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🇪🇪 Estonia

Former crypto-licence hub in freefall: from 641 VASP registrations at its 2021 peak to essentially one MiCA CASP.

Crypto (CASP / VASP) E-money (EMI)
Last verified 2026-08-15 Next review 2026-08-29

Data verified: oldest cell 48 days ago (verified 2026-07-02). Individual cells show their own verification date below.

Capital requirement Capital requirement is included with access. Included with access Timeline to authorisation Timeline to authorisation is included with access. Included with access Application cost Application cost is included with access. Included with access Passporting Passporting is included with access. Included with access

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 4 days agoSource: Finantsinspektsioon - operating licences for payment institutions and e-money institutions: https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions

Regulator

Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority, FSA)

Verified 4 days agoSource: FSA: https://www.fi.ee/en/payment-and-e-money-services/applying-operating-licence-payment-services/operating-licences-payment-institutions-and-e-money-institutions

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.

Verified 4 days agoSource: https://data.consilium.europa.eu/doc/document/ST-8222-2026-INIT/en/pdf ; https://data.consilium.europa.eu/doc/document/ST-8221-2026-INIT/en/pdf ; https://oeil.europarl.europa.eu/oeil/en/procedure-file?reference=2023%2F0209%28COD%29

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Not legal advice. Entries marked placeholder or awaiting verification shouldn't be relied on. Verify with Estonia's regulator and qualified local counsel before acting.