Asian crypto licence — the 15-jurisdiction map, compared side by side
MAS Singapore, SFC Hong Kong, FSA Japan, FSC Korea, SC Malaysia, Labuan FSA, BSP Philippines, SEC Thailand, OJK Indonesia, Vietnam IFC, FIU-IND, AIFC Kazakhstan, NAPP Uzbekistan, AUSTRAC and FMA New Zealand. Each country page on this site is written by the local lawyer who files with that regulator.
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Fifteen regimes, side by side
Headline minimums and approval windows, drawn from the 15 country briefs on this site. Click any country for the full page — licence types, process, documents, taxation, and local counsel.
| Jurisdiction | Regulator · licence | Min paid-up capital | Timeline | Corporate tax | Tier |
|---|---|---|---|---|---|
| Singapore | MAS · DPT (MPI tier) | SGD 250,000 (~USD 185,000) | 9–18 months | 17% | Tier A |
| Hong Kong | SFC · VATP (Type 1 + 7) | HKD 5,000,000 (~USD 640,000) | 9–18 months | 8.25% / 16.5% | Tier A |
| Japan | JFSA · CAESP | JPY 10,000,000 (~USD 65,000) | 15–24 months | ~30–31% | Tier A |
| South Korea | KoFIU / FSC · VASP (SFTRA) | No statutory minimum* | 12–24 months | 9–24% + local surtax | Tier A |
| India | FIU-IND · VDA SP (PMLA RE) | No statutory minimum | 3–5 months | ~25.17% corp · 30% on VDA gains | Tier A |
| Australia | AUSTRAC / ASIC · DCE + AFSL (DAP) | AUD 5,000,000 NTA* | 10–18 months | 30% (25% base-rate) | Tier A |
| Malaysia | SC · DAX (RMO) | MYR 5,000,000 (~USD 1.1M) | 9–18 months | 24% | Tier A |
| Labuan | Labuan FSA · Money-Broking (VC) | MYR 500,000 (~USD 110,000) | 5–10 months | 3% | Tier A |
| Philippines | BSP / SEC · VASP · CASP | PHP 10,000,000 BSP · PHP 100M SEC CASP | 9–18+ months (BSP frozen) | 25% | Tier A |
| Thailand | SEC Thailand · Digital Asset Exchange | THB 50,000,000 (~USD 1.4M) | 8–14 months | 20% | Tier A |
| Indonesia | OJK · PFAK | IDR 100 billion (~USD 6M) | 11–17 months | 22% | Tier A |
| Vietnam | MoF · IFC pilot CASP | VND 10,000 billion (~USD 400M)* | 18–24 months | 20% · 10% in IFC | Tier B |
| Kazakhstan | AFSA (AIFC) · DATF Operator | USD 200,000 + 12-month opex | 10–16 months | 0% (AIFC zone) | Tier B |
| Uzbekistan | NAPP · Crypto-exchange | 5,000 BEU (~USD 160,000) | 5–9 months | 0% until 1 Jan 2028 | Tier B |
| New Zealand | DIA / FMA · FSP + AML/CFT | No statutory minimum | 3–5 months | 28% | Tier B |
* indicates a figure drawn from law-firm practice guidance or pending final regulator rule — verify against the live brief on each country page. Capital thresholds scale with licence class (for example Singapore MPI vs Standard Payment Institution). USD conversions are indicative as of Q2 2026.
Hong Kong · Japan · South Korea
The three mature regimes. Hong Kong's VATP (in force 1 June 2023) and HKMA Stablecoin Ordinance (1 August 2025) anchor the region's institutional track. Japan's CAESP regime is the longest-running in Asia. Korea's Virtual Asset User Protection Act layers on top of the FSC/FIU VASP regime.
Expect 9 to 24 months of regulator dialogue, substance expectations measured in real offices and real people, and banking relationships that still matter more than the licence on paper.
Institutional exchanges and stablecoin issuers. HKD 5M paid-up for VATP, Type 1 + Type 7 SFC licences.
Open Hong Kong Japan JFSA · CAESPOldest formal regime in APAC. JVCEA self-regulatory review adds depth, 15–24 month end-to-end.
Open Japan South Korea FSC / KoFIU · VASPReal-name banking arrangement is the actual bottleneck. ISMS-P certification required.
Open South KoreaSingapore · Malaysia · Labuan · Philippines · Thailand · Indonesia · Vietnam
Singapore's MAS DPT/DTSP regime is the region's anchor. Malaysia's SC DAX and Labuan's offshore money-broking licence sit at very different price points. Thailand runs a mature Digital Asset Business framework. Indonesia's regulator handed over from Bappebti to OJK in January 2025. Vietnam opened a five-year pilot in its Da Nang and HCMC International Financial Centres.
The range here is wide: from Labuan at MYR 500k paid-up to Vietnam's VND 10,000 billion IFC threshold. Pick by client base and tax profile, not by headline.
Regional anchor. MPI tier for larger flows, DTSP now captures Singapore-based foreign-facing services.
Open Singapore MalaysiaSC · DAX / RMOMYR 5M paid-up. Capital-markets anchored — tokenised capital-markets products in scope.
Open Malaysia LabuanLabuan FSA · Money-BrokingOffshore profile. 3% corporate tax, MYR 500k paid-up, substance under Pragma Note 3/2024.
