Successful VASP Licensing Cases Across the EU: How RUE Helps Businesses Obtain Crypto Licenses in Europe

Over the last decade, the European crypto and fintech industry has evolved from an experimental niche to become one of the most dynamic and heavily regulated sectors of the global economy. Crypto assets, once viewed as an uncharted digital frontier, have now become recognised financial instruments that require clear governance, transparency and accountability. As cryptocurrencies, tokenised assets and blockchain-based payment systems have gained traction, regulators across the European Union have begun to implement frameworks to ensure market stability, protect investors and combat financial crime. This shift has given rise to the Virtual Asset Service Provider (VASP) licensing model — a system that enables companies dealing with crypto assets to legally operate under strict anti-money laundering (AML) and counter-terrorist financing (CTF) supervision.

In this rapidly changing environment, Regulated United Europe (RUE) emerged as one of the first professional consultancies in Europe to provide specialised legal and compliance support for crypto and fintech projects. Founded on the mission of making regulation accessible, understandable and beneficial for innovators, RUE quickly recognised that VASP licensing was not just a legal formality — it was the foundation of legitimacy for the modern digital economy.

While many companies struggled to interpret complex EU and national-level regulations, RUE developed a practical, results-oriented approach combining legal precision, regulatory experience, and personalised client support. From Estonia’s pioneering licensing regime to the current MiCA-driven harmonisation, RUE has been at the forefront of guiding businesses through the process of obtaining crypto licences and VASP authorisations across Europe.

The company’s success is rooted in its in-depth knowledge of how each European jurisdiction interprets and enforces crypto regulation. From helping a start-up prepare documentation for Estonia’s Financial Intelligence Unit (FIU) to supporting a fintech group with Lithuania’s FCIS licensing process and structuring compliance systems under the Czech and Polish AML Acts, RUE has built an unparalleled track record of excellence. With each completed project, RUE has strengthened its reputation as a trusted legal partner for crypto entrepreneurs, exchanges and institutional investors. Its mission goes far beyond simply obtaining licences — it is about helping clients to build lasting, compliant businesses that can thrive within the European Union and beyond.

As Europe moves towards full regulatory unification under the Markets in Crypto-Assets Regulation (MiCA), RUE continues to play a central role in shaping the next generation of compliant crypto enterprises. The firm’s multidisciplinary team — composed of lawyers, compliance officers, AML specialists, and risk management experts — works hand in hand with regulators and clients alike to ensure that every business entering the EU market does so with confidence, credibility, and compliance.

From the early innovation hubs of Estonia and Lithuania to the emerging fintech centres of Poland and the Czech Republic, Regulated United Europe’s expertise spans the full spectrum of European crypto regulation, guiding clients from concept to full authorisation under the VASP and upcoming MiCA frameworks.

VASP Licensing in Estonia – The Starting Point of European Crypto Regulation

In 2017, Estonia became the first European Union country to introduce a legal framework for Virtual Asset Service Providers (VASPs), signalling a turning point in global crypto regulation. Blockchain entrepreneurs could now operate transparently under state supervision, proving their compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) standards for the first time. Regulated United Europe (RUE) was among the first consultancies to recognise the potential of Estonia’s pioneering crypto environment. Our legal experts recognised that entrepreneurs from around the world were eager to enter the European market, yet were struggling to navigate the complex and rapidly changing requirements of the Estonian Financial Intelligence Unit (FIU).

From the outset, RUE has taken on the challenge of simplifying this process while maintaining the highest professional standards. We developed a structured, step-by-step methodology covering company formation, internal compliance system design, AML documentation, management fit-and-proper verification, and direct regulatory communication. Over the years, RUE has helped dozens of clients from various regions, including Germany, the United Kingdom, the United Arab Emirates, South Korea and Singapore, obtain VASP licences and successfully launch compliant crypto operations in Estonia.

One of our first clients was a group of German fintech entrepreneurs who had previously operated an unlicensed crypto exchange platform within the EU. They wanted to formalise their operations with a legitimate European licence, but had encountered repeated setbacks with other providers due to gaps in AML documentation and an unclear ownership structure. RUE’s team conducted a full compliance audit, rebuilt their internal risk management programme from scratch, and guided them through the FIU submission process. Within just two months, the company received authorisation, marking its official entry into the European financial sector.

