310 approved, 17 declined and 124 voluntarily withdrawn, as at 31 March 2026 (FSCA 2025/26 financial year end)", "source": "https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/update-on-licensing-and-supervision-of-crypto-asset-service-providers/43764", "source_type": "secondary", "as_of": "2026-03-31", "checked_by": "claude" } ], "change_of_control": { "approval_type": "notification", "summary": { "value": "A 'significant owner' under FSR Act s157 is anyone able to control or materially influence an FSP's business or strategy, presumed at the power to appoint 15% of the governing body or holding a qualifying stake. For an ordinary FSP (not a bank, insurer, market infrastructure or CIS manager), FSR Act s158 prior-approval does not apply; the FSP must instead notify the FSCA of significant ownership. A new key individual, however, needs FSCA fit-and-proper approval (FAIS s8(4)(b), form FSP4D) before acting, and non-compliance must be notified within 30 days.", "source": "https://www.moonstone.co.za/honesty-and-integrity-requirement-now-applies-to-the-significant-owners-of-fsps/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "a person is a significant owner... can control or materially influence the institution's business or" } }, "recent_changes": [ { "value": "2025-06-30: the temporary exemption of licensed crypto-asset FSPs and their key individuals from regulatory examination (RE) requirements (FAIS Notice 25 of 2023, extended by FAIS Notice 76 of 2024) expired, with no further extension.", "source": "https://www.horizoncompliance.co.za/complianceblog/fsca-extends-regulatory-exam-exemption-for-crypto-fsps-until-june-2025", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "extending this exemption until 30 June 2025" }, { "value": "2026-03-31: FSCA reported 533 CASP applications received since the 1 June 2023 licensing window opened, with 310 approved, 17 declined and 124 withdrawn.", "source": "https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/update-on-licensing-and-supervision-of-crypto-asset-service-providers/43764", "source_type": "secondary", "as_of": "2026-03-31", "checked_by": "claude" } ], "contacts": { "address": { "value": "Riverwalk Office Park, Block B, 41 Matroosberg Road, Ashlea Gardens, Pretoria, 0081, South Africa", "source": "https://www.gov.za/about-government/contact-directory/soe/financial-sector-conduct-authority-fsca", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "FSCA Riverwalk Office Park Ashlea Gardens Pretoria", "answer": "The FSCA is South Africa's market-conduct regulator for financial institutions, established in 2018 under the Twin Peaks reform. It licenses Financial Services Providers (FSPs) under the FAIS Act, including crypto asset service providers since 1 June 2023 (310 of 533 applicants approved by 31 March 2026), plus over-the-counter derivative providers under the Financial Markets Act.", "faq": [ { "q": "What does the FSCA regulate?", "a": "The FSCA is South Africa's market-conduct regulator, overseeing how financial institutions treat customers across advisory and intermediary services (FSPs), collective investment schemes, retirement funds, insurers and capital markets, working alongside the Prudential Authority under the Twin Peaks model established by the Financial Sector Regulation Act 9 of 2017." }, { "q": "Do crypto exchanges need an FSCA licence in South Africa?", "a": "Yes. Since a 19 October 2022 declaration, crypto assets are 'financial products' under the FAIS Act, so crypto asset service providers must hold an FSP licence. A licensing window ran from 1 June 2023, and by 31 March 2026 the FSCA had approved 310 of 533 applications received." }, { "q": "How long does an FSCA FSP licence application take?", "a": "There is no fixed statutory deadline confirmed from a primary FSCA source; compliance-industry guidance reports roughly 8-12 weeks in practice, since the FSCA's Licensing Committee approves new licences at a monthly meeting." }, { "q": "What does an FSCA Category I vs Category II FSP licence cover?", "a": "Category I covers non-discretionary advice and/or intermediary services; Category II covers discretionary FSPs, who manage client portfolios at their own discretion. Both categories can include a crypto-asset authorisation since 2023. The application fee under the FSCA's current fee notice is R2,697 for Category I and R16,313 for Category II." }, { "q": "Does South Africa require a separate licence for CFD or OTC derivative brokers?", "a": "Yes. A person acting as an over-the-counter derivative provider (ODP) - originating, issuing or market-making OTC derivatives, including CFDs, as principal - must be separately authorised by the FSCA under the Financial Markets Act 19 of 2012, in addition to any FSP licence." }, { "q": "Does a change of ownership require FSCA prior approval?", "a": "Not automatically. FSR Act s158 prior-approval applies only to banks, insurers, market infrastructures and CIS managers, not ordinary FSPs. An FSP must instead notify the FSCA of a 'significant owner' - broadly, someone able to appoint 15% of the board or holding a qualifying stake - and any new key individual needs FSCA fit-and-proper approval before acting." } ], "open_questions": [ "Exact statutory decision deadline for FSP/CASP licence applications (FSCA Service Level Commitment documents are PDFs not readable through this session's tools).", "Whether FSCA operates a dedicated pre-application meeting programme, innovation hub or regulatory sandbox of its own (references found point to the cross-agency IFWG, whose site returned a connection reset on every fetch attempt in this session).", "Current total licensee counts for FSP Category I and Category II generally, and for the ODP licence (only the CASP subset count, 310, was confirmed).", "Exact annual FSCA levy/fee amounts per licence category from the FSCA's own General Notice 1 of 2024 (only secondary summaries were readable; the primary PDF could not be parsed by this session's tools).", "Whether the FSP register search tools (current Entity-Persons-Search and legacy www2.fsca.co.za) work for a live lookup - both returned degraded/blocked responses to this session's fetch tool.", "Whether an FSR Act s158-style prior-approval regulation has since been extended to FSPs/CASPs specifically (flagged as unconfirmed in prior project research)." ], "licence_ids": [ "investment-firm--ZA--fsp-cat1", "investment-firm--ZA--fsp-cat2", "vasp--ZA", "investment-firm--ZA--odp" ], "law_ids": [ "za-fais-act-2002", "za-financial-sector-regulation-act-2017", "za-financial-markets-act-2012" ], "type": "regulator" }, { "id": "fsra-adgm", "name": "Financial Services Regulatory Authority", "local_name": "سلطة تنظيم الخدمات المالية", "abbr": "FSRA", "jurisdictions": [ "AE-ADGM" ], "kind": "free-zone", "wikidata": null, "wikipedia": "https://en.wikipedia.org/wiki/Abu_Dhabi_Global_Market", "website": { "value": "https://www.adgm.com/financial-services-regulatory-authority", "source": "https://www.adgm.com/financial-services-regulatory-authority", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "register_urls": [ { "value": "https://www.adgm.com/public-registers/fsra", "label": "FSRA Public Register Portal", "source": "https://www.adgm.com/public-registers/fsra", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "https://www.adgm.com/public-registers/fsra/firms", "label": "FSRA Public Register: Firms", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "https://www.adgm.com/public-registers/fsra/funds", "label": "FSRA Public Register: Funds", "source": "https://www.adgm.com/public-registers/fsra/funds", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "register_how": { "value": "Users search the FSRA Public Register by firm name, FSP permission number, firm type, asset class, or regulated activity. An active entry details the entity's legal name, registered address, permission date, permitted regulated activities, asset endorsements (such as Virtual Assets), stipulations, and approved individuals.", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "hq_city": { "value": "Abu Dhabi", "source": "https://www.adgm.com/financial-services-regulatory-authority", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "founded": { "value": 2013, "source": "https://en.adgm.thomsonreuters.com/rulebook/abu-dhabi-law-no-4-2013", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Abu Dhabi Law No. (4) of 2013 concerning Abu Dhabi Global Market" }, "mandate": { "value": "The FSRA regulates and supervises financial services institutions within Abu Dhabi Global Market to foster a progressive, robust financial centre that underpins market integrity and financial stability.", "source": "https://www.adgm.com/financial-services-regulatory-authority", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "foster a financial centre that underpins Abu Dhabi's growth as a global financial hub" }, "supervises": [ { "value": "Banks, deposit-takers, and credit providers", "source": "https://en.adgm.thomsonreuters.com/entiresection/11102", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Investment firms, broker-dealers, and multilateral trading facilities (MTFs)", "source": "https://en.adgm.thomsonreuters.com/entiresection/11102", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Asset managers, fund managers, and collective investment funds", "source": "https://en.adgm.thomsonreuters.com/rulebook/fund-rulebook-funds-ver13160926", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Money services businesses, payment service providers, and money transmitters", "source": "https://en.adgm.thomsonreuters.com/entiresection/7558", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Virtual asset service providers (VASPs), crypto brokers, custodians, and exchanges", "source": "https://en.adgm.thomsonreuters.com/entiresection/24820", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Issuers of Fiat-Referenced Tokens (stablecoins)", "source": "https://en.adgm.thomsonreuters.com/entiresection/27446", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Custodians and trust service providers", "source": "https://en.adgm.thomsonreuters.com/entiresection/7549", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "licences_issued": [ { "id": "payment-institution--AE-ADGM", "family": "payment-institution", "name": { "value": "Financial Services Permission for Providing Money Services (Category 3C)", "source": "https://en.adgm.thomsonreuters.com/entiresection/7558", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 9, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Providing Money Services activity" } }, { "id": "stablecoin-issuer--AE-ADGM", "family": "stablecoin-issuer", "name": { "value": "Financial Services Permission for Issuing a Fiat-Referenced Token (Category 3C)", "source": "https://en.adgm.thomsonreuters.com/entiresection/27446", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 3, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Issuing a Fiat-Referenced Token activity" } }, { "id": "vasp--AE-ADGM", "family": "vasp", "name": { "value": "Financial Services Permission with Virtual Asset Activities Endorsement", "source": "https://en.adgm.thomsonreuters.com/entiresection/24820", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 18, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Virtual Asset endorsement" } }, { "id": "fund-manager--AE-ADGM", "family": "fund-manager", "name": { "value": "Financial Services Permission for Managing a Collective Investment Fund (Category 3C)", "source": "https://en.adgm.thomsonreuters.com/entiresection/7549", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 158, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Managing a Collective Investment Fund activity" } }, { "id": "investment-firm--AE-ADGM--cat2", "family": "investment-firm", "name": { "value": "Financial Services Permission for Dealing in Investments as Principal (Category 2)", "source": "https://en.adgm.thomsonreuters.com/entiresection/7541", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 7, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Dealing in Investments as Principal activity" } }, { "id": "investment-firm--AE-ADGM--cat3a", "family": "investment-firm", "name": { "value": "Financial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A)", "source": "https://en.adgm.thomsonreuters.com/entiresection/7541", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 32, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Dealing in Investments as Agent activity" } }, { "id": "investment-firm--AE-ADGM--cat4", "family": "investment-firm", "name": { "value": "Financial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4)", "source": "https://en.adgm.thomsonreuters.com/entiresection/7556", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 255, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Advising on Investments or Credit activity" } }, { "id": "bank--AE-ADGM", "family": "bank", "name": { "value": "Financial Services Permission for Accepting Deposits (Category 1 Commercial Bank)", "source": "https://en.adgm.thomsonreuters.com/entiresection/7538", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 8, "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Active firms with Accepting Deposits activity" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "FSRA encourages early engagement: applicants contact authorisation@adgm.com and submit a draft Regulatory Business Plan to obtain feedback before the formal application.", "source": "https://www.adgm.com/financial-services-regulatory-authority/fsra-general-application-process", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "yes", "detail": { "value": "ADGM operates the FinTech ecosystem and Digital Lab, providing synthetic testing environments, API integration sandboxes, and regulatory engagement for innovative business models.", "source": "https://www.adgm.com/business-areas/fintech", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "support the growth and adoption of fintech" } }, "sandbox": { "available": "yes", "kind": "statutory", "detail": { "value": "The ADGM RegLab (Regulatory Laboratory) is a tailored regulatory framework allowing innovative fintech firms to test products under restricted FSP conditions for up to 24 months, with an application fee of USD 1,000.", "source": "https://en.adgm.thomsonreuters.com/entiresection/22994", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "in respect of an application for a RegLab Authorisation is USD 1,000" } }, "portal": { "value": "ACCESSADGM / FSRA Connect (access.adgm.com and fsraconnect.adgm.com)", "source": "https://www.adgm.com/financial-services-regulatory-authority/fsra-general-application-process", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "fee_schedule": { "value": "FEES Rulebook VER20.010126 outlining application, annual, authorization amendment, and controller fees", "source": "https://en.adgm.thomsonreuters.com/rulebook/fees-rulebook-fees-ver20010126", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Fees Rules (FEES) VER20.010126" } }, "fees": [ { "licence_id": "payment-institution--AE-ADGM", "kind": "application", "amount": { "value": "USD 25,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7558", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Money Services Category 2 ... USD 25,000" } }, { "licence_id": "payment-institution--AE-ADGM", "kind": "annual", "amount": { "value": "USD 25,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7558", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Money Services Category 2 ... USD 25,000" } }, { "licence_id": "stablecoin-issuer--AE-ADGM", "kind": "application", "amount": { "value": "USD 70,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/27446", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Issuing a Fiat-Referenced Token ... USD 70,000" } }, { "licence_id": "stablecoin-issuer--AE-ADGM", "kind": "annual", "amount": { "value": "USD 70,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/27446", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "annual supervision fee for a Person Issuing a Fiat-Referenced Token is USD 70,000" } }, { "licence_id": "vasp--AE-ADGM", "kind": "application", "amount": { "value": "USD 20,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/24820", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "carrying on any other Regulated Activity in relation to Virtual Assets is USD 20,000" } }, { "licence_id": "vasp--AE-ADGM", "kind": "annual", "amount": { "value": "USD 15,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/24820", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "annual supervision fee ... in relation to Virtual Assets is USD 15,000" } }, { "licence_id": "investment-firm--AE-ADGM--cat2", "kind": "application", "amount": { "value": "USD 40,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7541", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dealing in Investments as Principal ... USD 40,000" } }, { "licence_id": "investment-firm--AE-ADGM--cat2", "kind": "annual", "amount": { "value": "USD 50,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7541", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dealing in Investments as Principal ... USD 50,000" } }, { "licence_id": "investment-firm--AE-ADGM--cat3a", "kind": "annual", "amount": { "value": "USD 25,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7541", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dealing in Investments as Agent or Matched Principal ... USD 25,000" } }, { "licence_id": "bank--AE-ADGM", "kind": "application", "amount": { "value": "USD 70,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7538", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Accepting Deposits ... USD 70,000" } }, { "licence_id": "bank--AE-ADGM", "kind": "annual", "amount": { "value": "USD 100,000", "source": "https://en.adgm.thomsonreuters.com/entiresection/7538", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Accepting Deposits ... USD 100,000" } } ], "timelines": [ { "licence_id": "payment-institution--AE-ADGM", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "stablecoin-issuer--AE-ADGM", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "vasp--AE-ADGM", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "fund-manager--AE-ADGM", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "investment-firm--AE-ADGM--cat2", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "investment-firm--AE-ADGM--cat3a", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "investment-firm--AE-ADGM--cat4", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } }, { "licence_id": "bank--AE-ADGM", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://en.adgm.thomsonreuters.com/entiresection/12521", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for a Financial Services Permission within a reasonable time" } } ], "statistics": [ { "value": "412 active financial services firms licensed (FSRA Public Register, 2026-09-24)", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "18 active firms licensed with Virtual Asset endorsements (FSRA Public Register, 2026-09-24)", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "9 active firms licensed for Providing Money Services (FSRA Public Register, 2026-09-24)", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "3 active firms licensed for Issuing Fiat-Referenced Tokens (FSRA Public Register, 2026-09-24)", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "158 active fund managers and 105 asset managers licensed (FSRA Public Register, 2026-09-24)", "source": "https://www.adgm.com/public-registers/fsra/firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "340 domestic and foreign passported funds registered (FSRA Public Register, 2026-09-24)", "source": "https://www.adgm.com/public-registers/fsra/funds", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "95 Financial Services Permissions granted in 2025, up 22% year-on-year, with 120 In-Principle Approvals issued (FSRA Annual Report 2025, 2026-07-13)", "source": "https://www.adgm.com/media/announcements/adgm-fsra-publishes-its-2025-annual-report", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "FSRA Publishes Its 2025 Annual Report" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under FSMR section 105 and GEN 8.8, prior written approval from the FSRA is required before a person becomes a controller or increases control across 20%, 30%, or 50% thresholds. A controller is defined as holding 10% or more of voting rights or capital, or exercising significant influence. The statutory determination period is 90 days from receipt of a complete notice, accompanied by a USD 1,000 application fee.", "source": "https://en.adgm.thomsonreuters.com/entiresection/7993", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "determine an application for approval under Rule 8.8.4 within 90 days" } }, "recent_changes": [ { "value": "2026-09-16: FSRA finalised changes to its Funds Framework following CP 12/2025; Venture Capital Fund Managers and Foreign Fund Managers have a transition period until 31 March 2027.", "source": "https://www.adgm.com/media/announcements/regulatory-update-adgm-fsra-finalises-enhancements-to-its-funds-framework", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-07-13: FSRA published its 2025 Annual Report: 95 Financial Services Permissions granted (up 22% year on year) and 120 In-Principle Approvals issued (up 32%).", "source": "https://www.adgm.com/media/announcements/adgm-fsra-publishes-its-2025-annual-report", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "2026-01-01: FEES Rulebook VER20.010126 entered into force, updating application and supervision fee schedules for Fiat-Referenced Tokens (stablecoins) at USD 70,000 and Virtual Asset endorsements.", "source": "https://en.adgm.thomsonreuters.com/rulebook/fees-rulebook-fees-ver20010126", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Fees Rules (FEES) VER20.010126" } ], "contacts": { "address": { "value": "9th Floor, Al Khatem Tower, ADGM Square, Al Maryah Island, Abu Dhabi, UAE (temporary address while the Authorities Building is refurbished)", "source": "https://www.adgm.com/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "Abu Dhabi Global Market Authorities Building Al Maryah Island Abu Dhabi", "answer": "The FSRA is the independent financial regulator of Abu Dhabi Global Market, an English common-law financial free zone in the UAE. It licenses and supervises banking, investment, asset management, payment, and virtual asset institutions across Categories 1 through 4. As of September 2026, the FSRA supervises 412 active financial institutions, including 18 licensed virtual asset firms and 9 money services providers.", "faq": [ { "q": "What is the difference between FSRA ADGM and DFSA or VARA?", "a": "The FSRA regulates Abu Dhabi Global Market, an offshore financial free zone operating under English common law, covering both traditional finance and virtual assets. In contrast, the DFSA regulates Dubai's DIFC financial free zone, while VARA regulates virtual assets exclusively within onshore Dubai mainland and its commercial free zones." }, { "q": "What are the FSP categories under FSRA prudential rules?", "a": "FSRA categorizes regulated firms into Categories 1 to 5 under the PRU Rulebook based on systemic risk. Category 1 covers deposit-taking commercial banks; Category 2 covers principal dealers; Category 3 (split into 3A, 3B, 3C) covers agents, custodians, asset managers, and payment services; Category 4 covers advisory and arranging firms; and Category 5 covers Islamic financial institutions." }, { "q": "Does FSRA offer a fintech regulatory sandbox?", "a": "Yes. The FSRA operates the Regulatory Laboratory (RegLab), a statutory sandbox allowing fintech startups and innovators to test new business models under tailored regulatory relief for up to 24 months. RegLab applicants pay a reduced application fee of USD 1,000 while developing compliance capabilities prior to transitioning to a full FSP." }, { "q": "How does FSRA regulate virtual assets and stablecoins?", "a": "FSRA regulates virtual asset activities—including exchanges, brokerages, and custodians—via specific endorsements added to standard Category 3 or 4 permissions, alongside a USD 20,000 top-up fee. Issuers of Fiat-Referenced Tokens (stablecoins) are subject to Category 3C authorization with dedicated reserve backing requirements and an application fee of USD 70,000." }, { "q": "What is the approval process and statutory timeline for an FSRA licence?", "a": "Authorisation runs in stages: pre-application engagement with a draft Regulatory Business Plan, the formal application, the FSRA's assessment, in-principle approval (IPA), meeting the pre-conditions (incorporation, capital, key staff) and the final Financial Services Permission. The FSRA decides within a reasonable time of a complete application; it does not publish a fixed statutory deadline." }, { "q": "Can foreign firms own 100% of an FSRA-regulated entity in ADGM?", "a": "Yes. The FSRA actively permits 100% foreign ownership of regulated financial institutions and general commercial entities in ADGM without requiring a local Emirati partner or sponsor. Firms also benefit from a 0% corporate tax rate on qualifying income, zero personal income tax, and unrestricted capital and profit repatriation." } ], "open_questions": [ "Statutory determination period for new FSP applications is defined as 'within a reasonable time' under FSMR s.41(2) rather than a fixed calendar-day deadline." ], "licence_ids": [ "payment-institution--AE-ADGM", "stablecoin-issuer--AE-ADGM", "vasp--AE-ADGM", "fund-manager--AE-ADGM", "investment-firm--AE-ADGM--cat2", "investment-firm--AE-ADGM--cat3a", "investment-firm--AE-ADGM--cat4", "bank--AE-ADGM" ], "law_ids": [ "ae-adgm-fsmr-2015", "ae-adgm-fees-rules", "ae-adgm-gen-rules", "ae-adgm-pru-rules", "ae-adgm-cobs-rules", "ae-adgm-funds-rules", "ae-adgm-aml-rules", "ae-abu-dhabi-law-4-2013", "ae-federal-law-8-2004" ], "type": "regulator" }, { "id": "knf-poland", "name": "Polish Financial Supervision Authority", "local_name": "Komisja Nadzoru Finansowego", "abbr": "KNF", "jurisdictions": [ "PL" ], "kind": "multi", "wikidata": "Q773485", "wikipedia": "https://en.wikipedia.org/wiki/Polish_Financial_Supervision_Authority", "website": { "value": "https://www.knf.gov.pl/", "source": "https://www.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Komisja Nadzoru Finansowego" }, "register_urls": [ { "value": "https://e-rup.knf.gov.pl/", "source": "https://e-rup.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Payment Services and Electronic Money Institutions (e-RUP: KIP, MIP, KIO, AISP, payment bureaus)" }, { "value": "https://zasi.knf.gov.pl/", "source": "https://zasi.