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Crypto Licence in Estonia

Estonia was one of the first EU countries to establish a legal framework for cryptocurrency businesses and digital asset regulation. Today, it is among the most developed European jurisdictions for obtaining a CASP licence under the MiCA regulatory framework.

Since 2016, COREDO has been assisting clients with obtaining crypto licences in Estonia, providing full support — from project assessment to regulator communication and post-licensing services.

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Cost of the service
from EUR 36,000

Regulatory Framework

Estonia, as a European Union Member State, applies the unified European rules for the regulation of cryptocurrency activities. The regulatory framework is based on two key documents:

MiCA Regulation (Markets in Crypto-Assets Regulation, EU 2023/1114) is a unified regulatory act of the European Union establishing requirements for the licensing of Crypto-Asset Service Providers (CASP), consumer protection, transparency of digital asset operations and prevention of market abuse. The MiCA Regulation became fully applicable on 30 December 2024.

DORA Regulation (Digital Operational Resilience Act, EU 2022/2554) is an act on digital operational resilience aimed at strengthening the cybersecurity of financial organisations, including cryptocurrency companies. DORA requires CASPs to implement IT risk management systems, conduct regular resilience testing and monitor the performance of third-party IT providers. It has been applicable since 17 January 2025.

At the national level, Estonia adopted the Crypto-Asset Market Act (Krüptovaraturu seadus, KrüTS), which entered into force on 1 July 2024. This law defines the licensing procedures, supervision mechanisms and transitional provisions for cryptocurrency companies operating in the country.

Supervision of compliance with legislation and oversight of the cryptocurrency market is carried out by the Estonian Financial Supervision Authority — Finantsinspektsioon (EFSA). EFSA is the competent authority that grants and revokes the CASP authorisations of companies established in Estonia and supervises them. A provider authorised in another EEA country may serve Estonian clients through MiCA passporting. Banks and certain other licensed financial institutions use a separate MiCA notification procedure instead of a CASP licence.

Transitional Period

The transitional period for virtual currency service providers licensed by the Financial Intelligence Unit (FIU) ended on 1 July 2026. By that date at the latest, their VASP licences ceased to have effect, and they were not converted into CASP licences automatically.

Types of Crypto Licences in Estonia

Licences for crypto-asset service providers under MiCA are divided into three main classes:

CASP Class 1

Covers the following activities: execution of orders for the purchase of crypto-assets, placing crypto-assets on the market, reception and transmission of orders, advice on crypto-assets, management of crypto-asset portfolios and crypto-asset transfer services. Minimum capital — EUR 50,000.

CASP Class 2

Covers all Class 1 services, as well as custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for fiat currencies and exchange of crypto-assets for other crypto-assets. Minimum capital — EUR 125,000.

CASP Class 3

Covers all Class 2 services, as well as the operation of trading platforms for crypto-assets. Minimum capital — EUR 150,000.

In addition to CASP licences, Estonia also provides authorisations for stablecoin issuers: Asset-Referenced Tokens (ART) and E-Money Tokens (EMT). Authorisation conditions for issuers are determined individually — contact COREDO specialists for further details.

Advantages of Obtaining a Crypto Licence in Estonia

Estonia offers a number of competitive advantages for cryptocurrency companies choosing this jurisdiction for licensing:

Access to the European Union market (passporting).

A CASP licence issued by EFSA is a full MiCA licence and grants the right to provide services in all 27 EU Member States without obtaining additional authorisations. This gives the company direct access to the single European market.

Advanced digital infrastructure.

Estonia is a global leader in e-governance. The e-Residency programme enables non-residents to remotely establish and manage a company, sign documents with a digital signature, submit reports online and interact with government authorities electronically.

Favourable tax environment.

Estonia operates a unique corporate tax model: undistributed and reinvested profits are not subject to corporate income tax (0%). Tax at a rate of 22% is charged only upon the distribution of dividends, which significantly improves the company’s cash flow.

Transparent regulatory framework.

Clear and understandable licensing requirements based on the unified European MiCA regulation simplify the preparation and submission of the application.

Mature cryptocurrency regulatory market.

Estonia is one of the first EU countries to have begun regulating cryptocurrency companies. The EFSA regulator possesses extensive experience working with cryptocurrency projects, ensuring a predictable and professional licensing process.

High level of trust.

Cryptocurrency companies licensed in Estonia are treated on a par with traditional financial institutions, which enhances the level of trust from banks, payment providers and clients.

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Cost of COREDO Services

The cost of comprehensive support for obtaining a CASP licence in Estonia ranges from EUR 36,000 to EUR 56,000 + VAT. The service includes three main modules:

01. Initial Project Assessment

EUR 5,000 + VAT

Analysis of the business model and submitted documents.
Identification of potential issues and risks.
Development of an individual plan for preparing the CASP licence application.
Estimation of timelines, the required level of specialist involvement and the preliminary cost of the project.

