The MiCA Regulation (Markets in Crypto-Assets), which became fully applicable on 30 December 2024, established a single rulebook for crypto-asset service providers (CASPs) across the European Union. For the first time in the industry’s history, crypto service providers received a unified legal framework: harmonized requirements on capital, corporate governance, safeguarding of client assets, marketing, and risk disclosures. A license obtained in one EU Member State is valid in all 27 jurisdictions through the passporting mechanism.
However, the license itself is still issued not by Brussels, but by the national competent authority of each individual EU country. It is the local regulator that reviews the application, assesses the business model, conducts fit-and-proper tests, approves the AML framework, and makes the final decision. As a result, choosing the country of application remains a strategic decision: in practice, it determines processing times, project costs, the volume of documentation, requirements for the local office and staff, and the overall quality of communication with the regulator throughout the entire lifecycle of the license.
By May 2026, around 200 MiCA licenses (https://rue.ee/mica-license/) have been granted across the EU. This is enough to compare jurisdictions based on actual results rather than marketing promises, and to see where regulators are genuinely processing applications versus where files sit in the queue for months.
Key criteria for choosing a MiCA jurisdiction
When selecting a country to file a MiCA application, at least seven factors should be evaluated: the cost of incorporation and ongoing maintenance; clarity and predictability of the regulatory framework; the experience of the National Competent Authority (NCA) with fintech and crypto; the availability of qualified local AML, compliance, and risk personnel; the corporate tax environment; the speed of communication with the regulator; and the reputation of the jurisdiction in the eyes of banks and payment partners.
Each of these factors carries its own weight, and the right balance differs from project to project. A retail exchange and an institutional custodian will choose their jurisdiction for very different reasons.
In terms of licenses issued, the clear leaders are Germany (55 MiCA licenses), the Netherlands (25), Malta (12), and France (11). This is the “heavyweight” group — large financial markets, experienced regulators, and, as a rule, higher costs.
Germany, through BaFin, sets the strictest standard in the EU: deep beneficial ownership checks, high expectations for the management team, and serious requirements regarding IT security and operational resilience. In return, a BaFin license opens the door to almost any European bank. Notable licensees in Germany include Bitpanda and BitGo.
The Netherlands, through AFM and DNB, is valued for the transparency of its procedures and its strong fintech infrastructure. It is a convenient base for projects targeting Northern and Western Europe. Companies licensed here include MoonPay, Bitvavo, Banxa, and One Trading.
Malta was a pioneer of crypto licensing well before MiCA and has retained the institutional expertise of MFSA. The jurisdiction remains popular with internationally structured companies, although its reputational background calls for a more thorough AML setup. Maltese MiCA licensees include Crypto.com, OKX, Gemini, Blockchain.com, Gate.io, Bitpanda, Socios.com, BVNK, Payhound, Damex, ZBX, and Altarius Group.
France, through AMF and ACPR, offers a clear and structured process, but with strong emphasis on local presence and the use of French in regulatory communication. Currently licensed companies include CoinShares, CACEIS, Deblock, Fipto, Hexarq, Cometh, Bitstack, Goin, Finctek, and Metalgear.
Cost: a difference measured in tens of times
Beyond legal fees, which typically reflect the cost of living in the country, it is critical to consider the size of the state licensing fee. Here the differences are significantly more pronounced.
As of May 2026, the Czech Republic (https://rue.ee/crypto-licence/czech-republic/) has issued 6 MiCA licenses, with a state fee of just CZK 20,000 (around EUR 800). In Germany, the equivalent fee reaches approximately EUR 100,000. Lithuania (https://rue.ee/crypto-licence/lithuania/) has also issued 6 licenses, with the administrative/licensing fee charged by the Bank of Lithuania set at EUR 2,425, payable at the moment the license is granted.
In other words, the gap in state fees alone between “expensive” and “accessible” jurisdictions is measured in tens of times. And this is before taking into account the surrounding costs: minimum share capital (ranging from EUR 50,000 to EUR 150,000 depending on the category of CASP services), rent for a genuine local office, the salaries of a qualified MLRO and compliance officer, the mandatory annual audit, and IT and cybersecurity expenditures.
On average, the full cost of launching a CASP in the Czech Republic or Lithuania — including legal support, capital, and the first year of operations — falls within EUR 150,000–250,000. In Germany or the Netherlands, the same setup easily exceeds EUR 400,000–700,000, and for projects offering an extended scope of services, total costs can rise above one million euros.
So which country is the best in 2026?
There is no universal answer. The decision depends on the business model, the scope of CASP services (exchange, custody, execution of orders, placement, advice), the shareholder structure, the AML risk profile of the client base, and the project’s budget.
That said, taken together, the most balanced jurisdictions in 2026 for the majority of small and medium-sized crypto companies are the Czech Republic and Lithuania: moderate state fees, workable processing times (on average 6–9 months versus 9–14 in larger jurisdictions), clear communication with the regulator, and access to qualified AML and compliance professionals. Lithuania additionally benefits from a mature fintech ecosystem and the Bank of Lithuania’s experience with EMI/PI licenses; the Czech Republic offers a stable legal system and a convenient Central European location. This is a reasonable entry into the EU market without excessive upfront costs.
For larger and reputationally sensitive projects — particularly those serving institutional clients, planning a listing, or building banking integrations across Europe — Germany, the Netherlands, and Malta remain the justified choice. Costs are higher and requirements stricter, but the level of trust from banks, investors, and counterparties is, on average, noticeably greater. A BaFin or DNB license is not just a document, but a serious reputational asset that directly affects the conditions for opening bank accounts, partnerships with acquirers, and access to Tier-1 custodial services.
The key principle is not to choose a jurisdiction based on “where it is cheaper” or “where it is faster.” A MiCA license shapes, for the next 5 to 7 years, which banks you work with, which clients you can serve, and which products you can launch. A mistake at the jurisdiction-selection stage costs significantly more than the difference in state fees: changing jurisdiction after receiving a license effectively means going through the entire licensing process again from scratch.
It is also worth keeping the EU passporting perspective in mind. Technically, a license from any EU country works across the whole single market, but in practice some regulators (BaFin or AMF, for example) closely monitor companies operating extensively in their territory under passporting and may require additional local reporting or presence.
How Regulated United Europe can help
The Regulated United Europe team supports crypto companies throughout the entire MiCA licensing journey. We help assess the most suitable jurisdiction based on the actual business model and growth strategy, prepare the full CASP application package, draft internal policies and AML/CTF documentation tailored to the specific NCA’s expectations, build a corporate structure with tax optimization in mind, source a local MLRO and compliance team, and lead communication with European regulators at every stage — from pre-application meetings to the issuance of the license and the launch of operational activity.
If you are planning to launch or relocate a crypto business in the EU in 2026, we are ready to discuss your situation, estimate the budget and timelines, and select the optimal jurisdiction for your specific project.