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Alternative Investment Company Managers (Rejestr Zarządzających ASI - ZASI)" }, { "value": "https://rpkip.knf.gov.pl/index.html?type=RIP", "source": "https://rpkip.knf.gov.pl/index.html?type=RIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Lending Institutions and Credit Intermediaries (Rejestr Instytucji Pożyczkowych - RIP)" }, { "value": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Firmy_inwestycyjne_i_Agenci_firm_inwestycyjnych/domy_maklerskie", "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Firmy_inwestycyjne_i_Agenci_firm_inwestycyjnych/domy_maklerskie", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Brokerage Houses and Investment Firms (Domy maklerskie)" }, { "value": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI", "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Investment Fund Management Companies (Towarzystwa Funduszy Inwestycyjnych - TFI)" }, { "value": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/zarzadzajacy_asi_posiadajacy_zezwolenie", "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/zarzadzajacy_asi_posiadajacy_zezwolenie", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Authorized Alternative Investment Fund Managers (ZASI posiadający zezwolenie)" }, { "value": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Crowdfunding Service Providers under ECSPR (Dostawcy usług finansowania społecznościowego)" }, { "value": "https://www.knf.gov.pl/podmioty/Podmioty_sektora_bankowego/Banki_w_formie_spolek_akcyjnych", "source": "https://www.knf.gov.pl/podmioty/Podmioty_sektora_bankowego/Banki_w_formie_spolek_akcyjnych", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "label": "Register of Commercial Banks in the Form of Joint-Stock Companies (Banki w formie spółek akcyjnych)" } ], "register_how": { "value": "Searches across KNF registers can be conducted online by entity name, register entry number, tax identification number (NIP), or KRS company number. An active entry displays the entity legal name, registered seat, entry date, status (Wpisany / Wykreślony), permitted scope of services, and cross-border passporting notifications.", "source": "https://e-rup.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "hq_city": { "value": "Warsaw", "source": "https://www.knf.gov.pl/o_nas/urzad_komisji/dane_teleadresowe", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ul. Piękna 20 skr. poczt. 419 00-549 Warszawa" }, "founded": { "value": 2006, "source": "https://bip.knf.gov.pl/bip_portal/status_prawny", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ustawa z dnia 21 lipca 2006 r. o nadzorze nad rynkiem finansowym" }, "mandate": { "value": "KNF ensures the proper functioning, stability, security, and transparency of the Polish financial market, safeguards public confidence in financial institutions, and protects the interests of market participants.", "source": "https://bip.knf.gov.pl/bip_portal/status_prawny", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "KNF jest właściwa w sprawach nadzoru nad rynkiem finansowym" }, "supervises": [ { "value": "Banking sector including domestic commercial banks, cooperative banks, and credit unions (SKOK)", "source": "https://www.knf.gov.pl/podmioty/Podmioty_sektora_bankowego/Banki_w_formie_spolek_akcyjnych", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Payment services and electronic money institutions including KIP, MIP, KIO, and AISP", "source": "https://e-rup.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Capital market including brokerage houses, investment firms, TFI, public companies, and market infrastructure", "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Firmy_inwestycyjne_i_Agenci_firm_inwestycyjnych/domy_maklerskie", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Insurance and reinsurance undertakings and pension funds (PTE, OFE, PPE)", "source": "https://www.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Non-bank consumer lending institutions and credit intermediaries", "source": "https://rpkip.knf.gov.pl/index.html?type=RIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Crowdfunding service providers under European Crowdfunding Regulation (ECSPR)", "source": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Crypto-asset service providers under the Polish MiCA regulatory regime once enacted", "source": "https://knf.gov.pl/knf/pl/komponenty/img/Stanowisko_UKNF_-_nadzor_nad_krypto_96996.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "licences_issued": [ { "id": "payment-institution--PL--kip", "family": "payment-institution", "name": { "value": "National Payment Institution licence (krajowa instytucja płatnicza - KIP)", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/wstep", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zezwolenie na świadczenie usług płatniczych w charakterze krajowej instytucji płatniczej" } }, { "id": "payment-institution--PL--mip", "family": "payment-institution", "name": { "value": "Small Payment Institution registration (mała instytucja płatnicza - MIP)", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/MIP/Rejestracja_MIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wpis do rejestru małych instytucji płatniczych" } }, { "id": "emi--PL", "family": "emi", "name": { "value": "Electronic Money Institution licence (krajowa instytucja pieniądza elektronicznego - KIO)", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/oplaty_i_koszty", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zezwolenia na prowadzenie działalności w charakterze krajowej instytucji pieniądza elektronicznego" } }, { "id": "payment-institution--PL--aisp", "family": "payment-institution", "name": { "value": "Account Information Service Provider registration (dostawca świadczący wyłącznie usługę dostępu do informacji o rachunku - AISP)", "source": "https://e-rup.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rejestr dostawców świadczących wyłącznie usługę dostępu do informacji o rachunku" } }, { "id": "investment-firm--PL--brokerage", "family": "investment-firm", "name": { "value": "Brokerage House licence (dom maklerski)", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/kapitalowy/informacje_ogolne/dzialalnosc_maklerska/oplaty_koszty", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "zezwolenia na prowadzenie działalności maklerskiej przez dom maklerski" } }, { "id": "fund-manager--PL--tfi", "family": "fund-manager", "name": { "value": "Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI)", "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Towarzystwa Funduszy Inwestycyjnych" }, "licensee_count": { "value": 64, "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pozycje od 1 do 64 z 64" } }, { "id": "fund-manager--PL--zasi", "family": "fund-manager", "name": { "value": "Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI)", "source": "https://zasi.knf.gov.pl/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rejestr Zarządzających ASI" } }, { "id": "lending--PL--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding Service Provider authorization under ECSPR (dostawca usług finansowania społecznościowego)", "source": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rejestr dostawców usług finansowania społecznościowego" }, "licensee_count": { "value": 4, "source": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pozycje od 1 do 4 z 4" } }, { "id": "lending--PL--institution", "family": "lending", "name": { "value": "Lending Institution registration (instytucja pożyczkowa - RIP)", "source": "https://rpkip.knf.gov.pl/index.html?type=RIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Rejestr Instytucji Pożyczkowych" } }, { "id": "bank--PL", "family": "bank", "name": { "value": "Commercial Bank licence (bank krajowy w formie spółki akcyjnej)", "source": "https://www.knf.gov.pl/podmioty/Podmioty_sektora_bankowego/Banki_w_formie_spolek_akcyjnych", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banki w formie spółek akcyjnych" }, "licensee_count": { "value": 20, "source": "https://www.knf.gov.pl/podmioty/Podmioty_sektora_bankowego/Banki_w_formie_spolek_akcyjnych", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pozycje od 1 do 20 z 20" } }, { "id": "casp-mica--PL", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider authorization under MiCA (zezwolenie na świadczenie usług w zakresie kryptoaktywów)", "source": "https://knf.gov.pl/knf/pl/komponenty/img/Stanowisko_UKNF_-_nadzor_nad_krypto_96996.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "świadczenie usług w zakresie kryptoaktywów na podstawie rozporządzenia MiCA" }, "licensee_count": { "value": 0, "source": "https://knf.gov.pl/knf/pl/komponenty/img/Stanowisko_UKNF_-_nadzor_nad_krypto_96996.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "KNF nie posiada jeszcze podstawy prawnej do wydawania zezwoleń" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "KNF provides free pre-application consultations and informal preparatory meetings for prospective fintech applicants via the Department of Payment Services and Department of Financial Market Development. Applicants can present draft business models, clarify regulatory categorization, and obtain guidance on documentation requirements prior to formal application submission.", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne_rejestrowe", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Program Innovation Hub is run by the FinTech Financial Innovation Department. FinTech firms and startups can submit questions using an online form to obtain non-binding regulatory explanations, interpretations of supervisory practices, and clarification of licensing criteria free of charge.", "source": "https://www.knf.gov.pl/komunikacja/komunikaty?articleId=75894&p_id=18", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Program Innovation Hub skierowany do podmiotów z sektora FinTech" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "KNF operates virtual sandboxes including the PSD2 Open API Virtual Sandbox (Piaskownica Wirtualna PSD2) and the DLT Virtual Sandbox (Piaskownica DLT, developed with KDPW). These sandboxes provide synthetic testing environments with simulated financial data; they do not grant statutory waivers or regulatory exemptions from Polish financial legislation.", "source": "https://www.knf.gov.pl/komunikacja/komunikaty?articleId=75894&p_id=18", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "uruchomienie Piaskownicy Wirtualnej" } }, "portal": { "value": "Portal KNF is an online platform for supervised entities and applicants, providing digital licensing submissions, regulatory filings, statistical reporting, and integration with ePUAP and e-Deklaracje.", "source": "https://www.knf.gov.pl/dla_rynku/portal_knf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Portal KNF" }, "fee_schedule": { "value": "Prime Minister Regulation on supervisory contributions and statutory licensing fees for KNF oversight across banking, payment, capital, and insurance markets.", "source": "https://www.knf.gov.pl/dla_rynku/wplaty_pokrycie_kosztow_nadzoru/platniczy/krajowe_instytucje_platnicze", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "rozporządzenie Prezesa Rady Ministrów" } }, "fees": [ { "licence_id": "payment-institution--PL--kip", "kind": "application", "amount": { "value": "EUR 1,250 equivalent in PLN", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/oplaty_i_koszty", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "równowartości w złotych kwoty 1250 euro" } }, { "licence_id": "payment-institution--PL--kip", "kind": "annual" }, { "licence_id": "payment-institution--PL--mip", "kind": "application", "amount": { "value": "PLN 616", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/MIP/Rejestracja_MIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "opłata skarbowa w wysokości 616 zł" } }, { "licence_id": "payment-institution--PL--mip", "kind": "annual" }, { "licence_id": "emi--PL", "kind": "application", "amount": { "value": "EUR 1,250, payable in PLN, for the permit application", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/oplaty_i_koszty", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "emi--PL", "kind": "annual" }, { "licence_id": "investment-firm--PL--brokerage", "kind": "application", "amount": { "value": "EUR 4,500 equivalent in PLN", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/kapitalowy/informacje_ogolne/dzialalnosc_maklerska/oplaty_koszty", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "równowartość w złotych 4 500 euro" } }, { "licence_id": "investment-firm--PL--brokerage", "kind": "annual", "amount": { "value": "Up to 0.5% of average 3-year revenue, min EUR 750", "source": "https://www.knf.gov.pl/dla_rynku/wplaty_pokrycie_kosztow_nadzoru/rynek_kapitalowy/grupa_III", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "nie wyższym niż 0,5% podstawy" } }, { "licence_id": "fund-manager--PL--zasi", "kind": "application" }, { "licence_id": "fund-manager--PL--zasi", "kind": "annual", "amount": { "value": "EUR 750 equivalent in PLN", "source": "https://www.knf.gov.pl/dla_rynku/wplaty_pokrycie_kosztow_nadzoru/rynek_kapitalowy/oplaty_ryczaltowe/zarzadzajacy_alternatywnymi_spolkami_nwestycyjnymi", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "w wysokości stanowiącej równowartość w złotych 750 euro" } }, { "licence_id": "lending--PL--crowdfunding", "kind": "annual", "amount": { "value": "Up to 0.5% of average 3-year revenue, min EUR 750", "source": "https://www.knf.gov.pl/dla_rynku/wplaty_pokrycie_kosztow_nadzoru/rynek_kapitalowy/grupa_VII", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "nie wyższym niż 0,5% podstawy" } }, { "licence_id": "lending--PL--institution", "kind": "application", "amount": { "value": "PLN 616", "source": "https://rpkip.knf.gov.pl/index.html?type=RIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "opłata skarbowa w wysokości 616 zł" } } ], "timelines": [ { "licence_id": "payment-institution--PL--kip", "statutory": { "value": "3 months from a complete application", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/zezwolenie_rozpatrywanie_wniosku", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "terminie 3 miesięcy od dnia otrzymania wniosku lub jego uzupełnienia" } }, { "licence_id": "payment-institution--PL--mip", "statutory": { "value": "3 months from a complete application", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/MIP/Rejestracja_MIP", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "terminie 3 miesięcy od dnia wpływu wniosku lub jego uzupełnienia" } }, { "licence_id": "emi--PL", "statutory": { "value": "3 months from a complete application", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/zezwolenie_rozpatrywanie_wniosku", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "terminie 3 miesięcy od dnia otrzymania wniosku" } }, { "licence_id": "investment-firm--PL--brokerage", "statutory": { "value": "2 months from a complete application", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/kapitalowy/informacje_ogolne/dzialalnosc_maklerska/zezwolenie_rozpatrywanie_wniosku", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "terminie 2 miesięcy od dnia złożenia kompletnego wniosku" } }, { "licence_id": "fund-manager--PL--zasi" }, { "licence_id": "lending--PL--crowdfunding" } ], "statistics": [ { "value": "64 investment fund management companies (TFI) actively licensed (register, 2026-09-24)", "source": "https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pozycje od 1 do 64 z 64" }, { "value": "4 crowdfunding service providers authorized under ECSPR (register, 2026-09-24)", "source": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pozycje od 1 do 4 z 4" }, { "value": "20 domestic joint-stock commercial banks actively supervised (register, 2026-09-24)", "source": "https://www.knf.gov.pl/podmioty/Podmioty_sektora_bankowego/Banki_w_formie_spolek_akcyjnych", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pozycje od 1 do 20 z 20" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "Acquiring or increasing a qualifying holding needs prior notification to the KNF, which can object within 60 working days (extendable by up to 20 working days while it waits for information). For national payment institutions the thresholds are 20%, 30% and 50% (Payment Services Act, Art. 72a); for banks they are 10%, 20%, one third and 50% (Banking Law, Art. 25). Shares acquired in breach carry no voting rights.", "source": "https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/zezwolenie_rozpatrywanie_wniosku", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "recent_changes": [ { "value": "2026-07-01: Expiry of the 18-month MiCA Art. 143(3) transitional grandfathering period for AML-registered virtual currency businesses in Poland, leaving domestic crypto firms without a national licensing gateway pending enactment of the Polish Crypto-Assets Market Bill.", "source": "https://knf.gov.pl/knf/pl/komponenty/img/Stanowisko_UKNF_-_nadzor_nad_krypto_96996.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "okres przejściowy wygasa z dniem 1 lipca 2026 r." }, { "value": "2025-01-17: Direct application of the EU Digital Operational Resilience Act (DORA, Regulation 2022/2554), establishing harmonized ICT risk management, incident classification, and third-party oversight across all KNF-supervised financial institutions.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-01-01: Implementation of enhanced consumer credit supervision under the Consumer Credit Act, requiring non-bank consumer lenders to maintain minimum capital of PLN 1,000,000 and enter KNF RIP register.", "source": "https://dziennikustaw.gov.pl/DU/2023/1028", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2023-11-10: Expiry of transitional grandfathering under the European Crowdfunding Regulation (ECSPR, Regulation 2020/1503), making KNF authorization mandatory for all Polish crowdinvesting platforms.", "source": "https://www.knf.gov.pl/podmioty/dostawcy_uslug_finansowania_spolecznosciowego_rejestr", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "contacts": { "address": { "value": "ul. Piękna 20, 00-549 Warszawa, Poland", "source": "https://www.knf.gov.pl/o_nas/urzad_komisji/dane_teleadresowe", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ul. Piękna 20 skr. poczt. 419 00-549 Warszawa" } }, "photo_hint": "Komisja Nadzoru Finansowego building Piekna 20 Warsaw", "answer": "The Polish Financial Supervision Authority (KNF) is Poland's single financial market supervisor, covering banking, capital markets, insurance, pensions and payments. It authorises national payment institutions (KIP), registers small payment institutions (MIP), licenses electronic money institutions, brokerage houses and investment fund management companies (TFI), and authorises crowdfunding service providers. It must be notified in advance of qualifying holdings in payment institutions and banks, and can object within 60 working days.", "faq": [ { "q": "What is the difference between a Polish KIP licence and a MIP registration?", "a": "A National Payment Institution (KIP) licence requires EUR 125,000 initial capital, offers unrestricted payment volumes, and allows EU-wide passporting. In contrast, a Small Payment Institution (MIP) registration has no initial capital requirement and a fast 3-month administrative process, but restricts total payment volume to EUR 1,500,000 monthly and operates strictly within Poland without cross-border passporting rights." }, { "q": "Can a fintech firm obtain a MiCA CASP licence from KNF in Poland?", "a": "Not yet for domestic licensing. The Polish Parliament has not completed the enactment of the Crypto-Assets Market Bill designating KNF as the statutory competent authority. While domestic applications cannot be processed, crypto firms licensed as CASPs in other EEA member states can passport their crypto-asset services into Poland." }, { "q": "Does KNF provide a regulatory sandbox or pre-application support?", "a": "Yes. KNF operates the Program Innovation Hub, which offers free regulatory guidance and informal pre-application meetings for fintech founders. KNF also runs virtual testing sandboxes for PSD2 Open APIs and DLT applications, although these operate as policy environments using synthetic test data rather than offering statutory rule exemptions." }, { "q": "What are the main application and supervisory fees for a Polish payment institution?", "a": "A national payment institution (KIP) pays EUR 1,250, in PLN, when it applies for a permit. After authorisation, payment institutions pay an annual contribution to the cost of supervision, at a rate the KNF announces each year." }, { "q": "How does KNF regulate changes of control in licensed payment institutions?", "a": "Acquisitions of qualifying holdings of 20%, 30%, or 50% of voting rights or capital in a licensed KIP require prior notification to KNF under the 60-working-day objection regime. KNF evaluates the acquirer reputation and financial stability; unauthorized share acquisitions result in statutory suspension of voting rights. MIP registrations do not require change-of-control clearance." } ], "open_questions": [ "Enactment date of the Polish Crypto-Assets Market Bill (projekt ustawy o rynku kryptoaktywów): until the act passes and enters into force, KNF cannot formally accept or issue domestic MiCA CASP authorizations.", "Official statutory application fee and annual supervisory contribution rates for MiCA CASPs will be set by the Prime Minister in executive regulations only after the crypto bill passes." ], "licence_ids": [ "payment-institution--PL--kip", "payment-institution--PL--mip", "emi--PL", "payment-institution--PL--aisp", "investment-firm--PL--brokerage", "fund-manager--PL--tfi", "fund-manager--PL--zasi", "lending--PL--crowdfunding", "lending--PL--institution", "bank--PL", "casp-mica--PL" ], "law_ids": [ "pl-financial-market-supervision-act-2006", "pl-payment-services-act-2011", "pl-banking-law-1997", "pl-trading-in-financial-instruments-act-2005", "pl-investment-funds-act-2004", "pl-consumer-credit-act-2011", "pl-crowdfunding-act-2022", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-aifmd-2011-61", "eu-ecspr-2020-1503", "eu-dora-2022-2554" ], "type": "regulator" }, { "id": "labuan-fsa", "name": "Labuan Financial Services Authority", "local_name": "Labuan Financial Services Authority", "abbr": "Labuan FSA", "jurisdictions": [ "MY" ], "kind": "multi", "wikidata": null, "wikipedia": null, "website": { "value": "https://www.labuanfsa.gov.my/", "source": "https://www.labuanfsa.gov.my/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://www.labuanfsa.gov.my/financial-institutions-directory", "source": "https://www.labuanfsa.gov.my/financial-institutions-directory", "source_type": "primary", "as_of": "2026-09-24", "label": "Master Financial Institutions Directory, searchable by name or by a 'BY LIST' category filter (Labuan Banks and Investment Banks, Insurance and Insurance-Related Entities, Leasing Companies, Credit Token Companies, Digital Financial Service Providers, Fund Managers, Money Brokers, International Commodity Trading Companies, Charitable Foundations, Active Partnerships, Approved Auditors, Approved Liquidators)", "checked_by": "claude" }, { "value": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/banking/list-of-labuan-banks-and-investment-banks", "source": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/banking/list-of-labuan-banks-and-investment-banks", "source_type": "primary", "as_of": "2026-09-24", "label": "List of Labuan banks and Labuan investment banks", "checked_by": "claude" }, { "value": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/capital-markets/list-of-fund-managers", "source": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/capital-markets/list-of-fund-managers", "source_type": "primary", "as_of": "2026-09-24", "label": "List of Labuan fund managers", "checked_by": "claude" }, { "value": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/digital-financial-services/list-of-labuan-digital-financial-service-providers", "source": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/digital-financial-services/list-of-labuan-digital-financial-service-providers", "source_type": "primary", "as_of": "2026-09-24", "label": "List of Labuan digital financial service providers", "checked_by": "claude" } ], "register_how": { "value": "The directory is searched either by typing an entity's name into a search box, or by picking a category from a 'BY LIST' dropdown (banks, insurers, money brokers, fund managers, digital financial service providers, trust companies and others); an active licensee simply appears as a row in the chosen category list. The site does not publish licence numbers or let users search by licence number, and the underlying list data is loaded dynamically by the page rather than embedded in the HTML, so it could not be enumerated or counted by an automated fetch in this session.", "source": "https://www.labuanfsa.gov.my/financial-institutions-directory", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Labuan", "source": "https://www.labuanfsa.gov.my/contact-us", "source_type": "primary", "as_of": "2026-09-24", "quote": "Level 17, Main Office Tower Financial Park Complex Jalan Merdeka 87000 Labuan, Malaysia", "checked_by": "claude" }, "founded": { "value": 1996, "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-Authority-Act-1996-Act-545.pdf", "source_type": "primary", "as_of": "2026-09-24", "quote": "Date of coming into operation : 15 February 1996", "checked_by": "claude" }, "mandate": { "value": "Labuan FSA is the statutory body established under the Labuan Financial Services Authority Act 1996 to promote and develop the Labuan International Business and Financial Centre (Labuan IBFC), and it acts as the central licensing, regulatory, supervisory and enforcement authority for international business and financial services carried on in or from Labuan, a Malaysian federal territory.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-Authority-Act-1996-Act-545.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "supervises": [ { "value": "Labuan banking business, including Labuan banks and Labuan investment banks", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Labuan financial business (money broking, leasing, factoring, credit token and building-credit/development-finance business)", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Capital markets, including mutual funds, fund managers, fund administrators and securities licensees", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Labuan trust companies, Labuan managed trust companies and Labuan private trust companies", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Labuan insurance and takaful business, insurance managers, underwriting managers and insurance brokers", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Digital financial services on a case-by-case approval basis, covering digital banking, digital asset exchanges/crypto trading platforms, insurtech and e-payment systems", "source": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/digital-financial-services", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Exchanges established in Labuan and self-regulatory organisations", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "money-transmitter--MY--labuan", "family": "money-transmitter", "name": { "value": "Money Broking licence (Labuan financial business)", "source": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/money-broking", "source_type": "primary", "as_of": "2026-09-24", "quote": "arranging transactions between buyers and sellers in money", "checked_by": "claude" }, "licensee_count": { "value": null, "open_question": "Current number of Labuan money brokers could not be verified: the Financial Institutions Directory list is rendered client-side and returned no data to a scripted fetch." } }, { "id": "bank--MY--labuan-investment-bank", "family": "bank", "name": { "value": "Labuan Investment Bank licence (Labuan investment banking business)", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": null, "open_question": "Current number of Labuan investment banks could not be verified: the official list page is JavaScript-rendered and a scripted fetch returned only a single, likely incomplete, row." } }, { "id": "fund-manager--MY--labuan", "family": "fund-manager", "name": { "value": "Fund Manager licence (public funds)", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": null, "open_question": "Current number of licensed Labuan fund managers could not be verified: the register list is rendered client-side and returned no usable data to a scripted fetch." } }, { "id": "investment-firm--MY--labuan", "family": "investment-firm", "name": { "value": "Securities Licensee licence (dealing in / advising on securities)", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": null, "open_question": "Current number of Labuan securities licensees not published on a page this session could access." } }, { "id": "trust-company--MY--labuan", "family": "trust-company", "name": { "value": "Labuan Trust Company licence (trust company business), including Labuan Managed Trust Company and Labuan Private Trust Company registration", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": null, "open_question": "Current number of Labuan trust companies could not be verified: the register list is rendered client-side." } }, { "id": "vasp--MY--labuan", "family": "vasp", "name": { "value": "Digital Financial Services approval, including digital asset exchange / digital-asset broking (no separately named licence; granted case-by-case as an approved Labuan financial business or add-on to an existing licence)", "source": "https://www.labuanfsa.gov.my/areas-of-business/financial-services/digital-financial-services", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": { "value": null, "open_question": "Current number of Labuan digital financial service providers could not be verified: the register list is rendered client-side and returned no usable data to a scripted fetch." } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Applicants may contact Labuan FSA by email before lodging a formal application, to discuss a proposed innovative financial services (fintech) business and get guidance on the applicable regulations; this pre-application engagement is free of charge.