🌎 Best Country to Get a Non-EU Crypto License in 2025

Regulatory Regimes & Official Standards

1. 🇸🇨 Seychelles

- The Virtual Asset Service Providers Act 2024 (VASP Act), administered by the Financial Services Authority (FSA), came into force on 30 August 2024.

- The Act mandates licensing for all VASPs operating “in or from Seychelles,” covering exchanges, custodians, brokers, and wallet providers.

- Obligations include AML/CFT compliance, beneficial ownership disclosure, local presence or authorised agent, and cybersecurity requirements. Transitional deadlines apply, and the FSA has issued guidance for existing operators to regularise under the new Act.

2. 🇬🇪 Georgia

From 1 January 2023, under amendments to the Law on Facilitating the Prevention of Money Laundering and Terrorism Financing, VASPs must register with the National Bank of Georgia (NBG)

Registration requires incorporation in Georgia, appointment of a local representative, maintenance of AML/KYC policies, and risk-management frameworks.

NBG Order No. 94/04 (June 2023) further details the registration and supervisory requirements.

3. 🇨🇦 Canada (MSB Registration)

Canada does not offer a standalone “crypto license.” Instead, under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, entities dealing in virtual currency must register as Money Services Businesses (MSBs) with FINTRAC.

Foreign businesses serving Canadian clients must register as Foreign MSBs (FMSBs).

MSBs must implement AML/CFT compliance programmes, report suspicious and large virtual currency transactions, and maintain strict record-keeping.

4. 🇻🇨 Saint Vincent & the Grenadines (SVG)

SVG enacted the Virtual Assets Business Act (VABA) in 2022, but the Financial Services Authority (SVGFSA) formally opened registration and began enforcing compliance in 2025.

All VASPs must apply for registration, comply with AML/CFT obligations, and appoint compliance officers.

The SVGFSA has issued a fee schedule covering application and annual registration fees. Capital requirements are assessed case-by-case basis depending on the business model.

5. 🇦🇪 United Arab Emirates (UAE)

The UAE has multiple regulators depending on the jurisdiction: VARA (Dubai), Securities and Commodities Authority (SCA), DIFC’s DFSA, and ADGM’s FSRA.

VARA, established in 2022, continues to expand its licensing framework in 2025, requiring VASPs to obtain licenses for activities such as custody, brokerage, exchange, and advisory.

Public registers of licensed VASPs are available, and leading exchanges (including Binance and Coinbase) have already obtained authorisations in Dubai and Abu Dhabi.

Comparative Analysis

📌 Scope & Flexibility

Seychelles provides broad coverage under its VASP Act, including exchanges, wallets, brokers, and token services.

Georgia offers clear registration for most VASP activities, although token issuances may require additional consideration.

Canada’s MSB regime is narrowly focused on virtual currency transfer/dealing-but remains effective for compliant operations.

SVG’s framework is new, with definitions and scope set under VABA; implementation is ongoing.

UAE offers the widest choice, with multiple zones and license categories depending on business scope.

📌 Compliance Burden

Seychelles imposes strict AML/CFT rules, beneficial ownership transparency, and cybersecurity requirements.

Georgia requires local directors, substance, and comprehensive AML/KYC policies, but is known for relatively fast approvals.

Canada enforces stringent AML compliance, but has no high minimum capital requirements under MSB registration.

SVG requires registration, AML/CFT, and compliance officers; fees are clearly published, but deposit requirements vary.

UAE demands detailed governance, substance, and higher costs but offers strong legal certainty.

📌 Cost & Timing

Seychelles: application review typically 2-3 months; license and renewal fees are moderate.

Georgia: registration usually 2-4 months; government fees currently around GEL 5,000 (~EUR 1,700).

Canada: MSB registration timing varies; compliance obligations ongoing.

SVG: registration applications processed within ~90 days; fees payable under SVGFSA schedule.

UAE: timeframe depends on zone; costs are higher but offset by market reputation and access.

📌 Reputation & Market Access

Canada and the UAE enjoy the highest global reputational value with investors and banks.

Georgia is gaining traction in Europe and Asia with a transparent and efficient system.

Seychelles and SVG are attractive for cost-efficiency and flexibility, but counterparties may conduct enhanced due diligence when dealing with “offshore” jurisdictions.

Evidence & Applicability

📌 Canada: FINTRAC enforces strict penalties for non-compliance; businesses must be prepared for audits and reporting scrutiny. Canadian case law (e.g., Binance proceedings in Ontario) shows that securities law may apply to certain crypto assets.

📌 Seychelles: The FSA has issued official notices reminding VASPs to regularise under the VASP Act. Failure to comply may result in penalties or closure.

📌 Georgia: NBG maintains a public list of registered VASPs. Firms failing to register risk enforcement measures and reputational damage.

📌 SVG: The FSA has given deadlines in 2025 for all existing crypto businesses to register under VABA, marking the end of SVG’s previously unregulated environment.

📌 UAE: VARA has already licensed global exchanges, signalling international acceptance of its framework. Choice between VARA, ADGM, and DIFC allows tailoring to business models-e.g., ADGM for institutional custody, DIFC for fintech hubs.

Applicability depends on business model:

Cost-conscious start-ups may prefer Georgia or Seychelles.

Firms targeting credibility with institutional investors may choose Canada or the UAE.

Companies previously in SVG must transition into the new registered regime.

Conclusion

In 2025, Seychelles leads as the most balanced non-EU crypto licensing jurisdiction, offering comprehensive coverage at a manageable cost. Georgia provides speed and clarity with growing international recognition. Canada’s MSB registration ensures credibility and access to North American markets, though compliance expectations are strict. SVG has transitioned to a regulated environment under VABA, providing opportunities but requiring careful adherence to new obligations. UAE offers the most sophisticated licensing ecosystem, attractive to global players, but at a higher cost and complexity.

Businesses must weigh reputation, compliance obligations, and costs against long-term strategic goals. The right jurisdiction depends on your operational model and regulatory risk appetite.

👉 For tailored legal advice and assistance with license applications in Seychelles, Georgia, Canada, SVG, or the UAE, contact NUR Legal. We specialise in cross-border compliance and regulatory solutions for crypto and fintech businesses.

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