A Comparison of Cryptocurrency Licenses in the Americas with Regulations in Various Countries

A Comparison of Registration, Licensing, and Ongoing Compliance Requirements from a Business Model Perspective

Cryptocurrency Licenses in the AmericasThis is not a single, unified license covering the entire Americas. The United States, Canada, Argentina, and Caribbean jurisdictions have different registration or licensing systems for exchange, custody, trading platforms, and money transfers; businesses need to assess the requirements of their place of incorporation, place of actual business operations, and their customers’ locations simultaneously.

ChesaGroup assists companies in comparing regulatory pathways, organizing application materials, and making arrangements for ongoing compliance. This page provides links to country-specific resources and offers guidance on site selection based on business scope, regulatory levels, costs, and implementation steps.

Inquiries Regarding Cryptocurrency License Applications

Cryptocurrency Licenses in the Americas: Key Regulatory Pathways

When comparing cryptocurrency licenses in the Americas, it is important to first identify the products and customers, and then compare the application costs. Company registration, anti-money laundering registration, financial services licenses, and securities regulatory authorizations have different legal effects; obtaining one does not automatically mean that the other requirements are met.

The tax rates and timeframes listed in the country profiles below are provided for general reference only: tax liabilities must be determined based on federal, state, or provincial regulations, as well as the specific entity and source of income; the time required for registration, licensing, and opening bank accounts should be estimated separately and should not be construed as a uniform overall tax rate or a guaranteed completion deadline.

United States and Canada: MSB Registration and Other Financial Authorizations

United States: Federal MSB and State Requirements Are Assessed Separately

When engaging in the management, exchange, or transfer of convertible virtual currencies, one must first determine whether such activities constitute a money services business under FinCEN regulations. Federal MSB registration does not replace a state-level money transmission license, nor does it imply that all digital asset products have been approved. For virtual currency businesses operating in New York, it is also necessary to assess the need for a BitLicense or other applicable authorization.

Official Reference:FinCEN Registration Rules及New York State Virtual Currency Business License. For more information, seeU.S. MSB and Cryptocurrency Business Licensing。

Canada: FINTRAC Registration and Trading Platform Regulation Go Hand in Hand

For eligible virtual currency exchange or transfer services, it is necessary to determine whether registration with an MSB or a foreign MSB is required. FINTRAC registration does not constitute government endorsement or a business license; if a trading platform involves securities, derivatives, or related contracts, it must also determine compliance with provincial securities regulatory requirements and the requirements applicable to the relevant dealers.

Can be combined withOfficial Statement from FINTRAC及Information on Trading Platform Regulation by Canadian Securities RegulatorsVerification. For details, seeMSB Registration in Canada。

Argentina, the Cayman Islands, and the BVI: PSAV and VASP Pathways

PSAV Argentina

The CNV’s PSAV registration and ongoing obligations should be determined based on the services provided to the Argentine market. General Resolution No. 1058 of 2025 further specifies operational, organizational, and compliance requirements; projects cannot be planned solely based on the initial registration list. The CNV has clarified that, effective May 26, 2025, relevant registration applications must be submitted through the TAD platform.

ReferenceCNV Official PSAV Registration Portal, or viewArgentina PSAV Special Feature。

The Cayman Islands and the BVI

Effective April 1, 2025, the Cayman Islands will require licenses for virtual asset custody and trading platform operations; other virtual asset services will be subject to registration and other requirements based on their specific categories. The BVI, on the other hand, operates the FSC’s VASP registration system, which requires applicants to specify the scope of their services—such as general services, custody, or exchange operations—in their applications. In both jurisdictions, it is not permitted to operate regulated services based solely on a certificate of incorporation.

Legal Basis:CIMA VASP Frequently Asked Questions及BVI FSC Application Guide. Further comparisons can be madeCayman Islands VASP和BVI VASP。

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Cryptocurrency Licenses in the Americas: A Comparison of 5 Key Markets

The table below provides a preliminary comparison of cryptocurrency licensing pathways in the Americas; it is not an exhaustive list of all financial regulatory requirements in each country. Products such as stablecoins, security tokens, leveraged products, and derivatives require separate classification and evaluation.

Jurisdiction	Key Regulatory Pathways	Prioritize verification during site selection
United States	FinCEN MSB and Applicable State Licenses	Definition of Funds Transfer, Operating States, and Financial Authorizations Related to New York Business and Products
Canada	FINTRAC MSB or Foreign MSB; Applicable Securities Regulatory Requirements	Client Geography, Platform Contracts and Custody Models, and Broker Registration Scope
Argentina	CNV PSAV Registration and Ongoing Oversight	Domestic Business Connections, Service Categories, Governance, and Applicable Capital Requirements
Cayman Islands	CIMA VASP Registration or License, by Service Type	Custody and Trading Platform Licenses, Client Assets, and System Controls
BVI	FSC VASP Registration	General Services, Custody, and Exchange Scope; Personnel and Compliance Resources

For more information on Costa Rica and other markets, please visit the dedicated section below. Regarding local registration requirements, application status, and operating permissions, please refer to the latest documents from the relevant regulatory authorities and specific business sectors; the absence of a particular type of specialized license should not be taken to imply that the business is unregulated.

