Where to Register a VASP Company Without Licensing: Costa Rica and Panama

This year has brought significant regulatory changes in many popular offshore jurisdictions, affecting how Virtual Asset Service Providers (VASPs) can operate. Historically, it was possible to register a company in jurisdictions such as Saint Vincent and the Grenadines, Saint Lucia, Seychelles, British Virgin Islands (BVI), and the Cayman Islands without the need to apply for a specific government license to provide:

• Cryptocurrency exchange services

• Cryptocurrency custody and wallet services

• Cryptocurrency remittance and transfer services

However, over the past year, these jurisdictions have tightened their virtual asset regulations in line with FATF guidelines, introducing mandatory VASP licensing or registration with local financial authorities. These new regimes often involve complex compliance requirements, local substance (personnel) obligations, and higher operating costs, which can be prohibitive for many start-ups and small operators.

Where can you register a VASP company without a license today?

For entrepreneurs looking to enter the virtual asset space with lower setup costs, faster registration, and no immediate licensing requirement, there are still options available. Currently, the two jurisdictions where you can register a company that states virtual asset services in its corporate purpose, and where a legal opinion can confirm the legality of its operations, are:
✅ Costa Rica
✅ Panama

In both Costa Rica and Panama:

• There is currently no specific VASP license required to operate.

• A company can be registered with business objects that include providing virtual asset or cryptocurrency-related services.

• You can obtain a local attorney’s legal opinion confirming that your activities are compliant with current laws and regulations.

These jurisdictions offer an attractive alternative for crypto exchange operators, wallet service providers, and remittance platforms looking to establish a legitimate legal entity quickly and cost-effectively.

Why choose Zitadelle AG?

At Zitadelle AG, we specialize in offshore VASP company registration and compliance advisory. Our team can:

• Assist you with incorporating your company in Costa Rica or Panama.

• Draft business objects and corporate documents tailored for virtual asset services.

• Obtain a legal opinion from a reputable local law firm to validate your company’s business model.

• Advise you on other jurisdictions that require VASP licensing, if you prefer a licensed and regulated structure.

Whether you are launching a new crypto business or expanding your existing operations, we help you navigate the complex and evolving regulatory landscape for virtual asset service providers worldwide.