Pin and benchmark
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.
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| Dimension |
Pinned 🇩🇰 Denmark partly open Verified 2026-07-03
|
🇪🇪 Estonia
partly open
Verified 2026-07-03
|
|---|---|---|
| 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 locked. Unlock with the £349 pass. | Estonia capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Denmark timeline to authorisation is locked. Unlock with the £349 pass. | Estonia timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Denmark local substance is locked. Unlock with the £349 pass. | Estonia local substance is locked. Unlock with the £349 pass. |
| Application cost | Denmark application cost is locked. Unlock with the £349 pass. | Estonia application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Denmark ongoing cost is locked. Unlock with the £349 pass. | Estonia ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Denmark passporting is locked. Unlock with the £349 pass. | Estonia passporting is locked. Unlock with the £349 pass. |
| EMIs authorised | Denmark emis authorised is locked. Unlock with the £349 pass. | Estonia emis authorised is locked. Unlock with the £349 pass. |
| Key restrictions | Denmark key restrictions is locked. Unlock with the £349 pass. | Estonia key restrictions is locked. Unlock with the £349 pass. |
| Safeguarding | Denmark safeguarding is locked. Unlock with the £349 pass. | Estonia safeguarding is locked. Unlock with the £349 pass. |
| Recent changes | PSD3 and the PSR will merge the payment institution and EMI regimes into one licence that can issue e-money. Final texts published 23 April 2026, applicability targeted around 2028; existing EMIs are grandfathered but must update their file. | PSD3 and the PSR will merge the payment institution and EMI regimes into one licence that can issue e-money. Final texts published 23 April 2026, applicability targeted around 2028; existing EMIs are grandfathered but must update their file. |
| Difficulty rating | Denmark difficulty rating is locked. Unlock with the £349 pass. | Estonia difficulty rating is locked. Unlock with 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.