Establish which permission you need before you apply for one

• Applying for the wrong permission

  Two instruments can look interchangeable from the outside and cover different activities. An application for the wrong one is a wasted cycle, not a near miss.

  Perimeter analysis comes before any application effort is spent.

• Assuming one jurisdiction's rules travel

  The same commercial activity attracts a different instrument, a different regulator and a different requirement set in each jurisdiction.

  There is no global requirement set, and this site never presents one.

• Operating before the permission exists

  Launching on the assumption that an exemption or a partner's permission covers you, without confirming that it actually does.

  This is a serious matter that needs legal advice immediately, not a readiness review.

1. 01

   Money services (MSB)

   Moving money for other people: remittance, money transfer, currency exchange and closely related money services.

   US · Federal money services business registration plus state money transmitter licensing — US federal financial-crimes authority (registration) and each state banking regulator (licensing)

   HK · Money Service Operator (MSO) licence — Customs and Excise Department (Hong Kong)

   SG · Payment Services Act licence (money-transfer services) — Monetary Authority of Singapore

   Typically needed by

   • Cross-border remittance and payout businesses
   • Currency exchange and FX services for consumers or businesses
   • Platforms that receive customer funds and pay third parties

   Usually not needed by

   • Businesses that only collect payment for their own goods or services
   • Software vendors that never touch customer funds or payment flows
   Open Money services (MSB)Check readiness
2. 02

   E-money (EMI)

   Issuing electronic money or operating payment accounts, where customer balances sit with your business rather than with a bank the customer chose.

   SG · Payment Services Act licence (e-money issuance and account issuance) — Monetary Authority of Singapore

   HK · Stored Value Facility (SVF) licence — Hong Kong Monetary Authority

   Typically needed by

   • Wallet and multi-currency account products
   • Platforms that hold balances for users between transactions
   • Card programme managers issuing on their own permission

   Usually not needed by

   • Businesses that route payments without ever holding customer balances
   • Merchants using a licensed provider's account infrastructure under that provider's permission
   Open E-money (EMI)Check readiness
3. 03

   Broker / capital markets

   Dealing in, arranging or advising on securities and other capital-markets products, or managing money on behalf of clients.

   US · Broker-dealer registration and self-regulatory organisation membership — US Securities and Exchange Commission with the relevant self-regulatory organisation and state regulators

   SG · Capital Markets Services (CMS) licence — Monetary Authority of Singapore

   Typically needed by

   • Brokerage and trading platforms offering securities to clients
   • Firms arranging investments or introducing clients to counterparties for a fee
   • Asset and portfolio managers taking discretionary mandates

   Usually not needed by

   • Businesses raising capital only for themselves
   • Information or analytics products with no dealing, arranging or advising activity
   Open Broker / capital marketsCheck readiness
4. 04

   Virtual assets (VASP)

   Providing virtual asset services to other people: exchange, transfer, custody, brokerage or platform operation.

   SG · Payment Services Act licence (digital payment token services) — Monetary Authority of Singapore

   HK · Virtual asset trading platform licence — Securities and Futures Commission (Hong Kong)

   AE · Virtual asset service provider licence (zone or emirate-level regime) — The applicable UAE virtual-asset regulator or free-zone financial services authority for the chosen regime

   Typically needed by

   • Exchanges and trading platforms serving retail or institutional users
   • Custody and wallet providers holding customer assets
   • Businesses converting between fiat and digital assets for customers

   Usually not needed by

   • Protocol development with no customer funds, custody or exchange service
   • Businesses that only accept digital assets as payment for their own goods, subject to local rules
   Open Virtual assets (VASP)Check readiness

Capital and own-funds requirements are set by each regulator and are held as platform catalogue data. They are not published on this page, because a figure quoted against the wrong rulebook version is worse than no figure.

Pending legal and catalogue baseline review. This detail is awaiting the platform claims and legal baseline review (ADM-230). It carries no recorded source or as-of date, so it is orientation only — confirm current requirements with the responsible authority.

• If this happens

  The regulator raises information requests

  Each request becomes a tracked item with an owner and a due date. Responses are kept consistent with what was already submitted, which is where applications most often come apart.

• If this happens

  The application is refused

  The reasons are recorded and assessed. Remediation, a different permission, or a different jurisdiction becomes the next decision — not an immediate re-application.

• If this happens

  Authorisation is granted with conditions

  Conditions and limitations are recorded as obligations, because they constrain what the business may actually do from day one.

• If this happens

  Requirements change mid-application

  Rulebook changes are mapped onto the open application, and their impact on the submitted pack is surfaced rather than absorbed silently.

• Money services (MSB)

  3 published jurisdictions

  Start assessment

• E-money (EMI)

  2 published jurisdictions

  Start assessment

• Broker / capital markets

  2 published jurisdictions

  Start assessment

• Virtual assets (VASP)

  3 published jurisdictions

  Start assessment