Crypto License in Estonia (MiCA CASP)

The Markets in Crypto-Assets Regulation (MiCA) introduces a unified regulatory framework for crypto-assets across the European Union (EU), promoting legal certainty, investor protection, and market stability.

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In Estonia, CASP licensing under MiCA is carried out by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon). This ensures compliance with EU regulatory requirements. A CASP license obtained in Estonia provides a solid legal framework for conducting business within the EU. In addition, it helps strengthen trust from banks and business partners.

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About the Service

One of the core requirements under MiCA is obtaining a Crypto-Asset Service Provider (CASP) license, mandatory for businesses offering crypto asset services. This licensing ensures compliance with strict standards on governance, security, and anti-money laundering (AML), enabling licensed CASPs to operate seamlessly across all EU member states. Whether you are an emerging startup or an established operator, obtaining a CASP license is essential to access the EU’s vast and dynamic market for digital assets.

"In Estonia, the competent authority responsible for supervising CASP licensing under MiCA is the Estonian Financial Supervision and Resolution Authority (). Companies that are conducting or planning to conduct crypto-asset service activities in Estonia must comply with both local implementation requirements and the EU-wide provisions of MiCA.Our company possesses deep expertise in Estonian legislation, ensuring the efficiency and effectiveness of your regulatory compliance efforts.We will help your business meet regulatory requirements and unlock the potential of the EU crypto market!"

Key Numbers about a CASP License in Estonia

3 months Licensing timeline

Average time to obtain a CASP license after submission.

At least several Directors requirement

Minimum number of directors for a compliant CASP structure.

From 0 to 55% Personal tax

Applicable personal income tax range in Estonia.

Up to €150k Share capital

Capital requirements depend on the business model.

23% Corporate tax

Standard corporate income tax rate.

27.5% Capital gains tax

Tax rate applied to investment income.

Estonia CASP Licence After 1 July 2026:  Requirements, Timeline and Market Overview

A crypto license in Estonia now means a CASP authorisation under MiCA, issued by Finantsinspektsioon, the Estonian Financial Supervision Authority. The old FIU licenses expired on 1 July 2026. Expect a EUR 3,000 processing fee, share capital of EUR 50,000 to 150,000 depending on services, and a realistic timeline of 6 to 12 months from preparation to decision.

What does a crypto license in Estonia mean after 1 July 2026?
Since 1 July 2026 the license exists in one form only: authorisation as a crypto-asset service provider (CASP) under MiCA, granted by Finantsinspektsioon. The national framework is the Crypto-asset Market Act (Kruptovaraturu seadus), in force since 1 July 2024. The FIU, which ran the old licensing regime, no longer licenses crypto companies: its register data for virtual currency licenses was cancelled on 1 July 2026.
There are two ways into the market. A standalone company applies to Finantsinspektsioon for a full CASP authorisation. A bank or an investment firm that Finantsinspektsioon already supervises can provide crypto-asset services on the strength of its existing authorisation under Article 60 of MiCA. That second route is exactly how two of the three current Estonian entries in the ESMA register got there.
Why did Estonia cancel more than a thousand crypto licenses?
No other EU country swung as widely. The FIU issued its first virtual currency licenses in late autumn 2017, when the new Money Laundering and Terrorist Financing Prevention Act came into force. In 2017-2019 it issued 1,282 exchange and 1,165 wallet licenses to 1,308 unique companies, and 1,234 licensed enterprises were still active at the end of 2019, according to the FIU's own survey.
Then came the correction. After amendments to the AML Act took effect in March 2020, the FIU declared 1,296 licenses null and void within five months, affecting 705 companies. The March 2022 amendments continued the cleanup: 389 authorisations expired, the roughly 650 licenses still active in mid-2021 shrank to 100 by May 2023, and 36 remained at the start of 2026.
For an applicant this history is the best available preview of how Finantsinspektsioon will read your file. Estonia has already paid once for a permissive register. Real substance, management with a clean track record and a working AML framework are not formalities here; they are the difference between the 1,234 licensed companies active at the end of 2019 and the single full CASP authorisation of 2026.
How many Estonian CASPs are on the ESMA register?
Three entries with Estonia as home state, out of 312 EU-wide, as of the register update of 24 July 2026. Lightspark Payments Europe AS is the only company holding a full CASP authorisation from Finantsinspektsioon; it entered the register in June 2026. AS LHV Pank operates as a bank and Lightyear Europe AS as an investment firm, both providing crypto services on the basis of their existing supervised status. Two of the three entries hold an EEA-wide passport covering 30 countries.
For a new applicant the register says two things. The list is short, so an authorised newcomer is immediately visible to banks, partners and clients who check the ESMA register. And the pace of approvals shows that Finantsinspektsioon reviews files slowly and thoroughly. This is a regulator you prepare a complete application for, not one you probe with a draft.
How long does the CASP authorisation in Estonia really take?
In practice, plan for 6 to 12 months from the first draft of the file to the decision. The statutory clocks look much shorter, and under MiCA Article 63 their caps add up to roughly 95 working days in total: acknowledgement of receipt, the completeness check, the 40-working-day assessment with its 20-working-day suspension cap for additional inquiries, and notification of the decision. The gap between 95 working days and a year has one explanation: capital, policies, management appointments and AML documentation take far longer to prepare than the review takes to run. One procedural detail regularly catches foreign founders out: the application must be submitted in Estonian, and documents in English are accepted only if the application explicitly says so.