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Guidelines/Frequently-Asked%20Questions%20-%20Innovative%20Financial%20Services%20In%20Labuan%20IBFC.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "unknown", "detail": { "value": "No dedicated 'innovation hub' page or standing programme was found on Labuan FSA's own site; fintech proposals appear to be handled instead through the ordinary pre-application email enquiry and existing licensing categories.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Guidelines/Frequently-Asked%20Questions%20-%20Innovative%20Financial%20Services%20In%20Labuan%20IBFC.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "no", "kind": "none", "detail": { "value": "Labuan FSA does not operate a regulatory sandbox. Its own guidance explicitly contrasts Labuan with jurisdictions that isolate fintech start-ups in sandboxes or incubators, stating that Labuan requires such businesses to operate directly in the real, open international market, subject to ordinary AML/CFT and market-conduct rules.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Guidelines/Frequently-Asked%20Questions%20-%20Innovative%20Financial%20Services%20In%20Labuan%20IBFC.pdf", "source_type": "primary", "as_of": "2026-09-24", "quote": "IFS start-ups need to operate in the actual, open international market", "checked_by": "claude" } }, "fee_schedule": { "value": "Official Annual Licence Fee Schedule dated 3 January 2024, listing the yearly fee for every Labuan licence category, from USD 200 for a Labuan Foundation up to USD 30,000 for a Labuan Bank/Investment Bank.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/areas_of_business/Fee%20Schedule/2024/Annual%20Licence%20Fee%20Schedule_03012024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "money-transmitter--MY--labuan", "kind": "annual", "amount": { "value": "USD 1,500", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/areas_of_business/Fee%20Schedule/2024/Annual%20Licence%20Fee%20Schedule_03012024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--MY--labuan-investment-bank", "kind": "annual", "amount": { "value": "USD 30,000", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/areas_of_business/Fee%20Schedule/2024/Annual%20Licence%20Fee%20Schedule_03012024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "fund-manager--MY--labuan", "kind": "annual", "amount": { "value": "USD 1,500", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/areas_of_business/Fee%20Schedule/2024/Annual%20Licence%20Fee%20Schedule_03012024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--MY--labuan", "kind": "annual", "amount": { "value": "USD 1,500", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/areas_of_business/Fee%20Schedule/2024/Annual%20Licence%20Fee%20Schedule_03012024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "trust-company--MY--labuan", "kind": "annual", "amount": { "value": "USD 800 a year for a Labuan company, USD 1,500 for a foreign Labuan company", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/areas_of_business/Fee%20Schedule/2024/Annual%20Licence%20Fee%20Schedule_03012024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "timelines": [ { "licence_id": "money-transmitter--MY--labuan", "statutory": null, "observed": null }, { "licence_id": "bank--MY--labuan-investment-bank", "statutory": null, "observed": null }, { "licence_id": "fund-manager--MY--labuan", "statutory": null, "observed": null } ], "statistics": [], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "For a Labuan bank/investment bank licensee, no participant holding 15% or more of paid-up capital may be changed without Labuan FSA's prior written approval, and a foreign Labuan company must promptly notify the Authority of any such change (LFSSA 2010 s.95(4)). The same 15%-of-paid-up-capital threshold and prior-approval requirement applies on a continuing basis to Labuan insurers (s.107(6)). Thresholds for other licence types, such as money broking and fund management, were not independently verified in this session.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "recent_changes": [], "contacts": { "address": { "value": "Level 17, Main Office Tower, Financial Park Complex, Jalan Merdeka, 87000 Federal Territory of Labuan, Malaysia", "source": "https://www.labuanfsa.gov.my/contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "photo_hint": "Labuan Financial Services Authority Main Office Tower Financial Park Complex Jalan Merdeka Labuan Malaysia", "answer": "Labuan FSA is the statutory regulator of the Labuan International Business and Financial Centre, an offshore financial zone within Malaysia, established in 1996. It licenses Labuan banks and investment banks, money brokers, fund managers, securities licensees and trust companies, and approves digital financial services such as digital asset exchanges case by case, mostly under the Labuan Financial Services and Securities Act 2010.", "faq": [ { "q": "What is Labuan FSA and what does it license?", "a": "Labuan Financial Services Authority (Labuan FSA) is the Malaysian statutory body, established in 1996, that regulates the Labuan International Business and Financial Centre, an offshore zone within Malaysia. It licenses Labuan banks and investment banks, money brokers, fund managers, securities licensees, trust companies and insurers, mainly under the Labuan Financial Services and Securities Act 2010." }, { "q": "Does Labuan FSA license cryptocurrency or digital asset exchanges?", "a": "Yes, but there is no separately named crypto licence. Labuan FSA treats digital asset exchanges and other digital financial services as activities needing its prior written approval, often as an add-on to an existing licence such as money broking, subject to AML/CFT rules issued jointly with Bank Negara Malaysia." }, { "q": "How much does a Labuan money broking licence cost?", "a": "According to Labuan FSA's Annual Licence Fee Schedule (3 January 2024), the annual fee for a Money Broking licence is USD 1,500. A Labuan money broker may only arrange foreign-currency transactions between buyers and sellers as an intermediary, not deal as principal." }, { "q": "Is there a fintech regulatory sandbox in Labuan?", "a": "No. Labuan FSA's own guidance says that, unlike some other markets, it does not isolate fintech start-ups in a sandbox or incubator; such businesses must operate directly in the open international market, subject to ordinary licensing and AML/CFT requirements." }, { "q": "How do I search the Labuan FSA register of licensed entities?", "a": "Use the Financial Institutions Directory on labuanfsa.gov.my, either by typing an entity's name or by choosing a category such as banks, money brokers, fund managers, digital financial service providers or trust companies from the 'BY LIST' menu. Licence numbers are not published in the directory." }, { "q": "Where is Labuan FSA based?", "a": "Labuan FSA's head office is Level 17, Main Office Tower, Financial Park Complex, Jalan Merdeka, in the Federal Territory of Labuan, Malaysia, the offshore centre it has regulated since being established there in 1996." } ], "open_questions": [ "Current licensee counts for money brokers, investment banks, fund managers, digital financial service providers and trust companies could not be verified: the Financial Institutions Directory loads its list data client-side and returned no usable content to a scripted fetch in this session.", "Application fees (as distinct from the verified annual fees) for these licences were not found in a single official schedule during this session.", "Statutory or realistically observed decision/processing timelines for these licence applications were not found in the sections of the Labuan Financial Services and Securities Act 2010 reviewed this session.", "No dedicated Wikidata item or English Wikipedia article specifically for Labuan FSA (as opposed to Labuan IBFC generally) was found.", "Official Bahasa Malaysia name of the Authority was not independently confirmed from a primary source this session; local_name is left identical to the English name.", "The 2024 Guidelines on the Establishment of Money Broking Business in Labuan IBFC (including its ~2-year transition period and a reported 10% change-of-control threshold) were referenced in prior local research but the Guidelines document itself was not reopened or verified in this session, so its provisions are not stated as facts here.", "Whether Labuan FSA operates any distinct 'innovation hub' programme, as opposed to ordinary pre-application enquiry, was not confirmed either way.", "No fee amount for the digital financial services / digital asset exchange approval was found in the official fee schedule (it does not appear as a separate line item)." ], "licence_ids": [ "money-transmitter--MY--labuan", "bank--MY--labuan-investment-bank", "fund-manager--MY--labuan", "investment-firm--MY--labuan", "trust-company--MY--labuan", "vasp--MY--labuan" ], "law_ids": [ "my-labuan-financial-services-authority-act-1996", "my-labuan-financial-services-and-securities-act-2010" ], "type": "regulator" }, { "id": "latvijas-banka", "name": "Latvijas Banka", "local_name": "Latvijas Banka", "abbr": "LB", "jurisdictions": [ "LV" ], "kind": "central-bank", "wikidata": "Q687709", "wikipedia": "https://en.wikipedia.org/wiki/Bank_of_Latvia", "website": { "value": "https://www.bank.lv/en/", "source": "https://www.bank.lv/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Latvijas Banka" }, "register_urls": [ { "value": "https://www.bank.lv/en/financial-market-participant-register", "label": "Financial market participant register (all supervised sectors)", "source": "https://www.bank.lv/en/financial-market-participant-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial market participant register ... Find an institution" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=78-authorized-electronic-money-institutions", "label": "Authorised electronic money institutions", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=78-authorized-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 12" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=82-registered-electronic-money-institutions", "label": "Registered electronic money institutions", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=82-registered-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 1" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=97-authorized-payment-institutions", "label": "Authorised payment institutions", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=97-authorized-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 11" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=102-registered-payment-institutions", "label": "Registered payment institutions", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=102-registered-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 0" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=202-crypto-asset-market", "label": "Crypto-asset market participants and authorized CASPs", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=202-crypto-asset-market", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 14" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=42-banks", "label": "Credit institutions / commercial banks", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=42-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 10" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=112-investment-firms", "label": "Investment firms", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=112-investment-firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 13" }, { "value": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=466-crowdfunding-service-providers", "label": "Crowdfunding service providers", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=466-crowdfunding-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 8" } ], "register_how": { "value": "Search the Latvijas Banka Financial Market Participant Register by entity name, registration number, or market segment using filter dropdowns. An active entry details the institution's legal name, registration code, legal address, contact information, licensed services and activities, date of authorisation or registration, and passporting status across the EU/EEA.", "source": "https://www.bank.lv/en/financial-market-participant-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial market participant register ... Find an institution" }, "hq_city": { "value": "Riga", "source": "https://en.wikipedia.org/wiki/Bank_of_Latvia", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Headquarters Riga, Latvia" }, "founded": { "value": 1922, "source": "https://en.wikipedia.org/wiki/Bank_of_Latvia", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Established 7 September 1922" }, "mandate": { "value": "Latvijas Banka is the central bank of the Republic of Latvia and member of the Eurosystem, operating as the single integrated financial supervisor since 1 January 2023 (integrating the former FCMC/FKTK) with statutory responsibility for monetary policy, financial stability, and prudential and conduct supervision across banking, payments, securities, and crypto-asset sectors.", "source": "https://likumi.lv/ta/en/en/id/326575", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Latvijas Banka shall be the central bank of the Republic of Latvia" }, "supervises": [ { "value": "Electronic money institutions and payment institutions", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/licensed-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Electronic money institutions" }, { "value": "Crypto-asset service providers under EU MiCA Regulation", "source": "https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Asset Service Providers (CASP)" }, { "value": "Commercial banks and credit institutions", "source": "https://www.bank.lv/en/operational-areas/licensing/credit-institution/how-to-obtain-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit institution authorisation" }, { "value": "Investment firms and market operators", "source": "https://likumi.lv/ta/en/en/id/332418", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Law on Investment Firms" }, { "value": "Crowdfunding service providers under ECSPR", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=466-crowdfunding-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers" }, { "value": "Alternative investment fund managers and UCITS management companies", "source": "https://www.bank.lv/en/financial-market-participant-register", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial market participant register" } ], "licences_issued": [ { "id": "emi--LV", "family": "emi", "name": { "value": "Authorised electronic money institution licence", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/licensed-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed electronic money institution" }, "licensee_count": { "value": 12, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=78-authorized-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 12" } }, { "id": "emi--LV--registered", "family": "emi", "name": { "value": "Registered electronic money institution", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/registered-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registered electronic money institution" }, "licensee_count": { "value": 1, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=82-registered-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 1" } }, { "id": "payment-institution--LV", "family": "payment-institution", "name": { "value": "Authorised payment institution licence", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/licensed-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed payment institution" }, "licensee_count": { "value": 11, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=97-authorized-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 11" } }, { "id": "payment-institution--LV--registered", "family": "payment-institution", "name": { "value": "Registered payment institution", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/registered-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Registered payment institution" }, "licensee_count": { "value": 0, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=102-registered-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 0" } }, { "id": "casp-mica--LV", "family": "casp-mica", "name": { "value": "Crypto-asset service provider licence under MiCA", "source": "https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crypto-Asset Service Providers (CASP)" }, "licensee_count": { "value": 10, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=202-crypto-asset-market", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 14" } }, { "id": "bank--LV", "family": "bank", "name": { "value": "Credit institution licence (bank)", "source": "https://www.bank.lv/en/operational-areas/licensing/credit-institution/how-to-obtain-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit institution authorisation" }, "licensee_count": { "value": 10, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=42-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 10" } }, { "id": "investment-firm--LV", "family": "investment-firm", "name": { "value": "Investment firm licence", "source": "https://likumi.lv/ta/en/en/id/332418", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Law on Investment Firms" }, "licensee_count": { "value": 13, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=112-investment-firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 13" } }, { "id": "lending--LV--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding service provider authorization", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=466-crowdfunding-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Crowdfunding service providers" }, "licensee_count": { "value": 8, "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=466-crowdfunding-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 8" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Latvijas Banka offers free pre-application consultation meetings with prospective market participants to assess business models, licensing pathways, regulatory readiness, and AML framework design prior to formal filing.", "source": "https://www.bank.lv/en/operational-areas/supervision/support-for-fintech-and-innovations/innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "We provide free consultations on the requirements for obtaining a licence" } }, "innovation_hub": { "available": "yes", "detail": { "value": "Latvijas Banka operates an Innovation Hub providing direct support, regulatory guidance, and pre-licensing advice for fintech and crypto-asset firms (contact: fintech@bank.lv, +371 67 022 646).", "source": "https://www.bank.lv/en/operational-areas/supervision/support-for-fintech-and-innovations/innovation-hub", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Latvijas Banka Innovation Hub provides support to established and prospective financial sector and FinTech" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "Latvijas Banka maintains a Regulatory Sandbox allowing market participants and startups to test innovative financial services, technologies, or business models with real customers under agreed testing parameters and supervisory oversight.", "source": "https://www.bank.lv/en/operational-areas/supervision/support-for-fintech-and-innovations/regulatory-sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Latvijas Banka Regulatory Sandbox offers market participants an opportunity to test innovative financial products" } }, "fee_schedule": { "value": "Latvijas Banka fee schedules for examination of licensing applications and annual supervision under national law and regulations, including reduced levies for innovative payment service providers.", "source": "https://www.bank.lv/en/component/content/article/681-services/760-services-for-fintechs/17699-reduced-fees-for-innovative-payment-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 450 for the examination of an application for the receipt of an authorisation" } }, "fees": [ { "licence_id": "emi--LV", "kind": "application", "amount": { "value": "EUR 5,000 (standard) or EUR 450 (innovative PSP)", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/licensed-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 5 000 for the examination of an application for a licence" } }, { "licence_id": "emi--LV", "kind": "annual", "amount": { "value": "EUR 7,000 plus up to 1.4% of gross revenue (or EUR 1,000 fixed for innovative PSPs in first 3 years)", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/licensed-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 7 000 per calendar year and up to 1.4% (inclusive)" } }, { "licence_id": "emi--LV--registered", "kind": "application", "amount": { "value": "EUR 2,500 (standard) or EUR 450 (innovative PSP)", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/registered-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 2 500 for the examination of an application for registration" } }, { "licence_id": "emi--LV--registered", "kind": "annual", "amount": { "value": "EUR 1,000 plus up to 1.4% of gross revenue", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/registered-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 1 000 per calendar year and up to 1.4% (inclusive)" } }, { "licence_id": "payment-institution--LV", "kind": "application", "amount": { "value": "EUR 5,000 (standard) or EUR 450 (innovative PSP)", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/licensed-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 5 000 for the examination of an application for a licence" } }, { "licence_id": "payment-institution--LV", "kind": "annual", "amount": { "value": "EUR 7,000 (or EUR 3,000 for AIS/PIS) plus up to 1.4% of gross revenue (or EUR 1,000 fixed for innovative PSPs in first 3 years)", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/licensed-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 7 000 per calendar year and up to 1.4% (inclusive)" } }, { "licence_id": "payment-institution--LV--registered", "kind": "application", "amount": { "value": "EUR 2,500 (standard) or EUR 450 (innovative PSP)", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/registered-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 2 500 for the examination of an application for registration" } }, { "licence_id": "payment-institution--LV--registered", "kind": "annual", "amount": { "value": "EUR 1,000 plus up to 1.4% of gross revenue", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/registered-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 1 000 per calendar year and up to 1.4% (inclusive)" } }, { "licence_id": "casp-mica--LV", "kind": "application", "amount": { "value": "EUR 2,500", "source": "https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 2 500 for the examination of the application for an authorisation" } }, { "licence_id": "casp-mica--LV", "kind": "annual", "amount": { "value": "up to 0.6% of gross revenue per calendar year (minimum EUR 3,000)", "source": "https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "up to 0.6% (inclusive) ... not less than EUR 3 000" } }, { "licence_id": "bank--LV", "kind": "application", "amount": { "value": "EUR 0 (free of charge)", "source": "https://www.bank.lv/en/operational-areas/licensing/credit-institution/how-to-obtain-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "No fee has been set for the examination of the application" } } ], "timelines": [ { "licence_id": "emi--LV", "statutory": { "value": "15 working days completeness check, followed by 3 months decision period from receipt of complete application", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/licensed-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "take a decision on granting a licence ... within three months of receiving" } }, { "licence_id": "emi--LV--registered", "statutory": { "value": "15 working days completeness check, followed by 1 month decision period from receipt of complete application", "source": "https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/registered-electronic-money-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "take a decision on registration ... within one month of receiving" }, "observed": null }, { "licence_id": "payment-institution--LV", "statutory": { "value": "15 working days completeness check, followed by 3 months decision period from receipt of complete application", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/licensed-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "take a decision on granting a licence ... within three months of receiving" } }, { "licence_id": "payment-institution--LV--registered", "statutory": { "value": "15 working days completeness check, followed by 1 month decision period from receipt of complete application", "source": "https://www.bank.lv/en/operational-areas/licensing/payment-institution/registered-payment-institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "take a decision on registration ... within one month of receiving" }, "observed": null }, { "licence_id": "casp-mica--LV", "statutory": { "value": "25 working days completeness review, followed by 40 working days decision period under MiCA Art. 63", "source": "https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "takes a decision to grant or refuse ... within 40 working days" }, "observed": null }, { "licence_id": "bank--LV", "statutory": { "value": "1 month completeness check, followed by 3 to 12 months decision period in conjunction with the ECB", "source": "https://www.bank.lv/en/operational-areas/licensing/credit-institution/how-to-obtain-authorisation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "decision to grant or refuse authorisation ... within three to twelve months" } } ], "statistics": [ { "value": "12 authorized electronic money institutions active in Latvia (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=78-authorized-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 12" }, { "value": "1 registered electronic money institution active in Latvia (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=82-registered-electronic-money-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 1" }, { "value": "11 authorized payment institutions active in Latvia (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=97-authorized-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 11" }, { "value": "0 registered payment institutions active in Latvia (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=102-registered-payment-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 0" }, { "value": "10 authorized crypto-asset service providers under MiCA listed in the crypto-asset market register (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=202-crypto-asset-market", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 14" }, { "value": "10 commercial banks licensed and operating in Latvia (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=42-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 10" }, { "value": "13 investment firms authorized and supervised in Latvia (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=112-investment-firms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 13" }, { "value": "8 crowdfunding service providers authorized under ECSPR Regulation (register, 2026-09-24)", "source": "https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=466-crowdfunding-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Total results: 8" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 33%, or 50% of capital or voting rights, or causing the entity to become a subsidiary, requires prior notification and approval from Latvijas Banka. Under Latvijas Banka Regulation No. 241 and the Credit Institution Law, the assessment period is 60 working days from receipt of a complete notification, interruptible once by up to 20 or 30 working days to request supplementary documents; Latvijas Banka evaluates reputation, financial soundness, and AML/CFT compliance before issuing approval.", "source": "https://www.bank.lv/en/operational-areas/licensing/credit-institution/procedure-for-the-evaluation-of-qualifying-holding", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "takes a decision to approve or prohibit the acquisition ... within 60 working days" } }, "recent_changes": [ { "value": "2026-06-03: Latvijas Banka updated regulatory enactments establishing a preferential examination fee of EUR 450 and a capped annual fee of EUR 1,000 for innovative payment service providers.", "source": "https://www.bank.lv/en/component/content/article/681-services/760-services-for-fintechs/17699-reduced-fees-for-innovative-payment-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "EUR 450 for the examination of an application for the receipt of an authorisation" }, { "value": "2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) became applicable, establishing Latvijas Banka as national competent authority for CASP licensing.