COREDO > Licensing > Cryptocurrency license in Estonia

Cryptocurrency license in Estonia

Cryptocurrency licence in Estonia is an official legal status for companies providing digital asset services, confirming compliance with both EU and national regulatory requirements, including supervision by the Estonian Financial Supervisory Authority (EFSA). It covers crypto exchange, custody and asset management services, as well as ICO-related activities, and ensures operational transparency, strong client trust, and the ability to manage the business remotely within the EU.

Estonia is valued by crypto companies for its streamlined licensing process, advanced digital reporting systems and effective regulatory oversight by EFSA, offering a secure and efficient environment for long-term operations.

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Cost of the service
from 5 000 EUR

Estonia is one of the first jurisdictions within the European Union where crypto companies began to receive relevant licenses. This occurred in 2017.

As of today, Estonia permits mining, ownership and storage of digital currencies, Initial Coin Offerings (ICO), and the purchase, exchange, and sale of cryptocurrencies. Estonia is considered a crypto-friendly country, but the operation of this sector is strictly controlled by the state.

Regulatory Framework

Estonia, as a member state of the European Union, is obliged to comply with European regulations governing the activities of cryptocurrency companies. Key documents in this area include:

The Markets in Crypto-Assets Regulation (MiCA), which establishes uniform requirements for licensing, consumer protection, and control over digital asset operations.
The Digital Operational Resilience Act (DORA), aimed at increasing the cyber resilience of financial institutions, including cryptocurrency companies.

These acts have direct legal force in Estonia and define the main requirements for the activities of crypto-asset service providers.

Control over compliance with legislation and supervision of the cryptocurrency market in the country is carried out by the Estonian Financial Supervisory Authority (EFSA), which acts as the national regulator.

Categories of Crypto Licenses in Estonia

Licenses for crypto-asset activities are divided into three main categories:

01Crypto-asset Service Provider (CASP)

Class 1 – includes services for the execution of purchase orders for crypto assets , placement of crypto assets on the market , receiving and transmitting orders for crypto assets , providing crypto-asset advice , managing crypto-asset portfolios , and crypto asset transfer services.

Class 2 – includes all Class 1 services, as well as custody and management of crypto assets for clients , and exchange of crypto-assets for fiat currencies or other crypto-assets.

Class 3 – includes all Class 2 services and operation of crypto asset trading platforms.

02Issuer of asset-referenced tokens

Issuing crypto-assets whose value is tied to another value, right, or a combination thereof.

03Issuer of e-money tokens

Issuing crypto-assets whose value is tied to a single official currency.

A crypto-asset means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology. The MiCA Regulation does not apply to unique and non-fungible crypto-assets (NFTs) and certain other categories, such as financial instruments.

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Advantages of Obtaining a Crypto License in Estonia

Estonian laws ensure a straightforward application process for cryptocurrency licenses for both local entrepreneurs and non-residents. The advantages of obtaining a crypto license specifically in Estonia include:

The most modern system for regulating the cryptocurrency sphere compared to other EU member states

A higher level of client trust (compared to countries without state regulation)

Access to the European Union market

Ability to manage the company and submit reports online

A clear regulatory framework and transparent licensing requirements, simplifying compliance

A stable economy and favorable business environment, making Estonia attractive for long-term operations

In Estonia, cryptocurrency companies are essentially equated with traditional financial institutions, which significantly increases the level of operational security

Our Services

You can choose individual services or a full package for obtaining a crypto license in Estonia.

01. Initial Case Assessment

€5000+ VAT

As part of this service, we perform:

Analysis of requirements and provided documents, identification of possible problems.
Development of an individual plan for preparing the CASP license application.

02. Establishment of a Legal Entity in Estonia

€2000+ VAT

Preparation of necessary documents for company registration (physical or remote registration available).
Provision of a legal address for 1 year.
Payment of state fees.
Company registration in accordance with legislation.
Obtaining necessary business permits (excluding CASP license) from the Trade
Licensing Office.
Translation of documents.

03. Preparation of Application and Interaction with EFSA

from €29,000to €49,000+ VAT

The price may vary depending on the specific case.

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The final cost depends on:

Results of the initial case assessment and the level of COREDO specialists’ involvement.
Necessary CASP service classes.

Payment stages:

Prepayment

40% of the cost

before the start of application preparation

Interim payment

40%

after approval of the application and documents before submission

Final payment

20%

after EFSA's decision

Main Requirements for Obtaining a Crypto License in Estonia

To obtain a CASP license in Estonia, the applicant company must meet the following requirements:

Minimum Capital

The minimum capital amount depends on the license class:

Class 1 – 50,000 EUR
Class 2 – 125,000 EUR
Class 3 – 150,000 EUR

The share capital must be fully paid in monetary form and held in a bank account within the European Economic Area (EEA).

Company Management

The applicant must confirm the qualifications and reputation of the members of the management body.

Key requirements:

Minimum 2 board members.
At least one member must be an Estonian resident.
Good repute (confirmed by a criminal record certificate).
At least 3 years of experience in a management position.
At least 3 years of experience in the cryptocurrency sector.

