How to obtain a crypto license in Estonia in 2026: MiCA CASP authorisation by Finantsinspektsioon

Pavel Kos

13.11.2025 | 6 min read

Updated: 14.10.2026

Entrepreneurs from Europe, Asia and the CIS most often ask about three things: how much capital is needed, how to apply to Finantsinspektsioon and how long the review takes. Below are the answers based on the text of MiCA and on the regulator's own materials.

Why Estonia for a crypto license in 2026?

A crypto license in Estonia in 2026 is a CASP authorisation under MiCA, granted by Finantsinspektsioon. Below we look at what it gives and how it differs from the former national license. For comparison, you can see how cryptocurrency regulation works in Slovakia.

What has changed for crypto businesses in Estonia

A CASP (crypto-asset service provider) authorisation gives the right to provide crypto-asset services in Estonia and, after a notification under Art. 65 MiCA, in other EU countries as well. We have described how cryptocurrency operations are licensed outside the EU using Barbados as an example.

You can check whether a company holds a valid authorisation in the Finantsinspektsioon register of market participants.

What a CASP authorisation in Estonia gives

• Uniform EU rules: MiCA is a regulation, so the core requirements for a CASP are the same in all EU countries.
• Operating in other EU countries: the notification is filed through Finantsinspektsioon, and no separate license is needed in each country.
• A quick start abroad: services may begin once the authority of that country has received the notification, and at the latest 15 calendar days after the information was submitted.
• No fee for the notification: Finantsinspektsioon charges nothing for a notification of cross-border services.
• Clear time limits: completeness is checked within 25 working days, and a complete application is assessed within 40 working days.

How to obtain a crypto license in Estonia

Obtaining a crypto license in Estonia means preparing the company, assembling the package under Art. 62 MiCA, applying to Finantsinspektsioon and going through the review. Below are the steps in the order an applicant takes them. This way you will see in advance where delays usually arise.

Preparation and planning

First decide which crypto-asset services the company will provide. The capital class, the set of policies and the scope of the application depend on this.

• List of services: MiCA names ten crypto-asset services, from custody of crypto-assets to operating a trading platform.
• Capital class: Annex IV to MiCA divides CASPs into three classes according to their services.
• Programme of operations:
  • Services and how they will be marketed.
  • Prudential safeguards under Art. 67 MiCA.
  • Internal control, AML/CFT measures and a business continuity plan.
  • ICT technical documentation and security measures.

Company registration in Estonia

1. Decide on the services and the capital class.
2. Register a company with its office in Estonia.
3. Put in place prudential safeguards under Art. 67 MiCA.
4. Prepare the programme of operations and the policies.
5. Submit the application through the Finantsinspektsioon portal.
6. Answer the regulator's questions and await the decision.

Application language and portal

• Portal: since 18 March 2026, applications for CASP authorisation are submitted through the Finantsinspektsioon application portal.
• Language: the application is submitted in Estonian; if some documents are in English, the application must say so clearly.
• Form: the application form and the information required are set by ESMA technical standards.
• Managers: their details are submitted in a separate Finantsinspektsioon form for the fit and proper assessment.

Internal company policies and procedures

• Internal control: rules, risk management and AML/CFT procedures.
• Continuity: a business continuity plan.
• ICT: technical documentation of systems and security measures with a plain-language description.
• Client assets: the procedure for segregating clients' crypto-assets and funds.
• Complaints: a procedure for handling client complaints.
• Wind-down: an orderly wind-down plan, which Finantsinspektsioon has required from new applicants since March 2026.

Preparing documents for the application

The content of the application is set by Art. 62(2) MiCA. The main items:

• The applicant's name, LEI, website, contact details and address.
• Legal form and articles of association.
• Programme of operations: the services and how they will be marketed.
• Proof of prudential safeguards under Art. 67.
• Description of the governance arrangements.
• Proof of the repute and competence of the members of the management body.
• Information on qualifying shareholders and their repute.
• KYC and AML policies, internal control and a business continuity plan.
• ICT documentation and the procedure for segregating client assets.
• Complaints-handling procedure and service-specific policies.

Submitting the application to the Estonian Financial Inspectorate

• The application is submitted to Finantsinspektsioon, the supervisor of the crypto-asset market under KrüTS.
• The processing fee for a CASP authorisation application is EUR 3,000. The applicant pays it separately; it is not part of COREDO's fee.
• Finantsinspektsioon checks whether the application is complete within 25 working days.
• Compliance of a complete application with MiCA and KrüTS is assessed within 40 working days.
• This time limit may be paused for up to 20 working days.

