June 13, 2025
Crypto Exchange / VASP Licenses Compared: Mauritius, Cayman Islands, BVI, Dubai, and Cyprus
Crypto Exchange / VASP Licenses Compared: Mauritius, Cayman Islands, BVI, Dubai, and Cyprus (2025 updated)
As regulatory clarity continues to improve across key global jurisdictions, obtaining a Crypto Exchange License or Virtual Asset Service Provider (VASP) authorization has become essential for fintechs, crypto trading platforms, and wallet providers aiming to operate legally and scale confidently.
In this article, we compare the most sought-after jurisdictions for crypto licenses — Mauritius, Cayman Islands, BVI, Dubai (VARA), and Cyprus — focusing on regulatory advantages, business requirements, and operational readiness. For more information on other jurisdictions, please check our articles on:
and others - here,
🔎 Why Obtain a Regulated VASP License?
Operating under a licensed structure offers:
Access to fiat and crypto-friendly banking
Credibility with institutional and retail clients
Protection against enforcement actions
Gateway to card issuance and PSP partnerships
Long-term compliance with global AML/CFT standards (FATF, EU MiCA)
Jurisdiction Comparison: Key Crypto Exchange Licensing Hubs
Jurisdiction | Regulator | Type of License | Key Benefits | Zitadelle AG Support |
|---|---|---|---|---|
Mauritius | FSC | VASP License under VASP Act 2021 | Strong legal framework, low tax, global reputation | ✅ Full application support, bank account opening, software advisory |
Malaysia | LFSA | Money Broker activity + Digital Financial Services | Strong legal framework, low tax | ✅ Full application support, bank account opening, software advisory |
BVI | BVI FSC | Virtual Asset Service Provider (VASP) registration | Flexible regulatory approach, no exchange controls | ✅ Local representation, legal opinions, compliance setup |
Cayman Islands | CIMA | VASP Registration or Licensing under VASP Act | Tiered approach (Class A/B), strong for institutional operations | ✅ End-to-end licensing, legal drafting, KYC/AML integration |
Dubai (VARA) | Virtual Assets Regulatory Authority | MVP → Full Operating License | Strong presence in GCC, strategic for MENA market | ✅ Full application support, bank account opening, software advisory |
Cyprus | CySec | Crypto Exchange and Wallet Operator Authorization | MiCA-ready | ✅ Full application support, bank account opening, software advisory |
Why Choose Zitadelle AG for Your Crypto License?
At Zitadelle AG, we provide holistic support for crypto exchange operators and VASPs seeking to launch or expand across regulated jurisdictions. We specialize in:
🔹 Jurisdictions We Cover Directly:
Mauritius – VASP License under FSC
BVI – VASP registration and guidance
Cayman Islands – CIMA-authorized VASP structures
Cyprus – CASP registration under CySEC
Labuan (Malaysia) – Money Broker and crypto-friendly licenses
🔹 End-to-End Support Includes:
Regulatory strategy & jurisdiction selection
Preparation and submission of application documents
Bank account opening (crypto-friendly)
Debit & credit card processing solutions
Legal opinions on token classification and exchange activity
KYC/AML software integration and technical compliance advisory
Ready to Get Licensed?
Whether you're a startup crypto exchange, institutional trading platform, or DeFi project looking to legitimize your structure, a regulated VASP license is no longer optional — it's a competitive advantage.
Zitadelle AG has a proven track record assisting fintech clients across Europe, Asia, and the GCC. Speak with us today and explore the most suitable license for your business model and growth plans.
👉 Book a Free Consultation
