The choice of jurisdiction for registering a financial license (EMI — electronic money, PI — payment institutions, CASP — virtual asset service providers) depends on business goals, budget, regulatory requirements, and the desired level of transparency/comprehensiveness. Below is a comparative analysis of the key parameters for EMI/PI/CASP in the following countries:

🇱🇹 LITHUANIA

· EMI/PI: Yes. The Central Bank of Lithuania (BoL) is one of the most transparent in the EU.
· EMI share capital: €350,000
· PI: €125,000
· License processing time: 3–6 months
· CASP: VASP registration required from 2023.
· Advantages: English-language processes, remote registration, partnership with BoL Sandbox.
· Disadvantages: Post-licensing compliance is strictly controlled.
Recommended if quickly obtaining an EU license is a priority.

🇱🇻 LATVIA

· EMI/PI: Available through Latvijas Banka
· Stricter compliance checks
· CASP: Registration through the regulator (Financial and Markets Authority)
· Pros: Low operating costs.
· Cons: More complex, requires an office, a local director, and longer timeframes.
Suitable if you already have infrastructure or a team in Latvia.

🇵🇱 POLAND

· EMI/PI: Registration with the KNF required
· High share capital
· Long process (up to 1 year)
· CASP: Registration with the KNF, relatively affordable
· Pros: European prestige, good tax system.
· Cons: Strict requirements, requires local employees.
Suitable for companies targeting the Polish market.

🇪🇸 SPAIN

· EMI/PI: Regulated by the Bank of Spain
· Very complex registration, but prestigious
· CASP: Requires registration with the CNMV
· Cons: Expensive market, difficult to complete due diligence
Suitable if you need a reputable platform and a presence in Southern Europe.

🇸🇬 SINGAPORE

· EMI/PI: Licensed by MAS (Monetary Authority of Singapore)
· Authorized capital: from SGD 100,000
· Advanced license: from SGD 250,000
· CASP: DPT Provider license required
· Pros: Strict but prestigious market, ideal for Asian clients
· Cons: Very lengthy process (up to 1 year), high requirements
Best choice if prestige, investor trust, and the APAC market are priorities.

🇨🇦 CANADA

· EMI/PI: No single EMI, but MSB licensed by FINTRAC
· Provincial regulation only
· CASP: Subject to CSA + FINTRAC regulation
· Pros: Stable English-speaking jurisdiction
· Cons: Doesn't provide direct access to EU markets
Suitable as an entry point or for the North American market.

🇬🇪 GEORGIA

· EMI/PI: None
· CASP: Registration available through the National Bank (VASP)
· Pros: Easy registration, low taxes, open to crypto
· Cons: Not regulated by EU or FATF standards at the EMI/PI license level
Suitable for crypto startups, not EMIs.

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