The ranking
| Rank | Jurisdiction | Why it ranks here | Metric |
|---|---|---|---|
| #1 | El Salvador (DASP) | Model-dependent capital, 4–8 week timeline, no large licence fee. | From USD 12,000 first year |
| #2 | Georgia (VASP + FIZ) | Free Industrial Zone + 0% on reinvested income. | From USD 14,000 first year |
| #3 | Panama | General law, no specific licence fee, fast incorporation. | From USD 18,000 first year |
| #4 | Bosnia & Herzegovina | 10% flat tax, no significant capital, low local cost. | From USD 20,000 first year |
| #5 | BVI (VASP) | No statutory capital, 0% tax — substance drives cost. | From USD 22,000 first year |
How the comparison was built
The comparison is built on practising-counsel data: actual application timelines from filed engagements, regulator-fee invoices, capital lock-up amounts, and post-licence supervision burden in years one and two. Where official sources publish data, we link to them with rel="nofollow"; where data comes from practice, the line is annotated.
Featured jurisdictions
- El Salvador
- Georgia
- Panama
Open the relevant jurisdiction page
Frequently asked questions
Which is the cheapest crypto license?
The cheapest crypto licenses combine no statutory minimum capital, low setup cost and short timelines. El Salvador (DASP), Georgia (FIZ + VASP) and Panama (general law) lead on total first-year cost — typically under USD 25,000 all-in.
Why these jurisdictions?
Each of the featured jurisdictions has been ranked on a composite of regulator credibility, capital, timeline, banking access and ongoing supervision burden. El Salvador, Georgia, Panama lead the ranking.
How recent is this comparison?
We refresh comparison pages quarterly. Capital figures, timelines and regulator approaches move year on year — see the ‟last updated” line at the bottom of each page.
Can you produce a custom comparison for my project?
Yes. Send a short brief on the model, target customers and capital. We come back with a tailored shortlist within 24 hours — no obligation.
Last updated: 2026-04. Refreshed quarterly.