We tell you where to operate. And what to do first.
The most consequential decision in any regulated operation is choosing the regulator. We map your commercial intent, capital structure, and risk appetite to the right jurisdiction — and the right sequence — before a single filing goes out.
Jurisdictions modelled
50+
Onshore & offshore
Diagnostic memo
7 days
Intake to delivery
Avg jurisdictions per group
2.3
Across our book
No-retainer first call
45 min
With the partner
01 — Engagement fit
Where this service
Where this service
compounds.
We work best with operators who treat this work as part of the product, not as an obstacle. Here is where we deliver — and where we may not be the right call.
Ideal engagement
When we deliver outsized value
Founders entering a regulated market
You're launching a crypto exchange, iGaming platform, or FX brokerage and need to choose where to operate. We model 3—5 viable jurisdictions against your model and recommend a sequence.
Operators planning regional expansion
Already licensed in one regime and adding a second. The choice depends on banking, target market, capital position, and whether the additions should run parallel or in stages.
Boards reviewing a strategic restructure
Existing groups whose current jurisdiction is under regulatory or banking pressure, where the question is whether to migrate, layer, or consolidate.
Look elsewhere
When we may not be the right fit
Operators with the answer pre-decided
Where the question is "help us get licensed in X" and X has already been chosen without due diligence, the advisory engagement adds limited value — we'd rather start at the licensing engagement directly.
Shopping for the cheapest licence
We pick jurisdictions for fit, not headline price. If "lowest cost" is the only criterion, you'll be better served by a high-volume licensing factory.
Pre-product founders without a model
We can help you choose a jurisdiction once the product, target market, and commercial model are concrete. Pure "should we get licensed?" enquiries are better directed to general legal advisors first.
02 — What you receive
Concrete
Concrete
deliverables.
Every engagement is scoped against a defined deliverable set. No "best-efforts" billing — the package is what you get, capped variations agreed in writing.
Jurisdiction matrix
A side-by-side comparison of 3—5 viable regimes for your business model — timeline, capital, year-one cost, substance, banking, market access, and ongoing burden. Honest about trade-offs, including where we are not the strongest choice.
Diagnostic memo
An 8—15 page memo with our recommendation, the reasoning, and the disqualified alternatives. Delivered 7 days after the diagnostic call.
Sequenced roadmap
Where the right answer is more than one jurisdiction (it usually is), a phased plan: which licence first, which second, how to bridge banking and operations between them, and how to manage parallel review.
Capital & substance modelling
A working financial model showing year-one and year-three loaded cost of operating under each candidate regime — capital, regulator fees, substance, audit, compliance, and tax overlay.
Regulator-perspective briefing
Where confidential market intelligence is relevant, we share our current read on each regulator's posture — capacity, throughput, response patterns, current scrutiny themes — informed by our active dossiers.
Direct introduction to engagement
Where we are the right firm to deliver the licensing, the diagnostic credits to the licensing engagement. Where we are not, we say so and refer onward — explicitly, and without bridge-burning.
03 — Engagement cadence
How the work
How the work
actually moves.
A typical engagement runs along the phases below. Where we are joining mid-stream — into an existing application or a live operation — we adapt from the relevant entry point.
Diagnostic call
Day 145-minute partner consultation to map your business model, target markets, and regulatory constraints.
Modelling & analysis
Days 2—5Multi-jurisdiction cost, timeline, and risk modelling against your specific operating and commercial profile.
Memo & matrix delivery
Day 7Written comparison matrix and recommendation memo with full rationale for each option considered.
Decision support
Days 7—21Follow-on advisory to stress-test the recommended path and support the final jurisdiction decision.
"We map your commercial intent, capital structure, and risk appetite to the right regulator — not the loudest one. The choice of jurisdiction defines everything that follows." — — Dmitri Sherle, Founding Partner
04 — Common questions
Before
Before
we start.
The questions we get on every diagnostic call. If yours isn't here, raise it in the consultation.
The first 45-minute partner consultation is free and carries no retainer. A full diagnostic engagement — the matrix, memo, modelling, and decision support — is typically scoped as a fixed-fee package between EUR 6,500 and EUR 18,000 depending on jurisdictional scope and commercial complexity. Where the engagement progresses to a licensing mandate, the diagnostic fee is credited in full against the licensing fee.
Yes — and we do regularly. Our core jurisdictional footprint covers most of the relevant licensing destinations for SEA-facing crypto, iGaming, FX, and EMI operators. Where the right answer is a regime where we don't hold a direct desk (occasionally Liechtenstein, Switzerland, the UK, the US), we say so and refer onward to a firm with the right footprint. We do not push operators into our footprint when it isn't the right call.
A short pre-call brief covering: (1) what activity the operator does — product, asset class, B2B/B2C; (2) target markets — geographic and customer profile; (3) current corporate structure and beneficial ownership; (4) capital position and year-one regulatory budget; (5) any existing licensing, banking, or regulatory status; (6) a realistic timeline to go-live. Most of this comes out of a 30-minute exchange before the formal diagnostic call.
Two ways. First, we operate in approximately 20 of them directly — those are working knowledge updated weekly through live dossiers. Second, the remaining 30+ are covered through a curated network of local counsel and regulatory specialists in each jurisdiction, retained on standing arrangements that include market intelligence in addition to filing capacity. Where we cite a regulator's current posture or timeline, it comes from a live source — not a published guide.
We say so. A small but meaningful fraction of diagnostic engagements end with a recommendation to defer (until product-market fit is clearer, until capital is in place, or until a specific regulatory event has settled) or — occasionally — to operate without a licence in a clearly identified non-regulated capacity. We are not paid more when the answer is "license now"; our incentive is to give the recommendation that holds up over the next five years.
Ready when you are
Tell us where
Tell us where
you want to
operate.
Forty-five minutes with a partner. Jurisdiction memo within seven days. No retainer required to start.
45 min
First call with a partner.
No retainer required.
No retainer required.