Operating Models
Country pages tell you the regulatory landscape. Operating Models answer the operational question: can this kind of operator run in this jurisdiction?
Each verdict is a structured assessment of one (jurisdiction × operating model) cell. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
Remote VASP serving residents
Foreign-incorporated entity that offers exchange, custody, or transfer services to residents of a jurisdiction without establishing a local entity or office.
On-shore VASP
Locally-incorporated VASP that operates under full local jurisdiction, holding all required licenses and registrations.
Self-custodial wallet / non-custodial software
Publisher of software where users hold their own private keys. The publisher never holds, controls, or has access to user funds.
Crypto-funded debit card
A card program where customer fiat balances are funded from crypto holdings, typically through an off-ramp at point of sale or top-up.
Stablecoin issuer / redeemer
Issues a fiat-pegged stablecoin to the public, operates redemption, and holds reserves backing the float.
Centralized exchange
Order-book exchange that takes custody of user assets and matches trades between users.
DeFi protocol frontend
Operates a web frontend or aggregator that interacts with permissionless smart contracts on behalf of users. May or may not screen users / restrict regions.
Custodial wallet / SaaS
Hosted wallet provider that holds keys on behalf of end users, often white-labeled to businesses (custody as a service).
Crypto ATM / kiosk operator
Physical kiosks that exchange cash for crypto (and sometimes vice versa). High-cash AML risk profile.
How verdicts work
- Structured fields
- Each verdict answers: permitted (yes / no / conditional), local entity required, licensing burden, plus AML obligations, key restrictions, and key risks.
- Evidence-first
- Every verdict cites existing facts by ID, never restates them. Click through to see the primary regulatory source for each claim.
- Curated vs AI-generated
- Curated is reviewed by counsel. AI · Reviewed started AI-generated and was edited. AI · Unreviewed should not be relied on for material decisions.