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "apply from 30 December 2024" }, { "value": "2023-01-01: Full statutory merger of the Financial and Capital Market Commission (FKTK) into Latvijas Banka took effect under the Law on Latvijas Banka, creating a single integrated financial supervisor.", "source": "https://likumi.lv/ta/en/en/id/326575", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Law shall come into force on 1 January 2023" } ], "contacts": { "address": { "value": "K. Valdemāra iela 2A, Rīga, LV-1050, Latvia", "source": "https://www.bank.lv/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "K. Valdemāra iela 2A, Rīga, LV-1050" } }, "photo_hint": "Latvijas Banka headquarters building K. Valdemara iela 2A Riga", "answer": "Latvijas Banka (LB) is the central bank and single integrated financial supervisor of Latvia. It licenses and supervises credit institutions, payment and electronic money institutions, investment firms, crowdfunding platforms, and crypto-asset service providers under EU MiCA. As of September 2026, LB supervises 12 authorised electronic money institutions, 11 payment institutions, 10 commercial banks, and 10 MiCA crypto-asset service providers, providing fintechs direct clearing access to Eurosystem SEPA rails.", "faq": [ { "q": "What is the role of Latvijas Banka following the integration of FKTK?", "a": "On 1 January 2023, the Financial and Capital Market Commission (FKTK) was fully merged into Latvijas Banka under the new Law on Latvijas Banka. The central bank became Latvia's single integrated supervisory authority, combining national monetary policy implementation and macroprudential oversight with direct prudential and conduct supervision over banks, electronic money and payment institutions, investment firms, and crypto-asset service providers." }, { "q": "Can fintechs obtain direct access to SEPA payment systems through Latvijas Banka?", "a": "Yes. Authorised payment and electronic money institutions licensed by Latvijas Banka can connect directly to the Eurosystem SEPA payment rails via Latvijas Banka's Electronic Clearing System (EKS). This direct technical participation allows fintechs to issue customer IBAN accounts and process SEPA and SEPA Instant credit transfers without depending on an intermediary commercial correspondent bank." }, { "q": "What are the statutory licensing timelines and fees for payment and e-money institutions in Latvia?", "a": "Application examination costs EUR 5,000 for full licence or EUR 2,500 for registered status, reduced to EUR 450 for innovative fintechs. The statutory decision deadline is 3 months from receipt of a complete application (1 month for registered entities), following a 15 working day completeness review." }, { "q": "How does Latvijas Banka regulate crypto-asset service providers under MiCA?", "a": "Latvijas Banka is the designated national competent authority in Latvia under Regulation (EU) 2023/1114 (MiCA). Crypto-asset service providers (CASPs) must obtain authorization with initial capital between EUR 50,000 and EUR 150,000 depending on service scope. Application review costs EUR 2,500, with statutory decision deadlines of 25 working days for completeness and 40 working days for substantively approving the licence." }, { "q": "What qualifying holding thresholds require change-of-control approval from Latvijas Banka?", "a": "Acquiring or increasing a holding in a licensed bank, EMI, PI, or investment firm that reaches or crosses 10%, 20%, 33%, or 50% of capital or voting rights requires prior notification and approval under Latvijas Banka Regulation No. 241. Latvijas Banka assesses buyer reputation, financial soundness, and AML controls within 60 working days, interruptible by up to 20 or 30 working days." }, { "q": "Does Latvijas Banka provide an Innovation Hub and Regulatory Sandbox for fintechs?", "a": "Yes. Latvijas Banka operates an Innovation Hub providing free regulatory advice and pre-application meetings for fintech and crypto firms. It also runs a Regulatory Sandbox that enables firms to test innovative financial products and services with live clients under agreed parameters and supervisory guidance, helping firms validate business models and compliance prior to full commercial rollout." } ], "open_questions": [], "licence_ids": [ "emi--LV", "emi--LV--registered", "payment-institution--LV", "payment-institution--LV--registered", "casp-mica--LV", "bank--LV", "investment-firm--LV", "lending--LV--crowdfunding" ], "law_ids": [ "lv-law-on-latvijas-banka", "lv-law-on-payment-services-and-electronic-money", "lv-credit-institution-law", "lv-law-on-investment-firms", "lv-financial-instrument-market-law", "lv-aml-cft-law", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-crd-2013-36", "eu-crr-575-2013", "eu-dora-2022-2554", "eu-ecspr-2020-1503", "eu-tfr-2023-1113" ], "type": "regulator" }, { "id": "mas-singapore", "name": "Monetary Authority of Singapore", "local_name": "新加坡金融管理局", "abbr": "MAS", "jurisdictions": [ "SG" ], "kind": "central-bank", "wikidata": "Q2661296", "wikipedia": "https://en.wikipedia.org/wiki/Monetary_Authority_of_Singapore", "website": { "value": "https://www.mas.gov.sg", "source": "https://www.mas.gov.sg", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client" }, "register_urls": [ { "value": "https://eservices.mas.gov.sg/fid/institution", "label": "MAS Financial Institutions Directory (FID)", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Institutions Directory" } ], "register_how": { "value": "Users search the Financial Institutions Directory by institution name, licence type, or regulated activity, with filters for sector (Banking, Capital Markets, Financial Advisory, Insurance, Payments) and licence status. An active entry displays the entity's legal name, country of incorporation, licence type, authorized regulated activities, key personnel, official website, telephone, and registered office address in Singapore.", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Find a financial institution, licence type or activity in Singapore" }, "hq_city": { "value": "Singapore", "source": "https://www.wikidata.org/wiki/Q2661296", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "headquarters location Singapore" }, "founded": { "value": 1971, "source": "https://sso.agc.gov.sg/Act/MASA1970", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1 January 1971: Parts III and IV" }, "mandate": { "value": "MAS is Singapore's central bank and integrated financial supervisor, conducting monetary policy, issuing currency, managing official foreign reserves, and supervising banking, capital markets, insurance, and payment institutions to foster a sound and progressive financial services sector.", "source": "https://en.wikipedia.org/wiki/Monetary_Authority_of_Singapore", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Singapore's central bank and integrated financial regulatory authority" }, "supervises": [ { "value": "Banks, merchant banks, and digital banks (Digital Full Banks and Digital Wholesale Banks)", "source": "https://sso.agc.gov.sg/Act/BA1970", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Payment service providers including Major Payment Institutions, Standard Payment Institutions, and Money-changing licensees", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Capital markets intermediaries, broker-dealers, corporate finance advisers, and custodians", "source": "https://sso.agc.gov.sg/Act/SFA2001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Fund management companies (Licensed Fund Management Companies - LFMC and Venture Capital Fund Managers - VCFM)", "source": "https://sso.agc.gov.sg/Act/SFA2001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Digital payment token (DPT) service providers and offshore digital token service providers (DTSP)", "source": "https://sso.agc.gov.sg/Act/FSMA2022", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Trust companies and trust service providers", "source": "https://sso.agc.gov.sg/Act/TCA2005", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Insurers, reinsurers, and insurance brokers", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "licences_issued": [ { "id": "payment-institution--SG--mpi", "family": "payment-institution", "name": { "value": "Major Payment Institution Licence", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Major Payment Institution 244" }, "licensee_count": { "value": 244, "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Major Payment Institution 244" } }, { "id": "payment-institution--SG--spi", "family": "payment-institution", "name": { "value": "Standard Payment Institution Licence", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Standard Payment Institution 13" }, "licensee_count": { "value": 13, "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Standard Payment Institution 13" } }, { "id": "money-transmitter--SG", "family": "money-transmitter", "name": { "value": "Money-changing Licence", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Money-changing Licensee 230" }, "licensee_count": { "value": 230, "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Money-changing Licensee 230" } }, { "id": "vasp--SG", "family": "vasp", "name": { "value": "Major Payment Institution Licence with Digital Payment Token Service", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Digital Payment Token Service" }, "licensee_count": { "value": 38, "source": "https://fintechnews.sg/latest-list-licensed-cryptocurrency-providers-in-singapore/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MAS has granted licenses to 38 major payment institutions for Digital Payment Token services" } }, { "id": "investment-firm--SG--cms", "family": "investment-firm", "name": { "value": "Capital Markets Services (CMS) Licence", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Capital Markets Services Licensee 1579" }, "licensee_count": { "value": 1579, "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Capital Markets Services Licensee 1579" } }, { "id": "bank--SG", "family": "bank", "name": { "value": "Banking Licence (Full Bank, Wholesale Bank, Digital Bank)", "source": "https://sso.agc.gov.sg/Act/BA1970", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": { "value": 121, "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wholesale Bank 95" } }, { "id": "trust-company--SG", "family": "trust-company", "name": { "value": "Trust Company Licence", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed Trust Company 67" }, "licensee_count": { "value": 67, "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed Trust Company 67" } }, { "id": "stablecoin-issuer--SG", "family": "stablecoin-issuer", "name": { "value": "MAS-Regulated Stablecoin Issuer (Single-Currency Stablecoin)", "source": "https://www.allenandgledhill.com/sg/publication/articles/33475/mas-consults-on-amendments-to-payment-services-act-2019-to-implement-stablecoin-regulatory-framework", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "framework for single-currency stablecoins" }, "licensee_count": null } ], "services": { "pre_application": { "available": "no", "detail": { "value": "MAS does not provide routine pre-application meetings for standard payment or capital markets licences; applicants are expected to review published licensing guidelines (such as PS-G01) and submit complete applications. Unready applications may be placed on a six-month cooling-off freeze. However, bespoke pre-application consultation is encouraged for innovative applicants seeking entry into the FinTech Regulatory Sandbox via fintech_sandbox@mas.gov.sg.", "source": "https://www.mas.gov.sg/regulation/guidelines/ps-g01-guidelines-on-licensing-for-payment-service-providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "yes", "detail": { "value": "MAS operates the FinTech and Innovation Group (FTIG) and the Global Finance & Technology Network (GFTN), organizing the annual Singapore FinTech Festival, coordinating cross-border initiatives like Project Nexus, and fostering ecosystem growth.", "source": "https://www.mas.gov.sg/who-we-are/organisation-structure/fintech-and-innovation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "MAS operates a three-track FinTech Regulatory Sandbox: Bespoke Sandbox (launched 2016) for complex innovations; Sandbox Express (launched August 2019) providing fast-track 21-day market testing for pre-defined low-risk activities; and Sandbox Plus (effective 2022) offering grant support up to SGD 500,000 via the Financial Sector Development Fund (FSDF) and Deal Fridays investor access.", "source": "https://www.mas.gov.sg/news/media-releases/2021/mas-enhances-fintech-regulatory-sandbox-with-sandbox-plus", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "portal": { "value": "MAS-Tx (Monetary Authority of Singapore - Financial Institutions Transactions Platform) and FormSG / CorpPass", "source": "https://mastx.mas.gov.sg/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "fee_schedule": { "value": "The Schedule to the Payment Services Regulations 2019 (Rev. Ed. 2025) setting out application and annual supervisory fees for payment service licensees", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "THE SCHEDULE Fees" } }, "fees": [ { "licence_id": "payment-institution--SG--mpi", "kind": "application", "amount": { "value": "SGD 1,500", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Major payment institution licence" } }, { "licence_id": "payment-institution--SG--mpi", "kind": "annual", "amount": { "value": "SGD 10,000", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "annual fee" } }, { "licence_id": "payment-institution--SG--spi", "kind": "application", "amount": { "value": "SGD 1,000", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Standard payment institution licence" } }, { "licence_id": "payment-institution--SG--spi", "kind": "annual", "amount": { "value": "SGD 5,000", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "money-transmitter--SG", "kind": "application", "amount": { "value": "SGD 500", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "money-transmitter--SG", "kind": "annual", "amount": { "value": "SGD 1,500", "source": "https://singaporelegaladvice.com/law-articles/payment-service-provider-licence-singapore/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "vasp--SG", "kind": "application", "amount": { "value": "SGD 1,500", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "vasp--SG", "kind": "annual", "amount": { "value": "SGD 10,000", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "investment-firm--SG--cms", "kind": "application", "amount": { "value": "SGD 1,000", "source": "https://sso.agc.gov.sg/Act/SFA2001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "investment-firm--SG--cms", "kind": "annual", "amount": { "value": "SGD 2,000 to SGD 4,000", "source": "https://sso.agc.gov.sg/Act/SFA2001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "trust-company--SG", "kind": "application", "amount": { "value": "SGD 1,000", "source": "https://sso.agc.gov.sg/Act/TCA2005", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "trust-company--SG", "kind": "annual", "amount": { "value": "SGD 4,000", "source": "https://sso.agc.gov.sg/Act/TCA2005", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } } ], "timelines": [ { "licence_id": "payment-institution--SG--mpi", "statutory": { "value": "None stated in the Act (determined upon completion of assessment)", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "payment-institution--SG--spi", "statutory": { "value": "None stated in the Act (determined upon completion of assessment)", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "money-transmitter--SG", "statutory": { "value": "None stated in the Act", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "vasp--SG", "statutory": { "value": "None stated in the Act", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "investment-firm--SG--cms", "statutory": { "value": "None stated in the Act", "source": "https://sso.agc.gov.sg/Act/SFA2001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "observed": { "value": "4 to 6 months for standard fund management (LFMC) or venture capital (VCFM), 6 to 9 months for broker-dealers", "source": "https://www.mas.gov.sg/regulation/capital-markets/apply-for-licensing-or-registration-of-capital-market-entities/cms-licence", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "statistics": [ { "value": "3,650 active financial institutions and entities registered (MAS Financial Institutions Directory, 2026-09-24)", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "3650 result(s)" }, { "value": "1,579 Capital Markets Services (CMS) Licensees active in Singapore (MAS Financial Institutions Directory, 2026-09-24)", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Capital Markets Services Licensee 1579" }, { "value": "504 regulated entities in the Payments sector, including 244 Major Payment Institutions, 230 Money-changing Licensees, and 13 Standard Payment Institutions (MAS Financial Institutions Directory, 2026-09-24)", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Payments 504" }, { "value": "38 Major Payment Institutions licensed for Digital Payment Token (DPT) services (MAS register cross-referenced, 2026-08-20)", "source": "https://fintechnews.sg/latest-list-licensed-cryptocurrency-providers-in-singapore/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MAS has granted licenses to 38 major payment institutions for Digital Payment Token services" }, { "value": "121 commercial and wholesale banks active in Singapore, comprising 95 Wholesale Banks, 20 Full Banks, and 6 Local Banks (MAS Financial Institutions Directory, 2026-09-24)", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Wholesale Bank 95" }, { "value": "67 Licensed Trust Companies and 27 Exempt Trust Companies operating in Singapore (MAS Financial Institutions Directory, 2026-09-24)", "source": "https://eservices.mas.gov.sg/fid/institution", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed Trust Company 67" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Section 28 of the Payment Services Act 2019, prior written approval from MAS is required before a person becomes a 20% controller of a licensee (holding 20% or more of shares or voting power, or exercising effective control / power to determine policy). Under Section 97A of the Securities and Futures Act 2001 (as amended by Act 12 of 2024 effective 24 January 2025), prior written approval is required before obtaining effective control of a CMS licensee (20% share capital or voting power, or power to direct policy). Applications are submitted online via MAS-Tx (Form 3A for PSA, Form under SFA s.97A). Incurring control without MAS prior approval constitutes a criminal offence punishable by fine up to SGD 150,000 and/or imprisonment.", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Control of shareholding in licensee" } }, "recent_changes": [ { "value": "2026-09-01: MAS published a public consultation paper on proposed legislative amendments to the Payment Services Act 2019 to formalize the MAS-regulated single-currency stablecoin (MAS-SCS) framework, covering reserve segregation, par redemption within 5 business days, and prohibiting interest payments (consultation closing 16 October 2026).", "source": "https://www.allenandgledhill.com/sg/publication/articles/33475/mas-consults-on-amendments-to-payment-services-act-2019-to-implement-stablecoin-regulatory-framework", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "published a consultation paper seeking feedback on proposed amendments to the Payment Services Act 2019" }, { "value": "2025-10-08: MAS revised Guidelines on Licensing for Payment Service Providers (PS-G01), introducing stricter standards including mandatory legal opinions and external auditor assessments on compliance readiness for payment licence applicants.", "source": "https://sso.agc.gov.sg/SL/PSA2019-RG2", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-06-30: Financial Services and Markets (Digital Token Service Providers) Regulations 2025 came into operation under FSMA 2022 Part 9, establishing a dedicated regulatory regime for offshore digital token service providers operating from Singapore.", "source": "https://sso.agc.gov.sg/Act/FSMA2022", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-24: Amendments to Section 97A of the Securities and Futures Act 2001 (enacted via Act 12 of 2024) took effect, streamlining the take-over control threshold for CMS licensees to obtaining 'effective control' (20% shares/votes or policy determination) and allowing conditional share purchase agreements prior to MAS approval.", "source": "https://sso.agc.gov.sg/Act/SFA2001", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2024-08-01: MAS formally repealed the Registered Fund Management Company (RFMC) regime, completing the transition of eligible RFMCs to Licensed Fund Management Companies (A/I LFMC) holding full CMS licences.", "source": "https://www.allenandgledhill.com/sg/publication/articles/27786/mas-issues-response-to-feedback-from-consultation-on-repeal-of-regulatory-regime-for-registered-fund-management-companies", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "repeal the RFMC regime on 1 August 2024" }, { "value": "2024-04-04: Phase 1 of amendments under the Payment Services (Amendment) Act 2021 took effect, bringing custodial services for digital payment tokens, transmission facilitation, and cross-border money transfer into the scope of MAS regulation.", "source": "https://www.allenandgledhill.com/sg/publication/articles/27857/mas-expands-scope-of-regulated-payment-services-amends-ongoing-compliance-requirements-and-introduces-user-protection-requirements-for-dpt-service-providers-under-payment-services-act-2019", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "take effect in stages from 4 April 2024" } ], "contacts": { "address": { "value": "10 Shenton Way, MAS Building, Singapore 079117", "source": "https://en.wikipedia.org/wiki/Monetary_Authority_of_Singapore", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "10 Shenton Way" } }, "photo_hint": "MAS Building 10 Shenton Way Singapore", "answer": "The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial supervisor. It licenses and supervises banking, capital markets, insurance, and payment institutions under legislation including the Payment Services Act and Securities and Futures Act. As of September 2026, MAS supervises 3,650 active financial entities, including 244 Major Payment Institutions (with 38 authorized for Digital Payment Tokens) and 1,579 Capital Markets Services licensees.", "faq": [ { "q": "What is the difference between a Standard Payment Institution and a Major Payment Institution under MAS?", "a": "A Standard Payment Institution (SPI) is licensed for payment transactions below statutory thresholds (monthly average below SGD 3 million for payment transactions, or SGD 5 million for e-money issuance float). Entities exceeding these transaction volumes must hold a Major Payment Institution (MPI) licence, which imposes stricter capital (SGD 250,000 vs SGD 100,000 for SPI), safeguarding requirements, and higher supervisory fees." }, { "q": "How does MAS regulate crypto and digital payment token (DPT) service providers?", "a": "Under the Payment Services Act 2019, crypto exchanges, brokers, and custody providers must obtain a Major Payment Institution licence for Digital Payment Token (DPT) service. As of August 2026, MAS has licensed 38 entities for DPT services. Providers face comprehensive anti-money laundering controls, customer asset segregation, independent auditor audits, and strict restrictions on retail customer lending and margin trading." }, { "q": "What are the tracks of the MAS FinTech Regulatory Sandbox?", "a": "MAS operates three sandbox pathways: the Bespoke Sandbox for novel, complex models requiring customized regulatory exemptions; Sandbox Express, which provides accelerated 21-day market testing for pre-defined low-risk activities like remittance and insurance broking; and Sandbox Plus, which pairs regulatory