8International
The largest GCC market, and the one where serving clients without local permission carries the most risk.
Capital Market Authority (CMA)A smaller market that has moved deliberately towards a dedicated virtual-asset framework.
Capital Market Authority (CMA) / FSAThe most restrictive position in the GCC. Assume the answer is no until it is confirmed otherwise.
Capital Markets Authority (CMA)The GCC's earliest mover, with a crypto-asset module inside an established central-bank rulebook.
Central Bank of Bahrain (CBB)The EU route. MiCA authorisation passports across the Union — the only passport in this list.
Cyprus Securities and Exchange Commission (CySEC)A long-established company law with a VASP registration regime layered on top.
BVI Financial Services CommissionThe fund jurisdiction. A VASP regime under a regulator institutional investors already accept.
Cayman Islands Monetary Authority (CIMA)A low-cost VASP regime. Cheap to obtain, and increasingly expensive in banking and counterparty friction.
Financial Services Authority (FSA)