Item	As of July 2026
Regulator	Finantsinspektsioon, the Estonian Financial Supervision Authority
Legal basis	MiCA (Regulation (EU) 2023/1114) and the Estonian Crypto-asset Market Act, in force since 1 July 2024
Processing fee	EUR 3,000
Minimum share capital	EUR 50,000 / 125,000 / 150,000 by class of services (MiCA Annex IV)
Statutory review	40 working days assessment, pausable by up to 20 working days
Realistic timeline	6 to 12 months end to end
Application language	Estonian; English documents only with an explicit statement in the application
Corporate substance	Registered office in Estonia, effective management in the EU, at least one EU-resident director (MiCA Article 59(2))
Old FIU licenses	Void since 1 July 2026

Estonia keeps one practical advantage from its e-government years: a company can be incorporated and administered remotely, and our Estonian e-Residency and company registration guide covers that part step by step. e-Residency does not soften the authorisation requirements, though: effective management must sit in the EU and at least one director must be an EU resident. If you are still choosing a jurisdiction, start with our MiCA licensing overview and compare Estonia with the crypto licenses in other countries we work with.

This page is for general information and is not legal advice. If you want your specific setup assessed against the current Estonian requirements, book a consultation with the Manimama team.

Legal Opinion about a CASP License in Estonia

Obtaining a CASP license in Estonia is essential for businesses offering crypto-asset services. Applicants must meet requirements, including robust AML/CFT compliance, a formal governance structure, and sufficient operational capital. Once licensed, CASPs must adhere to ongoing reporting obligations and maintain compliance with Estonian and EU regulations. A CASP license enhances credibility and provides access to the EU market under a clear regulatory framework

Types of Activities with a CASP License in Estonia

Providing custody and administration of crypto-assets on behalf of clients
This service means safekeeping or controlling, on behalf of third parties, crypto-assets or the means of access to such crypto-assets, where applicable in the form of private cryptographic keys. Holdings of crypto-assets on behalf of the clients shall be segregated from CASP’s holdings.
Operation of a trading platform for crypto-assets
This service contains of the management of one or more multilateral systems, which brings together or facilitates the bringing together of multiple third-party buying and selling interests for crypto-assets – in the system and in accordance with its rules – in a way that results in a contract, either by exchanging one crypto-asset for another, or a crypto-asset for funds.
Exchange of crypto-assets for funds
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital.
Exchange of crypto-assets for other crypto-assets
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital.
Execution of orders for crypto-assets on behalf of clients
This service means concluding agreements to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets on behalf of third parties and includes the conclusion of agreements to sell crypto-assets at the moment of their issuance.
Placing of crypto-assets
This service includes the marketing, on behalf of or for the account of the offeror or of a party related to the offeror, of crypto-assets to purchasers. Before placing the crypto-assets a CASP shall obtain the agreement of the issuers or any third party acting on their behalf.
Reception and transmission of orders for crypto-assets on behalf of clients
This service means the reception from a person of an order to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution.
Providing advice on crypto-assets
This service means offering, giving or agreeing to give personalized recommendations to a third party, either at the third party’s request or on the initiative of the a CASP providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services.
Providing portfolio management on crypto-assets
This service includes managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets.
Providing transfer services for crypto-assets on behalf of clients
This service means transfer, on behalf of a natural or legal person, crypto-assets from one distributed ledger address or account to another. Such service may be provided without virtual currency wallet opened for a CASP’s client.