Another success story emerged from a Middle Eastern blockchain company that had secured private funding to develop a decentralised finance (DeFi)-based payment gateway. Despite having a strong technical foundation, the founders lacked experience in EU compliance and corporate governance. RUE helped them to set up an Estonian entity, appoint a qualified local director, prepare detailed AML/CFT policies and ensure transparent beneficial ownership reporting. The FIU commended the clarity and professionalism of the submission and granted a licence in record time. Today, the project serves users across multiple EU jurisdictions under MiCA-ready standards.

A third case involved a South Korean tech team developing a multi-asset digital wallet integrated with Web3 identity verification. The company’s decentralised structure initially posed regulatory challenges, as the FIU required a clearly defined governance and risk management framework. RUE’s specialists helped design a hybrid compliance model that maintains the project’s decentralised operations while ensuring central oversight of AML procedures. After months of regulatory dialogue, managed entirely by RUE’s Estonian compliance lawyers, the licence was successfully approved.

These examples demonstrate the diversity of clients that RUE supports, from innovative DeFi projects to institutional investment platforms, all of which are united by a common goal: to operate legitimately within the European Union.

When Estonia amended its Money Laundering and Terrorist Financing Prevention Act in 2022, introducing higher capital requirements and substance obligations, RUE once again played a crucial role in guiding existing licence holders through the renewal and adaptation process. Many international clients struggled to meet the new €250,000 minimum capital threshold or establish a local physical presence. RUE helped clients to reorganise their corporate structures, secure capital injections and document their ongoing economic substance in Estonia.

RUE implemented an entirely new compliance reporting framework for one client — a European blockchain analytics provider — that exceeded FIU expectations. The company’s licence renewal was granted within weeks, setting a new standard for efficiency and quality in the regulatory environment.

Today, Estonia remains the foundation of RUE’s European crypto licensing expertise. Our Tallinn-based team provides comprehensive legal and compliance support, including new licence applications and renewals, MiCA readiness assessments, AML audits and post-licensing supervision. Every project handled by RUE is treated with the utmost confidentiality and receives individual attention. Behind every approval is a real client — a dedicated team of entrepreneurs, developers or investors — who trusted RUE to guide them safely through one of the most regulated and complex areas of European financial law. For RUE, these successes represent more than just case studies; they are at the core of our mission to build trust between innovation and regulation. It was our work in Estonia that laid the foundation for what RUE has become today: a European leader in crypto regulatory consulting, known for its integrity, precision, and results.

Lithuania – Europe’s Emerging Crypto Licensing Hub

When Estonia revised its crypto regulations in 2022 by introducing stricter licensing conditions and significantly higher capital requirements, this took many market participants by surprise. Many companies that had previously thrived under Estonia’s accessible VASP regime suddenly found themselves facing uncertainty as capital obligations increased, substance requirements intensified and regulatory oversight became far more demanding.

For many international crypto businesses, this was a wake-up call. They began searching for alternative EU jurisdictions that still offered a favourable regulatory climate, business flexibility and a credible legal framework.

Recognising this shift in the market, the founders and senior partners of Regulated United Europe (RUE) took decisive action. The firm’s legal research team conducted a comprehensive analysis of all EU jurisdictions, evaluating each country’s licensing structure, anti-money laundering (AML) supervision, tax environment, and regulatory reputation. After months of review, one country stood out: Lithuania. It had recently modernised its anti-money laundering framework and introduced a clear system for registering Virtual Asset Service Providers (VASPs) under the supervision of the Financial Crime Investigation Service (FCIS). The process was transparent, efficient and accessible to international founders, without compromising regulatory standards.

During the pandemic, when international travel was limited and businesses were cautious, the RUE founders personally travelled to Vilnius. They met with local lawyers, financial consultants and policymakers to explore the legal environment firsthand. These discussions confirmed the team’s suspicions. Lithuania had the potential to become the next European hub for crypto licensing.