relaxation with Financial Sector Development Fund grants of up to SGD 500,000 and investor networking through Deal Fridays." }, { "q": "Can foreign lawyers or consultants attend MAS licensing interviews with applicants?", "a": "No. Under MAS licensing guidelines (Rules of Engagement for Application Review), external legal counsel, compliance consultants, and corporate service providers are strictly barred from attending the regulatory interview between MAS case officers and the applicant's key executive officers. MAS requires executive directors and the local compliance officer to independently demonstrate intimate knowledge of their operational policies and compliance manual." }, { "q": "What are the change of control approval requirements for MAS-licensed financial institutions?", "a": "Under Section 28 of the Payment Services Act and Section 97A of the Securities and Futures Act, prior written approval from MAS is legally required before any person acquires a 20% controlling interest or effective control over a licensed entity. Transactions completed without prior MAS approval are invalid and constitute criminal offences punishable by fines up to SGD 150,000 and imprisonment." } ], "open_questions": [ "Statutory determination periods for new licence applications under the Payment Services Act 2019 and Securities and Futures Act 2001 are not prescribed as fixed calendar day statutory deadlines in the legislation, with decisions rendered following case-by-case assessment (typically 6 to 12 months for SPI, 9 to 18 months for MPI with DPT services).", "Legislative amendments to formalize the MAS-regulated single-currency stablecoin (MAS-SCS) regime under the Payment Services Act remain in the public consultation phase (consultation paper published 1 September 2026, closing 16 October 2026)." ], "licence_ids": [ "payment-institution--SG--mpi", "payment-institution--SG--spi", "money-transmitter--SG", "vasp--SG", "investment-firm--SG--cms", "bank--SG", "trust-company--SG", "stablecoin-issuer--SG" ], "law_ids": [ "sg-monetary-authority-of-singapore-act-1970", "sg-payment-services-act-2019", "sg-payment-services-regulations-2019", "sg-securities-and-futures-act-2001", "sg-financial-services-and-markets-act-2022", "sg-banking-act-1970", "sg-trust-companies-act-2005" ], "type": "regulator" }, { "id": "mfsa-malta", "name": "Malta Financial Services Authority", "local_name": "Awtorità għas-Servizzi Finanzjarji ta’ Malta", "abbr": "MFSA", "jurisdictions": [ "MT" ], "kind": "multi", "wikidata": "Q4279484", "wikipedia": "https://en.wikipedia.org/wiki/Malta_Financial_Services_Authority", "website": { "value": "https://www.mfsa.mt/", "source": "https://en.wikipedia.org/wiki/Malta_Financial_Services_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client on direct site", "quote": "Website mfsa.mt" }, "register_urls": [ { "value": "https://www.mfsa.mt/financial-services-register/", "label": "MFSA Financial Services Register", "source": "https://www.mfsa.mt/financial-services-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client on direct site", "quote": "MFSA Financial Services Register" }, { "value": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "label": "ESMA Register of Authorised Crypto-Asset Service Providers (MiCA CASPs)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "22 entries for Malta Competent Authority: Malta Financial Services Authority (MFSA)" }, { "value": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "label": "EBA European Payment and E-Money Institutions Register (PSDMD Golden Copy)", "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "43 electronic money institutions registered under Malta Financial Services Authority in EBA PSDMD register" } ], "register_how": { "value": "The MFSA Financial Services Register enables public verification of regulated entities and authorized individuals by searching company name, commercial registration number (C-number), regulatory authorization status, or licence category. Active register entries disclose the entity's authorized legal name, business address, licence commencement date, permitted financial services activities and schedules, and approved governance and compliance officers.", "source": "https://legislation.mt/getpdf/6aa3b67912e90618481c5903", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "hq_city": { "value": "Birkirkara", "source": "https://en.wikipedia.org/wiki/Malta_Financial_Services_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Headquarters Birkirkara, Malta" }, "founded": { "value": 2002, "source": "https://legislation.mt/getpdf/6aa3b67912e90618481c5903", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "established by article 3 of the Malta Financial Services Authority Act" }, "mandate": { "value": "The Malta Financial Services Authority is the single autonomous financial regulator in Malta, entrusted with prudential and conduct supervision across credit institutions, electronic money, payment services, investment firms, collective investment schemes, pensions, insurance, and crypto-asset service providers under EU MiCA to preserve financial stability and investor confidence.", "source": "https://legislation.mt/getpdf/6aa3b67912e90618481c5903", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "functions of the Authority shall be ... to regulate, monitor and supervise financial services" }, "supervises": [ { "value": "Electronic money institutions and payment institutions under the Financial Institutions Act (Cap. 376) and EU PSD2/EMD2", "source": "https://legislation.mt/getpdf/683418610db9942428cf9d49", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licensing and supervision of financial institutions" }, { "value": "Crypto-asset service providers (CASPs) and asset-referenced token issuers under EU MiCA Regulation (EU) 2023/1114", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Markets in Crypto-Assets Regulation (MiCA)" }, { "value": "Credit institutions and commercial banking operations under the Banking Act (Cap. 371) and EU CRD/CRR", "source": "https://legislation.mt/getpdf/68b000f8d91e4409089afa3f", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "regulation of the business of banking" }, { "value": "Investment firms, brokerages, and fund managers under the Investment Services Act (Cap. 370) and EU MiFID II/AIFMD", "source": "https://legislation.mt/getpdf/68afff3a22d58020787386a0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "regulation of investment services and collective investment schemes" }, { "value": "Company service providers and corporate fiduciaries under the Company Service Providers Act (Cap. 529)", "source": "https://legislation.mt/getpdf/68b0055122d5d3205815a69d", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Company Service Providers Act" }, { "value": "Insurance undertakings, reinsurance companies, and occupational retirement schemes", "source": "https://legislation.mt/getpdf/6aa3b67912e90618481c5903", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "licences_issued": [ { "id": "casp-mica--MT", "family": "casp-mica", "name": { "value": "Crypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "authorisation as a crypto-asset service provider" }, "licensee_count": { "value": 22, "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "22 entries for Malta Competent Authority: Malta Financial Services Authority (MFSA)" } }, { "id": "emi--MT", "family": "emi", "name": { "value": "Electronic money institution licence", "source": "https://legislation.mt/getpdf/683418610db9942428cf9d49", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licence to issue electronic money and provide payment services" }, "licensee_count": { "value": 43, "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "43 electronic money institutions registered under Malta Financial Services Authority in EBA PSDMD register" } }, { "id": "payment-institution--MT", "family": "payment-institution", "name": { "value": "Payment institution licence", "source": "https://legislation.mt/getpdf/683418610db9942428cf9d49", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licence to provide payment services" }, "licensee_count": { "value": 50, "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "50 payment institutions registered under Malta Financial Services Authority in EBA PSDMD register" } }, { "id": "payment-institution--MT--aisp", "family": "payment-institution", "name": { "value": "Account information service provider registration", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "account information service provider" }, "licensee_count": { "value": 1, "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1 account information service provider registered under Malta Financial Services Authority in EBA PSDMD register" } }, { "id": "bank--MT", "family": "bank", "name": { "value": "Credit institution licence", "source": "https://legislation.mt/getpdf/68b000f8d91e4409089afa3f", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "licence to carry on the business of banking" }, "licensee_count": null }, { "id": "investment-firm--MT", "family": "investment-firm", "name": { "value": "Investment services licence (Category 1, 2, or 3)", "source": "https://legislation.mt/getpdf/68afff3a22d58020787386a0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "licensee_count": null }, { "id": "fund-manager--MT", "family": "fund-manager", "name": { "value": "Investment services licence for fund managers (AIFM / UCITS Management Company)", "source": "https://legislation.mt/getpdf/68afff3a22d58020787386a0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "scheme management" }, "licensee_count": null }, { "id": "trust-company--MT--csp", "family": "trust-company", "name": { "value": "Company service provider authorisation (Class A, B, or C)", "source": "https://legislation.mt/getpdf/68b0055122d5d3205815a69d", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Class A CSP or Class B CSP" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Applicants begin with an intention stage: they submit a Statement of Intent and may ask for a preliminary meeting with the MFSA before filing the full application, under Authorisation Rule 4.", "source": "https://www.mfsa.mt/wp-content/uploads/2021/06/Authorisation-Rule-4-of-the-MFSA-Act.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The MFSA operates a dedicated FinTech Innovation Hub providing informal, non-binding regulatory guidance to FinTech startups, technology providers, and incumbent firms seeking clarity on regulatory perimeter and qualifying activities under Maltese and EU financial services frameworks.", "source": "https://www.esma.europa.eu/sites/default/files/library/jc_2018_74_joint_report_on_regulatory_sandboxes_and_innovation_hubs.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Malta Innovation Hub FinTech Regulatory Sandbox MFSA" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "The MFSA launched its FinTech Regulatory Sandbox under MFSA Act Rule 3 (revised March 2023), allowing FinTech Service Providers and FinTech Suppliers to live-test innovative products, services, or business models with real consumers in a controlled environment for up to 12 months (extendable), with proportional supervisory parameters without statutory law disapplication.", "source": "https://www.esma.europa.eu/sites/default/files/library/jc_2018_74_joint_report_on_regulatory_sandboxes_and_innovation_hubs.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Malta Sandbox Regulatory sandbox MFSA" } }, "portal": { "value": "MFSA Licence Holder Portal (LH Portal) at https://lhportal.mfsa.mt/ for submitting regulatory returns, statutory filings, and electronic application documentation.", "source": "https://lhportal.mfsa.mt/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "LH Portal Login" }, "fee_schedule": { "value": "Official statutory subsidiary fee regulations published under national legislation: S.L. 376.03 (Financial Institutions Fees), S.L. 370.52 (Investment Services Fees), and S.L. 371.10 (Credit Institutions Fees).", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Financial Institutions (Fees) (Amendment) Regulations, 2024" } }, "fees": [ { "licence_id": "payment-institution--MT", "kind": "application", "amount": { "value": "EUR 10,000", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "ten thousand euro (€10,000)" } }, { "licence_id": "payment-institution--MT", "kind": "annual", "amount": { "value": "EUR 15,000 + 0.02% of total assets (max EUR 250,000) for payment services only; EUR 25,000 base where e-money-related activity is added", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "emi--MT", "kind": "application", "amount": { "value": "EUR 15,000", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "fifteen thousand euro (€15,000)" } }, { "licence_id": "emi--MT", "kind": "annual", "amount": { "value": "EUR 35,000 base + higher of 0.02% total assets or aggregate of 0.0003% payment transaction value and 0.01% average daily outstanding electronic money (max EUR 250,000)", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "thirty-five thousand euro (€35,000)" } }, { "licence_id": "payment-institution--MT--aisp", "kind": "application", "amount": { "value": "EUR 1,000", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "application fee of one thousand euro (€1,000)" } }, { "licence_id": "payment-institution--MT--aisp", "kind": "annual", "amount": { "value": "EUR 5,000 (on registration and each year)", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--MT", "kind": "application", "amount": { "value": "EUR 7,250 for Category 2 (holding client assets) or EUR 15,000 for Category 3 (dealing on own account)", "source": "https://legislation.mt/getpdf/685a3bbd2ebba620f8eb8adf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "7,250" } }, { "licence_id": "investment-firm--MT", "kind": "annual", "amount": { "value": "EUR 7,600 minimum (Category 2) or EUR 17,500 minimum (Category 3) + EUR 700 per additional EUR 250,000 net revenue", "source": "https://legislation.mt/getpdf/685a3bbd2ebba620f8eb8adf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "7,600" } }, { "licence_id": "fund-manager--MT", "kind": "application", "amount": { "value": "EUR 6,750", "source": "https://legislation.mt/getpdf/685a3bbd2ebba620f8eb8adf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "6,750" } }, { "licence_id": "fund-manager--MT", "kind": "annual", "amount": { "value": "EUR 6,750", "source": "https://legislation.mt/getpdf/685a3bbd2ebba620f8eb8adf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "6,750" } }, { "licence_id": "bank--MT", "kind": "application", "amount": { "value": "EUR 35,000", "source": "https://legislation.mt/getpdf/69dcdc9839731123744423fc", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Credit Institutions 35,000" } }, { "licence_id": "bank--MT", "kind": "annual", "amount": { "value": "0.024% of institution-level deposits (minimum EUR 60,000, maximum EUR 1,700,000)", "source": "https://legislation.mt/getpdf/69dcdc9839731123744423fc", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Minimum fee: 60,000" } } ], "timelines": [ { "licence_id": "payment-institution--MT", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://legislation.mt/getpdf/683418610db9942428cf9d49", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months of receipt of the application" } }, { "licence_id": "emi--MT", "statutory": { "value": "3 months from receipt of a complete application", "source": "https://legislation.mt/getpdf/683418610db9942428cf9d49", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within three months of receipt of the application" } }, { "licence_id": "casp-mica--MT", "statutory": { "value": "40 working days from receipt of a complete application (following 25 working days completeness assessment)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within 40 working days from the date of receipt of a complete application" } }, { "licence_id": "investment-firm--MT", "statutory": { "value": "6 months from receipt of a complete application", "source": "https://legislation.mt/getpdf/68afff3a22d58020787386a0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "bank--MT", "statutory": { "value": "6 months from receipt of a complete application, and in any event within 12 months of its receipt", "source": "https://legislation.mt/getpdf/68b000f8d91e4409089afa3f", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "within six months of receipt of the application ... within twelve months" } } ], "statistics": [ { "value": "22 crypto-asset service providers authorised under MiCA Regulation (ESMA official register, 2026-09-24)", "source": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "22 entries for Malta Competent Authority: Malta Financial Services Authority (MFSA)" }, { "value": "43 electronic money institutions licensed and active under MFSA supervision (EBA PSDMD register, 2026-09-24)", "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "43 electronic money institutions registered under Malta Financial Services Authority in EBA PSDMD register" }, { "value": "50 payment institutions licensed and active under MFSA supervision (EBA PSDMD register, 2026-09-24)", "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "50 payment institutions registered under Malta Financial Services Authority in EBA PSDMD register" }, { "value": "1 account information service provider registered under MFSA supervision (EBA PSDMD register, 2026-09-24)", "source": "https://euclid.eba.europa.eu/register/downloads/PSDMD/20260924/download-PSDMD-202609240000.zip", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1 account information service provider registered under Malta Financial Services Authority in EBA PSDMD register" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Acquiring or increasing a qualifying holding needs the MFSA's prior approval. For payment and e-money institutions the Financial Institutions Act sets the thresholds at 20%, 30% and 50%; for banks the Banking Act adds a 60-working-day assessment period that can be extended.", "source": "https://legislation.mt/getpdf/683418610db9942428cf9d49", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "recent_changes": [ { "value": "2026-07-01: Full expiration of MiCA transitional grandfathering in Malta; all cryptoasset service providers operating in the jurisdiction must hold a full MiCA CASP authorisation or be an exempt financial entity under Article 60.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across all MFSA-supervised financial institutions, investment firms, and banks, establishing unified ICT risk management, incident classification, and digital operational testing standards.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-01: Legal Notice 366 of 2024 (amending S.L. 376.03) and Legal Notice 370 of 2024 (S.L. 370.52) took effect, enacting a comprehensive overhaul of application and annual supervisory fee schedules across financial institutions and investment services.", "source": "https://legislation.mt/getpdf/678e17bf0dba9f09507842db", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "These regulations shall come into force on the 1st of January 2025." }, { "value": "2024-12-30: EU MiCA Title V entered into direct application across Malta, transitioning the MFSA's crypto regulatory regime from the domestic VFA Act framework to European-wide MiCA CASP licensing.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "contacts": { "address": { "value": "Malta Financial Services Authority, Triq l-Imdina, Zone 1, Central Business District, Birkirkara, CBD 1010, Malta", "source": "https://en.wikipedia.org/wiki/Malta_Financial_Services_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Headquarters Birkirkara, Malta" } }, "photo_hint": "Malta Financial Services Authority building Triq l-Imdina Birkirkara", "answer": "The Malta Financial Services Authority (MFSA) is Malta's single unified financial regulator, supervising credit institutions, investment services, pensions, and insurance. Under national and EU frameworks, the MFSA licenses fintech entities including 43 electronic money institutions, 50 payment institutions, and 22 crypto-asset service providers under EU MiCA. It operates the LH Portal for supervisory reporting and grants In Principle Approvals during multi-stage licensing.", "faq": [ { "q": "How did Malta transition its VFA crypto regime to EU MiCA?", "a": "Malta originally regulated digital assets under the Virtual Financial Assets Act (Cap. 590) of 2018. Following the adoption of the EU Markets in Crypto-Assets Regulation (MiCA), the MFSA fully aligned its regulatory framework with MiCA Title V starting 30 December 2024. All legacy VFA service providers transitioned or exited by 1 July 2026, establishing 22 authorised MiCA CASPs." }, { "q": "What approvals are required for a change of control of an MFSA-licensed institution?", "a": "You need the MFSA's approval before the deal closes. For payment and e-money institutions the thresholds are 20%, 30% and 50% of capital or voting rights under the Financial Institutions Act; for banks, the Banking Act gives the MFSA 60 working days to assess the acquirer, which it can extend." }, { "q": "Does the MFSA provide pre-application guidance or a regulatory sandbox?", "a": "Yes. Prospective applicants engage through the MFSA's Intention Stage, submitting a Statement of Intent and holding preparatory meetings to clarify requirements before formally applying. Additionally, the MFSA runs a FinTech Regulatory Sandbox under Rule 3, allowing eligible fintech providers to live-test innovative financial products and services with real consumers for up to 12 months under proportionate supervisory oversight." } ], "open_questions": [ "Direct automated HTTP requests to administrative guidance and register search pages on mfsa.mt are blocked by Cloudflare WAF (returning HTTP 403 to scripted requests), necessitating reliance on official EU registers (ESMA MiCA CASP register, EBA PSDMD register), official legislative acts from legislation.mt, and verified portal documentation.", "The exact licensee counts for credit institutions (commercial banks) and investment services firms from the internal MFSA online search portal could not be directly queried due to Cloudflare anti-bot controls, though ECB statistics report approximately 22 credit institutions operating in Malta." ], "licence_ids": [ "casp-mica--MT", "emi--MT", "payment-institution--MT", "payment-institution--MT--aisp", "bank--MT", "investment-firm--MT", "fund-manager--MT", "trust-company--MT--csp" ], "law_ids": [ "mt-mfsa-act", "mt-financial-institutions-act", "mt-investment-services-act", "mt-banking-act", "mt-company-service-providers-act", "mt-virtual-financial-assets-act", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-crd-2013-36", "eu-crr-575-2013", "eu-dora-2022-2554" ], "type": "regulator" }, { "id": "mga-malta", "name": "Malta Gaming Authority", "local_name": "Awtorità dwar il-Logħob ta' Malta", "abbr": "MGA", "jurisdictions": [ "MT" ], "kind": "gaming", "wikidata": "Q55621923", "wikipedia": "https://en.wikipedia.org/wiki/Malta_Gaming_Authority", "website": { "value": "https://www.mga.org.mt/", "source": "https://www.mga.org.mt/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Malta Gaming Authority" }, "register_urls": [ { "value": "https://mgalicenseeregister.mga.org.mt/", "label": "MGA Official Licensee Register", "source": "https://mgalicenseeregister.mga.org.mt/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "blocked_reason": "403 to scripted client on direct API", "quote": "MGA Licensee Register" }, { "value": "https://www.mga.org.mt/licensee-hub/licensee-register/", "label": "MGA Licensee Register Portal", "source": "https://www.mga.org.mt/licensee-hub/licensee-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensee Register" }, { "value": "https://www.mga.org.mt/licensee-hub/recognition-notice-register/", "label": "MGA Recognition Notice Register", "source": "https://www.mga.org.mt/licensee-hub/recognition-notice-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Recognition Notice Register" } ], "register_how": { "value": "The MGA Licensee Register allows users to search licensed gaming operators and recognition notice holders by company name, authorization reference (MGA/B2C/… or MGA/B2B/…), registered URL or domain, or game vertical. An active register entry displays the licensee's corporate legal name, company registration number, registered address, licence status (Active, Surrendered, Suspended, or Cancelled), authorization type (B2C Gaming Service or B2B Critical Gaming Supply), approved game types (Types 1 to 4), and authorized brand URLs.", "source": "https://www.mga.org.mt/licensee-hub/licensee-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensee Register" }, "hq_city": { "value": "Kalkara", "source": "https://www.mga.org.mt/contact-us/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Building SCM 02-03, Level 4, SmartCity Malta, Ricasoli SCM1001, Malta" }, "founded": { "value": 2001, "source": "https://en.wikipedia.org/wiki/Malta_Gaming_Authority", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Formed 2001 (as Lotteries and Gaming Authority)" }, "mandate": { "value": "The Malta Gaming Authority is the single regulatory body responsible for the governance and supervision of all land-based and remote gaming activities in and from Malta, ensuring fair and transparent gaming, player protection, prevention of crime, and sustainable industry development.", "source": "https://legislation.mt/eli/cap/583/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "functions of the Authority shall be ... to regulate, monitor and supervise gaming" }, "supervises": [ { "value": "Remote and land-based B2C gaming services including casino games, fixed-odds betting, pool betting, and controlled skill games under the Gaming Act (Cap. 583)", "source": "https://legislation.mt/eli/sl/583.5/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "provision or operation of a gaming service" }, { "value": "B2B critical gaming supplies including software development, platform management, and game studio operations", "source": "https://legislation.mt/eli/sl/583.5/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "critical gaming supply" }, { "value": "Virtual Financial Assets (VFAs) and Distributed Ledger Technology (DLT) applications in licensed gaming under the MGA Sandbox Framework", "source": "https://www.mga.org.mt/faqs/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "For the purpose of the sandbox regulatory framework" }, { "value": "Recognition notice certifications for foreign gaming operators licensed in EU/EEA or equivalent jurisdictions", "source": "https://www.mga.org.mt/licensee-hub/applications/recognition-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A Recognition Notice is a certificate issued by the Authority" }, { "value": "Anti-money laundering and combating the financing of terrorism (AML/CFT) compliance in the gaming sector in conjunction with the FIAU", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AML/CFT compliance examinations were initiated by the Financial Intelligence Analysis Unit" } ], "licences_issued": [ { "id": "gaming--MT--b2c", "family": "gaming", "name": { "value": "Gaming Service Licence (B2C Remote Gaming Services)", "source": "https://www.mga.org.mt/licensee-hub/applications/b2c-licences/remote-gaming-services/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Offering, provision or operation of a gaming service" }, "licensee_count": null }, { "id": "gaming--MT--b2b", "family": "gaming", "name": { "value": "Critical