licencemap
Informational only, not legal advice. Verify with qualified counsel before acting. Full disclaimer

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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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Dimension Pinned
🇪🇪 Estonia partly open
Verified 2026-07-03
 🇩🇪 Germany partly open
Verified 2026-07-03
Licence type 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
Verified 2026-07-02 Source: Riigi Teataja, Payment Institutions and E-money Institutions Act: https://www.riigiteataja.ee/akt/113032019024
E-Geld-Institut under the ZAG.
Verified 2026-07-02 Source: BaFin
Regulator Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority, FSA)
Verified 2026-07-02 Source: FSA: https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions
BaFin, with the Deutsche Bundesbank.
Verified 2026-07-02 Source: BaFin, https://www.bafin.de/DE/Aufsicht/ZahlungsdienstePSD2/ZahlungsdienstePSD2_node.html
Capital requirement Estonia capital requirement is locked. Unlock with the £349 pass. Germany capital requirement is locked. Unlock with the £349 pass.
Timeline to authorisation Estonia timeline to authorisation is locked. Unlock with the £349 pass. Germany timeline to authorisation is locked. Unlock with the £349 pass.
Local substance Estonia local substance is locked. Unlock with the £349 pass. Germany local substance is locked. Unlock with the £349 pass.
Application cost Estonia application cost is locked. Unlock with the £349 pass. Germany application cost is locked. Unlock with the £349 pass.
Ongoing cost Estonia ongoing cost is locked. Unlock with the £349 pass. Germany ongoing cost is locked. Unlock with the £349 pass.
Passporting Estonia passporting is locked. Unlock with the £349 pass. Germany passporting is locked. Unlock with the £349 pass.
EMIs authorised Estonia emis authorised is locked. Unlock with the £349 pass. Germany emis authorised is locked. Unlock with the £349 pass.
Key restrictions Estonia key restrictions is locked. Unlock with the £349 pass. Germany key restrictions is locked. Unlock with the £349 pass.
Safeguarding Estonia safeguarding is locked. Unlock with the £349 pass. Germany 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.
Verified 2026-07-03 Source: EU
PSD3 and PSR merge the payment institution and EMI regimes into one payment institution licence that can issue e-money. Final texts published 23 Apr 2026, OJ expected mid to late 2026, PSR applies about 20 days after publication, PSD3 transposition within 18 months (applicability ~Q2/Q3 2028). Existing EMIs are grandfathered but must update their file.
Verified 2026-07-03 Source: EU
Difficulty rating Estonia difficulty rating is locked. Unlock with the £349 pass. Germany difficulty rating is locked. Unlock with the £349 pass.

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Capital, timeline, costs, substance, passporting, restrictions and difficulty for your pinned jurisdiction and every peer, with the deltas that show where each one wins or loses. One-off Founder Pass (£349) or Pro with change alerts.

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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.