Determined to establish a strong presence in Lithuania, RUE set up a local company, forming a dedicated team of Lithuanian lawyers, compliance experts and financial advisors. Despite the global uncertainty caused by the pandemic, this decision proved to be visionary. The new branch became operational within months, offering clients seamless access to Lithuanian legal, compliance and accounting services. Soon after, Lithuania began attracting attention from major players in the global crypto industry. Even major industry leaders, including Binance (through its Lithuanian subsidiary, Bifinity UAB), chose the country as their European regulatory base. This confirmed that Lithuania was not just an alternative to Estonia — it was quickly becoming a strategic destination for serious, compliant crypto enterprises.

Within the first year of its Lithuanian operations, RUE successfully helped numerous international clients to secure VASP authorisations from the FCIS. These projects varied in size and scope, but they all shared the same goal: to establish compliant and sustainable operations within the EU.

One of RUE’s early Lithuanian cases involved a Swiss fintech company that specialises in crypto-fiat payment gateways. The founders had encountered difficulties with banking integration in other EU countries due to their lack of recognised regulatory status. RUE guided the company through entity formation, drafted all the necessary AML/CFT documentation and ensured full alignment with Lithuanian reporting standards. Within weeks, the FCIS granted the company registration, enabling it to access European financial institutions with confidence.

Another case involved a Spanish DeFi start-up that had previously operated informally across Europe. With RUE’s assistance, the founders obtained a Lithuanian VASP licence, legitimising their activities and opening doors to EU-based investors. RUE’s local compliance team helped create a customised risk management programme that reflected the decentralised nature of their operations.

RUE also helped a family office based in the Middle East to set up a licensed crypto asset management platform in Lithuania. This project required coordination between multiple jurisdictions and strict adherence to cross-border anti-money laundering (AML) rules. Thanks to RUE’s precise documentation and strong relationships with Lithuanian legal institutions, the client was granted their licence smoothly, allowing them to expand their digital asset portfolio management operations within the European market.

Each Lithuanian VASP project handled by RUE follows a structured process.

Initial legal and business model analysis to ensure that the client’s structure aligns with local and EU-level regulatory frameworks.
2) Preparation of AML/CTF procedures, including risk-based monitoring systems and internal control mechanisms.
Suitability and governance assessments for directors and compliance officers.
Direct representation and communication with the FCIS ensures timely feedback and resolution.

Over time, RUE’s Lithuanian office has become a regional hub for crypto licensing and a trusted legal partner for post-registration compliance, MiCA readiness assessments and long-term advisory services. The firm’s ability to combine local knowledge with EU-wide legal expertise has established it as one of the region’s leading consulting groups for crypto regulation.

Today, Lithuania is one of the most important jurisdictions for VASP registration in Europe, offering a balance of regulatory stability, international credibility and innovation. Many of RUE’s clients view Lithuania as the ideal base for building compliant, scalable and bankable crypto businesses within the European Union.

Through dedication, expertise and a forward-looking approach, Regulated United Europe has played a central role in this development, helping to transform Lithuania into a modern, trusted and globally recognised destination for crypto licensing.

Poland  –  The Next Step in EU Crypto Licensing

After establishing a strong presence in Estonia and Lithuania, the founders of Regulated United Europe (RUE) saw a broader opportunity  –  the European crypto market was rapidly maturing, and more countries were beginning to adopt their own national frameworks for Virtual Asset Service Providers (VASPs). To meet growing client demand and ensure local expertise across multiple jurisdictions, RUE decided to expand its operations further into the European Union.

Among the many potential destinations, Poland quickly stood out as the next strategic step. The country’s robust economy, stable regulatory environment, and growing fintech sector made it a natural choice for crypto entrepreneurs seeking both innovation and security. In addition, Poland had recently implemented clear VASP registration procedures under its Act on Counteracting Money Laundering and Terrorism Financing, supervised by the Polish Ministry of Finance. Recognizing this opportunity, RUE’s leadership made the decision to establish a dedicated company in Poland, with a full legal and accounting team based in Warsaw. The goal was clear  –  to offer professional, locally grounded assistance for clients aiming to obtain VASP registration in Poland and operate fully in line with EU standards. To ensure smooth integration into the Polish legal system, RUE partnered with experienced local compliance officers and tax consultants who had previously worked with financial institutions and fintech startups. Together, they developed a comprehensive process for VASP licensing  –  from company incorporation and policy drafting to regulatory submission and post-registration support.

