Topics · Foundation · Core framework

Ownership and control of licensed entities.

Regulators increasingly care who stands behind a licensee: caps on single shareholders, bank-majority rules for issuers, and fit-and-proper tests for owners and directors.

These rules decide whether banks, conglomerates or foreign groups can buy their way into a market.

By market · 11 sources across 11 markets

East Asia

Hong Kong1 source
- Circular on intermediaries engaging in tokenised securities-related activitiesGuidanceSecurities and Futures Commission (SFC) · 2 Nov 2023
  Treats tokenised securities as securities and sets expectations on ownership and technology risk for intermediaries dealing in them.
  Read the original
Hong Kong's full rulebook
Mongolia1 source
- Regulation on Virtual Asset Service Provider Registration (FRC Resolution No. 174)SupersededFinancial Regulatory Commission (FRC) · 6 Apr 2022
  The first registration rules: MNT 400 million of cash share capital per service, fit-and-proper owners and officers, and the filing list (FRC English translation). Repealed by FRC Resolution No. 657 of 27 December 2024.
  Read the original
Mongolia's full rulebook
South Korea1 source
- Legislative Ground Established to Check Criminal Record on Major Shareholders of Virtual Asset Service ProvidersIn forceFinancial Services Commission (FSC) · 29 Jan 2026
  Amendment passed 29 January 2026 extending KoFIU's registration screening to major shareholders, financial soundness and internal controls, and letting it attach conditions to registrations.
  Read the original
South Korea's full rulebook

Southeast Asia

Malaysia1 source
- Guidelines on Recognized Markets (SC-GL/6-2015(R14-2026))In forceSecurities Commission Malaysia (SC) · 20 May 2026
  Chapter 15 sets the DAX regime: RM15 million paid-up capital, an institutional shareholder, operator-led listing assessments and at least 80% offline storage of client assets. The current revision took effect on 20 May 2026.
  Read the original
Malaysia's full rulebook
Thailand1 source
- Digital Asset Business Operators: rules, manuals and formsIn forceSecurities and Exchange Commission, Thailand (SEC) · 2018
  The SEC's index of licensing rules for exchanges, brokers and dealers, including capital, fit-and-proper and reporting notifications. It is the starting point for any licence application.
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Thailand's full rulebook

South Asia

Pakistan1 source
- No Objection Certificate Regulations 2025 (PVARA/REG/AML-REG/2025-1)SupersededPakistan Virtual Assets Regulatory Authority (PVARA) · 2 Dec 2025
  Set the NOC process that precedes a licence: AML/CFT framework, controller disclosure, fit-and-proper forms and ongoing reporting. Effective 2 December 2025; NOC applications have been made under the Services Regulations, 2026 since 21 August 2026.
  Read the original
Pakistan's full rulebook

Central Asia

Kyrgyzstan1 source
- Regulation on virtual asset trading operators (crypto exchanges) and their registerIn forceCabinet of Ministers (Resolution No. 514), via the Ministry of Justice legal database · 30 Jul 2026
  Rules for crypto exchanges, as amended by Resolutions No. 625 (2025) and No. 516 (2026): fit-and-proper owners, AML and travel rule duties and service to residents and non-residents. Resolution No. 516 removed the KGS 10 billion capital clause; the minimum is now set by presidential decree.
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Kyrgyzstan's full rulebook
Uzbekistan1 source
- Regulation on licensing service providers in the sphere of crypto-assets turnover (No. 3380)In forceNational Agency of Perspective Projects (NAPP), via lex.uz · 15 Aug 2022
  Sets licence types, documents, fit-and-proper tests and requirements such as local servers, five-year record keeping and a ban on anonymous crypto-assets. Amendments let NAPP refuse licences on its motivated judgment (from 3 June 2026) and require its approval for share sales and management changes (from 1 October 2026).
  Read the original
Uzbekistan's full rulebook

Middle East

Turkey1 source
- Communiqué on the Principles of Establishment and Operation of Crypto Asset Service Providers (III-35/B.1)In forceCapital Markets Board (CMB/SPK), Official Gazette No. 32840 · 13 Mar 2025
  Sets the two-stage licensing process (establishment then operating permit), ownership and management rules, internal controls, IT systems, independent audit and proof-of-reserves audits.
  Read the original
Turkey's full rulebook

Offshore hubs

Bermuda1 source
- Annex VIII: Sector-Specific Guidance Notes for Digital Asset BusinessGuidanceBermuda Monetary Authority (BMA) · Sep 2018
  Applies Bermuda's AML/ATF regulations and general guidance notes to digital asset businesses, covering customer due diligence, ownership and staff checks, and wire and digital asset transfers.
  Read the original
Bermuda's full rulebook
Cayman Islands1 source
- Regulatory Policy: Registration or Licensing of Virtual Asset Service ProvidersGuidanceCayman Islands Monetary Authority (CIMA) · May 2025
  Sets the criteria CIMA uses to approve registrations, licences and waivers, including fit and proper tests for owners of 10% or more, governance, business plans and travel rule systems. Effective 30 May 2025.
  Read the original
Cayman Islands's full rulebook

No dedicated rule found yet in 20 markets: