Crypto Firms Seek Licenses Outside the US
What happened
Crypto companies are continuing to seek regulatory approval in favorable jurisdictions amid a tougher environment in the United States. A recent podcast reported that OKEx secured a payment institution license in Malta. In a similar move, Animoca Brands received a virtual asset service provider license in Dubai.
Why it matters
- Animoca Brands' license was granted by Dubai's Virtual Assets Regulatory Authority (VARA) and officially issued on February 5, 2026; it allows the company to provide broker-dealer services and manage crypto investments for institutional and qualified investors. - The European Union's Markets in Crypto-Assets (MiCA) regulation, which became fully enforceable in 2026, allows a company licensed in one member state, like Malta, to "passport" its services across all 27 EU countries. - OKX, which established Malta as its European hub, first received its MiCA license in January 2025 and has since acquired a firm with a Markets in Financial Instruments Directive II (MiFID II) license to offer derivatives. - Jurisdictions like the UAE and Switzerland are considered global leaders due to having fully defined regulatory frameworks, dedicated crypto regulators, and predictable approval timelines that can range from 4-8 weeks in Dubai to 3-6 months in Switzerland. - In contrast, the United States has faced legislative delays into February 2026 for comprehensive bills like the Digital Asset Market Clarity Act, creating continued uncertainty for firms operating there. - Other hubs like Hong Kong and Singapore are also attracting firms with clear regulations; Hong Kong has launched a mandatory licensing regime for exchanges, while Singapore's Monetary Authority of Singapore (MAS) offers a clear, though strict, licensing pathway under its Payment Services Act. - The setup costs in these favorable jurisdictions can range from five-figure budgets for lighter supervision models to six-figure sums for more institutional frameworks, with Dubai's VARA setup costs estimated between $50,000–$100,000.
Key numbers
- The European Union's Markets in Crypto-Assets (MiCA) regulation, which became fully enforceable in 2026, allows a company licensed in one member state, like Malta, to "passport" its services across all 27 EU countries.
- OKX, which established Malta as its European hub, first received its MiCA license in January 2025 and has since acquired a firm with a Markets in Financial Instruments Directive II (MiFID II) license to offer derivatives.
- Jurisdictions like the UAE and Switzerland are considered global leaders due to having fully defined regulatory frameworks, dedicated crypto regulators, and predictable approval timelines that can range from 4-8 weeks in Dubai to 3-6 months in Switzerland.
- In contrast, the United States has faced legislative delays into February 2026 for comprehensive bills like the Digital Asset Market Clarity Act, creating continued uncertainty for firms operating there.
Quick answers
What happened in Crypto Firms Seek Licenses Outside the US?
Crypto companies are continuing to seek regulatory approval in favorable jurisdictions amid a tougher environment in the United States. A recent podcast reported that OKEx secured a payment institution license in Malta. In a similar move, Animoca Brands received a virtual asset service provider license in Dubai.
Why does Crypto Firms Seek Licenses Outside the US matter?
Animoca Brands' license was granted by Dubai's Virtual Assets Regulatory Authority (VARA) and officially issued on February 5, 2026; it allows the company to provide broker-dealer services and manage crypto investments for institutional and qualified investors. The European Union's Markets in Crypto-Assets (MiCA) regulation, which became fully enforceable in 2026, allows a company licensed in one member state, like Malta, to "passport" its services across all 27 EU countries. OKX, which established Malta as its European hub, first received its MiCA license in January 2025 and has since acquired a firm with a Markets in Financial Instruments Directive II (MiFID II) license to offer derivatives. Jurisdictions like the UAE and Switzerland are considered global leaders due to having fully defined regulatory frameworks, dedicated crypto regulators, and predictable approval timelines that can range from 4-8 weeks in Dubai to 3-6 months in Switzerland. In contrast, the United States has faced legislative delays into February 2026 for comprehensive bills like the Digital Asset Market Clarity Act, creating continued uncertainty for firms operating there. Other hubs like Hong Kong and Singapore are also attracting firms with clear regulations; Hong Kong has launched a mandatory licensing regime for exchanges, while Singapore's Monetary Authority of Singapore (MAS) offers a clear, though strict, licensing pathway under its Payment Services Act. The setup costs in these favorable jurisdictions can range from five-figure budgets for lighter supervision models to six-figure sums for more institutional frameworks, with Dubai's VARA setup costs estimated between $50,000–$100,000.
