Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A dynamic regulatory context is one of the most striking differences of this cycle. While in general, the legal frameworks in the U.S. and EU are becoming more forgiving for crypto businesses, draconian regulations still affect the market.
As such, it remains challenging for businesses - in particular, early-stage ones - to find proper jurisdiction for incorporation and to support development with the proper legal expertise.
Elena Sadovskaya, Managing Partner at Inteliumlaw, renowned business legal solutions provider in Web3, shares her views on recent developments and major trends in cryptocurrency, blockchain and iGaming regulation.
U.Today: Hey, thanks for coming! Could you please briefly cover what your mission is at Inteliumlaw and the sectors you advise on?
Elena Sadovskaya: My name is Elena, and I’m the Managing Partner at Inteliumlaw. Our core mission here is to make businesses’ lives easier from a legal perspective by providing clear, practical, and tailored solutions that truly support their long-term growth.
Over the years, we’ve been advising clients in crypto and blockchain, IT, marketing, iGaming, and investment sectors, offering bespoke support with international business structuring across different jurisdictions and other legal matters.
Our approach is all about building long-term relationships with clients. For us, it’s not just a one-time advisory but a lasting partnership that leads to tangible outcomes. We truly care about the results we deliver.
What sets us apart is our Big-4 background in international business structuring, combined with strong expertise in crypto, blockchain, and other related industries.
We remain deeply involved in these sectors every day, staying ahead of any changes to ensure our clients receive relevant, business-oriented, and compliant advice. Besides, our team boasts certified blockchain professionals, which helps us speak the same language with these businesses.
U.T.: Let's move to Web3. Which kind of services do you offer to Web3, blockchain, and crypto companies today?
E.S.: Inteliumlaw helps Web3, blockchain, and crypto companies operate in a legally sound, well-structured manner — from the idea stage to fully compliant rollout and beyond. We work with different types of crypto businesses – decentralized projects, exchanges, P2P models, token platforms, and various Web3 products – and always aim to give practical solutions, not just legal theory.
Our support starts with choosing the right structure and jurisdiction, taking into account how the business actually works, where customers are expected to come from, and what regulatory risks may apply.
As soon as clients approve the preferred option, we guide them through licensing under MiCA or a non-EU option and deliver end-to-end implementation of the chosen structure.
Our team prepares the comprehensive legal framework for the client’s project, drafting partnership agreements, terms & conditions, privacy policies, and AML/compliance documents tailored to crypto activities. For clients launching in Europe, we also offer support in reviewing and adapting their white paper to align with the MiCA standards or the rules of other countries while overseeing the white paper notification process.
Separately, Inteliumlaw specializes in designing robust legal structures for decentralized projects and token issuances. For these projects, we handle DAO and foundation incorporations, as well as pre-seed and seed documentation, including SAFTs, token warrants, and other related instruments.
U.T.: In your opinion, what are the biggest global trends in crypto regulation now, and what shifts do you anticipate in 2026?
E.S.: One of the key shifts we see now is the full implementation of MiCA at the national level across member states. As EU countries are still finalizing the adoption of their local laws and regulatory processes, MiCA is expected to fully enter force between late 2025 and early 2026, driving a gradual replacement of existing VASP regimes by CASP-based frameworks.
Globally, more countries that previously had no specific regulation are now moving toward introducing clearer rules for crypto. The “gray zones” gaps are slowly closing. Regulators are no longer ignoring the sector, which naturally leads to more licensing and reporting requirements.
At the same time, we expect a positive shift in the attitude of financial institutions. As regulatory standards become stricter and more unified, banks and EMIs should become more open to working with businesses in digital assets, which will finally end the crypto debanking era and give founders seamless access to traditional finance.
When it comes to the trends, we clearly see:
• Stronger AML and compliance requirements (plus elevated costs for licensing and ongoing compliance for crypto startups in the EU since MiCA became applicable);
• Increased scrutiny of stablecoins, including how they are backed and managed;
• More attention to decentralized projects, especially those that still have elements of central management.
Nevertheless, there are positive developments too. We are seeing a growing integration between blockchain and traditional finance – evidenced by the approval of Bitcoin and Ethereum ETFs, as well as active development of CBDCs – bringing crypto a part of the mainstream financial system rather than a mere alternative to it.