Benefits of Obtaining a CASP License in Estonia

Seamless cross-border operations within the EU
- A CASP license in Estonia provides a strong foundation for passporting services across the European Economic Area (EEA).
- Adherence to EU compliance standards simplifies regulatory approvals in other member states.
Improved customer acquisition and retention
- A licensed status reassures clients about security, AML compliance, and fraud prevention.
- Investors and users prefer platforms that operate within a regulated framework, leading to higher conversion rates.
Access to a regulated and transparent market
- Compliance with Estonian and European financial regulations helps build investor confidence.
- Compliance with Finantsinspektsioon requirements ensures transparency and operational security.
Enhanced institutional trust and banking access
- Legitimacy under Estonian and EU financial regulations enhances trust among investors.
- Compliance with Finantsinspektsioon requirements ensures operational transparency and security.
Opportunities for institutional funding and partnerships
- Licensed companies find it easier to open and maintain bank accounts in Estonia and across Europe.
- Regulatory recognition reduces the likelihood of banks classifying transactions as high-risk, improving financial operations.

Step by Step Description

We support crypto businesses at every stage of obtaining a CASP license in Estonia — from incorporation and documentation to regulatory submission and licensing assistance.

Step 1

Incorporation stage

Company formation in Estonia
Provision of a registered address for 1 year
Opening corporate bank account and transferring the share capital
Appointment and employment of a local director
Detailed company structure documentation

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Step 2

Pre-licensing stage

Preparation and submission legal and financial documents (non-exhaustive list) according to MiCA
Review of existing policies and procedures, if the company already has them

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Step 3

Licensing stage

CASP license application assistance
Interaction with Finantsinspektsioon During the Licensing Process

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Our Experts in This Area

Yuliia Kravchenko

Head of Licensing & Advisory

Step by step description

Name Selection and Availability Check

Verification and reservation of a compliant company name that meets jurisdictional requirements, avoids registration conflicts, and aligns with brand positioning and business strategy.

Document Preparation and Collection

Preparation, collection, and verification of all required corporate and personal documentation, ensuring accuracy, completeness, and compliance with local regulations and international standards.

Regulatory Review and Approval

Support throughout the regulatory review process, including communication with authorities, handling of additional requests, and maintaining application progress without delays.

Legal Structure and Ownership Model

Definition of the optimal corporate structure and ownership model, including limited liability, holding, or joint stock options, with full alignment to business goals, tax efficiency, and regulatory requirements.

Company Registration Process

Management of the full incorporation process, including document submission, coordination with authorities, and follow-up to ensure smooth and timely registration.

Licensing, Tax Setup, and Compliance

Completion of all required approvals, tax registration setup, and establishment of a compliance framework to support ongoing operations, reporting, and long-term stability.

Regulation

MiCA applies directly in Estonia and is supplemented by regulatory provisions adopted by Finantsinspektsioon.It defines the supervisory powers of Finantsinspektsioon, including the authority to issue directives, suspend the provision of services, and enforce CASP compliance requirements. In addition, the legislation establishes administrative sanctions, reporting obligations, and procedural rules aimed at ensuring compliance with supervisory standards and EU directives."

Licensing Authority

Finantsinspektsioon is the competent authority responsible for the supervision and licensing of crypto-asset service providers (CASPs) in Estonia. Finantsinspektsioon ensures that entities comply with both MiCA requirements and the applicable national legislation. It provides guidance, monitors regulatory compliance, and is authorized to grant or revoke licenses for crypto-asset service providers operating within Estonia.

Procedure, timelines, fees:

Following the full application of MiCA after 30 December 2024, the Finantsinspektsioon assesses within 25 working days whether the application includes all required information, without evaluating its quality at this stage. If information is missing, the applicant may be asked to supplement it within a set deadline. Once the missing information, if any, is provided, the Finantsinspektsioon then has 40 working days to conduct a qualitative assessment. During the qualitative assessment period, the Finantsinspektsioon may request additional clarifications; however, only the first such request can suspend the 40 working day period for up to 20 working days. Finally, the authorisation procedure is subject to a fee under the applicable Estonian administrative fees, and if the application is approved, additional fees imposed by the Estonian competent authorities may apply.

