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 🇩🇰 Denmark partly open Verified 2026-08-15
|
🇪🇪 Estonia
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Tilladelse som e-pengeinstitut under Lov om betalinger (Payment Services Act, LBK nr 1013 af 21/08/2024), transposing EMD2; a 'begraenset tilladelse til at udstede elektroniske penge' (limited/small e-money licence) exemption tier also exists for smaller-scale issuers | Operating licence (tegevusluba) for e-money institutions under the Payment Institutions and E-money Institutions Act (Makse- ja e-raha asutuste seadus, MERAS), Estonia's EMD2 transposition |
| Regulator | Finanstilsynet (the Danish Financial Supervisory Authority / Danish FSA) | Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority, FSA) |
| Capital requirement | Denmark capital requirement is included in the £349 pass. | Estonia capital requirement is included in the £349 pass. |
| Timeline to authorisation | Denmark timeline to authorisation is included in the £349 pass. | Estonia timeline to authorisation is included in the £349 pass. |
| Local substance | Denmark local substance is included in the £349 pass. | Estonia local substance is included in the £349 pass. |
| Application cost | Denmark application cost is included in the £349 pass. | Estonia application cost is included in the £349 pass. |
| Ongoing cost | Denmark ongoing cost is included in the £349 pass. | Estonia ongoing cost is included in the £349 pass. |
| Passporting | Denmark passporting is included in the £349 pass. | Estonia passporting is included in the £349 pass. |
| EMIs authorised | Denmark emis authorised is included in the £349 pass. | Estonia emis authorised is included in the £349 pass. |
| Key restrictions | Denmark key restrictions is included in the £349 pass. | Estonia key restrictions is included in the £349 pass. |
| Safeguarding | Denmark safeguarding is included in the £349 pass. | Estonia safeguarding is included in the £349 pass. |
| Recent changes | PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension. | PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension. |
| Difficulty rating | Denmark difficulty rating is included in the £349 pass. | Estonia 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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