U.T.: Could you please indicate which jurisdiction or region is the best for starting and incorporating a crypto business today, and which emerging hubs look the most promising?
E.S.: Currently, many unregulated or lightly regulated jurisdictions can serve as a good starting point for early-stage crypto projects, especially when the focus is on testing the MVP and operating with more flexibility before relocating to a fully regulated environment.
For founders seeking a compliant launch from day one and choosing among MiCA-regulated countries, I would highlight Lithuania, Bulgaria, and Poland as the most cost-efficient entry points today. Malta is also worth attention due to its mature regulatory ecosystem. Likewise, Cyprus also remains a strong option as one of the key European hubs – especially for groups looking to combine crypto operations with tax-efficient international structuring.
Outside of Europe, El Salvador is cementing its role as a crypto-friendly jurisdiction, while the UAE is currently one of the most promising global hubs for crypto and Web3. The UAE offers a combination of regulatory clarity, strong infrastructure, access to capital, talent, and an ecosystem that actively supports innovation. With the headquarters here in the UAE, Inteliumlaw is uniquely positioned to support clients locally and guide them through the process on the ground.
Depending on the project’s specifics, both the Cayman and Marshall Islands can also be suitable options – particularly for token-based or decentralized projects that need more flexible governance or a foundation-style structure.
Ultimately, the “best” jurisdiction will always depend on each unique business's needs, geographical focus, level of decentralization, and the regulatory route a founder is ready to take.
U.T.: The latest data shows Poland and Canada are the most popular destinations for CASP/VASP/MSB registration. Looking ahead, will they remain the top choices for starting a crypto business in 2026?
E.S.: It’s true: both Poland and Canada have been popular choices, mainly because of their relatively easy setup and accessible registration processes.
Looking ahead, I believe Canada will likely maintain its position, especially for projects targeting markets outside of Europe, given the flexibility and a practical approach to MSB registration it offers.
As for Poland, its popularity may decrease after the full harmonization of EU rules under MiCA. Once the MiCA standards are fully in place, the setup will become more uniform across Europe, and Poland might lose some of its advantages – especially considering its less favorable taxation compared to other EU countries and the controversial Bill 1424.
U.T.: Let's talk about licenses. Which licenses for crypto companies are trending right now? How do you handle this process?
E.S.: Similar to countries best for starting a crypto business mentioned earlier, the most trending jurisdictions for getting a crypto license right now include:
• Lithuania, Bulgaria, Malta, and Cyprus for MiCA-compliant projects,
• El Salvador and the UAE for businesses operating outside of Europe,
• and Canada for the MSB license, which also attracts strong interest among global crypto projects.
For each jurisdiction, we have a well-developed action plan and work side-by-side with our clients to ensure the project is well-positioned from a regulatory perspective. With a hands-on approach, we prepare all necessary documentation, maintain active communication with regulators, and carefully follow their feedback and recommendations throughout the process.
At Inteliumlaw, our main goal is always to deliver successful results, so each client can launch and operate in full compliance with the applicable regulations.
U.T.: In practical terms, what can you say about the EU and the US approach to regulating stablecoins through MiCA and the GENIUS Act, respectively? How would a USD-pegged stablecoin launch differ in the EU and the US from a legal and compliance standpoint?
E.S.: In short, MICA covers all crypto assets, including stablecoins (e-money tokens or asset-referenced tokens), while the GENIUS Act focuses specifically on payment stablecoins.
Under MICA, issuers must have an EU-based entity with EMI or credit institution authorization. In contrast, the GENIUS Act establishes the concept of a so-called “Permitted Payment Stablecoin Issuer,” which can be either a US bank or a licensed non-bank entity. Under both, issued stablecoins must be fully backed – MICA requires reserve in secure, low-risk assets, whereas the GENIUS Act mandates 1:1 backing with cash or short-term US Treasuries held at qualified custodians.
In terms of launching, USD-pegged stablecoins are subject to significant usage restrictions according to MICA (a cap of ~200 million daily transactions within the EU) and must be issued by an EU-based entity with proper authorization and an approved white paper. In the US, the GENIUS Act introduces no such usage restrictions for USD-pegged stablecoins, although the issuer must be a federal- or state-approved PPSI.