Application review and decision

• Finantsinspektsioon assesses whether the applicant meets the requirements of MiCA and KrüTS:
  • Prudential safeguards under Art. 67 MiCA.
  • Governance arrangements, corporate structure and internal control.
  • Repute and competence of the members of the management body.
  • Repute of qualifying shareholders.
  • AML/CFT policies, ICT security and segregation of client assets.
• Business reputation checks and qualification reviews of managers are carried out using the Finantsinspektsioon form.
• The outcome is a decision to grant authorisation under Art. 63 MiCA or to refuse it.

Finantsinspektsioon enters authorised companies in its register of market participants. The status of any crypto-asset service provider can be checked there as well.

Obtaining licensing and compliance support

• After a positive decision the company operates as a CASP under the supervision of Finantsinspektsioon.
• An authorised CASP remains an obliged entity under the Money Laundering and Terrorist Financing Prevention Act.
• Obligations after authorisation:
  • Maintain prudential safeguards at least at the level of Art. 67 MiCA at all times.
  • Review the calculation of one quarter of fixed overheads every year.
  • Comply with the policies submitted with the application.
  • File a notification through Finantsinspektsioon before operating in another EU country.
  • Follow the guidance of Finantsinspektsioon and ESMA.

Requirements for a crypto license in Estonia

The requirements for a crypto license in Estonia cover capital, management, AML/CFT and internal control. MiCA sets the basis, while KrüTS determines the supervisory authority and how to deal with it. Let us start with the financial conditions.

Financial requirements

• Class 1 — EUR 50,000: execution of orders, placing, transfer services, reception and transmission of orders, advice, portfolio management.
• Class 2 — EUR 125,000: class 1 services plus custody and administration, exchange for funds and for other crypto-assets.
• Class 3 — EUR 150,000: class 2 services and operation of a trading platform.
• If one quarter of the previous year's fixed overheads is higher, the safeguards must be at least that amount (Art. 67(1) MiCA).
• The former national minimum capital for providers of virtual currency services does not apply to a CASP application.

Requirements for management and company structure

• Registered office in Estonia: only then is the application filed with Finantsinspektsioon.
• Place of effective management in the EU, and at least one director resident in the EU.
• Members of the management body must prove good repute and competence.
• For qualifying shareholders, information on their holdings and proof of their repute are submitted.
• Managers' details are submitted in the Finantsinspektsioon fit and proper form.

AML/CTF and KYC: compliance requirements

• An authorised CASP is an obliged entity under the Money Laundering and Terrorist Financing Prevention Act.
• Suspicious transactions are reported to the Financial Intelligence Unit (FIU).
• Internal control and AML/CFT risk management policies are submitted with the application.
• KYC procedures, that is client identification and checks of the source of funds, are part of these policies.

Internal control and security requirements

• ICT: technical documentation of systems and security measures.
• Client assets: the procedure for segregating clients' crypto-assets and funds.
• Continuity: a business continuity plan.
• Wind-down: an orderly wind-down plan.
• Custody: a custody and administration policy if the company holds clients' crypto-assets.

MiCA requirements: what has applied since 30 December 2024

MiCA is Regulation (EU) 2023/1114, which has applied since 30 December 2024. It introduces uniform EU rules for crypto-asset services. National licenses remained valid only during the transitional period.

MiCA: what it is and why it's needed

• Date of application: the Regulation has applied since 30 December 2024 (Art. 149(2) MiCA).
• A CASP is a legal person or other undertaking whose business is providing one or more crypto-asset services.
• In the EU, crypto-asset services may be provided by a CASP authorised under Art. 63 MiCA or by a financial entity under Art. 60 MiCA.
• In Estonia, MiCA is supplemented by KrüTS, and supervision is carried out by Finantsinspektsioon.

Which crypto-asset services MiCA covers

• Custody and administration of crypto-assets on behalf of clients.
• Operation of a trading platform for crypto-assets.
• Exchange of crypto-assets for funds and for other crypto-assets.
• Execution, reception and transmission of client orders, placing of crypto-assets.
• Advice, portfolio management and transfer services for crypto-assets.

Challenges and Risks in Obtaining a Crypto License

Obtaining a crypto license is an important step for the legal launch of a digital-asset business. On this path, entrepreneurs face typical difficulties. The first concerns preparing the company and can noticeably delay market entry.