Within the first months of operation, RUE successfully guided multiple clients through the Polish VASP registration process, each with different business models and challenges.

One case involved a Nordic cryptocurrency exchange platform that sought to expand into Central Europe after obtaining licences in other EU countries. Despite having a robust operational foundation, the company struggled to adapt its AML framework to Polish requirements, which placed a particular focus on transaction monitoring and beneficial ownership verification. RUE’s Polish compliance team revised the documentation, created a localised AML programme and communicated directly with the Ministry of Finance on the client’s behalf. The licence was granted within weeks, allowing the client to begin operating across the EU single market under Polish supervision.

Another case featured a Czech blockchain start-up that was developing tokenised payment solutions for retail merchants. The founders chose Poland due to its reputation as a crypto-friendly jurisdiction with straightforward registration procedures. RUE assisted them in setting up a Polish entity, drafting the necessary internal control measures and registering their compliance officer. The application was approved smoothly, demonstrating RUE’s effectiveness in assisting companies with transitions between EU jurisdictions.

A third project involved a British investment firm that was planning to set up a regulated crypto asset management service for institutional clients. The main challenge was to demonstrate a clear separation between traditional investment activities and virtual asset services. RUE’s Polish legal department prepared an advanced governance structure that included transparent reporting procedures and dual internal oversight. The regulators appreciated the thoroughness of the submission and approved the licence without requesting any additional information.

Thanks to these cases, RUE’s Polish branch quickly became synonymous with credibility, precision, and results. Clients from across Europe — from fintech start-ups to established financial firms — began turning to RUE’s Polish branch for crypto regulatory guidance, anti-money laundering (AML) support, and Markets in Crypto Assets (MiCA) transition planning.

In addition to licensing services, RUE’s local experts provide accounting, taxation and corporate compliance services to ensure that clients’ operations remain sustainable and transparent long after obtaining their licence. This holistic approach sets RUE apart from other consultancies, offering comprehensive support throughout the entire lifecycle, from registration to ongoing regulatory maintenance. As the Markets in Crypto-Assets Regulation (MiCA) approaches full enforcement, the Polish team at RUE is helping clients prepare for cross-border licensing harmonisation. This ensures that VASP-registered entities in Poland can transition seamlessly to EU-wide authorisation.

Today, Poland is another cornerstone of Regulated United Europe’s strategic expansion. With its strong local presence, experienced legal professionals and growing portfolio of successful licensing cases, RUE is strengthening its reputation as one of the most trusted and forward-looking crypto legal consultancies in the European Union.

The Czech Republic  –  Precision and Compliance in Practice

Following the successful establishment of Regulated United Europe (RUE) in Estonia, Lithuania and Poland, the company turned its strategic focus to the Czech Republic, one of Central Europe’s most stable and business-friendly jurisdictions. Renowned for its transparent legal environment, robust financial sector, and rapidly evolving fintech landscape, the Czech Republic has emerged as an increasingly appealing destination for businesses seeking to conduct crypto-related activities in full compliance with European legislation.

For RUE, expanding into the Czech Republic was a logical step in its mission to provide comprehensive legal coverage across the EU for crypto and fintech entrepreneurs. The decision to expand into the Czech Republic was driven by its well-structured legal system and the fact that it offers one of the most straightforward VASP registration regimes in Central Europe, overseen by the Czech Trade Licensing Office (Živnostenský úřad).

As part of the company’s expansion strategy, RUE’s founders and legal directors established a local Czech company based in Prague and formed a team of experienced lawyers, compliance specialists and accountants who are familiar with both Czech commercial law and EU-level regulatory frameworks. This local presence enables RUE to support its clients more effectively and ensure that all licensing and registration processes adhere to national and EU AML/CTF standards.

In the Czech Republic, obtaining a Virtual Asset Service Provider (VASP) license requires precise preparation. Applicants must demonstrate a clear company structure, identify all Ultimate Beneficial Owners (UBOs), provide fit-and-proper documentation for directors, and maintain a comprehensive AML/CFT compliance framework. RUE’s local team supports clients throughout each phase  –  from company establishment and internal control design to liaison with the Trade Licensing Office and post-registration compliance.

