Short answer: As of October 2026, published VASP licence cost figures for application or processing fees range from about €3,000 in Estonia and S$1,500 in Singapore up to AED 100,000 per activity in Dubai and Class 3 application fees of €25,000 in Malta. The larger cheque is usually capital or own funds (from MiCA Class 1 at €50,000 to Hong Kong paid-up share capital of HK$5,000,000), plus annual supervisory fees that can dwarf the filing fee.
This guide compares VASP licence cost across eight jurisdictions founders actually shortlist: Estonia and Malta under MiCA CASP rules, Dubai VARA, Hong Kong SFC VATP, Singapore MAS DTSP, Mauritius FSC VAITOS, Bahamas SCB DARE, and a Swiss PolyReg SRO affiliation path. Every figure below links to a primary source and is stated as of October 2026. It is not a full budget quote — company setup, UBO diligence, Travel Rule tooling and legal work sit outside these published schedules.
What does VASP licence cost include?
VASP licence cost is three lines, not one fee. Founders who only budget the application amount understate year one.
- Application or processing fee — what the regulator or SRO charges to review the file.
- Minimum capital / own funds / liquid capital — money that must sit in the licensed entity, often far larger than the fee.
- Ongoing supervisory or renewal fees — annual charges, sometimes plus volume-based add-ons.
Legal advice, audits, compliance officers, banking and Travel Rule infrastructure are separate. This article sticks to published regulator and SRO figures only.
VASP licence cost comparison: 8 jurisdictions
| Jurisdiction | Licence / regime | Application / processing fee | Min capital / own funds | Ongoing fee | Market access |
|---|---|---|---|---|---|
| Estonia | MiCA CASP (Finantsinspektsioon) | €3,000 processing | Class 1 €50,000; Class 2 €125,000; Class 3 €150,000 | National supervisory (not detailed here) | EU MiCA passport after authorisation |
| Malta | MiCA CASP (MFSA) | Class 1 €10,000; Class 2 €20,000; Class 3 €25,000 | Same MiCA Annex IV classes | Class 1 €10,000 / Class 2 €25,000 / Class 3 €50,000 + €2,000 per service + 0.05% volume (cap €250,000) | EU MiCA passport |
| Dubai | VARA | AED 40,000 or AED 100,000 per activity; extensions 50% of lower fee(s) | Not summarised as a single published minimum here | AED 80,000 or AED 200,000 per activity | Mainland Dubai + free zones except DIFC |
| Hong Kong | SFC VATP | HK$4,740 per regulated activity (Type 7 waived if incidental to Type 1) | Paid-up HK$5,000,000; liquid capital ≥ higher of HK$3,000,000 and basic amount; HK liquid assets ≥ 12 months opex | Per SFC licensing fee schedule | Hong Kong retail/professional VATP market |
| Singapore | MAS DTSP (FSM Act Part 9) | S$1,500 | Base capital S$250,000 (company) | Annual licence fee S$10,000 | Extremely limited grant circumstances for outward DTSP |
| Mauritius | FSC VAITOS Broker-Dealer (Class M) | USD 1,000 / MUR 45,000 | Broker-Dealer MUR 2,000,000 (Custodian MUR 5,000,000; Market Place MUR 6,500,000) | Fixed annual USD 2,000 / MUR 90,000 | Mauritius VAITOS regime |
| Bahamas | SCB DARE | Non-exchange: B$3,750 app + B$12,500 registration; Exchange: B$6,250 + B$18,750 | Adequate financial resources (no fixed minimum on fee page) | Non-exchange B$12,500; Exchange B$18,750 annual renewal | Bahamas DARE |
| Switzerland | PolyReg SRO (AML affiliation) | Admission CHF 1,600 (size I, 1–3 persons, predominantly AMLA); crypto review CHF 300/hour (min = admission) | Not a FINMA prudential VASP capital table | Annual CHF 1,800 (size I) | Swiss AML affiliation; FinSA/FinIA may still need FINMA |
Sources for each row are cited in the sections below, as of October 2026.
How much does a VASP licence cost in Estonia under MiCA?
Estonia's Finantsinspektsioon charges a €3,000 processing fee for a crypto-asset market operating licence application (Finantsinspektsioon, as of October 2026).