Issues with Company Registration

• Bank account: banks and payment institutions run their own checks on crypto companies. Solution: prepare for the bank the same documents on structure and sources of funds as for the regulator.
• Office and management: a registered office in Estonia and a place of effective management in the EU are mandatory. Solution: decide in advance where and by whom management decisions are taken.
• Ownership structure: qualifying shareholders must prove their repute. Solution: collect documents on the ownership structure before applying.

Interaction with the regulator: issues

• Incomplete application: the substantive assessment runs only on a complete application. Solution: check the package against Art. 62(2) MiCA before submitting.
• Language: the application is filed in Estonian, and English documents must be stated clearly. Solution: decide in advance which documents to translate.
• Changing requirements: the regulator updates the filing procedure, as with the portal and the wind-down plan in 2026. Solution: check the Finantsinspektsioon page before filing.

Challenges in complying with AML/CTF requirements

• Difficulty identifying clients: sufficient information must be collected for verification. Solution: use specialized KYC platforms.
• False positives in monitoring systems: they have to be reviewed manually. Solution: adjust threshold values and monitoring rules.
• Documenting decisions: all decisions regarding suspicious transactions must be documented. Solution: implement specialized compliance management software.

How to minimize risks and accelerate the process

Reducing risks starts with choosing a reliable consulting partner. The right choice helps avoid mistakes in the application and pass the review faster.

How to choose a consulting company

• The partner should have experience preparing CASP applications under MiCA in Estonia.
• Check the portfolio of projects and client reviews.
• Ensure the partner provides a full range of services:
  • company registration.
  • preparation of documents for a license.
  • Interaction with the regulator.
  • Legal and accounting support.
  • Compliance support after authorisation.
• Assess the cost of services and timelines.

Document workflow optimization

How to optimize document workflow?

• Prepare all documents in advance, without waiting for a regulator's request.
• Check the package against a checklist based on Art. 62(2) MiCA.
• Decide which documents are filed in Estonian and which in English, flagged in the application.
• Use electronic signatures to speed up the process.
• Maintain a clear document and version control system.

Speed up application review

• Submit a complete set of documents on the first attempt, so as not to lose time on follow-up requests.
• Appoint a person responsible for liaising with the regulator.
• Respond quickly to regulator requests.
• Explain non-standard elements of the business model in the application in advance.
• Run an internal check of the package before submitting.

Long-term compliance strategy

• Implement a continuous compliance monitoring system.
• Conduct internal checks regularly.
• Update policies and procedures when requirements change.
• Train employees on AML/CTF and KYC requirements.
• Keep detailed documentation of all actions and decisions.
• Engage with the regulator on an ongoing basis.

Estonia or other jurisdictions: which to choose

Within the EU the MiCA requirements for a CASP are the same, so the choice between Estonia, Luxembourg and Cyprus depends on the market, the team and the place of effective management. Switzerland is not part of the EU or the EEA, so MiCA does not apply there. The transitional periods in the ESMA list ended no later than 1 July 2026.

Entrepreneur's checklist

Practical steps — your roadmap that will help you not miss a single important stage. The checklist turns preparing the application into a clear sequence of actions. By following these items, you reduce the risk of follow-up requests and refusal.

Start with the first practical steps for preparing your business.

Phase 1: Preparation

• [ ] Determine the crypto-asset services from the MiCA list
• [ ] Determine the capital class under Annex IV
• [ ] Gather information on shareholders and beneficial owners
• [ ] Decide on the place of effective management in the EU
• [ ] Develop the programme of operations
• [ ] Prepare information on the members of the management body

Phase 2: Registration

• [ ] Prepare the founding documents
• [ ] Register a company with its office in Estonia
• [ ] Obtain an LEI
• [ ] Open a corporate account
• [ ] Put in place prudential safeguards under Art. 67 MiCA
• [ ] Prepare a projection of fixed overheads for the first 12 months

Phase 3: Application package

• [ ] Develop KYC and AML policies
• [ ] Develop internal control policies
• [ ] Prepare a business continuity plan and a wind-down plan
• [ ] Prepare documents on the repute of management and shareholders
• [ ] Complete the fit and proper form for managers
• [ ] Prepare the ICT documentation

Next, we move on to the application submission stage.

Phase 4: Application submission

• [ ] Check the package against Art. 62(2) MiCA
• [ ] Flag the documents in English
• [ ] Submit the application through the Finantsinspektsioon portal
• [ ] Pay the EUR 3,000 application processing fee
• [ ] Appoint a person responsible for interacting with the regulator

If you have any questions or would like a personalized consultation, contact COREDO — we are ready to support you at every stage of registration and licensing.