First look at what the client asks you to complete, not at what the product is called
When assessing licensing, the most useful material is not the "Web3 payment" label in a business plan, but the complete process of a single order: to whom the client gives instructions, whose wallet or account the assets first enter, who can sign or freeze, who quotes the price, and to whom the merchant ultimately has recourse for payment. Merely providing a billing page is not the same type of service as undertaking to convert stablecoins into US dollars and pay the merchant. Even if client assets remain for only a few minutes, they should be included in the business analysis. Client funds should also be marked separately from the company's own liquidity: for the same outbound transfer, using client balances to perform instructions and a company disposing of its own assets may require different analyses.
The crypto-asset side and the fiat-currency side may each be subject to regulation
Taking the EU as an example, Article 59 of MiCA ties admission to crypto-asset services to specific operating entities and authorized services, rather than giving a company a pass of unlimited scope. The European Banking Authority's opinion on the interaction between MiCA and PSD2 also indicates that certain e-money token services may simultaneously involve payment regulation. Therefore, after obtaining crypto-asset service qualifications, it is still necessary to separately verify how fiat currency is collected and paid after conversion; the fiat-currency-side analysis cannot be skipped merely because the wallet does not display a fiat-currency balance.
Two merchant collection solutions have different liability structures
Assume an overseas e-commerce merchant uses the same checkout page. In Solution A, the merchant contracts directly with an institution authorized to provide the relevant services; that institution collects the crypto assets, converts them and settles, and the software company only provides order integration. In Solution B, the software company quotes in its own name, collects the crypto assets and guarantees that the merchant receives a fixed amount in US dollars, and then engages an upstream party to perform. The two appear similar, but the service the client purchases and the entity bearing the risk differ; Solution B cannot be treated as pure technical services merely because the upstream party holds a license.
First form an access checklist, then decide the order of applications
It is advisable to list the service entity, country, qualifications and contracts corresponding to each stage in a table, identify stages not yet covered, and then compare the costs of applying independently and cooperating. Mainland China cannot directly apply the above overseas models; Yinfa [2026] No. 42 imposes restrictions on domestic virtual-currency-related business and on overseas entities unlawfully providing services to domestic parties. The team's location, the clients' location and the source of funds should be reviewed together; an overseas company registration certificate cannot replace a market-access conclusion.
Recommended actions
- Draw a flow chart of assets, instructions and liability for one normal payment and one refund.
- Verify the exact names, status and scope of services of each cooperating entity against public regulatory registers.
- For the first batch of client countries, form a list of "permitted, permitted with conditions, and not currently open".
Information note: This article provides general information only and does not replace legal advice based on specific facts.
Reference basis
- MiCA Article 59 — Authorisation — ESMA
- The EBA advises national authorities on actions at the end of the PSD2/MiCA No-Action Letter transition — EBA
- Notice on Further Preventing and Addressing Risks Associated with Virtual Currencies and Related Matters — Issued by eight departments including the People's Bank of China; published on the official website of the China Securities Regulatory Commission
- MiCA Article 70 — Safekeeping and related payment services — ESMA