5 Criteria for Evaluating Cryptocurrency Licenses in the Americas

1. Identify the client and the actual services provided

List the countries where retail or institutional clients are located, the methods used to solicit business, the counterparties to transactions, and the flow of funds. Explain whether the platform directly receives funds, controls private keys, executes exchanges or matches trades, and which processes are handled by third-party service providers.

2. Determine whether authorization is triggered by a business operation

Assess fiat currency deposits and withdrawals, cryptocurrency-to-cryptocurrency exchanges, custody, transfers, token offerings, and derivatives separately. Providing only technical tools versus actually controlling customer assets may lead to different regulatory conclusions; using third-party services does not automatically exempt a company from its own liability.

3. Comprehensive Cost Analysis

In addition to application and professional service fees, you should estimate costs for capital, collateral or guarantees, insurance, directors and compliance personnel, local liaison arrangements, system security, audits, and annual maintenance. Capital requirements are not the same as expenses, and a registration quote does not equal the total operating budget.

4. Assess the Feasibility of Banking and Payment Solutions

Please confirm in advance whether the prospective partner institution accepts clients from the relevant geographic regions and business models. Regulatory registration, licensing, and bank due diligence are separate processes; we cannot guarantee that accounts or payment channels will be automatically activated upon completion of registration.

5. Establish a capacity for ongoing compliance

Prepare arrangements for customer due diligence, sanctions screening, transaction monitoring, suspicious activity handling, recordkeeping, customer asset control, cybersecurity, oversight of outsourced activities, and annual reporting in accordance with applicable regulations. Please refer toAML/KYC Compliance Services。

Verification of Application Materials and the Acquisition of an Existing Entity

Checklist of Project Kickoff Materials

Business plans, product descriptions, customer geographic locations, and projected transaction volumes.
Company structure, information on shareholders and ultimate beneficial owners, and a statement regarding the source of funds.
Biographies, qualifications, and fitness and propriety materials for directors, senior executives, and compliance officers.
Funds and Virtual Asset Flow Charts, Wallet Control, and Customer Asset Segregation Solutions.
AML/KYC, risk assessment, information security, complaints, and business continuity policies.
Capital budgeting, financial forecasting, and arrangements for cooperation with banks and key outsourcing partners.

Additional Checks When Acquiring an Existing Entity

A company’s existing registration or license may not necessarily cover the proposed business activities, nor does it automatically carry over with a share transaction. Prior to the acquisition, you should verify the scope of the license, regulatory history, clients and historical liabilities, tax matters, banking relationships, and any prior approval or notification requirements related to a change in control. The acquisition timeline shown on this page is for preliminary reference only and does not constitute a commitment that regulatory approval will be obtained within one month.

How do I use the country portal on this page?

First, select your target market, then review the specific inspection service categories and application requirements for the corresponding country; if you’d like to compare global options, please continue reading.Guide to Applying for a Cryptocurrency License和Comparison of Offshore Cryptocurrency Licenses. Based on project information, ChesaGroup can assist in developing a practical checklist for application preparation and a phased budget.

The 3 Stages of Applying for a Cryptocurrency License in the Americas

Registration, license review, and account opening procedures vary by country. The following outlines the sequence of steps for project preparation; actual timelines are subject to the completeness of the documentation, the complexity of the business, and the arrangements made by the regulatory authorities.

Phase 1

By Scope of Business Assessment

Business Evaluation and Jurisdiction Selection

Compile information on the client’s location, product features, cash flows, and custody arrangements to develop a scope of services. Identify federal, state, or provincial requirements; compare the dual compliance obligations between the jurisdiction of incorporation and the client’s market; and determine which issues require confirmation from local professional organizations.

Phase Two

Based on the progress of document preparation

Establishment of the Entity and Preparation of Application Materials

Prepare the company structure, beneficial owners, management team, business plan, proof of capital, and compliance framework in accordance with the selected path. Simultaneously evaluate technical controls, banking, and outsourcing arrangements, then submit the materials in the format required by the regulatory authorities and follow up on any requests for additional documentation.

Phase Three

In accordance with the regulatory review schedule

Regulatory Review and Preparation for Ongoing Operations

In conjunction with background checks and regulatory inquiries, regulated services will be launched once the applicable operational requirements are met. Establish mechanisms for annual reporting, renewal, staff training, independent reviews, and management of material changes; bank account opening and customer market authorization will be confirmed separately.

