How to Start a Crypto Business: A Simple Guide to Licenses, Registration, and Wallets

Starting a crypto business might sound exciting—and it is. But before launching your exchange, wallet app, or crypto service, there are some important steps you need to take to do things right. That means choosing the right legal setup, getting licensed, and building or buying the right software.

In this guide, we’ll explain how to start your own crypto business, without confusing legal jargon or technical terms. Whether you’re just exploring the idea or already working on your product, this article will give you a clear path forward.

We’ll also look at three popular countries where crypto businesses often get licensed: Canada, Malta, and Switzerland. And finally, we’ll touch on what kind of software you’ll need to store and manage crypto for your users.

Step 1: Know What Kind of Crypto Business You Want

The first thing you need to do is decide what kind of business you’re starting. Not all crypto businesses are the same. Here are some common types:

• A crypto exchange, where users can buy and sell coins like Bitcoin or Ethereum
• A crypto wallet app, where users store their digital money
• A payment service that lets online stores accept crypto
• A trading platform or OTC (over-the-counter) desk
• A company that issues its own token or stablecoin
• A company that offers advice or asset management in crypto

Why does this matter? Because different services have different legal rules, depending on where you operate. For example, running an exchange usually needs a full license, while a non-custodial wallet (where users control their own funds) may not.

Step 2: Pick the Right Country

Crypto rules are not the same everywhere. Some countries are very friendly to crypto startups, while others have more restrictions. It’s important to register your business and apply for licenses in a place that matches your goals.

Here are three good options:

Canada – MSB Registration

In Canada, most crypto companies need to register as a Money Services Business (MSB) with a government agency called FINTRAC. This includes exchanges, trading services, and payment providers.

MSB registration is simple compared to full licenses in other countries. You don’t need to open an office in Canada or hire local staff (though it can help). The key things you need are:

• A legal company (this can be Canadian or foreign)
• A clear business plan
• A compliance officer (someone responsible for following anti-money laundering rules)
• Know-Your-Customer (KYC) and AML policies
• Regular reporting to FINTRAC

Registration usually takes 4–8 weeks. There’s no registration fee, but you may pay for help from legal or compliance experts.

Good for: Global or North American crypto startups looking for a fast and affordable way to operate legally.

Malta – CASP License (EU, MiCA-Ready)

Malta is part of the European Union and has been friendly to crypto companies for years. It now offers a Crypto Asset Service Provider (CASP) license, which follows the new MiCA regulation (Markets in Crypto-Assets). This license will soon allow companies to operate across all EU countries with just one license.

You’ll need a CASP license if you:

• Run a crypto exchange
• Offer custody or wallet services
• Transfer crypto for others
• Give crypto-related advice
• Issue coins or tokens

To apply, you must:

• Set up a Maltese company
• Hire local directors and open a small office
• Write AML policies, IT security policies, and a business plan
• Meet capital requirements (from €50,000 to €150,000, depending on your services)

It usually takes 4–6 months to get a CASP license, and you’ll need ongoing compliance checks after that.

Good for: Companies that want to serve customers across the EU under one license, and are ready for stricter rules and local presence.

Switzerland – SRO Membership

Switzerland is well-known for banking and finance, and it’s also home to many crypto companies. You don’t need a full license to start a crypto business there—but you do need SRO membership.

SRO stands for Self-Regulatory Organization. These are private organizations that make sure members follow Swiss anti-money laundering laws. Getting SRO membership is the main legal step if you’re starting a crypto brokerage, wallet service, or exchange in Switzerland.

To join an SRO membership, you must:

• Register a Swiss company (AG or GmbH)
• Appoint a local director or representative
• Submit a business plan and AML documents
• Set up systems for customer checks and reporting

The process takes 4–5 months. The total cost is usually CHF 15,000 to CHF 30,000, depending on the size and complexity of your business.

Good for: Crypto companies focused on compliance, Europe, or long-term growth in a stable and respected country.

Step 3: Register Your Company

Once you pick your country, you’ll need to set up a company. This can be a limited company, joint-stock company, or another type depending on local rules. You’ll also need to:

• Choose directors and shareholders
• Open a business bank account (or at least apply for one)
• Write your company’s rules (called the articles of association)
• File documents with the local business registry

This step usually takes 2–4 weeks and is required before you can apply for a license.

Step 4: Get Your Compliance in Order

Even if you don’t plan to be a bank, you still need to follow laws that prevent money laundering and fraud. This means having internal rules and systems in place, including:

• KYC checks (Know Your Customer)
• Monitoring transactions for suspicious activity
• Reporting unusual behavior to authorities
• Staff training on compliance
• Appointing someone in charge of all of this (a compliance officer)

Regulators will review your compliance setup when you apply for a license or registration. If it’s weak, your application could be rejected or delayed.

Step 5: Choose Crypto Wallet Software

Crypto wallets are essential to any crypto business. They let users store, send, and receive digital currencies. Depending on your service, you’ll need to decide whether you use custodial or non-custodial wallets.

• Custodial wallets: Your company controls the customer’s private keys. This is common for exchanges and centralized platforms. You must secure the wallets and protect user funds.
• Non-custodial wallets: Users control their own keys. You only provide the software interface. This reduces your risk and compliance burden.

Crypto wallet software should support:

• Multi-signature security
• Cold storage for large amounts
• Hot wallets for fast access
• Role-based access control
• Compliance checks (e.g., blacklisted addresses)

You can build your own wallet solution, use open-source tools, or buy enterprise-ready wallet infrastructure from a provider.

Step 6: Launch and Grow

With your company registered, your license approved, and your software ready, you’re almost there. Before going live, test everything—wallets, onboarding, KYC flows, customer support—and make sure your team is trained and prepared.

Then it’s time to launch. Focus on building trust with users and partners. Be ready to adapt to changing regulations. And most importantly, stay compliant, especially as the crypto world becomes more regulated.

Final Thoughts

Starting a crypto business today means more than having a great idea. You need to operate legally, secure your technology, and earn user trust. Whether you register as an MSB in Canada, apply for a CASP license in Malta, or join an SRO in Switzerland, choosing the right path early will make your journey much smoother.

Crypto is moving fast, and so are the rules. But with the right setup, you’ll be ready to grow safely—and build something that lasts.