The Transition Period Ended on 1 July 2026

Estonia used the maximum 18-month transition period allowed by MiCA Article 143(3). It expired on 1 July 2026, and on that date the Financial Intelligence Unit cancelled the register data for the remaining virtual currency licenses; only 36 of them were still valid at the start of 2026. Companies that did not obtain a MiCA authorisation may not accept new clients, open new accounts or actively market their services anywhere in the EEA, and they must inform existing clients about the termination of services and the procedure for withdrawing assets. Since 1 July 2026, crypto-asset services in Estonia may only be provided by CASPs authorised by Finantsinspektsioon or by banks and investment firms it already supervises. If you held an Estonian VASP license and missed the deadline, the way back into the market is a new CASP application.

Requirements for key persons

Capital Requirements

Documentation Requirements

Corporate Income Tax (CIT)

"The standard corporate income tax rate in Estonia is generally 22/78 of distributed profits. Companies in Estonia are generally not subject to corporate income tax on retained and reinvested profits. Corporate income tax is primarily levied upon profit distribution.In Estonia, the taxation of crypto-assets depends on the nature of the activity and the applicable Estonian tax regulations."

Capital Gains Tax (CGT)

Income derived from capital gains on crypto-assets earned by individuals in Estonia is generally taxed as part of personal income at the standard income tax rate. Crypto-asset-related income may also be subject to taxation depending on the nature and scale of the activity, as well as the taxpayer’s status.

Personal Income Tax (PIT)

"All individuals who are tax residents of Estonia are generally subject to personal income tax in Estonia on their worldwide income. Non-residents may also be subject to taxation on certain income derived from Estonia.Estonia generally applies a flat-rate personal income tax system.The standard personal income tax rate is 22%."

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Clients confirm our quality

“Thank you for your expertise and patience!”

Before signing the contract, we made six rounds of negotiations, because my client had a lot of questions that concerned the technical infrastructure, the board creation, and the formation of the authorized capital. We got the most complete picture, which allowed us to choose this provider. Thank you for your expertise and patience!

“It is the comprehensive approach that they use and the willingness to help with any issue”

During the preparation of documents for MiCA, Manimama advised us on labor, administrative, and corporate law. Usually, providers do not do this, strictly limiting the list of works that they do under the contract. It is the comprehensive approach that they use and the willingness to help with any issue that arises along the way that attracts us as a client.

FAQ

A CASP license in Estonia is a mandatory authorization under MiCA that allows companies to provide crypto services across the EU, subject to meeting capital, governance, and compliance requirements.

The Estonian Financial Supervisory Authority (FSA) is responsible for issuing and supervising CASP licenses.

CASPs can provide services such as custody, exchange, trading platforms, transfer services, and crypto advisory under MiCA.

Applicants must establish a local company, meet capital (€50K–€150K+), appoint qualified management and AML officers, maintain a physical office, and implement AML, IT, and risk frameworks.

Yes, a physical office and real local presence in Estonia are mandatory; virtual offices are not accepted.

Minimum capital ranges from €50,000 to €150,000 depending on services, with ongoing own funds requirements based on overheads.

The process includes company setup, team appointment, capital deposit, document preparation, submission to the FSA, regulatory review, and final authorization.

Plan for 6 to 12 months end to end. The statutory clocks are shorter: Finantsinspektsioon assesses a complete application within 40 working days and may pause the review for up to 20 more working days for additional inquiries. File preparation, not the review itself, takes most of the time.

Costs include a €3,000–€10,000 state fee, capital requirements, ongoing supervision fees, and operational expenses like office, staff, and audits.

Management must ensure governance, AML compliance, risk controls, and meet fit-and-proper standards, with at least one EU-resident director.

No, only legal entities (e.g., OÜ or AS) can apply; individuals cannot obtain a CASP license directly.

No. Estonia used the maximum 18-month MiCA grandfathering period, which ended on 1 July 2026. On that date the FIU cancelled the register data for the old virtual currency licenses. A company without MiCA authorisation may not take on new clients, open new accounts or actively market its services in the EEA.

As of July 2026 the ESMA interim MiCA register shows three Estonian entries. Lightspark Payments Europe AS is the only firm with a full CASP authorisation from Finantsinspektsioon. AS LHV Pank and Lightyear Europe AS provide crypto services as an already regulated bank and investment firm.

Yes. A CASP authorisation issued in Estonia can be passported across the EEA. In the ESMA register, two of the three Estonian entries already operate on an EEA-wide passport covering 30 countries. That is why the real question is not where a license works but where it is granted faster and more predictably.

e-Residency lets you form and administer an Estonian company remotely, but it does not lower the authorisation bar. The application to Finantsinspektsioon must be submitted in Estonian, English documents need an explicit statement, and MiCA Article 59(2) requires at least one director resident in the EU and effective management in the Union. ✔️