Gaming Supply Licence (B2B Game Providers and Back Office)", "source": "https://www.mga.org.mt/licensee-hub/applications/b2b-licences/game-providers-and-back-office/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Providing or carrying out a critical gaming supply" }, "licensee_count": null }, { "id": "gaming--MT--recognition-notice", "family": "gaming", "name": { "value": "Recognition Notice Certificate", "source": "https://www.mga.org.mt/licensee-hub/applications/recognition-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A Recognition Notice is a certificate issued by the Authority" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Prospective applicants and existing licensees can request preliminary preparatory and guidance meetings with the MGA prior to submitting a licence application. The Authority does not charge any fees for meetings held with applicants, licensees, or service providers, and requests can be coordinated via info.mga@mga.org.mt or the Licensee Portal.", "source": "https://www.mga.org.mt/faqs/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "the Authority does not charge any fees for meetings held with applicants" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The MGA actively collaborates with the Malta Digital Innovation Authority (MDIA) and industry stakeholders on emerging technology initiatives, including the publication of the AI Gaming Charter in September 2026 and regular thematic guidance on DLT, smart contracts, and algorithmic game fairness.", "source": "https://www.mga.org.mt/mga-launches-ai-gaming-charter-following-extensive-industry-collaboration/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MGA launches AI Gaming Charter following extensive industry collaboration" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "The MGA operates the Sandbox Regulatory Framework for the acceptance of Virtual Financial Assets (VFAs) and Distributed Ledger Technology (DLT) assets in gaming operations. Authorised persons apply via the Licensee Portal under 'Operational – Payment Methods' to accept crypto deposits up to €1,000 per player per month, subject to player verification within 30 days and strict safeguarding controls codified under the MGA DLT Policy.", "source": "https://www.mga.org.mt/faqs/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "For the purpose of the sandbox regulatory framework" } }, "portal": { "value": "MGA Licensee Portal (LRMS - Licensee Relationship Management System) at https://portal.mga.org.mt/ for submitting new licence applications, dynamic notifications, regulatory returns, and key function certificates.", "source": "https://portal.mga.org.mt/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensee Portal" }, "fee_schedule": { "value": "Official statutory fees are established in the Gaming Licence Fees Regulations (S.L. 583.03) and detailed in the MGA Guidance Note on Licence Fees and Taxation.", "source": "https://legislation.mt/eli/sl/583.3/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Gaming Licence Fees Regulations" } }, "fees": [ { "licence_id": "gaming--MT--b2c", "kind": "application", "amount": { "value": "EUR 5,000", "source": "https://www.mga.org.mt/licensee-hub/applications/b2c-licences/remote-gaming-services/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "One-time, non-refundable Application Fee €5,000" } }, { "licence_id": "gaming--MT--b2c", "kind": "annual", "amount": { "value": "EUR 25,000 (EUR 10,000 if solely Type 4 controlled skill games) + tiered compliance contribution (and 5% gaming tax on Maltese player revenue)", "source": "https://www.mga.org.mt/licensee-hub/applications/b2c-licences/remote-gaming-services/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Non-refundable Fixed Annual Licence Fee €25,000" } }, { "licence_id": "gaming--MT--b2b", "kind": "application", "amount": { "value": "EUR 5,000", "source": "https://www.mga.org.mt/licensee-hub/applications/b2b-licences/game-providers-and-back-office/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "One-time, non-refundable application fee €5,000" } }, { "licence_id": "gaming--MT--b2b", "kind": "annual", "amount": { "value": "EUR 25,000 (annual revenue <= EUR 5,000,000), EUR 30,000 (EUR 5,000,000 to EUR 10,000,000), or EUR 35,000 (> EUR 10,000,000); EUR 10,000 for solely Type 4", "source": "https://www.mga.org.mt/licensee-hub/applications/b2b-licences/game-providers-and-back-office/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Where annual revenue does not exceed €5,000,000 € 25,000" } }, { "licence_id": "gaming--MT--recognition-notice", "kind": "application", "amount": { "value": "EUR 5,000", "source": "https://www.mga.org.mt/licensee-hub/applications/recognition-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Proof of remittance of the application fee of five thousand Euro (€5,000)" } }, { "licence_id": "gaming--MT--recognition-notice", "kind": "annual", "amount": { "value": "EUR 5,000", "source": "https://www.mga.org.mt/licensee-hub/applications/recognition-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Annual Recognition Notice Fee is that of Eur 5,000" } } ], "timelines": [ { "licence_id": "gaming--MT--b2c", "statutory": null }, { "licence_id": "gaming--MT--b2b", "statutory": null }, { "licence_id": "gaming--MT--recognition-notice", "statutory": null } ], "statistics": [ { "value": "38 applications for new gaming licences received and 19 new licences issued in 2025 (MGA 2025 Annual Report, published 7 July 2026)", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "we received 38 applications for new gaming licences and issued 19 licences" }, { "value": "10 gaming licence renewal applications received and 8 licence renewals issued in 2025 (MGA 2025 Annual Report, published 7 July 2026)", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "received 10 gaming licence renewal applications and issued eight licence renewals" }, { "value": "1,266 due diligence screening checks carried out on authorised persons, qualifying shareholders, directors, and key persons in 2025 (MGA 2025 Annual Report, published 7 July 2026)", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "we carried out 1,266 due diligence screening checks on authorised persons" }, { "value": "35 cease and desist letters, 22 warnings, and 30 administrative penalties totalling EUR 162,520 issued in 2025 (MGA 2025 Annual Report, published 7 July 2026)", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "35 cease and desist letters, 22 warnings and 30 administrative penalties" }, { "value": "1,757 player funds reports received and 14 data extractions conducted to support player funds safeguarding in 2025 (MGA 2025 Annual Report, published 7 July 2026)", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "we received 1,757 player funds reports and carried out 14 data extractions" } ], "change_of_control": { "approval_type": "notification", "summary": { "value": "Under Directive 3 of 2018 art. 37(2)(a) and MGA Guidance Note 'Changes in Direct or Indirect Shareholding' (Sept 2023), any acquisition or increase in a qualifying shareholding (10% or more of equity, voting rights, or control) must be notified to the MGA within 3 working days of the transaction, followed by a complete 'Corporate - Change in Approved Company Structure' filing via LRMS within 30 days accompanied by a EUR 1,500 fee. All new qualifying shareholders and UBOs undergo fit-and-proper scrutiny and source-of-funds verification. The MGA holds statutory authority under art. 37(2)(a) to order the licensee to revert to the status quo ante if fitness and propriety are prejudiced. Transfers of licences between distinct legal entities are prohibited except within the same corporate group with prior written approval under S.L. 583.05 reg. 17.", "source": "https://www.mga.org.mt/licensee-hub/compliance/licensees-information-reporting-requirements/3-day-notification-requirements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Within three (3) working days of the occurrence of the following events" } }, "recent_changes": [ { "value": "2026-09-18: MGA launched the AI Gaming Charter in partnership with the Malta Digital Innovation Authority (MDIA) to establish governance principles for AI integration in gaming systems.", "source": "https://www.mga.org.mt/mga-launches-ai-gaming-charter-following-extensive-industry-collaboration/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MGA launches AI Gaming Charter following extensive industry collaboration" }, { "value": "2026-09-11: MGA formally recognized the use of Qualified Electronic Signatures (QES) complying with EU eIDAS Regulation Article 3(12) across all regulatory submissions and declarations.", "source": "https://www.mga.org.mt/mga-recognises-the-use-of-qualified-electronic-signatures-in-submitted-documentation/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "MGA recognises the use of Qualified Electronic Signatures in submitted documentation" }, { "value": "2026-07-07: MGA published its 2025 Annual Report and Audited Financial Statements, reviewing sector performance and supervisory enforcement actions.", "source": "https://www.mga.org.mt/the-mga-publishes-its-2025-annual-report-and-financial-statements/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The MGA publishes its 2025 Annual Report and Financial Statements" }, { "value": "2025-01-01: Ongoing rollout of the voluntary ESG Code of Good Practice for remote gaming licensees, recognizing social responsibility and environmental reporting.", "source": "https://www.mga.org.mt/licensee-hub/esg/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2023-06-16: Enactment of Article 56A of the Gaming Act (Bill 55 / Act XXI of 2023) protecting Maltese gaming licensees against foreign civil liability judgments where operations comply with Maltese law.", "source": "https://legislation.mt/eli/cap/583/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Gaming Act" } ], "contacts": { "address": { "value": "Building SCM 02-03, Level 4, SmartCity Malta, Ricasoli SCM1001, Malta", "source": "https://www.mga.org.mt/contact-us/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Building SCM 02-03, Level 4, SmartCity Malta, Ricasoli SCM1001, Malta" } }, "photo_hint": "SmartCity Malta building Ricasoli Kalkara", "answer": "The Malta Gaming Authority (MGA) is Malta's single gaming regulator, overseeing both land-based and remote gaming. It grants B2C Gaming Service Licences, B2B Critical Gaming Supply Licences across Types 1 to 4, and Recognition Notices. In 2025, the MGA received 38 new licence applications, issued 19 licences, conducted 1,266 due diligence checks, and operates the Sandbox Regulatory Framework for virtual financial assets and DLT in gaming.", "faq": [ { "q": "What types of gaming licences does the Malta Gaming Authority (MGA) issue?", "a": "The MGA issues two primary classes of authorisations: B2C Gaming Service Licences for operators offering gaming directly to players, and B2B Critical Gaming Supply Licences for software providers and platform operators. Both licence classes are divided into four game types: Type 1 (casino and games of chance), Type 2 (fixed-odds betting), Type 3 (peer-to-peer and pool betting), and Type 4 (controlled skill games)." }, { "q": "How does the MGA regulate the use of cryptoassets and DLT in gaming?", "a": "The MGA established a Sandbox Regulatory Framework enabling authorized gaming operators to accept Virtual Financial Assets (VFAs) and integrate Distributed Ledger Technology (DLT). Licensees must apply through the Licensee Portal under 'Operational – Payment Methods', limit player crypto deposits to the equivalent of €1,000 per month, enforce player verification within 30 days, and maintain segregated player fund reserves." }, { "q": "What are the rules and procedures for a change of control of an MGA licensee?", "a": "MGA licences are not assignable between separate companies. Transferring ownership requires acquiring shares in the licensee entity. Under Directive 3 of 2018, acquisitions or changes in qualifying shareholdings (10% or more) must be notified within 3 working days, followed by a complete application pack within 30 days with a €1,500 fee. The MGA may order reversion to the status quo ante if fitness and propriety standards are compromised." }, { "q": "What are the application and annual supervisory fees for an MGA gaming licence?", "a": "Both B2C and B2B licence applications incur a one-time non-refundable fee of €5,000. B2C operators pay a fixed annual licence fee of €25,000 (€10,000 for Type 4 only) plus tiered compliance contributions on gross revenue and a 5% tax on Maltese player revenue. B2B annual fees range from €25,000 to €35,000 based on revenue." }, { "q": "What is a Recognition Notice issued by the Malta Gaming Authority?", "a": "A Recognition Notice is an authorization certificate issued by the MGA recognizing an operator licensed by another EU/EEA member state or equivalent jurisdiction. It permits the holder to provide gaming services or critical supplies in or from Malta without obtaining a full domestic licence. Recognition Notices require an application fee of €5,000 and an annual maintenance fee of €5,000." } ], "open_questions": [ "Direct programmatic JSON/REST queries to the online licensee register API (https://mgalicenseeregister.mga.org.mt/api) return HTTP 403 Forbidden to automated HTTP clients, requiring reliance on published annual reports and press releases for aggregate licensee figures.", "The exact total active licensee count across all categories as of September 2026 could not be determined due to the register's automated client block; the 2025 Annual Report published July 2026 confirms 19 new licences and 8 renewals were issued during 2025." ], "licence_ids": [ "gaming--MT--b2c", "gaming--MT--b2b", "gaming--MT--recognition-notice" ], "law_ids": [ "mt-gaming-act", "mt-gaming-authorisations-regulations", "mt-gaming-licence-fees-regulations", "mt-gaming-compliance-and-enforcement-regulations" ], "type": "regulator" }, { "id": "nbg-georgia", "name": "National Bank of Georgia", "local_name": "საქართველოს ეროვნული ბანკი", "abbr": "NBG", "jurisdictions": [ "GE" ], "kind": "central-bank", "wikidata": "Q2667495", "wikipedia": "https://en.wikipedia.org/wiki/National_Bank_of_Georgia", "website": { "value": "https://nbg.gov.ge/en", "source": "https://nbg.gov.ge/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "register_urls": [ { "value": "https://nbg.gov.ge/en/licensed-commercial-banks", "label": "Licensed commercial banks", "source": "https://nbg.gov.ge/en/licensed-commercial-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://nbg.gov.ge/en/payment-system/providers", "label": "Registered payment service providers, filterable by status (Registered/Canceled/Liquidation)", "source": "https://nbg.gov.ge/en/payment-system/providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps", "label": "Virtual asset service provider (VASP) register, downloadable as a dated Excel file", "source": "https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "https://nbg.gov.ge/en/page/non-bank-institutions", "label": "Non-bank institution registers: microfinance organisations, loan-issuing entities, currency exchange units, credit unions", "source": "https://nbg.gov.ge/en/page/non-bank-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "register_how": { "value": "Each register is browsed on the relevant NBG page by institution name; the banks and PSP pages show a live filterable/searchable table (the PSP one can be filtered by status), while the VASP and non-bank-institution registers are dated downloadable Excel files rather than a search box. An active entry shows the entity's name, legal form, identification code, and registration/licence date; the PSP table also shows the director's name.", "source": "https://nbg.gov.ge/en/payment-system/providers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Tbilisi", "source": "https://www.wikidata.org/wiki/Q2667495", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "1 Zviad Gamsakhurdia Embankment, Tbilisi 0108" }, "founded": { "value": 1991, "source": "https://www.wikidata.org/wiki/Q2667495", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "In its current form the National Bank of Georgia has existed since 1991" }, "mandate": { "value": "The National Bank of Georgia is Georgia's independent central bank. It sets monetary policy and price-stability targets, issues the lari, and acts as integrated supervisor over banks, microfinance and other non-bank credit institutions, payment service providers, virtual-asset service providers, and capital-markets participants.", "source": "https://nbg.gov.ge/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "supervises": [ { "value": "Commercial banks and micro-banks", "source": "https://nbg.gov.ge/en/page/supervisory-policy-refor-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Microfinance organisations, loan-issuing entities, and currency exchange bureaus", "source": "https://nbg.gov.ge/en/page/supervisory-policy-refor-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Payment service providers and payment/card system operators", "source": "https://nbg.gov.ge/en/page/supervisory-policy-refor-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Virtual asset service providers (VASPs), including stablecoin issuance by VASPs", "source": "https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Capital markets — brokerage companies, asset managers, investment funds, securities issuers and registrars, the Georgian Securities Exchange and Central Securities Depository", "source": "https://nbg.gov.ge/en/page/supervisory-policy-refor-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Credit information bureaus", "source": "https://nbg.gov.ge/en/page/supervisory-policy-refor-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "licences_issued": [ { "id": "bank--GE", "family": "bank", "name": { "value": "Commercial bank licence", "source": "https://nbg.gov.ge/en/page/licensing-requirements", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "The National Bank reviews a complete license application within 6 months" }, "licensee_count": { "value": 17, "source": "https://nbg.gov.ge/en/licensed-commercial-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "payment-institution--GE", "family": "payment-institution", "name": { "value": "Registration as a Payment Service Provider (PSP) with the National Bank of Georgia", "source": "https://nbg.gov.ge/en/page/law-on-payment-services", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null }, { "id": "vasp--GE", "family": "vasp", "name": { "value": "Virtual Asset Service Provider (VASP) registration", "source": "https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null }, { "id": "lending--GE", "family": "lending", "name": { "value": "Microfinance organisation registration", "source": "https://nbg.gov.ge/en/page/non-bank-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "licensee_count": null }, { "id": "stablecoin-issuer--GE", "family": "stablecoin-issuer", "name": { "value": "Rule for the Initial Coin Offering of a Stablecoin by a Virtual Asset Service Provider", "source": "https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "The Rule for the Initial Coin Offering of a Stablecoin by a Virtual Asset Service" }, "licensee_count": null } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "Prospective fintech applicants can request individual feedback and ask supervisory questions through the Financial Innovation Office before applying, free of charge; the office is explicitly closed to legal, consulting, or intermediary firms and answers are informational only, not a binding NBG position.", "source": "https://nbg.gov.ge/en/page/financial-innovation-office", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "it should not be used by intermediary, legal or consulting firm" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The Financial Innovation Office (InnovationOffice@nbg.gov.ge) is NBG's free communication channel between financial-technology innovators and its supervisors, providing general guidance and case-by-case feedback outside the formal licensing process.", "source": "https://nbg.gov.ge/en/page/financial-innovation-office", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "no fee for the use of the Financial Innovation Office" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "NBG's Regulatory Laboratory (sandbox) was created by NBG President's Order No. 125/04 of 23 May 2025, open to entities in sectors under NBG supervision. Projects move through three stages ending in supervised real-world testing with a limited number of users; completed cohorts have covered tokenised bonds and crowdfunding. Applicants apply via the Financial Innovation Office.", "source": "https://nbg.gov.ge/en/page/regulatory-laboratory", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "final third stage of real-world testing" } }, "fee_schedule": { "value": "No single consolidated public fee schedule was located; the PSP registration fee is documented by a law-firm secondary source (see fees below), and other statutory fees appear scattered across individual NBG rules that were not all locatable in this session.", "source": "https://ge.andersen.com/payment-services-georgia/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [ { "licence_id": "payment-institution--GE", "kind": "application", "amount": { "value": "GEL 5,000 application review fee", "source": "https://ge.andersen.com/payment-services-georgia/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "GEL 5,000 application review fee" } } ], "timelines": [ { "licence_id": "bank--GE", "statutory": { "value": "The National Bank must decide within 6 months of confirming receipt of a complete written application, and the total decision period (including any extension) must not exceed 12 months", "source": "https://matsne.gov.ge/en/document/view/32962", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "shall not exceed 12 months" }, "observed": null }, { "licence_id": "payment-institution--GE", "statutory": null, "observed": { "value": "A law firm reports NBG allows 30 calendar days to fix incomplete documentation, then reviews a compliant application within 60 calendar days", "source": "https://ge.andersen.com/payment-services-georgia/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "reviews materials within 60 calendar days" } } ], "statistics": [ { "value": "17 commercial banks currently licensed in Georgia (register, 2026-09-24)", "source": "https://nbg.gov.ge/en/licensed-commercial-banks", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": "prior_notification_with_objection_period", "summary": { "value": "For commercial banks, acquiring or crossing 10%, 20%, 30% or 50% of capital or voting shares, or otherwise gaining significant influence, requires notifying the National Bank; anyone holding more than 10% is a significant shareholder subject to the NBG's fit-and-proper assessment (Law on Commercial Bank Activities, Art. 81 and Art. 1(z5)). For payment service providers, changes of significant shareholders and beneficial owners must be notified to the NBG under its PSP registration order (Order No. 77/04 of 1 May 2023).", "source": "https://matsne.gov.ge/en/document/view/32962", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "10%, 20%, 30% or 50%" } }, "recent_changes": [ "2023-07-01: NBG Order No. 94/04 (approved 13 June 2023) brought the Rule of VASP Registration, Deregistration and Regulation into force, making registration with the National Bank mandatory for virtual asset service providers.", "2025-05-23: NBG President's Order No. 125/04 established the current Regulatory Laboratory (sandbox) framework, replacing/formalising earlier ad hoc sandbox pilots." ], "contacts": { "address": { "value": "1 Zviad Gamsakhurdia Embankment, Tbilisi 0108, Georgia", "source": "https://www.wikidata.org/wiki/Q2667495", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "1 Zviad Gamsakhurdia Embankment, Tbilisi 0108" } }, "photo_hint": "National Bank of Georgia headquarters building Zviad Gamsakhurdia Embankment Tbilisi", "answer": "The National Bank of Georgia (NBG) is Georgia's independent central bank and integrated financial supervisor. It licenses 17 commercial banks, registers payment service providers and virtual-asset service providers (VASPs, mandatory since 1 July 2023), and supervises microfinance organisations and capital-markets participants. NBG also runs a Financial Innovation Office and a regulatory sandbox for fintech applicants.", "faq": [ { "q": "Does the National Bank of Georgia license or just register crypto companies (VASPs)?", "a": "Since 1 July 2023, virtual asset service providers must register with the National Bank of Georgia under a dedicated rule (NBG Order No. 94/04), rather than obtain a discretionary licence. Registration covers fit-and-proper checks on administrators and significant owners and AML/CFT obligations; the current register is published as a dated downloadable file rather than a live searchable database." }, { "q": "How many commercial banks does the National Bank of Georgia supervise?", "a": "As of 2026-09-24, NBG's own published list shows 17 licensed commercial banks operating in Georgia, ranging from long-established banks licensed in the early 1990s to more recent entrants such as a bank licensed in December 2023." }, { "q": "Can a law firm or consultant use NBG's Financial Innovation Office on a client's behalf?", "a": "No. NBG states explicitly that its Financial Innovation Office, which gives fintech applicants informal supervisory feedback before they apply, should not be used by intermediary, legal, or consulting firms — only the founders or technical team of the applicant company." }, { "q": "What is the National Bank of Georgia's regulatory sandbox?", "a": "NBG's Regulatory Laboratory, formalised by President's Order No. 125/04 of 23 May 2025, lets entities under NBG supervision test innovative financial products in three stages ending in live testing with a limited number of real users. Past cohorts covered tokenised bonds and crowdfunding; applicants apply through the Financial Innovation Office." }, { "q": "How long does the National Bank of Georgia take to decide a commercial bank licence application?", "a": "Under the Law of Georgia on Commercial Bank Activities, NBG must decide within 6 months of confirming a complete written application, with the overall process — including any extension — capped at 12 months." } ], "open_questions": [ { "Exact current headcount of registered payment service providers": "NBG's own register page lists them individually rather than showing a total, and two automated attempts to count active (\"Registered\" status) rows returned inconsistent figures (41 and 43); needs a manual count from https://nbg.gov.ge/en/payment-system/providers." }, { "Exact current headcount of registered VASPs": "the NBG VASP register is a dated Excel download (vasps-eng-16-09-2026.xlsx) that was not opened in this session; secondary/dataset sources from mid-2026 report roughly 40, but that predates the current file and should not be treated as current." }, { "Exact current headcount of registered microfinance organisations, loan-issuing entities, currency exchange units, and credit unions": "all four are published only as separate Excel/xls downloads (linked from https://nbg.gov.ge/en/page/non-bank-institutions) which were not opened in this session." }, { "Statutory decision deadline for PSP registration": "not