The EU regime for trading and settling tokenised securities: who gets a permission, the €500m, €1bn and €6bn caps, exemptions from MiFID II and CSDR, the ESMA register and the 2025 Commission proposal.
Regulatory substance of a financial licence: head office in the licensing state, the two-manager rule, key function holders, resident directors and the outsourcing limit in the EU, UK, Hong Kong and Singapore.
Who needs a TCSP licence, capital, indemnity cover and people on the ground: Hong Kong AMLO, Singapore CSP Act 2024 and Trust Companies Act, JFSC, GFSC, BVI FSC, CIMA, MFSA and CySEC.
What regulators read in a business plan and programme of operations under PSD2, MiCA, FCA, MAS and SFC: forecast horizon, stress scenarios, wind-down plans, RFIs and refusals.
How dealers in precious metals and stones register in Hong Kong, Singapore and the UAE: HK$120,000, S$20,000 and AED 55,000 thresholds, cash transaction reports, supervision and penalties.
Annual cost of a financial licence: CySEC, FCA, SFC, MAS, Bulgarian FSC and FINRA fees, ICF, FSCS and SIPC contributions, client-asset audits, mandatory staff and expense-driven capital.
The EU crowdfunding licence under Regulation 2020/1503: business loans and securities placement up to €5 m per project owner, capital from €25 000, passport.
Captive insurers in Bermuda, Cayman, Guernsey and Malta compared: licence classes, capital, managers, cells, 2026 fees, fronting, Solvency II and tax rules.
Broker licences in 16 regimes: MiFID II in seven EU states, FCA, SFC, MAS, SEC, the AIFC and offshore — capital, timelines, fees, compensation, passport.
Cyprus, Malta, Bulgaria or Lithuania for a MiFID II firm: capital is the same, so fees, the clock, investor compensation, CFD rules, staff costs and tax decide.
Seychelles FSA dealer and BVI and Cayman SIBA licences compared: capital, fees, resident staff, retail CFD rules and why none gives access to EU or UK clients.
Kazakhstan broker licence: AFSA in the AIFC (base capital USD 10,000–500,000, 2–3 months) or ARDFM (10,000–50,000 MRP minimum capital, 30 working days).
Cayman, BVI, Bermuda and Seychelles VASP regimes compared: status, capital, fees, local presence, travel rule and why none opens access to EU or UK clients.
Hong Kong VA dealing and custody licences under the AMLO: Type 1 scope, private-key test, HK$5 million and HK$10 million capital, no deeming; bill due Q4 2026.
Directive (EU) 2023/2225 from 20.11.2026: BNPL in scope, 50- and 14-day tests, Article 37 creditor admission, no social-media scoring; Germany, NL, Bulgaria.
SFC Type 9 or a Singapore CMS licence for an asset manager: capital, retail access, staffing and residence, timelines, fees, virtual assets and how to choose.
MAS licences for dealing (CMS) and financial advice: base capital from S$50,000 to S$5 million, resident CEO, review of up to six months, fees, client money.
Kazakhstan banking licence under Law No. 258-VIII: basic (KZT 10bn, assets up to KZT 500bn) or universal (KZT 20bn); timelines, fees, owners, AIFC.
Lending licences in the EU (CCD2, AIFMD II), UK (FCA, BNPL), Hong Kong, Singapore and Kazakhstan: capital, timelines, rate caps and entry routes.
SFC licensing under the SFO: Types 1, 2, 4 and 9, two responsible officers, FRR capital from HK$100,000 to HK$5 million, 10–15 week timelines, fees, substantial shareholders and virtual assets.
Which product needs a PI, EMI, CASP, investment firm or bank licence; the EU, UK, Asia, UAE and US; capital from €20,000 to €5 million, FCA processing times, entry without own licence and EU sanctions for Russian UBOs.
Cyprus Investment Firm under Law 87(I)/2017: €75,000–€750,000 initial capital, CySEC application fee from €7,000, decision within six months, ICF cover up to €20,000, CFD limits and sanctions for Russian UBOs.
EU investment firm licence: the nine Annex I MiFID II services, €75k–750k initial capital under the IFD, IFR classes, €20k investor compensation, passporting, reverse solicitation and sanctions for Russian UBOs.
US broker-dealer: Form BD, FINRA new member application (180 days), Rule 15c3-1 net capital from $5,000 to $250,000, buying a firm under Rule 1017, SIPC cover.
What an EU-licensed EMI, payment institution, investment firm or CASP may outsource: EBA rules, critical functions, notice, non-EU providers, letterbox.
How an EU financial licence works across the EEA: services or branch, notification deadlines under PSD2, MiFID II, MiCA and CRD, and what host states impose.
Bulgarian MiFID II investment firm: FSC licence, €75 000–750 000 capital, IFR own funds, decision in 3–6 months, €20 000 investor cover, EU passport.
How the Bulgarian National Bank licenses EMIs and payment institutions in 2026: €350,000 capital, safeguarding, agents, EU passport, euro and TARGET access, MiCA EMTs.
Bulgarian AML law for EMIs, PIs, CASPs and investment firms: ZMIP duties, internal rules, CDD and PEPs, reports to the DANS FID, BNB and FSC supervision, fines.
AISP and PISP authorisation under PSD2: registration or licence, €50,000 capital, PII, bank API access and what PSD3, the PSR and FIDA would change.
How the FSC licenses crypto-asset service providers in Bulgaria under MiCA: €50,000–150,000 capital, fees from €5,112.92, the end of NRA registrations and the EU sanctions perimeter.
Map of Bulgarian licences: bank, EMI and PI at the BNB; CASP, investment firm, ManCo and insurer at the FSC. EU capital minimums, 2026 register counts, the euro and EU sanctions limits on ownership.
Why the statutory capital minimum is the smallest number: Methods A–D for payment institutions and EMIs, IFR FOR and K-factors, MiCA for CASPs, SEC net capital, SFC FRR and MAS base capital.
How EU, UK, Hong Kong and Singapore regulators vet owners and managers of licensed firms: 5–25% thresholds, criteria, source of funds, trusts and the EU sanctions perimeter.
FIFA agent rules: licence and exam, the 3-10% cap in art. 15, the EU Court ruling of 16.07.2026 and England without a cap — what applies on 07.09.2026.
Why banks refuse licensed operators, the account stack, the bank's document pack, CASS 15 from 7 May 2026 and 90-day UK closure notice.
CASS 15 safeguarding for UK EMIs, the FCA crypto regime from 25 October 2027, and proposed reforms for payments and sterling stablecoins.
Puerto Rico as a banking jurisdiction: IFE licenses under Act 273, 4% tax, Fedwire without FDIC, Act 44-2024 reform and sector cleanup. Profiles of Zenus, FV Bank, Arival.
Luxembourg for private capital: RAIF and SIF funds under a third-party ManCo, SOPARFI participation exemption, PPLI insurance wrappers, tax and substance.
Hong Kong as a hub: company registration, residency, banking and licenses. English common law and territorial tax principle for private capital structures.
EMI and payment licence in Luxembourg: CSSF, capital, EEA passporting, MiCA/CASP and stablecoins. Why Ripple, Coinbase and Amazon chose Luxembourg.
How to launch fund management in UAE's ADGM and DIFC: own Category 3C license, regulatory hosting platforms, representative offices, and external fund manager regimes.
Over-the-counter settlement is a transaction method outside a public order book — not a licence. Where the token-to-fiat banking boundary sits for UHNW flows.