Ireland
BESTYou are English-speaking, want regulator attention rather than a queue, and your team can genuinely sit here.
AVOIDYou need a regulator that has already seen a very unusual product and will move fast on it.
MiCA認可
どの加盟国で認可を取得すべきか。
ルールブックは27か国すべてで同一です。どこで取得した認可も域内全体にパスポーティングされ、最終的に保有する免許も同一です。したがってこの判断は法律上の問題ではありません。規制当局がどれだけ速く動くか、どの程度の拠点構築を求めるか、その費用はいくらか、そして取得した認可が顧客にどう受け取られるか、という問題です。
Regulator familiarity
Has this authority seen a business like yours before?
| 加盟国 | 規制当局 | Regulator familiarity |
|---|---|---|
| Ireland | Central Bank of Ireland | Growing — a smaller authorised population means more attention per applicant |
| Luxembourg | CSSF | High — several large firms authorised here |
| Malta | MFSA | Highest — regulated crypto before MiCA existed |
| Netherlands | AFM · DNB | Good |
| Germany | BaFin | Good, with an earlier domestic custody regime |
Substance expected
How much genuine local presence must you build?
| 加盟国 | 規制当局 | Substance expected |
|---|---|---|
| Ireland | Central Bank of Ireland | Genuine local presence and decision-making |
| Luxembourg | CSSF | Genuine, and the local talent market is competitive |
| Malta | MFSA | Genuine, though the market is small |
| Netherlands | AFM · DNB | Genuine, with serious fit-and-proper testing of management |
| Germany | BaFin | High — resident management and local decision-making |
Process language
What language does the application actually run in?
| 加盟国 | 規制当局 | Process language |
|---|---|---|
| Ireland | Central Bank of Ireland | English |
| Luxembourg | CSSF | English and French |
| Malta | MFSA | English |
| Netherlands | AFM · DNB | English widely workable |
| Germany | BaFin | Largely German |
Relative cost
Application, advisory and ongoing local costs, relative to peers.
| 加盟国 | 規制当局 | Relative cost |
|---|---|---|
| Ireland | Central Bank of Ireland | Moderate |
| Luxembourg | CSSF | High |
| Malta | MFSA | Lower |
| Netherlands | AFM · DNB | Moderate to high |
| Germany | BaFin | High |
Counterparty perception
How does the permission read to banks and institutional clients?
| 加盟国 | 規制当局 | Counterparty perception |
|---|---|---|
| Ireland | Central Bank of Ireland | Strong, and familiar to US and UK counterparties |
| Luxembourg | CSSF | Very strong, particularly with funds and institutions |
| Malta | MFSA | Mixed — some banking counterparties still price in earlier years |
| Netherlands | AFM · DNB | Very strong — rigour is the point |
| Germany | BaFin | Very strong |
率直なところ
それぞれが適切な答えとなる場合、ならない場合。
ここに挙げた法域はいずれも、誰かにとっては合理的な選択です。すべての事業者にとって正解となる法域はありません。常に同じ法域を勧めるアドバイザーは、御社の事業ではなく自らの業務体制について語っています。
Luxembourg
BESTYou are institutional, adjacent to fund structures, and cost is secondary to how the permission reads.
AVOIDYou are early-stage and the cost base would be a material drag.
Malta
BESTYour model is unusual and you want a regulator that has seen something like it, at a lower cost base.
AVOIDYour customers are conservative institutions who will diligence the jurisdiction itself.
Netherlands
BESTYour counterparties are institutions who will look at which regulator authorised you.
AVOIDYou need speed, or your proposed management would not survive scrutiny.
Germany
BESTGermany is your primary market and the local cost is justified by revenue.
AVOIDYou have no German-speaking capability and no particular reason to be there.
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本ページに審査期間の欄はありません。これは意図的です。公表される期間と実際の期間は異なり、その差は申請書類の完成度と事業モデルの特異性によって変わります。そしてウェブページ上の数値は、そのまま計画の前提にされてしまいます。当社は、体裁はよくとも誤解を招く数値ではなく、御社の申請に即した現実的な幅を、その根拠とともにお伝えします。