TOP-5 licenses for crypto operators

"Crypto-casino" is not a separate type of license, but a gambling operator that accepts/pays funds in virtual assets (BTC, ETH, stablecoins, etc.). Therefore, you almost always need a double circuit:

1. a remote gambling license, and

2. compliance with the rules for virtual assets (VASP/AML/KYT, sometimes separate registration/permission).

Below are the five jurisdictions that most often choose to legally work with cryptocurrency in iGaming. The wording is brief and applied; details change - always check the current regulator guidelines before starting.

1) Malta (MGA) - "EU gold standard" in crypto model approval

Which allows. With an MGA license, you can work with virtual assets if the operator has received approval to use VFA/DLT in gaming activities. In fact, crypt is equated with fiat in terms of the severity of control.

Models. Crypto-in/crypto-out and conversion with transparent courses are often allowed; the regulator may require fixing the balance in the reference currency for RG/limits.

VASP. If you hold wallets/convert, prepare for the requirements of the VASP level (KYT processes, token policy, custody).

Pros. High credit of trust among banks/game providers, understandable expectations for RG and reporting, strong reputation.

Cons. High standards of compliance and audit; a "bank-ready" project doesn't take off here.

Term/budget (benchmarks). 6-12 + months, six-digit amounts in euros (setup + annual expenses).

2) Isle of Man (GSC/OGRA) - clear rules for crypt and anti-overtake models

Which allows. OGRA license with a well-defined virtual asset mode. The regulator describes in detail the permissible turnover models.

Models. Crypto-in/crypto-out is widely used (sometimes with conversion within the ecosystem). The crypto-in → fiat-out model is usually not approved (considered an increased AML risk).

VASP. With custom/conversion - VASP level requirements and extended financial supervision.

Pros. Transparent position on TAC/sanctions/cluster analysis of the blockchain; constructive communication with the regulator.

Cons. Rigid frames for "input = output" and source of funds; unprepared KYT processes quickly "break down."

Term/Budget. 6-9 + months, mid-high six-digit GBP-range annual expenses.

3) Gibraltar - "double arch": DLT mode + gambling

Which allows. Gambling License from Gambling Commissioner; in parallel, there is a DLT mode (via GFSC) for blockchain-based business processes.

Models. Crypto-in/crypto-out with full "banking" discipline: from token policy to custody stress tests.

VASP. In fact, yes: expectations for storage, multisigs, limits, transaction logs and compliance officer are comparable to the VASP level.

Pros. The dense ecosystem of fintech, the experience of the regulator with DLT projects, the high weight of partners.

Cons. Demanding onboarding by risks, tangible cost and duration of preparation.

Term/Budget. 9-12 + months, high six-digit costs (setup + support).

4) Alderney (AGCC) - early digital asset adapter in eGaming

Which allows. Easy work with digital assets within Alderney eGambling with agreed procedures.

Models. Crypto-in/crypto-out; the regulator expects transparency of conversions, accounting for volatility and a clear combination of "deposit → game → withdrawal."

VASP. If custom/conversion - requirements and reporting according to AML/KYT standards; blockchain analytics and token policy are expected from you.

Pros. Flexibility in product design, strong expertise in remote gambling.

Cons. You will have to "convey" the maturity of the processes to banks/providers - the jurisdiction is good, but less "marketing loud" than the MGA.

Term/Budget. 6-9 + months, mid six-figure expenses.

5) Curaçao (LOK, reformed regime) - "new era" instead of master licenses

Which allows. Since the end of 2024/2025, a state licensing body has been operating with enhanced compliance (instead of old sub-licenses).

Models. Crypto-in/crypto-out are possible with feasible KYT and address/wallet transparency; conversion - according to the rules and with the disclosure of courses.

VASP. A direct "VASP label" is not always required, but in reality they are waiting for the VASP level of procedures: KYT, sanctions, custody, decision log.

Pros. Faster and cheaper entry than top EU jurisdiction; compatible with global content providers (with imputed compliance).

Cons. Carefully check the counterparties: there is still a "legacy" of the old regime on the market.

Term/Budget. 3-6 + months, low-to-mid six-figure costs (strong fork on the project).

