What is a VASP license in SVG?

A VASP license authorizes companies to provide crypto-related services such as exchanges, wallet custody, token issuance, and brokerage in St. Vincent & the Grenadines under the Virtual Assets Business Act (VABA).

Who regulates VASPs in SVG?

VASPs in SVG are regulated by the Financial Services Authority (FSA), which enforces compliance with AML/CFT, cybersecurity, and reporting obligations.

How much does it cost to get a VASP license in SVG?

The total cost of obtaining a VASP license in SVG is typically under USD 30,000, including government fees, statutory deposits, legal documentation, and compliance setup.

What are the AML/CFT requirements for SVG VASPs?

VASPs must implement AML/CFT policies compliant with the Proceeds of Crime Act, AML/CFT Regulations, and the Virtual Assets Business Act, including KYC, transaction monitoring, and reporting to the Financial Intelligence Unit (FIU).

Are cybersecurity policies required for VASPs?

Yes. VASPs must adopt cybersecurity and data protection measures consistent with international standards such as ISO/IEC 27001 or the NIST Cybersecurity Framework, as mandated under the VABA.

How long does the VASP license approval take?

The average processing time for a complete and compliant VASP application in SVG is around 45–60 days, depending on business complexity and FSA review timelines.

Launch a Web3 business in Innovation City (RAK DAO)

How to register a Web3 company in Innovation City (formerly RAK DAO) | Ras Al Khaimah, UAE

Launch your Web3, blockchain, crypto, or AI infrastructure company under UAE’s most progressive digital asset free zone framework with 100% foreign ownership, zero corporate and personal income tax, and streamlined authority filings.

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Licensed Corporate Service Provider

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Presence in more than 50 countries

Advantages

Why founders choose Innovation City Free Zone for Web3 registration

1. Tax-Free Digital Asset Free Zone

Inovation City Free Zone (formerly RAK DAO) operates on the UAE free-zone model with 0% corporate income tax on qualifying income and no personal income tax for shareholders. This allows Web3 founders to reinvest more profit into growth while benefiting from a clear, business-friendly tax environment.

2. 100% Foreign Ownership & Full Repatriation

Founders can own 100% of their Inovation City Free Zone (formerly RAK DAO) company with no local sponsor and enjoy unrestricted repatriation of profits and capital. You keep full control of equity and cash flows while operating from a globally recognized UAE jurisdiction.

3. Future-Proof Digital Asset Ecosystem

Inovation City Free Zone (formerly RAK DAO) is the world’s first free zone built exclusively for digital and virtual assets, with a common-law inspired framework tailored for Web3, blockchain, NFTs, DeFi and AI-driven ventures. This gives projects regulatory clarity and long-term positioning instead of relying on generic offshore company laws.

4. Fast, Founder-Friendly Setup in a Trusted UAE Hub

The free zone is designed for streamlined remote incorporation and licensing, with modern infrastructure and direct access to crypto-friendly banking partners. Combined with the UAE’s global reputation and lower operating costs than Dubai/Abu Dhabi, Inovation City Free Zone (formerly RAK DAO) offers one of the fastest and most credible routes to launch a Web3 company.

Business activities under Innovation City (formerly RAK DAO)

Choosing the right business activity in Inovation City Free Zone (formerly RAK DAO) is key to your Web3 strategy. Each option—whether you’re building an exchange, protocol, or tooling—has different licensing requirements, compliance expectations, and growth opportunities.

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Crypto Exchange Technology

Non-custodial or hybrid exchange engines, matching, and liquidity tech built for compliant digital asset trading.

Blockchain Infrastructure Development

Core blockchain, node, layer-2 or tooling providers powering networks, dApps, and digital-asset ecosystems.

NFT Marketplace Platforms

Marketplaces for minting, listing, and trading NFTs with creator tools and secondary-market fee logic.

DAO Governance Structures

Entities supporting token-based governance, proposals, and treasury management for decentralized communities and protocols.

Crypto Payments & Remittance Rails

Gateways and processors enabling crypto payments, merchant settlement, and cross-border value transfer.

Wallet System Development

Custodial or non-custodial wallets, key-management, and security solutions for individuals, dApps, or institutions.

Have Questions?

Book a complimentary call with our Innovation City setup expert

Choose a convenient time to speak with our team in the UAE and get clear answers on Innovation City (RAK DAO) registration, costs, timelines, and banking options—so you know exactly how to set up your Web3 company in the Digital Assets Oasis.

Process

Step-by-step Innovation City (RAK DAO) registration process

1. Define RAK DAO Activity & Reserve Company Name
(3-5 Days)

We start by mapping your Web3 model to the right Innovation City (RAK DAO) business activity (exchange tech, NFT marketplace, DAO platform, etc.) and reserving a compliant company name. This locks in your slot in the Digital Assets Oasis and sets the scope for licensing and banking.

2. Complete KYC, Sign Incorporation Docs & Facility Lease
(7-10 Days)

Next, we collect shareholder and UBO KYC, prepare incorporation documents, and arrange a RAK DAO flexi-desk or office lease. Once signed, your company is incorporated in Ras Al Khaimah with 100% foreign ownership.

3. Submit License Application to RAK DAO
(7-10 Days)

With the entity in place, we compile and submit your license application to Innovation City (RAK DAO), including business description and supporting documents. The authority reviews your file, may request clarifications, and proceeds to issue your Digital Assets Oasis business license.

4. Banking, Governance & Go-Live
(20-25 Days)

After license issuance, we support corporate bank account opening (UAE / crypto-friendly options), set up governance and compliance routines, and, if needed, plan EMI/PSP integrations. Once these are in place, your Innovation City (RAK DAO) Web3 company is ready to operate and scale.

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Innovation City (RAK DAO) Registration Costs & Licensing Fees

Transparent cost structure for Web3 founders setting up in Innovation City (RAK DAO)

1. Innovation City License & Registration Fees

AED 8,000 - 18,000

2. Flexi-Desk / Office Facility (Mandatory Requirement)

AED 4,000 - 12,000 per year

3. Corporate Bank Account Setup (UAE)

AED 7,500 - 20,000

4. Compliance, Governance & Advisory Support

AED 7,500

Why Consultrio is the right partner for Innovation City (RAK DAO) registration

Founder-tailored entity structuring

Consultrio provides end-to-end Innovation City (RAK DAO) registration, license filing, policies, and banking delivered by one expert team—no vendor fragmentation, no delays.