Open Labuan PhilippinesBSP · SEC CASPBSP VASP moratorium ongoing — SEC CASP rules fill the gap. PHP 100M paid-up for SEC track.
Open Philippines ThailandSEC · Digital AssetExchange, Broker, Dealer, Custodial Wallet and Advisor tracks. Phuket sandbox active.
Open Thailand IndonesiaOJK · PFAKTiered POJK 27/2024 categories. Bappebti-era licensees have transitioned to OJK.
Open Indonesia VietnamMoF · IFC pilotFive-year pilot in Da Nang and HCMC IFCs. 10% corporate tax inside the pilot zone.
Open VietnamIndia
No dedicated crypto Act yet. VDA providers register with FIU-IND as Reporting Entities under PMLA 2002. No statutory minimum capital, registration in 3 to 5 months, but a 30% flat tax on VDA gains plus 1% TDS on transfers is the commercial bottleneck.
Kazakhstan · Uzbekistan
Two very different setups. Kazakhstan's AIFC is a free-zone common-law regime with its own regulator (AFSA) and 0% corporate tax. Uzbekistan licenses through NAPP under Presidential Decree PP-3832 — a domestic regime with a crypto-tax holiday until 1 January 2028 and local-node infrastructure requirements.
Australia · New Zealand
Australia's AUSTRAC DCE regime remains the current floor, while the Digital Asset Platform licence (DAP) under ASIC is in the final rule-making phase. New Zealand keeps a lighter-touch model — FSP registration with FMA oversight and AML/CFT Act 2009 obligations.
Three common scenarios, and where we usually land
This is a shortcut, not a substitute for a scoping call. Every choice is shaped by client base, token mix, tax residency of founders and banking profile.
Fastest path to a live APAC licence
→ India FIU-IND or New Zealand FSPBoth can complete in 3 to 5 months with no statutory minimum capital. Use when you need an APAC footprint by quarter-end, before a larger regime application starts. Labuan (5–10 months) is the equivalent for offshore profiles.
Read the fastest-licence guideLowest total cost including capital
→ Labuan or UzbekistanLabuan: MYR 500k paid-up plus 3% corporate tax. Uzbekistan: ~USD 160k paid-up, 0% crypto tax until 1 January 2028. Both carry substance and AML obligations — the headline is not the whole bill.
Read the cheapest-licence guideInstitutional-grade regime for a global exchange
→ Singapore MAS or Hong Kong SFCSingapore MPI for payment-token flows and stablecoin issuance. Hong Kong VATP for Type 1 + Type 7 exchanges, Type 9 asset managers, HKMA stablecoin issuers. Either route expects real substance, real capital, and a real regulator dialogue.
Read Singapore vs Hong KongCommon questions about APAC crypto licensing
Which Asian jurisdiction is cheapest for a crypto licence?
Among mature regimes, Labuan (MYR 500k / ~USD 110k paid-up for a Money-Broking virtual-currency licence) and Uzbekistan (~USD 160k paid-up, with a 0% crypto tax holiday until 1 January 2028) are the cheapest entry points. India and New Zealand have no statutory minimum capital, though the underlying compliance cost is comparable. See the cheapest-licence guide for the total-cost maths.
Which APAC regime is fastest to obtain?
India's FIU-IND registration and New Zealand's FSP + AML/CFT registration typically complete in 3 to 5 months. Labuan and Uzbekistan fall in the 5–10 and 5–9 month bands respectively. Singapore MAS and Hong Kong SFC sit between 9 and 18 months. Japan is the slowest, 15 to 24 months including JVCEA review.
Do I need a local office and local staff?
Yes, in every listed regime. Substance rules vary — Labuan requires a minimum spend and local employees under Pragma Note 3/2024, Singapore MAS expects a qualified Compliance Officer onshore, Indonesia requires a local PT PMA with Indonesian directors, Uzbekistan requires local-node infrastructure. No listed APAC regime accepts a pure shell.
Can I serve clients outside the jurisdiction that licensed me?
Cross-border servicing is regime-specific. Singapore's DTSP regime under FSMA Part 9 captures firms serving only foreign clients from Singapore. Japan's CAESP is strictly for domestic clients. Australia's forthcoming DAP, Hong Kong's VATP and Malaysia's DAX generally require the client to be in-jurisdiction or invited-in under dedicated carve-outs.
How do I choose between Singapore and Hong Kong?
Singapore suits payment-token service models (MAS DPT/DTSP), retail fintech and stablecoin issuance. Hong Kong suits institutional-grade exchanges (SFC VATP Type 1 + Type 7), Type 9 asset management and HKMA-licensed stablecoin issuers. Banking access is broadly comparable, talent pools differ. Deeper read: Singapore vs Hong Kong.
Are your figures official?
Headlines are drawn from the 15 country briefs on this site, which cite primary sources (regulator circulars, statutes, gazettes) where accessible. A small number of figures — for example the AUD 5M NTA threshold under the forthcoming Australian DAP and Vietnam's VND 10,000bn IFC threshold — come from law-firm practice guidance pending final rule-making and are flagged in the table with an asterisk. Always confirm the live figure with your country lead before budgeting.
Pick a jurisdiction and we will put you in front of the country lead.
A 30-minute call with the lawyer who files with that regulator. Written regime summary, fees and timeline included. No engagement letter required.