Comparison table (essence in one screen)

Jurisdiction	Crypto-in/out	Crypto→Fiat-out	KYT/Travel Rule Requirements	Need a "VASP level" for custom	Reputation with banks/providers	Cost/speed
Malta (MGA)	Yeah, yeah	Possible according to the rules	High	Often yes	Very high	Expensive/Longer
Isle of Man (GSC)	Yeah, yeah	Not usually	Very high	Yes	High	Expensive/Average
Gibraltar	Yeah, yeah	By case	Very high	Yes	Very high	Expensive/Longer
Alderney (AGCC)	Yeah, yeah	By case	High	Yes	High	Medium/Medium
Curaçao (LOK)	Yeah, yeah	By case	Medium-to-high	It is expected	Srednyaya→rastyot	Cheaper/Faster

💡 Important: Great Britain (UKGC) is a strong regulator, but the acceptance of cryptocurrencies from consumers in GB is prohibited, so in the TOP-5 for "crypto operators" it is not as a positive option for crypto deposits to the GB market.

What will be required almost everywhere (crypt ≈ "banking discipline")

KYC/EDD/SoF/SoW: Advanced Identity and Source Verification for Large Amounts.

KUT/blockchain analytics: addresses, clusters, sanctions, mixers, high-risk exchanges; decision on each "flag."

Travel Rule: data exchange between VASPs during threshold transfers.

Custody: hot/cold wallets, multisig, withdrawal limits, access log.

"In = Out" (common): You cannot deposit in one asset and withdraw in another without clear conversion and rules.

RG and player protection: limits, timeouts, self-exclusion, ADR - as strict as in fiat.

Transparent rates/commissions: price source, fixing point, spread

How to choose a jurisdiction: short algorithm

1. Where are you targeting? EU/EEA → look at MGA/AGCC; global (without GB/US) → IOM/AGCC/Curaçao/Gibraltar.

2. Payout model. Is fiat-out necessary? If so, the IOM may not be suitable.

3. Custody/conversion. Do you keep funds/convert? If yes, set the VASP level of processes.

4. Budget and timing. Need a fast start - Curaçao (LOK); need a top brand and EU - MGA/Gibraltar.

5. Appetite for compliance. The stronger the AML/KYT/Travel Rule processes, the easier it is to communicate with banks and providers in MGA/IOM/Gibraltar.

License Preparation Checklist (save)

Right

Market and jurisdiction selected; a map of geo-constraints and sanctions.
T&C and crypto asset policy (what coins, courses, "in = out," limits).
Contracts with game/payment providers account for crypto flows.

AML/KYC/KYT

KYT provider (s), escalation procedures, Travel Rule integration.
EDD/SoF/SoW triggers, decision logs, and STR/SARs.
Separate stablecoin/private coin rules (allowed/not).

Technology/Security

Custody: multisig, hot/cold wallets, limits, 4-eyes.
TLS 1. 2/1. 3, HSTS, CSP; mTLS and encryption "behind the CDN."
Logs are immutable, DR-plan, address/wallet monitoring.

Player Protection/UX

RG instruments, limits in the reference currency.
Clear courses and commissions, ETA on conclusions, KYT check statuses.
ADR/complaints: form, timeframe, evidence template.

Frequent questions

Is a "crypto license" needed separately from a gambling one?

More often than not. But if you store/convert assets, you will actually need a VASP level of procedures and sometimes a separate registration with the financial regulator.

Why was the conclusion "delayed for verification"?

KYT/Travel Rule/EDD. Before the "green" status by source of funds/chain, the transfer can be on hold.

Is it possible to take in one coin and withdraw in another/fiat?

Varies by jurisdiction. In a number of modes, the same-currency rule is in demand, and the -out crypto→fiat may be limited.

Choosing a license for a crypto operator is a balance of reputation, start speed and willingness to live by AML/KYT/Travel Rule banking standards.

We need an EU brand and tight regulation - Malta, Gibraltar.

We need clear "crypto rules" and predictable dialogue - Isle of Man, Alderney.

You need a fast and affordable login with real compliance - Curaçao (LOK).

Whichever route you choose, prepare a double circuit: gambling license + VASP-level processes. This is the only sustainable way to build a crypto business in iGaming.