First, clarify the problem you want to solve
What the lawyer needs is not merely the statement "do stablecoin payments," but rather where the payer and the merchant are located, what is collected and what is paid, who controls the wallet, whether balances are retained, whether fixed settlement is promised, and how fees are charged. You can first use a typical order to map out the flows of funds, instructions and contracts, and then list functions that may be added in the future. Without these facts, even a low-threshold licence may be unrelated to the actual business.
If the team does not yet have a complete plan, it can first provide fixed conditions and adjustable conditions. For example, whether the target customers must be retained, whether the team can deploy local personnel, whether customer balances must be held, and whether it is willing to have customers contract directly with counterparties. Setting out these commercial constraints in writing helps rule out plans that are compliant on their face but cannot be operated. Assumptions made in consultations should be confirmed by the team, and if they change later, the assessment should be updated accordingly, rather than treating the views expressed at the initial meeting as long-term general conclusions.
What is being compared is executable paths, not just application materials
Obtaining a licence oneself may require ongoing investment in personnel, systems, capital and reporting; cooperating with a licensed institution requires confirming who provides services to customers, who controls assets and who is responsible for handling exceptions. The EU MiCA provisions on outsourcing responsibility show that cooperation cannot automatically transfer one's own obligations away; the UK FCA requires business plans to take account of target customers and governance arrangements, which also shows that regulatory assessment does not look only at the place of registration. Budgets should include banking and operational conditions, not merely a comparison of application fees.
Hypothetical scenarios: two team objectives require different starting points
Assume Team A only wants to provide order tools to a small number of familiar overseas merchants, while Team B wants to custody assets itself, lock in exchange rates and guarantee fiat settlement. Even if both use the same stablecoin, Team A can prioritise verifying the compliant division of technical responsibilities, whereas Team B needs to focus on assessing licensing, customer funds and liquidity responsibilities. Both models should be judged on the facts, and "not handling funds" or "serving businesses only" must not be treated as automatic exemptions.
First rule out infeasible premises, then determine the sequence of implementation
Where mainland China customers, operations or fund flows are involved, the restrictions such as the 2026 virtual currency risk notice should be checked first, and it must not be assumed that an overseas company can resolve the matter. The preliminary deliverable can be a conditional roadmap: the functions for the first phase, the customers that cannot be taken on, the cooperation required and the matters to be verified, and then an indication of what changes in facts would trigger a reassessment. If there is no reliable basis for fees, timelines and bank acceptance, they should be marked as to be confirmed, and market experience should not be packaged as a regulatory guarantee.
Recommended actions
- Prepare a one-page business description covering typical orders, target customers, sources of funds and the team's location.
- Compare the ongoing conditions and responsibilities of three paths: obtaining a licence oneself, compliant cooperation, and reducing functionality.
- Deliver an actionable checklist specifying assumptions, matters pending local verification, and the basis for the next decision.
This content is for general information only and does not constitute legal advice. Please consult a qualified lawyer about specific matters.
References
- Cryptoassets: What we expect to see in your application for registration — UK FCA
- Article 73 of MiCA: Outsourcing — ESMA / EU legislature
- Notice on Further Preventing and Addressing Risks Associated with Virtual Currency and Related Matters (Yin Fa [2026] No. 42) — Eight departments including the People's Bank of China / official website of the China Securities Regulatory Commission
