One of the most common questions we get: “Where should we get licensed?” The honest answer? You’re asking the wrong question. The real question is: Where can your business actually function? Because in 2026, registration is the easy part. Operating is where things break.
What Changed
A few years ago, you could choose a jurisdiction based on: speed cost marketing positioning Today, the decision is shaped by:
Banking access regulatory expectations during operation (not just onboarding) alignment between your model and the regulator’s risk appetite That’s a different game.
What We See Working in Practice
Some jurisdictions stand out — but not for the reasons most people think. Cyprus Still relevant for forex and investment firms. Not because it’s “easy,” but because it’s understood by banks and providers. Strong for CASPs! Canada Clear for MSBs and PSPs. But now you’re dealing with both FINTRAC and the Bank of Canada mindset. United Arab Emirates Attractive, yes. But only if you’re ready for substance, cost, and real presence. Lithuania Quietly one of the most relevant jurisdictions right now. Especially for EMIs and MiCA/CASP positioning. Malta Strong reputation. Slower process. But still credible where it matters. Mauritius Works well for forex and international structuring. As long as expectations are realistic. Poland Still relevant. But not the shortcut many think it is anymore.
The Uncomfortable Truth
Most projects don’t fail because of the jurisdiction. They fail because: the model doesn’t match the license the banking setup doesn’t match the flows the story doesn’t hold under scrutiny And no regulator fixes that for you.
The Shift
We’re seeing a clear pattern:
👉 Fewer shortcuts
👉 More operational scrutiny
👉 Higher expectations post-onboarding
Regulators are no longer just filtering who enters. They are filtering who survives.
What Actually Works
The projects that succeed: choose jurisdiction based on operations, not price design flows before applying for licenses align compliance, banking, and product from day one Everything else is friction waiting to happen.