- A total of 39 countries have now implemented specific crypto licenses for Virtual Asset Service Providers (VASPs) and Digital Asset Service Providers (DASPs).
- Binance, Coinbase, eToro, and Bitstamp emerge as global leaders in crypto registration.
- Europe leads the world with 1577 crypto registrations, reinforcing its position as the world blockchain hub.
- Canada and Lithuania stand out with the highest numbers of crypto-registered companies at 1,254 and 694, respectively.
- Over 3000 companies worldwide have acquired a crypto registration, indicating the rapid mainstreaming of digital assets.
- 64 companies have demonstrated their commitment to regulatory compliance, obtaining crypto licenses in two or more countries.
- Only nine companies have achieved the distinction of being registered in five or more countries, although most offer services globally.
Coincub’s “VASP Registration Report 2023” underscores Canada’s pioneering role in the crypto registration landscape. With a record 1,254 companies registered under ‘Dealing in virtual currencies,’ Canada outperforms other developed economies in embracing digital assets.
Selva Ozelli, renowned author of “Sustainably Investing in Digital Assets Globally,” commented, “Canada has offered clear licensing agreements for VASPs, including those involved in virtual currency dealings. However, the lack of a global standard in naming conventions for digital asset regulation adds to the complexity of compliance efforts.”
Following Canada, Lithuania has emerged as the second-largest provider of crypto licenses globally. The Lithuanian government’s transparent and cost-effective authorization process for virtual currencies has fostered a conducive environment for blockchain-based businesses.
The report also reveals that 39 countries now offer specific crypto licenses to VASPs and DASPs, reflecting the growing global recognition of the crypto industry’s significance in the global financial landscape.
The study further underlines the accelerating interest and participation in the crypto market, with over 3000 companies worldwide currently holding a crypto license. It also highlights that 64 companies have successfully secured crypto licenses in two or more countries, signifying their dedication to global expansion.
Only a select group of nine companies have demonstrated exceptional commitment to regulatory compliance and international standards, registering in five or more countries.
Navigating the fragmented regulatory landscape remains a significant challenge for crypto exchanges. They must comply with different rules in each jurisdiction, making the process of obtaining licenses and registrations arduous and time-consuming. Consequently, many crypto exchanges are not crypto-registered in the majority of countries where they offer services, a complexity that the industry must address as it continues to evolve.
Coincub is an award-winning off-chain analysis platform for new and experienced bitcoin investors on a uniquely country-by-country basis.
Jon Lea – Chief Editor
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