Registering Your Crypto Project by Jurisdiction

Key Regulators:

• SEC (Securities and Exchange Commission): Determines if a crypto asset qualifies as a security under the Howey Test. Learn more.
• FINRA (Financial Industry Regulatory Authority): Oversees broker-dealer registration if your project offers token sales via intermediaries.
• FinCEN (Financial Crimes Enforcement Network): Requires MSB (Money Services Business) registration for fiat on-ramp/off-ramp services.

Registration Steps:

1. Conduct a Howey Test analysis or obtain a no-action letter from the SEC.
2. File Form D for Regulation D offerings (if private sale to accredited investors).
3. Register as an MSB with FinCEN (if providing exchange or wallet services).
4. Register as a broker-dealer/transfer agent with FINRA/SEC (if facilitating trading).
5. Implement AML/KYC policies per FinCEN and state Money Transmitter requirements.

The EU is on the cusp of implementing its landmark MiCA (Markets in Crypto-Assets) regulation, which will harmonize rules for crypto issuers, wallets, and exchanges across member states. Currently, projects must navigate a mix of national laws and pilot regimes.

MiCA Overview:

• Applies to asset-referenced tokens and e-money tokens.
• Requires whitepaper approval by the national competent authority in the lead Member State.
• Imposes capital, governance, and operational requirements.

Key Steps Under MiCA:

1. Draft a compliant whitepaper in line with Regulation (EU) 2020/1501.
2. Select a lead Member State for registration.
3. Submit application and whitepaper to the national authority.
4. Fulfill capital and governance requirements based on token category.
5. Implement ongoing reporting and disclosure obligations.

Post-Brexit, the UK Financial Conduct Authority (FCA) regulates certain crypto activities. While no full crypto-asset regime exists yet, stablecoins are regulated as e-money, and broader rules are under consultation.

FCA Requirements:

• Register as a Cryptoasset Service Provider (CASP) for exchange or custody services.
• Obtain e-money license if issuing stablecoins. Consultation details.
• Adhere to UK AML/CTF rules including KYC, transaction monitoring, and reporting.

Action Plan:

1. Determine whether your token is a security or e-money under UK law.
2. Apply for CASP registration on the FCA Connect portal.
3. Implement robust AML policies and appoint a Money Laundering Reporting Officer (MLRO).
4. Prepare to comply with evolving regulatory guidance.

The Monetary Authority of Singapore (MAS) offers one of the most crypto-friendly yet rigorous frameworks. Under the Payment Services Act (PSA), providers of digital payment tokens must obtain a license.

Licensing Tiers:

• Major Payment Institution (MPI): For entities exceeding volume thresholds.
• Standard Payment Institution (SPI): For smaller-scale operators.

Registration Checklist:

1. Submit application via the MAS e-services portal.
2. Provide proof of fit and proper management, capital requirements, and risk management frameworks.
3. Comply with AML/CFT obligations, cybersecurity risk management, and technology risk guidelines.

Home to ‘Crypto Valley,’ Switzerland offers clear guidance from FINMA. Tokens are classified into payment, utility, and asset tokens, each carrying different requirements.

Classification Requirements:

Steps to Register:

1. Classify your token using the FINMA guidance. Official FINMA paper.
2. Apply for a FinTech license if hosting an exchange or issuing payment tokens.
3. Prepare and submit a prospectus for asset tokens under the Swiss Code of Obligations.
4. Implement AML/KYC policies per Swiss Anti-Money Laundering Ordinance.

The Securities and Futures Commission (SFC) regulates token offerings that meet the definition of “securities.” Virtual Asset Service Providers (VASPs) must register under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

Registration Essentials:

• VASP license application with the SFC.
• Apply for a SFC license for crypto exchanges dealing in security tokens.
• Comply with AML/CFT, technology risk management, and investor protection rules.

Procedure Overview:

1. Determine if your token is a security under the SFO (Securities and Futures Ordinance).
2. Submit license application via the SFC e-form portal.
3. Meet minimum capital requirements and management expertise criteria.
4. Establish AML/CFT policies and regular reporting mechanisms.