Minimum capital follows MiCA Annex IV / Article 67: Class 1 €50,000, Class 2 €125,000, Class 3 €150,000 (ESMA interactive single rulebook — MiCA capital, as of October 2026).
Timeline on the same FI page: completeness check within 25 working days, then assessment within 40 working days, which may pause for up to 20 working days. After authorisation you get an EU MiCA passport. For a deeper Estonia vs Malta process comparison, see Malta vs Estonia for a MiCA CASP licence.
How much does a Malta MiCA CASP licence cost?
Malta's application fees under SL 647.01 are Class 1 €10,000, Class 2 €20,000, Class 3 €25,000 (the highest class applies if you apply for more than one) (SL 647.01, as of October 2026). Capital is the same MiCA Annex IV table as Estonia.
Malta's published annual supervisory fees for authorised CASPs are Class 1 €10,000, Class 2 €25,000 and Class 3 €50,000, plus €2,000 per crypto-asset service and 0.05% of transaction volume capped at €250,000 (same SL, as of October 2026). That volume line is why year-two cost can exceed year-one filing for busy platforms.
Token issuers who only need a white paper route, not a CASP, should read MiCA white paper notification first.
What is the Dubai VARA VASP licence cost?
VARA Schedule 2 (as of October 2026) sets application fees by activity: Advisory and VA Transfer & Settlement at AED 40,000; Broker-Dealer, Custody, Exchange, Lending, VA Management and Category 1 Issuance at AED 100,000 each (VARA Schedule 2).
Each additional activity attracts an extension fee of 50% of the lower application fee(s). Annual supervision is AED 80,000 or AED 200,000 per activity for those two fee bands respectively. The schedule covers mainland Dubai and free zones except DIFC.
What does a Hong Kong SFC VATP licence cost?
The SFC licensing fee for a licensed corporation under Types 1 and 7 is HK$4,740 per regulated activity, with Type 7 waived if incidental to Type 1 (SFC licensing fees, as of October 2026).
Capital rules for VATP operators (Guidelines for VATP Operators Part VI) require paid-up share capital of at least HK$5,000,000, liquid capital at least the higher of HK$3,000,000 and the basic amount, and Hong Kong liquid assets covering at least 12 months of operating expenses. For Asia entity choices around this market, see Singapore vs Hong Kong company formation.
How much is a Singapore MAS DTSP licence?
Under the FSMA (DTSP) Regulations 2025 Schedule, the application fee is S$1,500 and the annual licence fee is S$10,000, with base capital of S$250,000 for a company (FSMA (DTSP) Regs 2025; MAS guidelines, as of October 2026).
MAS states that DTSP licences are granted only in extremely limited circumstances, aimed at firms in or formed in Singapore that provide digital token services outside Singapore. Do not treat the low fee as an open door to a retail Singapore VASP franchise.
Mauritius FSC VAITOS: Broker-Dealer and Market Place fees
For Virtual Asset Broker-Dealer (Class M) VA-1.1, FSC lists processing USD 1,000 / MUR 45,000 and a fixed annual fee of USD 2,000 / MUR 90,000 (FSC VA-1.1, as of October 2026).
Own funds under the FSC capital rules: Broker-Dealer MUR 2,000,000, Custodian MUR 5,000,000, Market Place MUR 6,500,000 (FSC Capital Rules, as of October 2026).
For contrast, Market Place (Class S) processing is USD 3,000 / MUR 135,000 with annual MUR 220,000 / USD 5,000 (same fee materials, as of October 2026).
Bahamas SCB DARE digital asset fees
The Securities Commission of The Bahamas DARE fee page (as of October 2026) lists, in Bahamian dollars (with a note on USD wire conversion charges):
- All other digital asset businesses (non-exchange): application B$3,750, registration B$12,500, annual renewal B$12,500.
- Digital Asset Exchange: application B$6,250, registration B$18,750, annual renewal B$18,750.
Source: SCB DARE. The Commission requires adequate financial resources; the fee page does not publish a fixed capital minimum, so none is invented here.
Is a Swiss PolyReg SRO affiliation a VASP licence?
