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

🇪🇪 Estonia

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

Crypto (CASP) E-Money (EMI)
Last verified 2026-07-03 Next review 2026-07-17

Data verified: oldest cell 1 day ago (verified 2026-07-02). Individual cells show their own verification date below.

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

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

Capital requirement 🔒

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Timeline to authorisation 🔒

Unlock timeline to authorisation with the Founder Pass Source: fi.ee

Local substance 🔒

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Application cost 🔒

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Ongoing cost 🔒

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Passporting 🔒

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EMIs authorised 🔒

Unlock emis authorised with the Founder Pass Source: fi.ee

Key restrictions 🔒

Unlock key restrictions with the Founder Pass Source: njordlaw.com

Safeguarding 🔒

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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

Difficulty rating 🔒

Unlock difficulty rating with the Founder Pass Source: fi.ee

The decision numbers for Estonia are one step away

Capital, timeline, costs, substance, passporting, restrictions and difficulty, with sources and verification dates. Deciding now? The one-off Founder Pass (£349) unlocks everything for 30 days. The free showcase jurisdiction shows you the exact format and quality first.

See pricing See the free jurisdiction first

Track Estonia

Get an email when this regime changes, fee schedules, capital rules, transition deadlines.

Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with Estonia's regulator and qualified local counsel before acting.