Over the past few years, RUE has helped many clients to successfully complete this process. The projects have represented a diverse range of backgrounds and objectives.

For example, one client — a Central European technology group — sought to integrate a blockchain-based payment system within its retail network. RUE’s Czech lawyers helped the company to structure its internal policies and implement a transaction monitoring system that was fully compliant with local AML legislation. The result was a swift and smooth registration process, with regulators praising the company’s transparent governance model.

In another case, an Asian blockchain company that had previously operated under a non-EU licence wanted to expand into the European market to attract institutional investors. RUE guided them through forming a Czech entity, prepared documentation in both English and Czech, and ensured seamless communication with the authorities. The registration was approved within a few weeks, enabling the company to establish a legitimate presence in the EU.

RUE also supported a Western European fintech start-up specialising in crypto asset analytics and market data solutions. The company was struggling to align its complex data management processes with AML/CTF requirements. RUE’s compliance experts customised internal procedures, focusing on client due diligence and transaction risk scoring. This satisfied all regulatory expectations and led to successful authorisation.

Such success stories have reinforced RUE’s reputation as a trusted, results-driven legal consultancy in the Czech market. Clients value RUE’s ability to translate complex regulations into practical business strategies, ensuring that every project is completed with precision, transparency and care.

In addition to VASP licensing, RUE’s Czech branch plays an active role in helping clients prepare for the Markets in Crypto-Assets Regulation (MiCA). As one of the first EU consultancies to develop a MiCA readiness programme, the Prague team now assists VASP-registered companies in updating their governance frameworks, internal reporting systems and capital adequacy models to meet upcoming EU-wide requirements.

The Czech Republic’s central location, reliable legal system and robust banking infrastructure make it a vital link in RUE’s European network. Establishing the Prague office has strengthened the firm’s physical presence across the EU and reinforced its long-term commitment to providing clients with high-quality, localised, compliant crypto licensing solutions.

Today, RUE’s Czech team continues to support international clients who view the country as a strategic gateway to the EU market, offering operational efficiency and full regulatory compliance. Thanks to its professionalism, integrity and continuous innovation, Regulated United Europe has established itself as one of the leading crypto legal consultancies in Central Europe, helping to transform the region into a hub for trusted digital finance.

Malta – Trusted Partnerships and Proven Success in Crypto Regulation

While Regulated United Europe (RUE) established full legal entities in Estonia, Lithuania, Poland and the Czech Republic, its approach to Malta was different yet equally effective. Recognising Malta’s reputation as the ‘Blockchain Island’ and as one of the earliest adopters of comprehensive crypto legislation, RUE identified an opportunity to help its clients enter one of Europe’s most prestigious regulated environments for virtual assets.

RUE opted to collaborate with a robust network of Maltese legal partners, including licensed advocates and compliance specialists with extensive experience before the Malta Financial Services Authority (MFSA), rather than forming a separate company locally. This structure enables RUE to provide the same level of precision and support as in-house operations, while offering flexibility for clients whose projects require a combination of EU and offshore legal coordination. RUE also has its own office space and local legal and accounting team in Malta, supporting clients in setting up crypto projects and obtaining the necessary VASP licences.

Malta was one of the first countries in Europe to create a dedicated legal framework for virtual financial assets (VFA) under the Virtual Financial Assets Act (2018). Unlike many jurisdictions that operate under general AML laws, Malta has implemented a comprehensive licensing structure supervised by the MFSA that classifies crypto services into clear categories: exchange operations, wallet providers, portfolio management and advisory activities.

From the outset, RUE’s compliance and legal departments collaborated closely with Maltese experts to develop thorough licensing pathways for their clients. This often involved several stages, including preparing a VFA business plan, providing fit-and-proper documentation, appointing a VFA agent and establishing detailed internal control procedures to satisfy the MFSA’s high expectations.

Thanks to its collaboration with Maltese partners, RUE has completed numerous successful projects, each of which has been tailored to the client’s size, structure and long-term goals.

