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.
- 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.