No — PolyReg affiliation is an AML SRO path under AMLA, not a prudential VASP licence from FINMA. Many crypto intermediaries affiliate with an SRO for AML supervision. PolyReg size I (1–3 persons), predominantly AMLA, charges admission CHF 1,600, annual CHF 1,800, and fintech/crypto application review at CHF 300 per hour with a minimum equal to the admission fee (PolyReg Members Fee, as of October 2026).
FinSA/FinIA can still require FINMA authorisation for certain activities. These figures are one SRO's schedule, not a universal Swiss "VASP licence cost".
How should founders choose a VASP jurisdiction?
Match the licence to the market you must enter, then compare capital and ongoing fees.
- EU passport and MiCA CASP: Estonia (lower published processing fee, same capital classes) vs Malta (higher application and explicit annual + volume fees). Same MiCA capital table either way.
- Gulf / MENA institutional flow: Dubai VARA — activity-priced AED fees and annual supervision per activity.
- Asia hubs: Hong Kong VATP (modest application fee, heavy capital and liquidity) vs Singapore DTSP (cheap on paper, extremely limited grants).
- Lighter published fee schedules / offshore VA regimes: Mauritius VAITOS Broker-Dealer, Bahamas DARE — still expect capital, UBO and Travel Rule readiness.
- Swiss AML affiliation only: PolyReg-style SRO fees are not a substitute for FINMA where FinSA/FinIA apply.
Application fee is rarely the binding constraint; capital and ongoing supervision are. Build the three-line budget before you pick a home state.
Checklist before you apply
- Confirm whether you need a full VASP/CASP authorisation or only a white paper / notification path under MiCA.
- Map services to the regulator's activity classes (MiCA classes, VARA activities, DARE exchange vs other).
- Lock the published application fee, capital/own funds and annual fee from the primary sources above (as of October 2026).
- Budget separately for UBO and key-person diligence, Travel Rule tooling, audits and banking.
- Stress-test passport vs local-only access against your first 12 months of clients.
- Get written quotes for legal and compliance work before you pay a non-refundable filing fee.
This article is general information, not legal advice. Fee schedules, capital rules and licensing practice change, so verify every figure against the primary regulator or SRO page before you apply.
Planning a VASP or CASP application and unsure which of these eight fits your model? Book a free 15-minute consultation with OnScale at contact@onscale.org.
FAQ
How much does a VASP licence cost?
As of October 2026, published application or processing fees range from about EUR 3,000 in Estonia and SGD 1,500 in Singapore to AED 100,000 per activity in Dubai and up to EUR 25,000 for a Malta Class 3 MiCA CASP application. Capital and annual supervisory fees are usually larger than the filing fee.
What is the minimum capital for a MiCA CASP in Estonia or Malta?
MiCA Annex IV / Article 67 sets Class 1 at EUR 50,000, Class 2 at EUR 125,000 and Class 3 at EUR 150,000. Both Estonia and Malta use these EU capital classes.
What are Dubai VARA application and annual fees?
VARA Schedule 2 sets application fees at AED 40,000 for Advisory and VA Transfer and Settlement, and AED 100,000 for Broker-Dealer, Custody, Exchange, Lending, VA Management and Category 1 Issuance. Annual supervision is AED 80,000 or AED 200,000 per activity for those bands. Extra activities attract an extension fee of 50 percent of the lower application fee or fees.
Is a Singapore DTSP licence easy to get because the fee is low?
No. The application fee is SGD 1,500, the annual licence fee SGD 10,000 and company base capital SGD 250,000, but MAS states DTSP licences are granted only in extremely limited circumstances for firms in or formed in Singapore providing digital token services outside Singapore.
Does Bahamas DARE publish a fixed capital minimum?
The SCB DARE fee page lists application, registration and annual renewal fees in Bahamian dollars for exchanges and other digital asset businesses, and requires adequate financial resources. It does not publish a fixed capital minimum on that page.
Is PolyReg SRO affiliation the same as a Swiss VASP licence from FINMA?
No. PolyReg affiliation is an AML SRO path under AMLA, not a prudential VASP licence from FINMA. Size I fees include admission CHF 1,600 and annual CHF 1,800, with fintech or crypto review at CHF 300 per hour. FinSA or FinIA may still require FINMA authorisation for certain activities.