One such project involved a Swiss blockchain start-up that developed a tokenised payment infrastructure for e-commerce platforms. The founders initially considered licensing options in Lithuania, but ultimately opted for Malta due to its robust institutional reputation and access to European investment networks. RUE coordinated the entire licensing process, preparing the VFA documentation package, liaising with the appointed Maltese VFA agent and ensuring that the project’s token structure aligned with MFSA classification requirements. After several months of transparent regulatory dialogue, the licence was granted, enabling the client to launch operations within the EU with one of the most respected crypto licences.

Another success story came from a Nordic fintech company that provides digital asset custody solutions for institutional investors. The firm sought to build trust among traditional financial institutions and therefore selected Malta due to its rigorous due diligence process. In cooperation with its Maltese partners, RUE’s legal team helped design the company’s safekeeping and segregation policy, AML/CFT framework, and IT governance documentation, all of which were aligned with the VFA Rulebook. The company’s authorisation was one of the first successful foreign-led applications of its kind under Malta’s new regime.

RUE also played a key advisory role in helping a Middle Eastern investment consortium to expand its tokenised asset management operations into the EU. The group needed to ensure full compliance with Maltese and home-country AML standards. RUE’s team prepared a cross-jurisdictional compliance roadmap, verified the suitability of key personnel, and ensured that all necessary declarations were filed with the MFSA and the Financial Intelligence Analysis Unit (FIAU). Licence approval opened the door for the consortium to conduct regulated investment operations across Europe.

Every Maltese project supported by RUE demonstrates the company’s dedication to professionalism, discretion, and accuracy. Although Malta’s framework is known for its complexity, RUE’s involvement simplifies the process for clients, ensuring that applications are accepted and fully optimised for long-term compliance under both the VFA and MiCA frameworks.

Thanks to these achievements, RUE is now recognised as one of the few EU consultancies capable of guiding clients through the Maltese crypto regulatory process with confidence and clarity, despite not having a formal corporate presence in Malta.

RUE’s internal and external Maltese legal teams continue to assist both new and existing clients with:

• VFA license applications and renewals
• Compliance policy drafting and AML/CFT alignment
• VFA Agent coordination and communication with the MFSA
• Transition planning toward MiCA authorization

Malta remains a flagship jurisdiction for institutional-grade crypto licensing, valued for its transparency, investor protection, and international credibility. Through strong local partnerships and a record of tangible success, Regulated United Europe continues to help businesses enter the Maltese market  –  setting a new standard for quality, collaboration, and trust in European crypto regulation.

Spain – Expanding Expertise into Southern Europe’s Growing Crypto Market

Having established a strong presence in Central and Northern Europe, Regulated United Europe (RUE) shifted its focus to Southern Europe — a region undergoing rapid digital transformation and demonstrating a growing demand for crypto regulation and innovation. Spain stood out among the EU countries leading this shift as one of the most promising and dynamic destinations for crypto-related business.

Over the past few years, Spain has made significant progress in establishing a transparent and secure regulatory framework for virtual asset service providers (VASPs), overseen by the Banco de España (Bank of Spain). The Spanish regulatory model emphasises AML/CTF compliance, management integrity, and financial transparency, aligning closely with the EU’s broader strategy for digital finance and the upcoming Markets in Crypto-Assets Regulation (MiCA).

Recognising this opportunity, RUE has strategically expanded its operations into Spain by forming strong partnerships with local legal experts, AML consultants and financial compliance advisors in Madrid and Barcelona. RUE established a dedicated Spanish division within its European network, ensuring clients receive specialised guidance from both its EU regulatory team and experienced local professionals familiar with Banco de España procedures, rather than opening a full corporate entity.

This hybrid model proved extremely effective. Through coordinated collaboration between RUE’s pan-European experts and its Spanish legal partners, the firm began offering end-to-end assistance for crypto registration, including:

• Preparation of all AML/CFT policies and risk assessments required by Banco de España.
• Legal verification of directors’ and shareholders’ suitability.
• Company formation and fiscal structuring under Spanish law.
• Representation and communication with national regulators.

In a short space of time, RUE has achieved several notable successes with clients in Spain, helping both European and international companies to establish a regulated foothold in the Iberian market.