02. Establishment of a Legal Entity in Estonia

EUR 2,000 + VAT

Preparation of documents for company registration (physical or remote registration available).
Provision of a registered office for one year.
Payment of state fees.
Registration of the company in accordance with Estonian law.
Obtaining the necessary business permits (excluding the CASP licence).
Translation of documents.

03. Application Preparation and Interaction with EFSA

from EUR 29,000 to EUR 49,000 + VAT

Development of the complete package of documents for submission to Finantsinspektsioon.
Consideration of business specifics and the selected service classes.
Support throughout the licensing process.
Monitoring of the review status.
Prompt provision of additional data at EFSA’s request.
Open communication with the regulator until a decision is made.

The final cost depends on the results of the initial assessment, the required CASP service classes and the level of involvement of COREDO specialists.

Payment Terms

The initial assessment (module 01) and the establishment of the legal entity (module 02) are separate services with their own prices. The fee for module 03, Application Preparation and Interaction with EFSA, is paid in stages:

Stage 1 — Advance payment (40% of the module 03 fee).

Paid before the preparation of the application and documents begins.

Stage 2 — Interim payment (40% of the module 03 fee).

Paid after the prepared application and documents have been agreed with you, immediately before submission to EFSA.

Stage 3 — Final payment (20% of the module 03 fee).

Paid after the regulator’s decision on the application has been received.

Requirements for CASP in Estonia

To obtain a CASP licence in Estonia, the applicant company must meet a number of mandatory requirements:

Minimum Capital

The minimum capital depends on the licence class: Class 1 — EUR 50,000, Class 2 — EUR 125,000, Class 3 — EUR 150,000. Under MiCA, a CASP must at all times hold prudential safeguards of at least this amount or a quarter of its fixed overheads for the previous year, whichever is higher. A newly launched CASP uses the overheads projected for its first 12 months. The safeguards can be own funds, an insurance policy or a comparable guarantee, each meeting MiCA’s requirements, or a combination of these.

Company Management

The applicant must show that the members of its management body are of sufficiently good repute, have the knowledge, skills and experience their duties require, and can commit sufficient time to them. Key requirements include: a management board of at least two members; at least one director must be resident in the EU; confirmation of good repute (criminal record certificate). A private limited company that provides custody and administration of crypto-assets for clients or operates a trading platform must also have a supervisory board of at least three members. Qualifications are confirmed by diplomas, certificates and relevant documents.

Registered Office

The company’s registered office must be in Estonia and be stated in its memorandum or articles of association. Under MiCA, a CASP must provide at least part of its services in the country of its registered office and have its place of effective management in the EU.

AML Officer

Where the Money Laundering and Terrorist Financing Prevention Act applies to the company’s services, it must appoint an AML Officer (compliance officer). The officer reports directly to the management board and has the competence, resources and access to information the role requires. The AML Officer must work permanently in Estonia and have the education, professional suitability, experience and impeccable reputation the duties require. The appointment is coordinated with the Financial Intelligence Unit (FIU), and the FIU and EFSA are notified of it.

Financial Audit

CASPs in Estonia are required to undergo an audit of financial statements conducted by an external auditor.

Segregation of Client Assets

The company must ensure the separate storage of clients’ funds and crypto-assets: clients’ crypto-assets — in separate wallets; clients’ fiat funds — in segregated bank accounts.

List of Documents for Submission to EFSA

To obtain a CASP licence, the following package of documents must be prepared and submitted to Finantsinspektsioon (all documents are submitted in Estonian):

Documents on management and shareholders. Identity document (passport, ID card — scan of both sides), proof of residential address, proof of source of funds (bank statement for 6 months or tax declaration), completed and signed KYC forms, curriculum vitae (CV), diplomas and certificates confirming qualifications and experience.

Business plan and financial plan. A three-year programme of activities, including a list of crypto-assets, a description of target markets and marketing methods.

Proof of prudential safeguards. A bank statement confirming the paid-in capital or, where an insurance policy or comparable guarantee is used, that document.

Corporate governance and internal control documents. The organisational structure of the company, a list of key personnel with CVs and confirmation of experience, internal control policies and procedures.

Risk management policies. Documents describing the mechanisms for identifying, assessing and managing risks, including anti-money laundering (AML) and combating the financing of terrorism (CFT).

Technical documentation. A description of IT systems, DLT infrastructure and cybersecurity measures, including an audit by an independent specialist.

Asset segregation policy. A description of the mechanisms for the separate storage of clients’ crypto-assets (separate wallets) and clients’ fiat funds (segregated bank accounts).

Custody and administration policy (for CASP Class 2). Documents governing the secure storage of crypto-assets, risk identification and outsourcing conditions.

Trading platform rules (for CASP Class 3). Conditions for admission and trading, a system for monitoring and preventing market abuse, fee structure.

Commercial policy and pricing (for CASP Class 2). Principles of non-discriminatory interaction with clients, methodology for calculating the value of crypto-assets.

Order execution policy (for CASP Class 1). Rules for the execution of client orders, quality of execution monitoring.

Confirmation of adviser qualifications (for CASP Class 1). Documents confirming the knowledge and experience of employees providing advisory services or managing portfolios.