Generally speaking, the US stablecoin regulation is clearer and more tailored to payment use cases, while the European approach is broader but more comprehensive, covering the entire crypto assets market.
U.T.: Let's get back to your services. What is the “standard package” you offer to SME in the crypto vertical? For instance, how to start a business properly, considering all regulatory and licensing issues.
E.S.: Our packages are always customized, given that there are no two other businesses alike: every crypto project has its own structure, jurisdictional focus, and goals.
That said, the minimum scope usually starts with an initial consultation to define how the business should be set up from both an operational and regulatory perspective. From there, we move to practical implementation, which can include company incorporation, licensing support, and the full set of legal documents required for compliance, including terms & conditions, AML and privacy policies, and agreements with partners and/or investors.
In short, we can cover the entire legal and regulatory setup – everything from idea to full operation, as well as further ongoing support.
U.T.: How long does it take to incorporate a crypto business with you?
E.S.: It really depends on the jurisdiction and the level of regulation the client chooses.
For simpler offshore setups, incorporation can be completed within a few days or a couple of weeks.
For regulated EU structures – especially those falling under MiCA – the process naturally takes longer regardless of the legal team's expertise, as the documentation package required is more extensive and regulators take additional time to review the application.
Crypto firms looking to enter the European market should expect to wait several months before starting, as it involves licensing, compliance preparation, and communication with regulators.
U.T.: There's no single answer, but what's the most forgiving jurisdiction for crypto businesses in terms of taxation?
E.S.: If we talk about the EU, Cyprus and Bulgaria currently offer the lowest taxes for companies. Malta can also be very attractive due to its tax refund system, which – when structured correctly – can reduce the effective corporate tax rate to around 5%.
Outside the EU, the UAE stands out as one of the most forgiving jurisdictions, with a 9% corporate income tax and 0% personal income tax, which makes it highly beneficial for founders and teams.
El Salvador is also interesting, as cryptocurrency transactions are exempt from capital gains tax under its special rules. Additionally, Costa Rica also offers a favorable environment and is worth attention for its territorial taxation system, where foreign-sourced income is generally not taxed.
U.T.: Let's briefly touch on the iGaming segment. What are the main differences between what you're doing on the crypto scene?
E.S.: iGaming is another key sector for us. Therefore, Inteliumlaw supports iGaming firms at every stage of their lifecycle, mirroring our approach for advising companies in crypto. Starting from selecting the optimal structure to assisting with its implementation, licensing process, and continuing with ongoing legal and regulatory support – our team covers it all.
The main difference lies not in the scope of our services but in the maturity of regulation. iGaming already has a well-established legal framework. In most jurisdictions, it’s more about adapting and improving compliance rather than building regulation from scratch.
In contrast, the crypto industry is still transforming every day, with new rules and interpretations constantly emerging. So while the legal work may look similar, the challenges are different: in iGaming, it’s about maintaining compliance, and in crypto, it’s about keeping up with regulatory pace.
U.T.: Which notable clients did you assist in 2024-2025?
E.S.: Over the past year, we’ve worked on a number of truly unique and complex projects. Among them are decentralized exchanges with social trading features, token-trading terminals, and P2P trading projects. Our team has assisted with the issuance of meme and utility tokens for different crypto projects and supported iGaming platforms in developing their own native tokens.
Separately, Inteliumlaw has been involved in real estate tokenization and building a DeFi platform for collective investment in property assets – both representing very different and promising directions within the blockchain space.
And, of course, we supported clients with VASP licenses and continue to support them with transitioning to CASPs, adapting their business models to meet the evolving MiCA standards. Likewise, Inteliumlaw helped different projects with getting a Canadian MSB and setting up in full compliance in El Salvador and the UAE.
U.T.: To sum up, what's your message to all starting crypto businesses?
E.S.: Crypto project owners and developers should pay more attention to proper business structuring and compliance. Dealing with crypto is no longer outside the regulatory scope, and ignoring this part can seriously affect the project’s future.
Having a qualified and experienced consultant like Inteliumlaw is one of the key pillars of success. It helps avoid costly mistakes, save time, and build a structure that can actually grow and attract investors.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team