One example is a Portuguese fintech group that wanted to expand its services into Spain and provide cross-border crypto payment solutions. Having previously operated under e-money regulations, the group now required a separate VASP registration to manage virtual assets. RUE’s Spanish legal team conducted a thorough review of the necessary documentation, aligned the client’s AML systems with Spanish requirements and successfully filed the VASP registration with Banco de España. This authorisation enabled the client to offer crypto exchange and wallet services across Spain in full compliance with regulations.

Another success story involved a Latin American blockchain start-up entering the EU market for the first time. The main challenges they faced were navigating the differences between local and European AML standards and securing a local fiscal representative. RUE handled every aspect of the process, from company incorporation in Madrid to coordinating with Spanish banking partners. Following thorough correspondence with the relevant authorities, the company’s registration was approved, enabling it to legally provide crypto-fiat transaction services to European clients.

RUE also supported a French DeFi project that relocated some of its operations to Spain, in order to benefit from the country’s innovation-friendly ecosystem and strong international connections. The project focused on decentralised lending, requiring a careful review of risk policies and client verification mechanisms. Together with local Spanish lawyers, RUE’s experts developed an AML policy that balanced decentralisation principles with regulatory expectations, resulting in a successful VASP registration under Banco de España supervision.

Success stories like this highlight how RUE’s flexible, partnership-based approach enables companies from around the world to navigate Spain’s regulatory landscape with confidence and efficiency.

In addition to licensing support, RUE’s Spanish network provides post-registration assistance, including periodic compliance reviews, MiCA readiness audits and corporate tax advice, helping clients to maintain their regulatory standing long after approval.

As the MiCA Regulation comes into full force, Spain is expected to become a key jurisdiction for pan-European crypto businesses, particularly those looking to establish operations in a large, innovation-driven economy with close ties to Latin America.

RUE continues to play a vital role in this transformation, offering expert legal guidance, personalised compliance strategies and local coordination to ensure the long-term success of each client.

Through its collaborative presence in Spain, Regulated United Europe once again demonstrates its commitment to simplifying, clarifying and making accessible complex regulation, setting the standard for crypto licensing and compliance excellence across the European Union.

Bulgaria  –  Emerging Opportunities in Europe’s Fast-Growing Crypto Market

As Regulated United Europe (RUE) continued to expand across the European Union, Bulgaria emerged as one of the most promising destinations for crypto and fintech development. The country offers affordability, access to EU markets and an increasingly open regulatory environment for Virtual Asset Service Providers (VASPs).

Bulgaria has been quietly building its reputation as an attractive jurisdiction for digital finance. While it has not yet introduced a dedicated VASP law, Bulgaria regulates crypto activities under the European Union’s Anti-Money Laundering Directive (AMLD5). This is implemented through the Measures Against Money Laundering Act (MAMLA) and is overseen by the National Revenue Agency (NRA). This framework provides a clear legal pathway for companies to register and operate crypto-related services, preparing them for the forthcoming Markets in Crypto-Assets Regulation (MiCA) harmonisation across the EU.

Recognising Bulgaria’s potential early on, RUE’s leadership identified it as a valuable addition to the firm’s European network. The country offers a combination of low operational costs, a progressive fintech mindset and straightforward registration procedures — all of which are key factors for start-ups and investors looking for efficient market entry within the European Union. RUE has established a partnership with a group of Bulgarian legal and compliance professionals, including experienced AML officers, tax consultants and business advisors, who have become the company’s local partners and internal representatives. Together, they have created a robust support structure for clients seeking crypto registration, company formation and accounting services in Bulgaria.

RUE’s Bulgarian operations soon became an important hub for international entrepreneurs, especially those looking for an alternative to more heavily regulated jurisdictions such as Estonia and Poland. Through its hands-on, collaborative model, RUE provides clients with full assistance in:

• Company registration and compliance setup under the NRA framework.
• Drafting AML/CFT policies in line with Bulgarian and EU standards.
• Appointing qualified compliance officers and ensuring proper governance.
• Preparing for MiCA transition and risk-based supervision.

In its first year of operation in Bulgaria, RUE successfully supported multiple projects, each reflecting the unique profile and business ambitions of its client.

