Where Crypto VASPs Go When Europe Became Less Accessible
As MiCA raises Europe’s entry bar, crypto firms are reassessing EU ambitions and turning to flexible hubs like El Salvador, Costa Rica, and the BVI as they seek growth without regulatory overexposure.
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Not so long ago, starting a crypto business in the European Union was a seamless process, with hubs like Poland and Lithuania offering accessible gateways under their VASP frameworks, drawing founders from all over the world. That era, however, now belongs to the long-forgotten past.
With the introduction of Markets in Crypto-Assets (MiCA), launching a crypto business in the EU has become more expensive and compliance-heavy, with the gap between thousands of now-legacy VASPs and licensed CASPs ever-increasing ahead of the July grandfathering deadline.
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Even major players feel the stark difference, with giant exchanges like Gemini pulling back from operating in Europe altogether after deciding that the operational burden is no longer worth the effort. What was once a thriving and sought-after crypto market, entering Europe now comes with an avalanche of problems, prompting firms to consider other alternatives. Amid the tightening grip, attention is shifting to the jurisdictions ready to fill the gap and become home for crypto firms once used to target European customers.
Most Popular Crypto Hubs Post MiCA
El Salvador has quickly become a standout for companies seeking a new home in the post-MiCA landscape. With over a hundred licenses granted by the end of 2024, the country now hosts over half the number of all authorized CASPs across the European Union, acting as a powerful magnet for crypto firms. With strong tax incentives, a fast-evolving regulatory framework, and unwavering government support, El Salvador’s appeal is growing for projects seeking legitimacy without compromising operational flexibility.
On the other hand, a similar momentum occurs in Costa Rica, where interest in company setup is rising despite the absence of a dedicated licensing regime. The jurisdiction offers a strong blend of zero tax on foreign-sourced income, flexible structuring options, and strong legal protection for local entities. Although official public data on licensed crypto businesses remains limited, it would be safe to assume that Costa Rica is gaining momentum as a safe haven jurisdiction for firms seeking a notably more business-friendly environment.
Meanwhile, the British Virgin Islands (BVI) remains one of the world’s most established offshore jurisdictions, drawing strong interest from crypto companies. Already home to dozens of registered VASPs, the BVI’s appeal lies in a combination of near-zero corporate taxation, a frictionless incorporation process, and long-standing credibility, giving it a clear edge over newer hubs still striving to build similar ecosystems.
Where Are All Crypto Businesses?
The global footprint of crypto businesses is far more fragmented than it may appear, making any truly comprehensive worldwide register difficult to maintain.
In practice, even when a company holds a license in any EU member state, it may still adopt a multi-jurisdictional approach, structuring its operations around one or a few headquarters in reputable markets and a whole network of licenses in more flexible hubs.
Gray market operations equally weaken the accuracy of any reliable statistics. A growing number of firms no longer have the resources or commercial appetite to pursue authorization even in the most accessible EU regimes. At the same time, since offshore authorizations often fail to provide equivalent value, some firms continue without any licensing in an uncertain grey zone, risking cease-and-desist letters, regulatory sanctions, and criminal proceedings.
The hidden licensed-entity registries from public scrutiny and the prevailing offshore secrecy all create a widening information gap, making it difficult, if not impossible, to verify where entities are incorporated and genuinely conducting business.
How and Where to Register a Crypto Business Now
In the post-MiCA era, jurisdictional choice has become one of the most consequential decisions for any crypto business. Under MiCA, Europe has turned into one of the most demanding regions for launching a crypto business, where only a few businesses can meet the cost and compliance expectations, and founders must therefore carefully assess whether it is worth the commitment or if another hub, such as El Salvador, offers a better fit.
Nevertheless, regardless of the chosen jurisdiction or broader multi-jurisdictional strategy, the licensing journey is easier to manage with the right legal partner like Inteliumlaw, who can streamline the crypto licensing journey and help develop compliant structures tailored to both regulatory expectations and business long-term ambitions.
At the same time, a MiCA license is not a decision to reject without even considering. For some businesses, it remains the sought-after gold standard, unlocking access to all 27 EU member states, a powerful advantage, but one that comes with a cost few startups can comfortably afford. While the process can be complex, costly, and time-consuming, certain projects may still benefit from pursuing even the most demanding EU MiCA license, especially where the decision is carefully assessed by lawyers with sector-specific expertise.
This publication is sponsored and written by a third party. Coindoo does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or any other materials on this page. Readers are encouraged to conduct their own research before engaging in any cryptocurrency-related actions. Coindoo will not be liable, directly or indirectly, for any damages or losses resulting from the use of or reliance on any content, goods, or services mentioned.
Krasimir Rusev is a journalist and digital content creator with over 4 years of experience and more than 1,000 published pieces in the financial space. His work focuses on stock markets and commodities, closely tracking asset movements and the factors that drive them. He has a particular interest in gold and oil markets - not just their current movements, but their history, structure, and long-term trends. For him, understanding the context behind prices matters just as much as the prices themselves. A self-described Bitcoin maximalist, Krasimir has been following crypto markets long before he became a journalist. What started as a casual interest in Bitcoin gradually turned into a deep conviction - one that shaped how he thinks about money, value, and the broader financial system. That perspective quietly informs everything he writes. Beyond writing analysis and news, he actively creates content for social media including TikTok, Facebook, and Instagram, presenting market topics in a more accessible and visually engaging format. He believes financial information should reach a wide audience - not just those already following the markets. At Coindoo, he contributes to both editorial content and the development of the platform's digital presence. He works with tools like Photoshop, CapCut, and Canva, with a particular focus on visual storytelling - videos, infographics, and images that add an extra layer of value to news and analysis.
