licencemap
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Crypto (CASP / VASP) E-money (EMI)
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Dimension Pinned
🇭🇰 Hong Kong partly open
Verified 2026-07-03
 🇦🇪 United Arab Emirates (Dubai - VARA) partly open
Verified 2026-07-03
Licence type SFC Virtual Asset Trading Platform (VATP) licence on a dual basis: under the AMLO and, for tokens that are securities, under the SFO (Type 1 dealing + Type 7 automated trading). Stablecoin issuance is separately licensed by the HKMA under the Stablecoins Ordinance (Cap. 656).
Verified 2026-07-03 Source: SFC - VATP operators: https://www.sfc.hk/en/Rules-and-standards/Virtual-assets/Virtual-asset-trading-platforms-operators
VARA VASP licence under the Virtual Assets and Related Activities Regulations 2023 - licensed PER ACTIVITY (Advisory, Broker-Dealer, Custody, Exchange, Lending & Borrowing, Management & Investment, Transfer & Settlement, plus VA Issuance). A DET/free-zone commercial licence is also required.
Verified 2026-07-01 Source: VARA Rulebooks - Schedule 2 fees: https://rulebooks.vara.ae/rulebook/schedule-2-supervision-and-authorisation-fees
Regulator SFC regulates VATPs and security-token activity; HKMA regulates stablecoin issuers and banks' VA activities. Staking and intermediary VA activity are covered by joint SFC-HKMA circulars.
Verified 2026-07-03 Source: HKMA - Stablecoin issuers: https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/
VARA (Virtual Assets Regulatory Authority) - sole authority across the Emirate of Dubai except the DIFC. Parallel UAE regimes exist: ADGM/FSRA (Abu Dhabi), DFSA (DIFC), and federal SCA/Central Bank.
Verified 2026-07-01 Source: VARA - About: https://www.vara.ae/en/about-vara/
Capital requirement Hong Kong capital requirement is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) capital requirement is locked. Unlock with the £349 pass.
Timeline to authorisation Hong Kong timeline to authorisation is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) timeline to authorisation is locked. Unlock with the £349 pass.
Local substance Hong Kong local substance is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) local substance is locked. Unlock with the £349 pass.
Application cost Hong Kong application cost is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) application cost is locked. Unlock with the £349 pass.
Ongoing cost Hong Kong ongoing cost is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) ongoing cost is locked. Unlock with the £349 pass.
Passporting Hong Kong passporting is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) passporting is locked. Unlock with the £349 pass.
MiCA CASPs approved Hong Kong mica casps approved is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) mica casps approved is locked. Unlock with the £349 pass.
Key restrictions Hong Kong key restrictions is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) key restrictions is locked. Unlock with the £349 pass.
Recent changes SFC 'ASPIRe' roadmap (19 Feb 2025); VATP staking guidance (7 Apr 2025); HKMA Stablecoins Ordinance commenced 1 Aug 2025 with the first two issuer licences (HSBC, Anchorpoint) granted 10 Apr 2026; VA dealing (OTC) and custody licensing consultation conclusions 24 Dec 2025 (legislation targeted 2026). ~13 VATPs licensed by mid-2026 - confirm live count on the SFC list.
Verified 2026-07-03 Source: SFC - ASPIRe roadmap: https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/A-S-P-I-Re-for-a-brighter-future-SFCs-regulatory-roadmap-for-Hong-Kongs-virtual-asset-market
'Rulebook 2.0' reissued all twelve rulebooks effective 19 Jun 2025 (mandatory Travel Rule, wind-down plans, TLPT, a new VA Issuance rulebook). AML circular (Mar 2026) and token-issuance guidance (Apr 2026). VARA penalised ~19 unlicensed firms.
Verified 2026-07-03 Source: Linklaters - VARA rulebook updates (Jun 2025): https://techinsights.linklaters.com/post/102kd40/virtual-assets-regulation-in-dubai-vara-issues-updates-to-its-rulebooks
Difficulty rating Hong Kong difficulty rating is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) difficulty rating is locked. Unlock with the £349 pass.

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Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.