One such project involved a Central European fintech start-up that wanted to develop a platform for crypto-fiat transactions aimed at freelancers and small businesses. The founders were looking for a jurisdiction that permitted rapid company formation, low taxation and legal stability. RUE’s local Bulgarian partners handled the entire registration process, prepared the AML documentation and liaised with the NRA. The company began operations within a month, proving that Bulgaria can offer efficiency and credibility to smaller fintech projects.

Another client — a Middle Eastern blockchain analytics company — chose Bulgaria to establish a European presence due to its affordable operating costs and access to qualified local developers. The company’s challenge lay in meeting AML verification standards for high-risk clients and transactions. RUE’s Bulgarian compliance team designed a customised monitoring system integrated with blockchain tracing tools which satisfied the regulator’s expectations and strengthened the client’s ongoing compliance framework.

A third case involved a Western European investment group that was expanding its digital asset custody services. Bulgaria’s favourable business environment, competitive tax rates and strategic location within the EU made it an appealing option. RUE helped design the company’s governance structure, drafted AML procedures and ensured full reporting readiness. The group’s registration was approved promptly, enabling it to operate legally within the EU market while preparing for MiCA authorisation.

These cases demonstrate RUE’s ability to adapt its approach to different business models while ensuring full regulatory compliance and operational success. Although the Bulgarian jurisdiction is less well-known than others, it offers a powerful combination of flexibility, cost-effectiveness and EU legal certainty — a combination that RUE has successfully leveraged for its clients.

RUE continues to expand its partnerships in Bulgaria, providing ongoing accounting, taxation and AML consultancy support to both start-ups and established firms. The firm also assists clients in preparing for the MiCA licensing process, which is expected to standardise and expand opportunities within the Bulgarian crypto sector.

Through local collaboration, global insight and an unwavering commitment to precision, Regulated United Europe has established itself as a reliable partner for crypto entrepreneurs looking to establish and develop their businesses in Bulgaria, one of Europe’s most promising and rapidly growing crypto destinations.

A Pan-European Journey Toward Regulatory Excellence

Thanks to its structured, hands-on approach and commitment to quality, Regulated United Europe (RUE) has evolved from a single-office consultancy into one of the most recognised legal and compliance networks in the European Union. Starting in Estonia and expanding through Lithuania, Poland and the Czech Republic, as well as into other jurisdictions such as Malta, Spain, Bulgaria and Cyprus, RUE has built a reputation based on professionalism, precision and results.

Each expansion was a deliberate, strategic move, driven by an in-depth understanding of local legal systems, client demand and the ever-changing nature of crypto regulation in Europe. By combining local expertise with centralised EU-level coordination, RUE has successfully guided clients of all sizes — from early-stage start-ups to established financial groups — through the process of obtaining VASP registrations and authorisations in multiple EU jurisdictions.

This pan-European presence enables RUE to offer more than just regulatory approvals, providing a trusted pathway for crypto and fintech companies to enter the European market with legal certainty, operational readiness and long-term compliance stability.

Over the years, RUE has worked with clients from more than 30 countries, helping them to navigate complex regulatory landscapes, adapt to new compliance obligations and align their internal systems with EU standards. Every successful licensing case has strengthened RUE’s reputation as a reliable and forward-thinking partner for businesses operating in one of the world’s most regulated financial environments. As the European Union prepares to implement the Markets in Crypto-Assets Regulation (MiCA), replacing fragmented national frameworks with a single, unified EU licensing system, RUE is leading the transition. From 2024 to 2025, the firm’s legal and compliance teams will be assisting existing and new clients with MiCA authorisation applications, readiness assessments and documentation development in accordance with European Securities and Markets Authority (ESMA) guidelines.

RUE’s next chapter is dedicated to helping companies transition from traditional VASP registration to full MiCA licensing, thereby ensuring their continued success under the EU’s most comprehensive crypto regulation to date. A separate article will soon be published on the RUE website offering a detailed overview of the MiCA licensing process, its benefits and how RUE’s experience across all major EU jurisdictions positions the firm as one of the most capable and trusted partners for regulatory compliance in Europe’s digital finance sector.

Throughout this ongoing process, Regulated United Europe remains committed to the values of excellence, transparency and unwavering dedication to helping clients succeed within the evolving framework of European law.