found in the Law on Payment System and Payment Services itself; the 60-calendar-day figure used here comes from a secondary (law-firm) source, not the NBG Rule text (Order 29/04) or the law." }, { "Statutory decision deadline and change-of-control threshold specific to VASP registration and microfinance organisation registration": "not established from primary sources opened in this session." }, { "Whether NBG charges application or annual supervisory fees for VASP registration, microfinance organisation registration, or commercial bank licensing (beyond the PSP fee found via a secondary source)": "not established." }, "A consolidated NBG fee schedule/regulation was not located; individual fees appear to be set in scattered NBG rules.", { "Portal": "no dedicated online application portal URL was found for any of these licences/registrations in this session." } ], "licence_ids": [ "bank--GE", "payment-institution--GE", "vasp--GE", "lending--GE", "stablecoin-issuer--GE" ], "law_ids": [ "ge-organic-law-on-national-bank", "ge-law-on-payment-systems-and-services", "ge-law-on-commercial-bank-activities", "ge-law-on-microfinance-organisations", "ge-law-on-money-laundering-prevention" ], "type": "regulator" }, { "id": "nbs-slovakia", "name": "National Bank of Slovakia", "local_name": "Národná banka Slovenska", "abbr": "NBS", "jurisdictions": [ "SK" ], "kind": "central-bank", "wikidata": "Q1481791", "wikipedia": "https://en.wikipedia.org/wiki/National_Bank_of_Slovakia", "website": { "value": "https://nbs.sk/en/", "source": "https://nbs.sk/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Národná banka Slovenska" }, "register_urls": [ { "value": "https://subjekty.nbs.sk/sk/", "source": "https://subjekty.nbs.sk/sk/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "quote": "Subjekty finančného trhu", "label": "NBS register of financial market entities (Subjekty finančného trhu)" } ], "register_how": { "value": "Search the NBS register of financial market entities (Subjekty finančného trhu) by name or identification number; the full dataset can also be downloaded daily in bulk.", "source": "https://nbs.sk/aktuality/databaza-subjekty-financneho-trhu-uz-umoznuje-aj-hromadne-stahovanie-udajov/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "hq_city": { "value": "Bratislava", "source": "https://nbs.sk/en/about-the-bank/contact/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Imricha Karvaša 1, 813 25 Bratislava" }, "founded": { "value": 1993, "source": "https://nbs.sk/en/about-the-bank/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "established on 1 January 1993" }, "mandate": { "value": "Národná banka Slovenska acts as the central bank and integrated financial supervisory authority of the Slovak Republic. It safeguards price and financial system stability, contributes to Eurosystem monetary policy, and exercises comprehensive prudential supervision, conduct regulation, and resolution across banking, payments, capital markets, crypto-assets, and insurance sectors.", "source": "https://nbs.sk/en/financial-market-supervision1/supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The objective of financial market supervision is to contribute to the stability" }, "supervises": [ { "value": "Banking sector including domestic commercial banks, specialized building societies, and foreign bank branches", "source": "https://nbs.sk/en/financial-market-supervision1/supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervision of banking, capital market, insurance" }, { "value": "Crowdfunding service providers authorized under European Crowdfunding Regulation (ECSPR)", "source": "https://nbs.sk/en/financial-market-supervision1/fintech/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "crowdfunding service providers under Regulation 2020/1503" }, { "value": "Insurance companies, reinsurance companies, and insurance intermediaries", "source": "https://nbs.sk/en/financial-market-supervision1/supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "supervision of banking, capital market, insurance" }, { "value": "Pension fund management companies (dôchodkové správcovské spoločnosti) and supplementary pension management companies", "source": "https://nbs.sk/en/financial-market-supervision1/supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pension funds and supplementary pension funds" }, { "value": "Consumer credit and housing credit providers and independent credit intermediaries", "source": "https://nbs.sk/en/financial-market-supervision1/supervision/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "consumer credit providers and other financial market participants" } ], "licences_issued": [ { "id": "emi--SK", "family": "emi", "name": { "value": "Electronic money institution licence (povolenie na vydávanie a správu elektronických peňazí bez obmedzenia rozsahu)", "source": "https://subjekty.nbs.sk/?c=945", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Inštitúcie elektronických peňazí" } }, { "id": "payment-institution--SK", "family": "payment-institution", "name": { "value": "Payment institution licence (povolenie na poskytovanie platobných služieb bez obmedzenia rozsahu)", "source": "https://subjekty.nbs.sk/?c=938", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Platobné inštitúcie" } }, { "id": "casp-mica--SK", "family": "casp-mica", "name": { "value": "Crypto-asset service provider licence under MiCA (povolenie na činnosť poskytovateľa služieb kryptoaktív)", "source": "https://subjekty.nbs.sk/?c=1418", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Poskytovatelia služieb kryptoaktív" }, "licensee_count": { "value": 6, "source": "https://nbs.sk/aktuality/kryptoaktiva-po-mica-na-slovensku-posobi-sest-licencovanych-poskytovatelov-investicne-riziko-zostava/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "id": "investment-firm--SK", "family": "investment-firm", "name": { "value": "Investment firm licence (povolenie na poskytovanie investičných služieb pre obchodníka s cennými papiermi)", "source": "https://subjekty.nbs.sk/?c=1007", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Obchodníci s cennými papiermi" } }, { "id": "bank--SK", "family": "bank", "name": { "value": "Banking licence (bankové povolenie)", "source": "https://subjekty.nbs.sk/?c=932", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banky a pobočky zahraničných bánk" }, "licensee_count": { "value": 22, "source": "https://subjekty.nbs.sk/?c=932", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Banky a pobočky zahraničných bánk" } }, { "id": "lending--SK--crowdfunding", "family": "lending", "name": { "value": "Crowdfunding service provider authorisation under ECSPR (povolenie na činnosť poskytovateľa služieb kolektívneho financovania)", "source": "https://subjekty.nbs.sk/?c=1343", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Poskytovatelia služieb kolektívneho financovania" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "NBS provides structured pre-application engagement through consultative meetings and the Innovation Hub. Prospective applicants can present project outlines, clarify regulatory classifications, and discuss licensing documentation requirements free of charge before formally submitting an application.", "source": "https://nbs.sk/en/financial-market-supervision1/fintech/innovation-hub-2/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "contact point for companies developing innovative technological financial solutions" } }, "innovation_hub": { "available": "yes", "detail": { "value": "NBS has run an Innovation hub since April 2019: fintech firms and market participants can consult NBS experts on how financial-market rules apply to their product.", "source": "https://nbs.sk/en/financial-market-supervision1/fintech/innovation-hub-2/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "NBS runs a Regulatory sandbox in which participants work with NBS to align a financial innovation with regulatory requirements.", "source": "https://nbs.sk/en/financial-market-supervision1/fintech/regulatory-sandbox/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "portal": { "value": "Licensing applications are submitted electronically via the Slovak central public administration portal (slovensko.sk e-Desk) or in paper form with certified signatures; banking licence filings are coordinated through the ECB SSM Portal (bankingsupervision.europa.eu), and ongoing supervisory and statistical reporting is handled via the NBS Statistics Collection Portal.", "source": "https://nbs.sk/en/statistics/information-for-reporting-subjects/statistics-collection-portal/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Statistics Collection Portal" }, "fee_schedule": { "value": "Fees for NBS licensing acts are set by NBS Decree No. 5/2021 on fees for acts performed by Národná banka Slovenska, as amended by Decree No. 8/2024 (in force from 1 January 2025).", "source": "https://nbs.sk/en/financial-market-supervision-practical-info/fees-and-contributions/fees/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, "fees": [], "timelines": [ { "licence_id": "payment-institution--SK", "statutory": { "value": "3 months from receipt of a complete application, extendable by 1 month (Act No. 492/2009 Coll. on payment services, § 67(3))", "source": "https://www.slov-lex.sk/pravne-predpisy/SK/ZZ/2009/492/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "casp-mica--SK", "statutory": { "value": "40 working days after the application is complete (MiCA Art. 63, applied by Act No. 248/2024 Coll.)", "source": "https://nbs.sk/newsletter/mica-zakon-a-dalsie-dolezite-krypto-novinky-z-pohladu-nbs/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "statistics": [ { "value": "6 crypto-asset service providers licensed by NBS under MiCA (NBS, 29 July 2026)", "source": "https://nbs.sk/aktuality/kryptoaktiva-po-mica-na-slovensku-posobi-sest-licencovanych-poskytovatelov-investicne-riziko-zostava/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "change_of_control": { "approval_type": "prior_approval", "summary": null }, "recent_changes": [ { "value": "2025-01-17: Direct application of the EU Digital Operational Resilience Act (DORA, Regulation 2022/2554), establishing harmonized ICT risk management, incident notification, and digital testing requirements across all Slovak financial entities.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "This Regulation shall enter into force on the twentieth day following that of its publication" }, { "value": "2026-07-01: Full expiration of national transitional arrangements across the EU under MiCA Article 143(3), making full NBS MiCA CASP authorisation mandatory for all crypto-asset service providers operating in Slovakia.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "until 1 July 2026 or until they are granted or refused an authorisation" } ], "contacts": { "address": { "value": "Imricha Karvaša 1, 813 25 Bratislava, Slovak Republic", "source": "https://nbs.sk/en/about-the-bank/contact/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Imricha Karvaša 1 813 25 Bratislava" } }, "photo_hint": "National Bank of Slovakia headquarters tower building Imricha Karvasa Bratislava", "answer": "Národná banka Slovenska (NBS) is the central bank and integrated financial supervisor of Slovakia. It authorises banks, payment and electronic money institutions, investment firms and, under MiCA, crypto-asset service providers, six of which it had licensed by July 2026. A payment institution application must be decided within 3 months of completion. NBS runs an Innovation hub and a Regulatory sandbox, and its register of financial market entities can be searched or downloaded.", "faq": [], "licence_ids": [ "emi--SK", "payment-institution--SK", "casp-mica--SK", "investment-firm--SK", "bank--SK", "lending--SK--crowdfunding" ], "law_ids": [ "sk-act-747-2004", "sk-act-492-2009", "sk-act-483-2001", "sk-act-566-2001", "sk-act-248-2024", "sk-act-566-1992", "eu-mica-2023-1114", "eu-psd2-2015-2366", "eu-emd2-2009-110", "eu-mifid2-2014-65", "eu-dora-2022-2554", "eu-ecspr-2020-1503" ], "type": "regulator" }, { "id": "sfc-hong-kong", "name": "Securities and Futures Commission", "local_name": "證券及期貨事務監察委員會", "abbr": "SFC", "jurisdictions": [ "HK" ], "kind": "securities", "wikidata": "Q7444930", "wikipedia": "https://en.wikipedia.org/wiki/Securities_and_Futures_Commission", "website": { "value": "https://www.sfc.hk/en/", "source": "https://www.sfc.hk/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "register_urls": [ { "value": "https://apps.sfc.hk/publicregWeb/searchByName?locale=en", "label": "Public Register of Licensed Persons and Registered Institutions (Search by Name or CE Number)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Register-of-licensed-persons-and-registered-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "https://apps.sfc.hk/publicregWeb/searchByRa?locale=en", "label": "Public Register of Licensed Persons and Registered Institutions (Search by Regulated Activity)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Register-of-licensed-persons-and-registered-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms", "label": "List of Licensed Virtual Asset Trading Platforms and VATP Applicants", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Register-of-licensed-persons-and-registered-institutions", "label": "Public Register of Licensees and Registered Institutions Portal", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Register-of-licensed-persons-and-registered-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "register_how": { "value": "Users search the public register by firm name, individual name, Central Entity (CE) number, or regulated activity type. An active entry specifies licensing status, effective dates, approved regulated activities, licensing conditions, accredited responsible officers, and registered office address in Hong Kong.", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Register-of-licensed-persons-and-registered-institutions", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "hq_city": { "value": "Hong Kong", "source": "https://www.sfc.hk/en/About-the-SFC/Contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "founded": { "value": 1989, "source": "https://en.wikipedia.org/wiki/Securities_and_Futures_Commission", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The SFC was created in 1989 in response to the stock market crash" }, "mandate": { "value": "The Securities and Futures Commission regulates and develops Hong Kong's securities, futures, and virtual asset markets under the Securities and Futures Ordinance and the AMLO, maintaining market integrity and investor protection while the Hong Kong Monetary Authority (HKMA) independently oversees banks, stored value facilities, and fiat-referenced stablecoin issuers.", "source": "https://www.sfc.hk/en/About-the-SFC/Our-role/Regulatory-objectives", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "supervises": [ { "value": "Securities brokers, futures dealers, margin financiers, and automated trading facilities", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Asset managers, private equity managers, hedge funds, and open-ended fund companies (OFCs)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Centralized virtual asset trading platform operators (VATPs) and VA intermediaries under AMLO", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Corporate finance advisers, listing sponsors, and credit rating agencies", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Publicly offered investment products, unit trusts, mutual funds, and real estate investment trusts (REITs)", "source": "https://www.sfc.hk/en/About-the-SFC/Our-role/Who-we-regulate", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "licences_issued": [ { "id": "vasp--HK", "family": "vasp", "name": { "value": "Virtual Asset Trading Platform Operator Licence (AMLO and SFO Types 1 & 7)", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of licensed virtual asset trading platforms" }, "licensee_count": { "value": 13, "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "virtual asset trading platform operators which are formally licensed by the SFC" } }, { "id": "investment-firm--HK--type1", "family": "investment-firm", "name": { "value": "Type 1 Licence for Dealing in Securities", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Type 1 (dealing in securities)" } }, { "id": "investment-firm--HK--type7", "family": "investment-firm", "name": { "value": "Type 7 Licence for Providing Automated Trading Services", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Type 7 (providing automated trading services)" } }, { "id": "fund-manager--HK--type9", "family": "fund-manager", "name": { "value": "Type 9 Licence for Asset Management", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Type 9 (asset management)" } }, { "id": "investment-firm--HK--type4", "family": "investment-firm", "name": { "value": "Type 4 Licence for Advising on Securities", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Type 4 (advising on securities)" } }, { "id": "investment-firm--HK--type2", "family": "investment-firm", "name": { "value": "Type 2 Licence for Dealing in Futures Contracts", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Type 2 (dealing in futures contracts)" } }, { "id": "investment-firm--HK--type6", "family": "investment-firm", "name": { "value": "Type 6 Licence for Advising on Corporate Finance", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Types-of-intermediary-and-licensed-individual", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Type 6 (advising on corporate finance)" } } ], "services": { "pre_application": { "available": "no", "detail": { "value": "The SFC does not operate a formal pre-application assessment or draft review service for standard licensing applications under the SFO. However, prospective fintech and virtual asset applicants may submit non-binding informal perimeter inquiries to the FinTech Contact Point via an online form or email vatp-licensing@sfc.hk free of charge prior to formal lodgement.", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The SFC will discuss with a corporate applicant if it considers that an applicant's case" } }, "innovation_hub": { "available": "yes", "detail": { "value": "The SFC established the FinTech Contact Point to maintain dedicated communication with businesses developing financial technologies, clarify regulatory requirements, and assist firms operating innovative business models including robo-advisory and virtual asset operations.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "established the Fintech Contact Point to enhance communication with businesses involved in the development" } }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "The SFC Regulatory Sandbox provides a confined regulatory environment for qualified licensed corporations and startups using innovative technology to conduct regulated activities under tailored licensing conditions and close supervisory monitoring. The SFC expects most standard fintech applicants to follow normal licensing procedures without entering the Sandbox.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/SFC-Regulatory-Sandbox", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "provide a confined regulatory environment for qualified firms to operate regulated activities" } }, "portal": { "value": "WINGS (Web-based Information Network and Governance System) at wings.sfc.hk", "source": "https://wings.sfc.hk/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "fee_schedule": { "value": "Securities and Futures (Fees) Rules (Cap. 571AF) Schedule 1 setting out statutory fees for corporate and individual licence applications, annual supervision levies, and post-licensing changes", "source": "https://www.elegislation.gov.hk/hk/cap571AF", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, "fees": [ { "licence_id": "vasp--HK", "kind": "application", "amount": { "value": "HKD 14,220", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "vasp--HK", "kind": "annual", "amount": { "value": "HKD 14,220", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } }, { "licence_id": "investment-firm--HK--type1", "kind": "application", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "investment-firm--HK--type1", "kind": "annual", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } }, { "licence_id": "investment-firm--HK--type7", "kind": "application", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "investment-firm--HK--type7", "kind": "annual", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } }, { "licence_id": "fund-manager--HK--type9", "kind": "application", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "fund-manager--HK--type9", "kind": "annual", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } }, { "licence_id": "investment-firm--HK--type4", "kind": "application", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "investment-firm--HK--type4", "kind": "annual", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } }, { "licence_id": "investment-firm--HK--type2", "kind": "application", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "investment-firm--HK--type2", "kind": "annual", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } }, { "licence_id": "investment-firm--HK--type6", "kind": "application", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Licensed corporation (LC) ... $4,740 per RA" } }, { "licence_id": "investment-firm--HK--type6", "kind": "annual", "amount": { "value": "HKD 4,740", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Annual-licensing-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "pay annual licensing fees within one month after each anniversary date" } } ], "timelines": [ { "licence_id": "vasp--HK", "statutory": { "value": "Within a reasonable time from submission of a complete application", "source": "https://www.elegislation.gov.hk/hk/cap615", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "observed": { "value": "12 to 18 months, requiring independent external assessment under HKSAE 3000, technical cybersecurity audit, and AFRC-regulated CPA sign-off", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Regulatory-requirements/FAQs-on-licensing-related-matters/External-assessment-reports-for-licence-applications/External-assessment-reports-for-licence-applications", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, { "licence_id": "investment-firm--HK--type1", "statutory": { "value": "15 weeks from submission of a complete corporate application", "source": "https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Processing of licensing applications Corporations 15 weeks" }, "observed": { "value": "SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--HK--type7", "statutory": { "value": "15 weeks from submission of a complete corporate application", "source": "https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Processing of licensing applications Corporations 15 weeks" }, "observed": { "value": "SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "fund-manager--HK--type9", "statutory": { "value": "15 weeks from submission of a complete corporate application", "source": "https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Processing of licensing applications Corporations 15 weeks" }, "observed": { "value": "SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--HK--type4", "statutory": { "value": "15 weeks from submission of a complete corporate application", "source": "https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Processing of licensing applications Corporations 15 weeks" }, "observed": { "value": "SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--HK--type2", "statutory": { "value": "15 weeks from submission of a complete corporate application", "source": "https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Processing of licensing applications Corporations 15 weeks" }, "observed": { "value": "SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } }, { "licence_id": "investment-firm--HK--type6", "statutory": { "value": "15 weeks from submission of a complete corporate application", "source": "https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Processing of licensing applications Corporations 15 weeks" }, "observed": { "value": "SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } } ], "statistics": [ { "value": "13 virtual asset trading platform operators formally licensed in Hong Kong as of 24 September 2026 (SFC VATP Register)", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "List of licensed virtual asset trading platforms" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Section 132 of the Securities and Futures Ordinance (SFO), prior approval from the SFC is mandatory before any person can become or continue to be a substantial shareholder of a licensed corporation. Under Schedule 1 Part 1 Section 6, a substantial shareholder threshold is 10% or more of issued shares, 10% or more of voting power at general meetings, or control of 35% or more of voting rights in a holding entity. If acquired without prior knowledge, application must be made within 3 business days of becoming aware. An application fee of HKD 3,000 applies via Form 7 on WINGS-LIC, and approvals are valid for 6 months.", "source": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "A person (including a corporation) is required to apply for the SFC's approval before" } }, "recent_changes": [ { "value": "2026-05-27: SFC and HKMA issued parallel circulars on the provision of services regarding Relevant Stablecoins (fiat-referenced stablecoins issued by HKMA-licensed entities under the Stablecoins Ordinance), relaxing certain intermediary virtual asset requirements.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2026-02-11: SFC released circulars outlining the regulatory framework for virtual asset perpetual contracts, permitting VATP operators to accept affiliated market makers, and updating custody standards.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-08-01: Hong Kong Stablecoins Ordinance (Cap. 656) entered into force, establishing HKMA's statutory licensing regime for fiat-referenced stablecoin issuers, while the SFC regulates secondary platform trading.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2025-01-16: SFC issued Circular 25EC2 streamlining external assessment reports for VATP applicants into a single post-deployment HKSAE 3000 assurance engagement signed off by an AFRC-regulated CPA firm under a tripartite agreement.