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Guidelines for the Regulation and Compliance of Virtual Asset Services in Costa Rica

Virtual asset service providers must register with SUGEF
Subject to Anti-Money Laundering Oversight
Registration Does Not Equate to a Business License

Taxation: Determined Based on Source of Income, Taxpayer, and Applicable Tax System Cycle: Separate Assessments for Establishment and Regulatory Review

MSB Registration and Virtual Currency Business Compliance in Canada

Apply to FINTRAC for MSB Registration
Covering eligible virtual currency businesses
Registration does not mean the government has issued a license.

General federal tax of 15% plus applicable provincial/territorial tax Timeframe: To be determined based on the materials and the review process

Guide to Registering as a PSAV (Virtual Asset Service Provider) with Argentina’s CNV

Register with CNV as a PSAV
Submit documents based on the specific scope of services
Well-suited for entering the Argentine market

Corporate Income Tax: 25%, 30%, and 35% (other taxes and fees are assessed separately) Timeline: Evaluated separately based on document preparation and CNV review

BVI VASP Registration and Regulation

Apply for VASP Registration with the Financial Services Commission (FSC)
Businesses such as custodial services and exchanges must file reports by category
Business and compliance documents must be submitted

Tax Rate: 0% Duration: Approximately 4–8 months

Guide to Establishing and Regulating Cryptocurrency Businesses in Panama

You can establish a Panama company to plan your business structure
Verify compliance with regulatory requirements based on actual business operations, such as trading, custody, and payments
Company registration does not equate to obtaining authorization for encryption services.

The standard corporate income tax rate is 25 percent; the source of income must be verified. Separate Assessments for Company Formation and Bank Account Opening

Guidelines for the Regulation and Compliance of the Cryptocurrency Industry in Curaçao

Regulated by the Central Bank of Curaçao and Sint Maarten
New service providers must obtain regulatory approval
Must comply with registration and anti-money laundering requirements

General Profit Tax: 15% on the first 500,000 units of local currency, and 22% on the amount exceeding that threshold Timeline: Evaluated separately based on material preparation and CBCS review

Does a cryptocurrency license for the Americas cover all countries in the Americas?

No. There is no uniform system for cryptocurrency licenses in the Americas. Companies should assess the regulations of their place of registration, place of actual business operations, place of marketing, and customers’ locations on a case-by-case basis; registration or licensing in one jurisdiction does not automatically constitute authorization in other jurisdictions.

Is U.S. FinCEN MSB registration equivalent to a U.S. cryptocurrency license?

These are not the same. MSB registration is part of federal regulation; state-level money transmission licenses, New York virtual currency business requirements, and other financial authorizations related to the products must be assessed separately. A business cannot operate with all U.S. customers solely based on FinCEN registration.

Can FINTRAC registration in Canada be used to set up a trading platform?

Further assessment must be made in light of the specific business operations. FINTRAC registration does not constitute a government license or endorsement; cryptocurrency trading platforms that deal in securities, derivatives, or related contracts must also comply with applicable securities regulations and dealer requirements.

What are the differences between the VASP regimes in the Cayman Islands and the BVI?

In the Cayman Islands, registration and licensing are categorized by service type; effective April 1, 2025, custodial and trading platform services must apply for a license. The BVI implements the FSC’s VASP registration system, which requires applicants to declare the scope of their services, such as general services, custody, or exchange operations. Specific capital, personnel, and documentation requirements should be verified on a case-by-case basis.

Does the PSAV in Argentina simply involve submitting company information?

No. The scope of business, governance, capital, and ongoing obligations should be assessed in accordance with CNV’s current rules; one cannot rely solely on the initial registration checklist. General Resolution No. 1058 of 2025 and subsequent applicable regulations must also be reviewed.

How long does it take to apply for a cryptocurrency license in the Americas?

There is no set timeline. Company establishment, registration, license review, and account opening are separate stages, and the timeline can be affected by factors such as the completeness of the documentation, due diligence on the management team, the complexity of the products, and requests for additional information from regulators. The timeframe for obtaining a national license cannot be considered a guarantee of approval.

Does the budget include only the license application fee?

No. You should also consider legal and compliance preparations, capital or guarantees, personnel, technical security, audits, annual maintenance, and support for bank due diligence. Capital is not the same as service fees, and a low application fee does not necessarily mean low long-term operating costs.

Does obtaining registration or a license guarantee that I can open a bank account?

No. Banks and payment institutions independently review customers’ geographic location, source of funds, business model, regulatory status, and AML policies. The feasibility of a partnership should be assessed during the site selection phase, rather than treating account opening as an automatic step following registration.

Can I start doing business immediately after acquiring an existing licensed company?

Not necessarily. It is necessary to verify whether the license covers the proposed business activities, past compliance and liabilities, banking arrangements, and whether changes in ownership or control require prior approval or notification. The acquisition of an entity does not automatically transfer or expand the scope of the license.

What materials should I prepare before my consultation?