Description of crypto-asset transfer services (for CASP Class 1). Detailed information on the types of crypto-assets and client identification procedures.

White paper (if required). A technical document for cases provided for by MiCA.

Procedure for Obtaining a CASP Licence in Estonia

Initial Project Assessment (about one week after receipt of all information)

COREDO specialists analyse the client’s business model, review the submitted documents and assess compliance with AML/CFT requirements. The timelines for preparing the application, the required level of specialist involvement and the preliminary cost of the project are determined.

01

Establishment of a Legal Entity in Estonia (about two weeks from data provision)

Once all conditions have been agreed, COREDO registers a legal entity in Estonia in accordance with the client’s requirements. All necessary documents are prepared and submitted.

02

Preparation of the Application and Documentation (about two months)

Together with the client, COREDO specialists develop the complete package of documents for submission to EFSA. The specifics of the business and the selected CASP service classes are taken into account. The time needed depends on the completeness of the information provided.

03

Submission of the Application and Interaction with EFSA

After the application has been submitted, COREDO supports the licensing process: monitoring of the review status, prompt provision of additional data at EFSA’s request, and communication with the regulator until a decision is made. EFSA carries out a preliminary completeness check within 25 working days, followed by a qualitative assessment of the application within 40 working days.

04

EFSA Decision

The average review period for a CASP licence application is three to six months. After a positive decision has been made, the licence is registered in the EFSA register.

05

Total duration of the process: from preparation to licence issuance — approximately 5–9 months.

Our Experts

Obtaining a CASP licence in Estonia is a process that requires in-depth knowledge of European and national legislation, experience in interacting with the regulator and an understanding of the specifics of the cryptocurrency market. COREDO specialists provide clients with comprehensive support at every stage.

Pavel Kos

Head of Legal at COREDO. Has been with the company since 2017 and has headed the legal team since 2020. Specialises in the licensing of cryptocurrency and financial companies across EU jurisdictions, strategic planning and client support.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Gregory Lutsenko

Head of Compliance

Frequently Asked Questions

Which regulator issues the crypto licence in Estonia?

CASP licences in Estonia are granted by Finantsinspektsioon (EFSA) — the Estonian Financial Supervision Authority. Under the former regime, virtual currency service providers were licensed by the Financial Intelligence Unit (FIU); the Crypto-Asset Market Act (KrüTS) made EFSA responsible for authorising crypto-asset service providers.

How much does it cost to obtain a CASP licence in Estonia?

The cost of comprehensive support for obtaining a CASP licence in Estonia with COREDO ranges from EUR 36,000 to EUR 56,000 + VAT. The final price depends on the results of the initial assessment, the selected service classes and the level of specialist involvement.

What is the minimum capital required for a CASP licence?

The minimum capital is EUR 50,000 for Class 1, EUR 125,000 for Class 2 and EUR 150,000 for Class 3. If a quarter of the previous year’s fixed overheads is higher, that amount applies; a new CASP uses its first-year projections. The requirement can be covered by own funds, an insurance policy or a comparable guarantee meeting MiCA’s requirements, or a combination of these.

How long does it take to obtain a CASP licence in Estonia?

The entire process — from the initial assessment to the regulator’s decision — takes approximately 5–9 months. The preparatory phase (assessment, company registration, document preparation) lasts approximately 3 months, and the review of the application by EFSA takes 3 to 6 months.

Is it possible to manage a company in Estonia remotely?

Estonia provides a well-developed digital infrastructure, including the e-Residency programme, which allows managing a company, signing documents and submitting reports online. However, a CASP cannot be run entirely from outside the EU: it needs a registered office in Estonia, its place of effective management in the EU and at least one director resident in the EU. Where the AML Act applies, its AML Officer must also work permanently in Estonia.

Does an Estonian CASP licence grant the right to operate in other EU countries?

Yes. A CASP licence issued by EFSA is a full MiCA licence and provides the right of passporting — the ability to provide cryptocurrency services in all 27 EU Member States without obtaining separate licences in each country.

What happens to previously issued VASP licences in Estonia?

VASP licences issued by the Financial Intelligence Unit (FIU) ceased to have effect once their holder received an EFSA authorisation, and on 1 July 2026 at the latest; they were not converted automatically. After the transitional period, crypto-asset services may not be provided without authorisation, and a pending application is not an authorisation. A former FIU licence holder that applied to EFSA before 1 July 2026 and is still awaiting a decision may not enter into new client contracts until EFSA decides. Under EFSA’s letter of 23 March 2026, providers applying after that date are expected to attach an orderly wind-down plan to the application, so that services can end without undue financial harm to clients. EFSA may also request such a plan from earlier applicants whose review continues after 1 July 2026.

Get a CASP Licence in Estonia with COREDO

The cryptocurrency sector is developing rapidly, and regulatory requirements are constantly evolving. If you are planning to obtain a CASP licence in Estonia, contact COREDO specialists — we will provide professional support at every stage of the process.

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

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