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Tool · Jurisdiction Comparator

Pick the EEA jurisdictions you
actually want to compare.

Tap up to three. The comparison panel below reshapes around your selections — statutory + practitioner-observed effective capital, NCA fee schedules with primary-source citations, realistic processing time, supervisor strictness, banking-access reality, substance burden, and finconduit's view per jurisdiction. Every datapoint links back to its source.

Licence lens

CASP 1 = advisory / order transmission / placement (€50,000). CASP 2 = exchange / trading platform operation (€125,000). CASP 3 = custody and high-impact services (€150,000). Statutory floors per MiCA Annex IV.

Jurisdictions (pick up to 3)

Dataset version 2026-05-04. No data is sent or stored. Computation runs locally.

Germany

Statutory minimum capital
€350,000
Effective capital (NCA practice)
€875,000 (2.5×)
Application fee
€6,150 (single service or AISP registration) – €8,515 (multiple / all payment services)
Processing time
9–18 months realistic
Supervisor strictness
Most demanding (5/5)
Banking access
Strong
Substance burden
5/5
Language
German preferred for the formal file; English accepted for major dossiers and technical annexes. Officer-level correspondence in German.
Corporate tax
~30% combined (Körperschaftsteuer 15% + Gewerbesteuer 14–17% depending on Gemeinde + Solidaritätszuschlag 0.825%).
Effective capital basis

BaFin commonly expects ~2–3× the statutory minimum during § 32 KWG / ZAG own-funds review, scaled by transaction volume and risk profile. The two-MD rule and operational complexity drive the cushion higher than peer NCAs.

Statutory clock

PSD2 Article 12 statutory clock = 3 months from complete file. BaFin's realistic timeline reflects the pre-application completeness cycle, which routinely runs 6–12 months.

Application fee

Specific BaFin fee schedule under § 14 ZAG. Higher fees apply to credit-institution authorisation under § 32 KWG.

Annual supervisory fee

BaFin's ongoing supervision is funded by the supervised entity. Annual contribution scales with gross income and balance-sheet size — typically €15,000–€100,000+ for an active EMI/PI.

Substance reality

BaFin enforces the two-MD rule (two managing directors with executive authority in Germany) under § 32 KWG and similar under ZAG. Inspections regularly probe local hours of senior management.

Banking-access note

Tier-1 EU clearing concentrated in Germany; BaFin-authorised firms travel well across global correspondent networks. CASP onboarding remains conservative even at Tier-1.

Strengths
  • Strongest supervisory pedigree in the EEA — BaFin authorisation is the most-recognised in Tier-1 correspondent conversations
  • Largest single euro-clearing-bank concentration in the EEA
  • Two-MD rule, while costly, is what drives the institutional credibility
Challenges
  • Longest realistic authorisation cycle in the EEA at 9–18 months
  • Heaviest substance bar — two MDs, German management, real local presence
  • BaFin moves slowly on novel crypto activity; CASP class 2/3 authorisations take longest here
finconduit's view

BaFin authorisation is the gold standard for institutions targeting Tier-1 EU correspondents and serving German operating markets. Worth the timeline if Germany is the actual operating market — not worth it as a passporting shell.

Crypto-receptiveness: 3/5 · Last reviewed 2026-05-04

Lithuania

Statutory minimum capital
€350,000
Effective capital (NCA practice)
€490,000 (1.4×)
Application fee
€1,463 (full EMI licence) — €1,235 (restricted-activity EMI licence)
Processing time
5–10 months realistic
Supervisor strictness
Demanding (4/5)
Banking access
Workable
Substance burden
3/5
Language
English accepted across the file. Lithuanian only for some local correspondence.
Corporate tax
15% standard rate; 5% reduced rate for small businesses meeting size thresholds.
Effective capital basis

Bank of Lithuania post-2022 supervisory tightening introduced explicit ICAAP-equivalent capital adequacy expectations on top of the statutory floor. Cushion typically 1.3–1.6×.

Statutory clock

BoL must assess a complete EMI application within 3 months of submission. Realistic timeline 5–10 months including completeness loop — fastest in the EEA among credible regulators.

Application fee

Bank of Lithuania publishes a state levy schedule; PI / PSP licence fees in the same range. CASP fees published separately.

Annual supervisory fee

Annual supervisory fee scales with revenue and balance-sheet metrics under the BoL fee schedule.

Substance reality

2022 supervisory tightening introduced explicit residency-day expectations for senior management. Substance bar real but lower than DE / NL / FR.

Banking-access note

BoL-authorised firms have viable EMI banking through Lithuanian and Nordic banks; Tier-1 EU correspondent access is materially narrower than perception. Plan for Tier-2 specialist primary, not Tier-1.

Strengths
  • Most fintech-experienced supervisor in the EEA — BoL's authorisation team has done more EMI/PI files than any peer
  • Faster authorisation timeline (5–10 months realistic)
  • English-language file accepted
  • Lower cost base than Western EEA
Challenges
  • Tier-1 EU correspondent access narrower than perception — banking-access strategy must factor this from day one
  • Reputational scrutiny from other NCAs at passporting (raised post-2022)
  • Substance bar real even if lower than tier-1 NCAs
finconduit's view

Best choice for EMI/PI authorisation under reasonable timeline. Banking access is the realistic constraint — plan for Tier-2 specialist primary, not Tier-1. The post-2022 reputational scrutiny is real but proportionate.

Crypto-receptiveness: 4/5 · Last reviewed 2026-05-04
EU-level statutory anchors

The capital floors above are EU-harmonised. Per-jurisdiction differentiation comes from supervisory cushion, application fees, processing-time discipline, substance bar, and banking-access reality.

For orientation only — not financial, legal, regulatory, or investment advice. Outputs are directional and based on generalised inputs. Decisions should be taken only after consultation with a qualified adviser on your specific facts — book the full assessment before acting on anything you read here.

Numbers shown exclude finconduit fees and any third-party costs (legal, audit, regulator-mandated experts, banking-relationship fees, document-translation, ongoing supervisory levies, or local agent / service-provider charges). Real-world authorisation budgets typically exceed the headline regulator-side numbers by a meaningful multiple.