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Regulatory-requirements/FAQs-on-licensing-related-matters/External-assessment-reports-for-licence-applications/External-assessment-reports-for-licence-applications", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Q4 and Q5 were added on 16 January 2025" }, { "value": "2024-06-01: Transitional period under Schedule 3G to AMLO ended; operating an unlicensed virtual asset trading platform in Hong Kong without deemed-to-be-licensed status became a criminal offence.", "source": "https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "deemed-to-be-licensed VATP applicants as of 1 June 2024" } ], "contacts": { "address": { "value": "54/F, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong", "source": "https://www.sfc.hk/en/About-the-SFC/Contact-us", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } }, "photo_hint": "One Island East Quarry Bay Hong Kong SFC building", "answer": "The Securities and Futures Commission (SFC) is Hong Kong's statutory financial regulator for securities, futures, and virtual asset markets, established in 1989. It licenses and supervises investment brokers, fund managers, and crypto trading platforms across Regulated Activities Types 1 to 10 and 13, alongside the AMLO VATP regime. As of mid-2026, the SFC supervises 3,517 licensed corporations, including 13 licensed virtual asset trading platforms, and 51,733 total market participants.", "faq": [ { "q": "What is the difference between SFC and HKMA in Hong Kong financial regulation?", "a": "Hong Kong operates a sectoral regulatory model. The SFC regulates capital markets, broker-dealers, asset managers, and virtual asset trading platforms under the SFO and AMLO. The Hong Kong Monetary Authority (HKMA) operates as the de facto central bank, supervising commercial banks, stored value facilities (SVFs), and fiat-referenced stablecoin issuers under the Stablecoins Ordinance." }, { "q": "What licences are required to operate a crypto exchange in Hong Kong?", "a": "Centralized crypto exchanges in Hong Kong require dual authorization from the SFC: a Virtual Asset Service Provider (VASP) licence under the AMLO, and Type 1 (Dealing in securities) and Type 7 (Automated trading services) licences under the SFO. Operators must maintain HK$5,000,000 paid-up capital, store 98% of client assets in cold wallets, and undergo independent HKSAE 3000 audit." }, { "q": "Does the SFC offer a regulatory sandbox for fintech startups?", "a": "Yes. The SFC operates the SFC Regulatory Sandbox launched under circular 17EC63. It allows qualified licensed corporations and innovative startups to test regulated fintech products under tailored supervisory conditions before full-scale commercialization. However, standard fintech applications such as robo-advisors are expected to use standard SFO licensing channels without sandbox entry." }, { "q": "What are the regulatory application and annual fees for an SFC licence?", "a": "Under the Securities and Futures (Fees) Rules (Cap. 571AF), corporate application fees are HKD 4,740 per regulated activity (e.g., Types 1, 4, 7, and 9), with an annual supervisory fee of HKD 4,740 per activity. A VATP operator applying for Types 1, 7, and AMLO VA service pays HKD 14,220 in total application fees." }, { "q": "What is the change-of-control rule for an SFC licensed corporation?", "a": "Under Section 132 of the SFO, acquiring 10% or more of voting power or issued shares, or controlling 35% or more of a holding entity, requires mandatory prior written approval from the SFC before completion. Applications must be submitted via Form 7 on WINGS with a statutory HKD 3,000 fee, and granted approvals remain valid for 6 months." }, { "q": "What is the statutory timeline for obtaining an SFC licence?", "a": "The SFC pledges a 15-week decision target for corporate applications and 10 weeks for responsible officers under its Corporate Governance Performance Pledges. However, complex applications such as VATPs realistically take 12 to 18 months due to mandatory independent HKSAE 3000 system audits, cybersecurity reviews, and capital verification." } ], "open_questions": [ "Statutory legal determination deadline for VATP licence applications under AMLO s.53ZRK is defined as determining the application upon fit-and-proper assessment rather than a fixed calendar-day deadline, though SFC targets 15 weeks for standard corporations and observes 12–18 months for VATP." ], "licence_ids": [ "vasp--HK", "investment-firm--HK--type1", "investment-firm--HK--type7", "fund-manager--HK--type9", "investment-firm--HK--type4", "investment-firm--HK--type2", "investment-firm--HK--type6" ], "law_ids": [ "hk-securities-and-futures-ordinance", "hk-anti-money-laundering-ordinance", "hk-securities-and-futures-fees-rules", "hk-securities-and-futures-financial-resources-rules" ], "type": "regulator" }, { "id": "vara-dubai", "name": "Virtual Assets Regulatory Authority", "local_name": "سلطة تنظيم الأصول الافتراضية", "abbr": "VARA", "jurisdictions": [ "AE-DU" ], "kind": "multi", "wikidata": null, "wikipedia": null, "website": { "value": "https://www.vara.ae/en/", "source": "https://www.vara.ae/en/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "The Virtual Assets Regulatory Authority (VARA) is responsible for regulating and overseeing" }, "register_urls": [ { "value": "https://www.vara.ae/en/licenses-and-register/public-register/", "label": "VARA Public Register of Licensed Virtual Asset Service Providers (VASPs)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA maintains a publicly accessible list of Virtual Asset Service Providers (VASPs)" } ], "register_how": { "value": "The VARA Public Register enables users to search and filter regulated digital asset service providers across Dubai by entity name, licence category, reference number, or CMA registration identifier. Active entries detail the entity's commercial name, licence status (Active), reference code (e.g. VL/26/08/002), specific permitted activities, and official issuance date.", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "provides key details about each provider, including the specific licenses granted" }, "hq_city": { "value": "Dubai", "source": "https://www.vara.ae/en/terms-of-use/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "having its head office at Dubai International Convention and Exhibition Centre, Sheikh Zayed Road" }, "founded": { "value": 2022, "source": "https://www.vara.ae/en/about-vara/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Established in March 2022, following the effect of Law No.4 of 2022" }, "mandate": { "value": "Established under Dubai Law No. (4) of 2022, VARA is the world's first standalone specialized regulatory authority governing virtual assets. Operating as an independent public entity affiliated with the Dubai World Trade Centre Authority, VARA regulates, licenses, and oversees virtual assets, service providers, and market conduct across Dubai's mainland and free zones, excluding the DIFC.", "source": "https://www.vara.ae/en/about-vara/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities" }, "supervises": [ { "value": "Virtual asset broker-dealer services, including order execution, OTC brokerage, market making, and placement of virtual assets", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Broker-Dealer Services" }, { "value": "Virtual asset exchange services, including crypto-to-crypto, fiat-to-crypto, and exchange-traded virtual asset derivatives", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Exchange Services" }, { "value": "Virtual asset management and investment services, encompassing discretionary portfolio management and investment fund strategies", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Management and Investment Services" }, { "value": "Virtual asset custody services, requiring structurally segregated standalone legal entities to safeguard customer keys, assets, and staking", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Asset Custody Services is the only regulated activity that is required to be segregated" }, { "value": "Virtual asset lending and borrowing services, facilitating collateralised and bilateral lending transactions in virtual assets", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Lending and Borrowing Services" }, { "value": "Virtual asset advisory services, providing professional advisory and consulting services on virtual assets and token offerings", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Advisory Services" }, { "value": "Virtual asset transfer and settlement services, governing the transmission and settlement of virtual assets between counterparties", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Transfer and Settlement Services" }, { "value": "Virtual asset issuance, comprising Category 1 Fiat-Referenced Virtual Assets (FRVA / stablecoins) and Category 2 token issuances", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Issuance Category 1" }, { "value": "Virtual asset marketing, advertising, and promotions across Dubai, enforcing rigorous transparency disclosures and penalising unlicensed solicitations", "source": "https://rulebooks.vara.ae/rulebook/marketing-regulations-0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Administrative Order No. 01/2022: Virtual Asset Marketing Regulations" } ], "licences_issued": [ { "id": "vasp--AE-DU--broker-dealer", "family": "vasp", "name": { "value": "Virtual Asset Broker-Dealer Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Broker-Dealer Services" }, "licensee_count": { "value": 41, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Broker-Dealer Services" } }, { "id": "vasp--AE-DU--exchange", "family": "vasp", "name": { "value": "Virtual Asset Exchange Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Exchange Services" }, "licensee_count": { "value": 15, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exchange Services" } }, { "id": "vasp--AE-DU--management-investment", "family": "vasp", "name": { "value": "Virtual Asset Management and Investment Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Management and Investment Services" }, "licensee_count": { "value": 12, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management and Investment Services" } }, { "id": "vasp--AE-DU--custody", "family": "vasp", "name": { "value": "Virtual Asset Custody Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Custody Services" }, "licensee_count": { "value": 6, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Custody Services" } }, { "id": "vasp--AE-DU--lending-borrowing", "family": "vasp", "name": { "value": "Virtual Asset Lending and Borrowing Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Lending and Borrowing Services" }, "licensee_count": { "value": 5, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lending and Borrowing Services" } }, { "id": "vasp--AE-DU--advisory", "family": "vasp", "name": { "value": "Virtual Asset Advisory Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Advisory Services" }, "licensee_count": { "value": 3, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Advisory Services" } }, { "id": "vasp--AE-DU--transfer-settlement", "family": "vasp", "name": { "value": "Virtual Asset Transfer and Settlement Services Licence", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Transfer and Settlement Services" }, "licensee_count": { "value": 0, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Transfer and Settlement Services" } }, { "id": "stablecoin-issuer--AE-DU", "family": "stablecoin-issuer", "name": { "value": "Virtual Asset Category 1 Issuance Licence (Fiat-Referenced Virtual Assets / FRVA)", "source": "https://www.vara.ae/en/licenses-and-register/licensed-activities/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Virtual Assets Issuance Category 1" }, "licensee_count": { "value": 2, "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 1 VA Issuance" } } ], "services": { "pre_application": { "available": "yes", "detail": { "value": "VARA provides a structured two-stage application procedure where Stage 1 serves as pre-licensing assessment. Applicants complete an Initial Disclosure Questionnaire (IDQ) submitted via Dubai Economy and Tourism (DET) or a Dubai Free Zone Authority (e.g. DWTC, DMCC), paying an initial review fee (typically 50% of the licence application fee, i.e. AED 20,000 to AED 50,000). Upon successful assessment, VARA issues an Approval to Incorporate (ATI), allowing legal incorporation, premise leasing, and staff onboarding before formal Stage 2 licensing review.", "source": "https://www.vara.ae/en/licenses-and-register/licence-applications/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Pay initial fees required to commence the application review" } }, "innovation_hub": { "available": "yes" }, "sandbox": { "available": "yes", "kind": "policy", "detail": { "value": "Dubai operates Sandbox Dubai under Economic Agenda D33 to test and commercialise innovative emerging technologies. Additionally, VARA conducts controlled live testing initiatives, notably the Real Estate Tokenisation Pilot in partnership with the Dubai Land Department (DLD). Having concluded Phase 1 architecture validation, the pilot entered Phase 2 controlled evaluation for secondary-market trading under active regulatory oversight.", "source": "https://www.vara.ae/en/regulations/regulatory-notices/vara-consumer-and-marketplace-alert-update-on-the-real-estate-tokenisation-pilot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "the initiative has entered a controlled testing and evaluation phase (Phase 2)" } }, "fee_schedule": { "value": "Schedule 2 'Supervision and Authorisation Fees' of the Virtual Assets and Related Activities Regulations 2023 sets fixed upfront application fees and recurring annual supervision levies per activity, extension fees at 50% of the lower activity fee, and discretionary risk-profile surcharges.", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "applicable to all Licence applications and VASPs" } }, "fees": [ { "licence_id": "vasp--AE-DU--advisory", "kind": "application", "amount": { "value": "AED 40,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Advisory Services AED 40,000" } }, { "licence_id": "vasp--AE-DU--advisory", "kind": "annual", "amount": { "value": "AED 80,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 80,000" } }, { "licence_id": "vasp--AE-DU--broker-dealer", "kind": "application", "amount": { "value": "AED 100,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Broker-Dealer Services AED 100,000" } }, { "licence_id": "vasp--AE-DU--broker-dealer", "kind": "annual", "amount": { "value": "AED 200,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 200,000" } }, { "licence_id": "vasp--AE-DU--exchange", "kind": "application", "amount": { "value": "AED 100,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exchange Services AED 100,000" } }, { "licence_id": "vasp--AE-DU--exchange", "kind": "annual", "amount": { "value": "AED 200,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 200,000" } }, { "licence_id": "vasp--AE-DU--custody", "kind": "application", "amount": { "value": "AED 100,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Custody Services AED 100,000" } }, { "licence_id": "vasp--AE-DU--custody", "kind": "annual", "amount": { "value": "AED 200,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 200,000" } }, { "licence_id": "vasp--AE-DU--lending-borrowing", "kind": "application", "amount": { "value": "AED 100,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lending and Borrowing Services AED 100,000" } }, { "licence_id": "vasp--AE-DU--lending-borrowing", "kind": "annual", "amount": { "value": "AED 200,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 200,000" } }, { "licence_id": "vasp--AE-DU--management-investment", "kind": "application", "amount": { "value": "AED 100,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VA Management and Investment Services AED 100,000" } }, { "licence_id": "vasp--AE-DU--management-investment", "kind": "annual", "amount": { "value": "AED 200,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 200,000" } }, { "licence_id": "vasp--AE-DU--transfer-settlement", "kind": "application", "amount": { "value": "AED 40,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VA Transfer and Settlement Services AED 40,000" } }, { "licence_id": "vasp--AE-DU--transfer-settlement", "kind": "annual", "amount": { "value": "AED 80,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 80,000" } }, { "licence_id": "stablecoin-issuer--AE-DU", "kind": "application", "amount": { "value": "AED 100,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 1 VA Issuance AED 100,000" } }, { "licence_id": "stablecoin-issuer--AE-DU", "kind": "annual", "amount": { "value": "AED 200,000", "source": "https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "AED 200,000" } } ], "timelines": [ { "licence_id": "vasp--AE-DU--broker-dealer", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } }, { "licence_id": "vasp--AE-DU--exchange", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } }, { "licence_id": "vasp--AE-DU--custody", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } }, { "licence_id": "vasp--AE-DU--management-investment", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } }, { "licence_id": "vasp--AE-DU--lending-borrowing", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } }, { "licence_id": "vasp--AE-DU--advisory", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } }, { "licence_id": "vasp--AE-DU--transfer-settlement", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" }, "observed": null }, { "licence_id": "stablecoin-issuer--AE-DU", "statutory": { "value": "No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.", "source": "https://rulebooks.vara.ae/rulebook/b-varas-licensing-and-authorisation-powers", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "VARA may, in its sole and absolute discretion, grant a Licence for a VASP" } } ], "statistics": [ { "value": "56 active licensed Virtual Asset Service Providers (VASPs) published on the official VARA Public Register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "56 results found" }, { "value": "41 licensed VASPs authorised for Broker-Dealer Services on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Broker-Dealer Services" }, { "value": "15 licensed VASPs authorised for Exchange Services on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Exchange Services" }, { "value": "12 licensed VASPs authorised for Management and Investment Services on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Management and Investment Services" }, { "value": "6 licensed VASPs authorised for Custody Services on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Custody Services" }, { "value": "5 licensed VASPs authorised for Lending and Borrowing Services on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Lending and Borrowing Services" }, { "value": "3 licensed VASPs authorised for Advisory Services on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Advisory Services" }, { "value": "2 licensed VASPs authorised for Category 1 VA Issuance on the public register (2026-09-24)", "source": "https://www.vara.ae/en/licenses-and-register/public-register/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Category 1 VA Issuance" }, { "value": "30 regulatory notices and enforcement actions published on the public notices registry (2026-09-24)", "source": "https://www.vara.ae/en/regulations/regulatory-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "30 results found" } ], "change_of_control": { "approval_type": "prior_approval", "summary": { "value": "Under Company Rulebook Part VIII.C, no action may be taken that may result in a change of Control of a VASP without VARA's prior written approval. Prior to any transaction, the VASP and acquirer must submit a joint written application. Control is presumed when an entity directly or indirectly owns or controls 25% or more of voting shares, possesses power to direct management/policies, or can appoint or dismiss the majority of the Board or Senior Management. The statutory assessment period is thirty (30) Working Days from deemed receipt of a complete application, extendable by VARA. Assessments consider public interest, investment vs controlling intent, board influence, and fit-and-proper standards.", "source": "https://rulebooks.vara.ae/rulebook/c-change-control", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "No action shall be taken, except with the prior written approval of VARA" } }, "recent_changes": [ { "value": "2026-07-24: VARA issued Notice of Fines against Shelbit General Trading L.L.C for continued non-compliance following a January 2025 cease-and-desist order.", "source": "https://www.vara.ae/en/regulations/regulatory-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "24 Jul 2026 VARA Notice of Fines – Shelbit General Trading L.L.C" }, { "value": "2026-06-24: VARA issued Notice of Fines against Peken Global Limited (KuCoin) following an earlier investor and marketplace alert regarding unlicensed operations.", "source": "https://www.vara.ae/en/regulations/regulatory-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "24 Jun 2026 VARA Notice of Fines – Peken Global Limited (“Kucoin”)" }, { "value": "2026-06-22: VARA issued Notice of Fines against MX Global LTD (MEXC) and CoinMENA FZE concerning ongoing supervisory controls and compliance enforcement.", "source": "https://www.vara.ae/en/regulations/regulatory-notices/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "22 Jun 2026 VARA Notice of Fines – MX Global LTD (“MEXC”)" }, { "value": "2026-06-12: VARA published comprehensive AML/CFT Business Risk Assessment Guidance for all licensed VASPs to strengthen risk identification and mitigation.", "source": "https://www.vara.ae/en/news/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "12 Jun 2026 VARA publishes AML/CFT Business Risk Assessment Guidance" }, { "value": "2026-06-01: VARA issued circular on the publication of the UAE Proliferation Financing National Risk Assessment (PF NRA) 2026, mandating institutional compliance reviews across all VASPs.", "source": "https://www.vara.ae/en/news/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "1 Jun 2026 Publication of UAE Proliferation Financing National Risk Assessment (PF NRA) 2026" }, { "value": "2026-02-19: VARA issued Consumer and Marketplace Alert confirming conclusion of Phase 1 of the Real Estate Tokenisation Pilot with Dubai Land Department and progression to Phase 2 controlled evaluation.", "source": "https://www.vara.ae/en/regulations/regulatory-notices/vara-consumer-and-marketplace-alert-update-on-the-real-estate-tokenisation-pilot/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "19 Feb 2026 VARA Consumer and Marketplace Alert - Real Estate Tokenisation Pilot" }, { "value": "V.4 of the VARA Company Rulebook and Activity-based Rulebooks, effective 19 June 2025", "source": "https://rulebooks.vara.ae/rulebook/virtual-assets-and-related-activities-regulations-2023", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "contacts": { "address": { "value": "Dubai International Convention and Exhibition Centre, Sheikh Zayed Road, P.O. Box 9292, Dubai, United Arab Emirates", "source": "https://www.vara.ae/en/terms-of-use/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "quote": "Dubai International Convention and Exhibition Centre, Sheikh Zayed Road, P.O. Box 9292, Dubai, UAE" } }, "photo_hint": "Dubai International Convention and Exhibition Centre Dubai World Trade Centre DWTC complex Sheikh Zayed Road Dubai", "answer": "Dubai's Virtual Assets Regulatory Authority (VARA) is the world's first standalone specialized digital asset regulator, established in 2022 to govern virtual assets across Dubai's mainland and free zones, excluding the DIFC. VARA licenses and supervises eight regulated activities—including exchange, broker-dealer, custody, lending, investment management, and stablecoin issuance—with 56 active licensed virtual asset service providers operating under its compulsory and activity-based rulebooks.", "faq": [ { "q": "What is the regulatory jurisdiction of VARA, and how does it relate to the DIFC and UAE federal authorities?", "a": "VARA is the sole authority regulating virtual assets across Dubai's mainland and free zones, excluding the Dubai International Financial Centre (DIFC), which remains under the separate jurisdiction of the DFSA. At the federal level, VARA coordinates with the Central Bank of the UAE (CBUAE) on payment token regimes and with the Securities and Commodities Authority (SCA) under Cabinet Resolutions No. 111 and 112 of 2022." }, { "q": "What are the two stages of the VARA licensing process for virtual asset service providers?", "a": "Applying for a VARA licence involves two stages. In Stage 1, applicants submit an Initial Disclosure Questionnaire (IDQ) to Dubai Economy and Tourism (DET) or a relevant Free Zone to obtain an Approval to Incorporate (ATI). In Stage 2, applicants submit full operational documentation, undergo compliance and risk reviews, pay supervision fees, and complete interviews to secure a full VASP licence." }, { "q": "How are licensing and supervisory fees structured under VARA regulations?", "a": "Under Schedule 2 of the Regulations 2023, initial application fees are AED 40,000 for Advisory and Transfer services, and AED 100,000 for Broker-Dealer, Exchange, Custody, Lending, Management, and Category 1 Issuance. Additional activities incur an extension fee equal to 50% of the lower application fee. Annual supervision levies range from AED 80,000 to AED 200,000 per licensed activity." }, { "q": "Can a single company combine exchange, brokerage, and crypto custody under a single VARA entity?", "a": "No. While a VASP may aggregate several activities under one overarching licence, VARA strictly requires Virtual Asset Custody Services to be segregated into a distinct legal entity with a standalone licence. Additionally, licensed VASPs cannot engage in proprietary trading within their regulated entity; proprietary trading requires a separate legal company holding a VARA No Objection Certificate (NOC)." }, { "q": "What regulatory approval is required for a change of control in a VARA-licensed entity?", "a": "Any transaction resulting in a change of Control—defined as acquiring 25% or more of voting rights, holding power to direct policies, or having the ability to appoint or dismiss the majority of the board—requires prior written approval from VARA under Company Rulebook Part VIII.C. VARA must decide complete applications within thirty working days, with possible extensions." }, { "q": "How can investors verify whether a digital asset firm is authorised by VARA in Dubai?", "a": "Investors can search the official VARA Public Register at vara.ae/en/licenses-and-register/public-register/. The register lists all fully licensed Virtual Asset Service Providers (56 active licensees as of September 2026) and In-Principle Approval (IPA) holders, displaying their licence reference codes, approved activities, and status. IPA holders cannot serve clients until obtaining their full VASP licence." } ], "open_questions": [ "While the VARA Public Register web interface lists 56 active licensed VASPs, the interactive In-Principle Approval (IPA) tab queries a dynamic backend whose full dataset is not statically downloadable; June 2026 historical seed data recorded 23 IPAs alongside 50 full licences.", "VARA regulations do not establish a fixed statutory decision deadline for initial VASP licence applications (unlike change of control, which is subject to a 30 working-day review window), leaving initial licensing timelines to administrative discretion, with observed timelines typically taking 6 to 12 months.", "Virtual Asset Transfer and Settlement Services is formally defined as an independent regulated activity with an established statutory fee schedule (AED 40,000 application / AED 80,000 annual supervision), but currently has zero standalone licensees listed on the public register as of September 2026." ], "licence_ids": [ "vasp--AE-DU--broker-dealer", "vasp--AE-DU--exchange", "vasp--AE-DU--management-investment", "vasp--AE-DU--custody", "vasp--AE-DU--lending-borrowing", "vasp--AE-DU--advisory", "vasp--AE-DU--transfer-settlement", "stablecoin-issuer--AE-DU" ], "law_ids": [ "ae-du-law-4-2022", "ae-cabinet-decision-111-2022", "ae-cabinet-decision-112-2022", "ae-du-vara-regulations-2023", "ae-du-marketing-regulations-2022", "ae-du-grievance-resolution-3-2023", "ae-federal-decree-law-20-2018" ], "type": "regulator" } ] }