licencemap
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Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.

Crypto (CASP / VASP) E-money (EMI)
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🇪🇪 Estonia partly open
Verified 2026-07-02
 🇱🇻 Latvia partly open
Verified 2026-07-03
Licence type MiCA CASP authorisation; implemented via the Crypto-Assets Market Act (Kruptovarade turu seadus, KrüTS), in force 1 July 2024.
Verified 2026-07-02 Source: Finantsinspektsioon (FI): https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba
MiCA CASP authorisation under Regulation (EU) 2023/1114, administered nationally by Latvijas Banka; specific Latvian implementing statute name not confirmed in this research pass.
Verified 2026-07-02 Source: Chambers: https://chambers.com/articles/latvia-mica-emi-and-payment-institution-licensing-regulatory-framework-for-eea-market-entry-2026
Regulator Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority)
Verified 2026-07-02 Source: Finantsinspektsioon: https://www.fi.ee
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.
Verified 2026-07-02 Source: ffnews.com: https://ffnews.com/newsarticle/cryptocurrency/latvijas-banka-is-issuing-a-licence-to-sia-alpharoute-for-the-provision-of-crypto-asset-services/
Capital requirement Estonia capital requirement is locked. Unlock with the £349 pass. Latvia capital requirement is locked. Unlock with the £349 pass.
Timeline to authorisation Estonia timeline to authorisation is locked. Unlock with the £349 pass. Latvia timeline to authorisation is locked. Unlock with the £349 pass.
Local substance Estonia local substance is locked. Unlock with the £349 pass. Latvia local substance is locked. Unlock with the £349 pass.
Application cost Estonia application cost is locked. Unlock with the £349 pass. Latvia application cost is locked. Unlock with the £349 pass.
Ongoing cost Estonia ongoing cost is locked. Unlock with the £349 pass. Latvia ongoing cost is locked. Unlock with the £349 pass.
Passporting Estonia passporting is locked. Unlock with the £349 pass. Latvia passporting is locked. Unlock with the £349 pass.
MiCA CASPs approved Estonia mica casps approved is locked. Unlock with the £349 pass. Latvia mica casps approved is locked. Unlock with the £349 pass.
Key restrictions Estonia key restrictions is locked. Unlock with the £349 pass. Latvia key restrictions is locked. Unlock with 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.
Verified 2026-07-02 Source: FinTelegram: https://fintelegram.com/mica-day-one-estonia-pulls-the-plug-on-the-old-crypto-licence-era-no-licence-no-eu-clients/
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.
Verified 2026-07-02 Source: ffnews.com: https://ffnews.com/newsarticle/cryptocurrency/latvijas-banka-is-issuing-a-licence-to-sia-alpharoute-for-the-provision-of-crypto-asset-services/; Chambers: https://chambers.com/articles/ecovis-proventuslaw-advises-backpack-on-securing-mica-licence-from-latvijas-banka
Difficulty rating Estonia difficulty rating is locked. Unlock with the £349 pass. Latvia difficulty rating is locked. Unlock with the £349 pass.

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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.