Navigating VASP Licensing in Saint Lucia: A Guide by Zitadelle AG

As the global digital asset space continues to mature, regulatory frameworks are evolving to promote transparency, investor protection, and financial integrity. Saint Lucia, through its Virtual Asset Business Act, has introduced a formal licensing regime for entities operating in the virtual asset space. At Zitadelle AG, we assist firms in obtaining a Composite Virtual Asset Service Provider (VASP) License or individual license categories, which encompasses a wide range of activities within the jurisdiction.

Understanding the Composite VASP License

Saint Lucia’s Composite License covers a broad array of services, including:

• Digital Asset Exchange Operations

• Selling or Redeeming Digital Assets (excluding utility tokens)

• Custodial Wallet and Asset Custody Services

• Lending, Borrowing, and Issuing Digital Asset Derivatives

• Advisory and Financial Services in Digital Assets

This regulatory approach enables firms to consolidate multiple service lines under a single, compliant structure.

Zitadelle AG’s End-to-End Licensing Support

Zitadelle AG provides comprehensive support to firms seeking VASP licensing in Saint Lucia. Our services include:

1. Regulatory Advisory

We offer tailored guidance on licensing requirements, helping clients establish the appropriate corporate structure, compliance policies, and governance frameworks in line with local regulations.

2. License Application Management

Our consultants prepare and submit all documentation required by the Financial Services Regulatory Authority (FSRA), ensuring every element of the application aligns with expectations.

3. Compliance and Risk Management

We draft essential policies including:

• Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) frameworks

• Risk management strategies

• Data protection and cybersecurity measures

We also advise on the appointment and training of key personnel to meet “fit and proper” criteria.

4. Regulatory Liaison

Zitadelle AG acts as the primary liaison with the FSRA, managing communications, addressing queries, and facilitating revisions throughout the review process.

5. Post-Licensing Support

We help new licensees fulfill ongoing obligations such as reporting, recordkeeping, and compliance training.

Capital and Fee Requirements

To obtain the Composite License (the fees would differ based on the license type), entities must meet the following regulatory benchmarks:

Application Fee $10,000

Annual Supervisory Fee $50,000

Minimum Capital Required $500,000

These requirements support the jurisdiction’s goal of licensing well-capitalized and compliant virtual asset firms.

Core Documentation Needed

Applicants are expected to provide a comprehensive dossier, which includes:

• Corporate Documents (Certificate of Incorporation, Memorandum & Articles of Association)

• Detailed Business Plan with financial projections

• White Paper (if conducting an Initial Virtual Asset Offering)

• Compliance Frameworks (AML/CTF, internal controls, governance)

• Audited Financials or Projections

• KYC Documents (passports, proof of address, police certificates for key personnel)

• Operational Policies (IT security, cybersecurity, data protection)

Zitadelle AG ensures these documents are professionally prepared and compliant with FSRA expectations.

Estimated Licensing Timeline

The licensing process is typically completed within 4 to 5 months, broken down into the following phases:

• Preparation & Documentation: 2–4 weeks

• Submission of Application: 1 week

• Regulatory Review & Clarifications: 8–12 weeks

• Final Approval and Licensing: 4–6 weeks

We maintain regular engagement with the FSRA to keep this timeline on track and expedite resolutions when needed.

Why Partner with Zitadelle AG?

Zitadelle AG combines regulatory experience with an international outlook to offer strategic advisory and execution support to virtual asset firms. We are committed to:

• Delivering turnkey licensing support

• Providing bespoke regulatory insight

• Ensuring timely and accurate compliance

• Facilitating long-term operational success in Saint Lucia’s digital asset market

Looking to become a licensed VASP in Saint Lucia?
Contact Zitadelle AG today to discuss how we can help you achieve full regulatory compliance and unlock growth in a trusted jurisdiction.