先有监管机构，才有公司。我们从这里开始。

Choosing the regulator, scoping the activities, and holding the file from first approval to licence.

Mainland, free zone, financial free zone or offshore — chosen on the business, not the brochure.

Futures, options, perpetuals and CFDs on virtual assets are a separate permission from spot, with their own eligibility and leverage conditions.

Where the Central Bank perimeter begins, and what it takes to sit inside it.

Where the licence sits is one question. What the group pays, and under which regime, is a different one with a different answer.

Registration, the programme behind it, and an MLRO who can actually do the job.

A fund that holds virtual assets is two permissions, not one — the vehicle and the manager — and the investors decide which jurisdiction can carry them.

A reasoned opinion that survives a regulator, a bank and an acquirer reading it.

Structuring across the property regime and the token regime, because an offering has to work under both.

The document chain that holds up every incorporation, run properly the first time.

The step most businesses underestimate, prepared as the credit committee will read it.

Residence for founders and key staff, on the route that actually fits the facts.

What happens after the licence — reporting, audits, filings and the MLRO function.

Exchange freezes, closed accounts and law-enforcement holds, handled through the right forum.