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
|
🇱🇺 Luxembourg
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 granted by the Commission de Surveillance du Secteur Financier (CSSF) |
| Regulator | Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) | Commission de Surveillance du Secteur Financier (CSSF) |
| Capital requirement | Estonia capital requirement is included in the £349 pass. | Luxembourg capital requirement is included in the £349 pass. |
| Timeline to authorisation | Estonia timeline to authorisation is included in the £349 pass. | Luxembourg timeline to authorisation is included in the £349 pass. |
| Local substance | Estonia local substance is included in the £349 pass. | Luxembourg local substance is included in the £349 pass. |
| Application cost | Estonia application cost is included in the £349 pass. | Luxembourg application cost is included in the £349 pass. |
| Ongoing cost | Estonia ongoing cost is included in the £349 pass. | Luxembourg ongoing cost is included in the £349 pass. |
| Passporting | Estonia passporting is included in the £349 pass. | Luxembourg passporting is included in the £349 pass. |
| MiCA CASPs approved | Estonia mica casps approved is included in the £349 pass. | Luxembourg mica casps approved is included in the £349 pass. |
| Key restrictions | Estonia key restrictions is included in the £349 pass. | Luxembourg 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. | Rapid growth in H1 2026: as of 30 June 2026, 11 active CASPs including B2C2 Europe, Banking Circle, Bitstamp Europe, Bridge Building, Clearstream Banking, Coinbase Luxembourg, Stokr, Standard Chartered Luxembourg, Swissquote Bank Europe, Zodia Custody Europe and BitFlyer; BitFlyer authorised 26 June 2026, Stokr 22 June 2026, Bridge Building 29 June 2026, all just before the transitional deadline expired on 1 July 2026 |
| Difficulty rating | Estonia difficulty rating is included in the £349 pass. | Luxembourg 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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