Confirmation of experience and qualifications must be supported by certificates, diplomas, and relevant documents.

Physical Office

The company must have a registered physical office in Estonia.

Anti-Money Laundering Officer (AML Officer)

The appointed specialist must meet the following requirements:

Possess knowledge and experience in the field of AML.
Have an official place of work in Estonia.
Not hold a similar position in other companies.
Their candidacy must be approved by the regulatory authority.

Financial Audit

CASPs in Estonia are required to undergo an audit of their financial statements, which may be conducted by an external auditor.

Segregation of Client Assets

The company must ensure separate storage of client funds and crypto-assets:

Client crypto-assets – separate wallets.
Client funds – segregated bank accounts.

Required Documents for Submission to EFSA

To obtain a CASP license, the following package of documents must be submitted to the Estonian Financial Supervisory Authority (EFSA) and all documents must be submitted to EFSA in Estonian.:

Documents on management and shareholders

Identity document (passport, ID card, driving license – scan of both sides).
Proof of residential address.
Proof of funds/proof of wealth (bank statement for 6 months or tax return).
Completed and signed KYC forms.
CV.
Diplomas, certificates, and other documents confirming qualifications and experience.

Business plan and financial plan

Three-year activity program, including a list of crypto-assets, description of target markets, and sales methods.

Confirmation of capital contribution

Bank statement confirming the deposit of capital.

Documents on governance and internal control

Organisational structure of the company.
List of key personnel with CVs and confirmation of experience.
Internal control policies and procedures.

Risk management policies

Documents describing mechanisms for identifying, assessing, and managing risks, including anti-money laundering (AML) and terrorist financing.

Technical documentation

Description of IT systems, DLT infrastructure, and cybersecurity measures, including an audit by an independent specialist.

Asset segregation policy

Separate wallets for storing client crypto-assets.
Segregated bank accounts for client funds.

Custody and administration policy (if applicable)

Documents regulating the secure storage of crypto-assets, risk identification, and outsourcing conditions (if any). Applicable for CASP Class 2.

Operating rules of the trading platform (if applicable)

Admission and trading conditions.
System for monitoring and preventing market abuse.
Fee structure. Applicable for CASP Class 3.

010

Commercial policy and pricing (if applicable)

Principles of non-discriminatory interaction with clients.
Methodology for calculating the value of crypto-assets. Applicable for CASP Class 2.

011

Order execution policy (if applicable)

Rules for executing client orders.
Quality control of execution. Applicable for CASP Class 1.

012

Qualification confirmation for advisors (if applicable)

Documents confirming the knowledge and experience of employees providing consulting services or managing portfolios. Applicable for CASP Class 1.

013

Description of crypto-asset transfer services (if applicable)

Detailed information on types of crypto-assets, client information procedures. Applicable for CASP Class 1.

014

White Paper

If applicable.

Action Plan for Obtaining a CASP License in Estonia

Initial Case Assessment

At this stage, COREDO specialists analyse your business, requesting information on legal issues and compliance with AML/CFT requirements. Timelines for application preparation, level of specialist involvement, and estimated costs are assessed.

Duration: approximately one week after receiving all necessary information.

Establishment of a Legal Entity in Estonia

After agreeing on all terms, COREDO registers a legal entity in Estonia in accordance with your requirements. All necessary documents are prepared and submitted.

Duration: approximately two weeks from the provision of all data.

Application Preparation and Documentation

Together with you, COREDO specialists develop a complete package of documents necessary for submission to EFSA. Business specifics and chosen service classes are taken into account.

Duration: approximately two months, depending on the completeness of the provided information.

Application Submission and Interaction with EFSA

After submitting the application, COREDO supports the licensing process, including monitoring the review status, promptly providing additional data upon EFSA’s request, and open communication with the regulator until a decision is made.

EFSA Decision on the Application

The average processing time for a CASP license application is from three to six months. After a decision is made, the license will be registered in the EFSA register.

COREDO’s support in obtaining a cryptocurrency license in Estonia

Pavel Kos

Head of the legal department

Basang Ungunov

Lawyer at Legal Department

Yulia Zhidikhanova

Customer Success Associate

By working with COREDO, you benefit from:

In-depth expertise

We understand all the nuances of crypto regulation across different jurisdictions

End-to-end support

We handle the entire licensing process — from application to registration

Tailored approach

We customise our solutions to your business model, covering exchanges, brokers, DeFi projects, and other structures

Post-licensing support

We provide advice on AML, reporting, and regulatory compliance

Transparency and trust

We operate fully within the law, strengthening your reputation with banks and business partners

This material describes the requirements and procedure for obtaining a CASP license. However, the authorisation conditions for issuers of asset-referenced tokens or e-money tokens are drawn up individually – for detailed information, you can contact COREDO representatives.

It is important to remember that the cryptocurrency sector is changing and developing rapidly and continuously, and new nuances and rules regularly appear in the work of crypto companies. If you want to obtain a cryptocurrency license without unnecessary complications, you should seek the help of our specialists.

Do you still have questions about obtaining a licence for your business? Get a consultation on licensing in Estonia today.

Our expert will contact you and explain how to obtain a licence for your business without unnecessary delays.

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