Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
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| Dimension |
Pinned 🇪🇪 Estonia partly open Verified 2026-08-15
|
🇱🇻 Latvia
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | MiCA CASP authorisation; implemented via the Crypto-Assets Market Act (Kruptovarade turu seadus, KrüTS), in force 1 July 2024. | MiCA CASP authorisation under Regulation (EU) 2023/1114, administered nationally by Latvijas Banka; specific Latvian implementing statute name not confirmed in this research pass. |
| Regulator | Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) | Latvijas Banka (Bank of Latvia) is the lead CASP licensing/supervisory authority; sources note some residual/overlapping role for the FCMC on broader financial-market alignment, not fully reconciled in this pass. |
| Capital requirement | Estonia capital requirement is included in the £349 pass. | Latvia capital requirement is included in the £349 pass. |
| Timeline to authorisation | Estonia timeline to authorisation is included in the £349 pass. | Latvia timeline to authorisation is included in the £349 pass. |
| Local substance | Estonia local substance is included in the £349 pass. | Latvia local substance is included in the £349 pass. |
| Application cost | Estonia application cost is included in the £349 pass. | Latvia application cost is included in the £349 pass. |
| Ongoing cost | Estonia ongoing cost is included in the £349 pass. | Latvia ongoing cost is included in the £349 pass. |
| Passporting | Estonia passporting is included in the £349 pass. | Latvia passporting is included in the £349 pass. |
| MiCA CASPs approved | Estonia mica casps approved is included in the £349 pass. | Latvia mica casps approved is included in the £349 pass. |
| Key restrictions | Estonia key restrictions is included in the £349 pass. | Latvia key restrictions is included in the £349 pass. |
| Recent changes | Estonia's VASP population collapsed from 641 valid licences (mid-2021 peak) to 36 remaining by early 2026; as of recent reporting only one entity (Lightspark Payments Europe AS) had received full MiCA CASP authorisation. From 18 March 2026, CASP applications must go through FI's new application portal. | Latvijas Banka has issued multiple CASP licences during 2025-2026, including to SIA AlphaRoute and Backpack, and reportedly Paybis (May 2026, per one directory source). Latvia offers free pre-licensing consultations and a formal Innovation Hub. |
| Difficulty rating | Estonia difficulty rating is included in the £349 pass. | Latvia difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
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