licencemap
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Matrix / Estonia

🇪🇪 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 2026-07-02 Next review 2026-07-16

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 🔒

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Application cost 🔒

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Ongoing cost 🔒

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Passporting 🔒

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EMIs authorised 🔒

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Key restrictions 🔒

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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 2026-07-02 Source: EU

Difficulty rating 🔒

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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.