One table · three strategies
El Salvador vs Armenia vs the US: crypto licensing compared
The short version: El Salvador buys speed and cost-efficiency, Armenia buys central-bank credibility in the CIS region, the US buys market access at maximum price. The table below is the long version.
The comparison
| Criterion | El Salvador | Armenia | United States |
|---|---|---|---|
| Permission type | DASP licence (CNAD registry) | CASP licence (Central Bank) | No single licence: FinCEN MSB registration + state MTLs + BitLicense |
| Regulator | CNAD | Central Bank of Armenia | FinCEN (federal) + state regulators + NYDFS |
| Cost level | Low — gov. fees ≈US $5.5k + ≈$3.65k/yr | Mid — driven by regulatory capital | Very high — bonds and net worth up to US $500k–$2M per state, seven figures nationally |
| Timeline | ≈3–6 months | ≈3–5 months end to end | 4–18+ months per state; years for national coverage |
| Minimum capital | US $2,000 | ≈US $26k–$182k by activity | Varies by state (bond + net worth) |
| Tax | Income, capital gains and VAT exempt for regulated activities | Standard Armenian corporate regime | Full US taxation + 1099-DA broker reporting |
| Banking | Key practical risk — test before filing | Local capital deposit required; workable with preparation | Developed but high-barrier; banks demand full licensing |
| Reputation / market access | Growing — crypto-native jurisdiction | Regional — strong in CIS | Maximum global market access |
| Complexity | Low | Mid | Maximum |
| Best for | Fast start, lean budgets, tax optimisation | CIS-facing OTC/P2P and exchange models | Companies for whom the US market is existential |
Figures are practical orientation points as of mid-2026, not quotes — regimes move fast. Your exact numbers depend on your activity set.
How to read the table
The US is a price, not a default
Maximum market access is real — but it’s bought with years, seven figures and 50 regulators. Pay it only if US clients are existential. The US route
El Salvador is speed and margin
One regulator, nominal capital, tax exemptions. The trade-off is banking work and a younger flag. El Salvador licence
Armenia is regulated credibility
Central-bank supervision and MiCA-style rules, priced in regulatory capital. Strongest where your market is. Armenia CASP licence
Want this tailored?
The table answers “what do they cost.” The report answers “which one is right for you” — your model, your clients, your budget, with a written recommendation. US $200, credited against your engagement.