Exchanging one fiat currency for another, especially in cash, is regulated as a separate activity in most countries. Depending on the jurisdiction this means a licence from the central bank, entry on a regulator's list or register, or registration as a money services business. We help you choose the regime, prepare the application and set up the AML, cash-handling and IT processes that the regulator will check.
Currency exchange here means buying and selling fiat currencies for clients at an agreed rate with immediate settlement — through exchange offices, exchange houses, kiosks or online with delivery of funds. It is regulated because of the cash involved and the money laundering risk: regulators check owners and managers, the source of capital, client identification and transaction recording.
This is different from FX and CFD brokerage, where clients trade on price movements, often with leverage and without delivery of currency — that requires an investment firm or broker licence (see our Forex and CFD brokerage page). It is also different from exchanging crypto-assets for money: in Kazakhstan, for example, exchange operations with unbacked digital assets require a separate NBK licence, and in the EU crypto exchange falls under MiCA (see our crypto exchange page).
Regimes vary in form. Kazakhstan and the Czech Republic issue a licence; Lithuania keeps a list of currency exchange operators; Poland uses a register; the UAE licenses exchange houses that often combine exchange with remittance; Canada and the US treat currency exchange as a money services activity subject to registration.
The table shows requirements confirmed against official sources as of 15 October 2026; where only secondary sources were available, the regime is described without figures, which are confirmed at the assessment stage.
| Jurisdiction | Regulator | Regime | Key points |
|---|---|---|---|
| Kazakhstan | National Bank of Kazakhstan (NBK) | Licence for exchange operations with foreign currency in cash | Issued under NBK rules on exchange operations; minimum capital, daily cash coverage for each exchange office, opening hours and client identification thresholds are set by NBK regulations and confirmed at assessment |
| Czech Republic | Czech National Bank (CNB) | Currency exchanger licence (Act No. 277/2013 Coll.) | Application filed through the CNB REGIS system; each exchange office must be notified to the CNB at least 3 working days before opening; banks and credit unions may also exchange currency |
| Lithuania | Bank of Lithuania | Entry on the List of Currency Exchange Operators | Fit-and-proper assessment of managers and qualifying holders; description of AML measures; decision within 30 days, extendable by a further 30 days |
| Poland | President of Narodowy Bank Polski, according to available sources | Entry in the register of currency exchange activity | Regulated activity under Article 11 of the Foreign Exchange Law (Prawo dewizowe); detailed requirements confirmed with local counsel |
| UAE (mainland) | CBUAE | Exchange house licence, Category A, B or C | Paid-up capital AED 2m, 5m or 10m (AED 50m for an LLC); bank guarantee of at least the greater of 100% of minimum capital and 5% of average monthly transfers, capped at AED 75m |
| Hong Kong | Customs and Excise Department | Money Service Operator (MSO) licence | Covers money changing and remittance; fit-and-proper test including owners above 25%, competence assessment and interview; licence term 2 years; no minimum capital requirement |
| Singapore | Monetary Authority of Singapore (MAS) | Money-changing licence (Payment Services Act) | No minimum capital requirement; at least one year of relevant experience required; annual licence fee payable |
| Canada | FINTRAC; Revenu Québec in Québec | MSB registration (federal); MSB licence (Québec) | Foreign exchange dealing is a money services activity; FINTRAC registration required before starting operations, renewed every 2 years; in Québec a provincial licence is also required |
| USA | FinCEN; state regulators | MSB registration (Form 107); state requirements | FinCEN registration within 180 days of establishment and renewal every 2 years; whether the model falls within MSB categories and which state rules apply is confirmed at assessment |
| AIFC (Astana) | AFSA | Authorisation: Providing Money Services | Covers currency exchange together with money transmission and payment services; separate from the Kazakhstan national regime; capital under AIFC prudential rules, confirmed with AFSA |
| Kyrgyzstan | National Bank of the Kyrgyz Republic (NBKR) | Licence for exchange operations with cash foreign currency | Minimum working capital (not charter capital) for bureaus opened from 1 June 2026: KGS 5 million in Bishkek and Osh, KGS 3 million in other regions, KGS 1 million for seasonal bureaus; for existing bureaus the requirement rises in stages to 2030. A change of founder needs NBKR consent, beneficial owners are disclosed down to individuals, a compliance officer trained in AML/CFT is required, and a licence may be revoked after 3 months of inactivity |
| Georgia | National Bank of Georgia (NBG) | Registration with the NBG | Exchange bureaus register under NBG rules approved on 28 February 2018; the rules are published in Georgian only, so detailed requirements are confirmed with local counsel at assessment |
Regulatory capital is separate from state and application fees, operating costs and our fees. Our fees are agreed after the project assessment.
We define the services, cash and non-cash flows, currencies and locations, and distinguish exchange from FX trading, remittance and crypto.
We compare jurisdictions by form of permission, capital, premises rules and banking access.
We register the company, structure ownership and help prepare premises and key persons.
We prepare the business plan, financial model, AML framework, internal control and IT description and file the application.
We answer questions and revise documents until the licence, list entry or registration is granted.
We help with premises notifications, bank accounts and software set-up and support reporting and inspections.
Some regimes set review periods: in Lithuania the Bank of Lithuania decides on entry on the list within 30 days, extendable by 30 days; in the Czech Republic each new exchange office must be notified at least 3 working days before opening; a Hong Kong MSO licence is valid for 2 years. Actual timing depends on the completeness of the application, the premises and the regulator's questions.
Licences and registrations for money transfer businesses: EU and UK payment regimes, Canadian and US MSB registration, US state licences, Hong Kong, UAE, Kazakhstan and the AIFC.
Learn moreLicensing for brokers offering forex, CFDs and other leveraged products: execution model, capital class, retail restrictions and offshore options.
Learn moreBuying, selling and exchanging digital assets for clients: exchange services, online exchangers, in-app exchange.
Learn moreRisk assessment, policies, KYC/KYB, sanctions and transaction monitoring, travel rule and inspection readiness for licensed and to-be-licensed financial and crypto businesses.
Learn moreAuthorisation or registration of a payment service provider in the EU, UK, UAE, Singapore, Kazakhstan or the AIFC — from the choice of regime to launch.
Learn moreDescribe your project in a few sentences. We will give you a substantive reply: which questions need answering and where to start.
Discuss your projectNo. A currency exchange operator buys and sells currency for clients with immediate delivery. An FX or CFD broker offers trading on price movements, often with leverage, and needs an investment firm licence. See our Forex and CFD brokerage page.
No. Crypto-to-fiat exchange is regulated under separate regimes, such as the NBK licence for exchange operations with digital assets in Kazakhstan or MiCA in the EU. See our crypto exchange page.
In some countries, yes: UAE exchange houses and Hong Kong MSOs can provide both. In the EU, money remittance is a payment service with its own authorisation, while currency exchange is regulated nationally.
It depends on the country. UAE exchange houses need AED 2m to 10m depending on category, or AED 50m for an LLC, plus a bank guarantee; Hong Kong and Singapore set no minimum capital. In Kazakhstan the amounts are set by NBK regulations and confirmed at assessment.
No. The decision belongs to the regulator, and the decision to open an account belongs to the bank. We prepare the project so that it meets the requirements and can withstand the review.
Tell us about your locations, currencies and planned volumes. We will outline the permission required, the main risks and the next steps; our fees are agreed after this assessment.
We will review the description and give you a substantive reply: which regime may apply and where to start.
Powered by Paralex