Crypto licence in Estonia (MiCA CASP)

Since 1 July 2026 the Estonian VASP licence no longer exists. Crypto services in Estonia now require a MiCA CASP authorisation from Finantsinspektsioon, the Estonian Financial Supervision Authority. There is no automatic conversion — every provider files a new application. Below: what the regulator checks, what it costs, how long it takes.

What changed on 1 July 2026

Until 2026 crypto companies in Estonia worked under a virtual currency service provider registration issued by the Financial Intelligence Unit. That regime is over. Finantsinspektsioon is now the single competent authority for crypto-asset services, and the old FIU records were cancelled on 1 July 2026.

If someone sold you an Estonian «crypto licence» in 2024 or 2025, it stopped being a permission on that date. It does not convert, it does not extend, and it cannot be renewed. The only question worth asking now is whether your business model fits a CASP authorisation and how fast you can file.

Who needs a CASP authorisation

• custody and administration of crypto-assets for clients;
• exchange of crypto-assets for funds or for other crypto-assets;
• operating a trading platform;
• execution, reception and transmission of orders;
• placement of crypto-assets;
• transfer services, portfolio management, advice.

Serving clients in the European Union from outside it, without authorisation and without reverse solicitation, is not a grey area under MiCA — it is unauthorised activity.

What it costs

Three different numbers get confused in most articles, so here they are separately.

• State fee for the application — € 3 300, paid to Finantsinspektsioon when you file.
• Own funds — set by MiCA, not by Estonia, and depend on the class of services: € 50 000 for advice and order execution, € 125 000 for custody or exchange, € 150 000 for a trading platform. The requirement is the higher of that floor or one quarter of the previous year's fixed overheads.
• Annual supervision fee — set by Finantsinspektsioon each year.

Our own fee is quoted in writing after a free review of your model. We do not publish a fixed price before we know which service classes you need, because the honest answer changes by a factor of three between an advisory-only licence and a custody-and-exchange platform.

How long it takes

MiCA gives the regulator 25 working days to confirm that the application is complete, and 60 working days after that to decide. What the timeline tables usually omit is the preparation: assembling a fileable application takes three to six months for most teams. A realistic total, from first call to authorisation, is four to twelve months.

What Finantsinspektsioon actually checks

• fit and proper assessment of directors and beneficial owners — reputation, experience, sources of wealth;
• real substance in Estonia: management present, office, staff, decisions taken locally;
• AML/CFT programme, appointed MLRO, transaction monitoring, sanctions screening, Travel Rule;
• ICT and operational resilience under DORA, including outsourcing and incident reporting;
• segregation of client crypto-assets and funds, custody policy, key management;
• complaints handling, conflicts of interest, marketing communications;
• capital, prudential safeguards and a wind-down plan.

One authorisation, the whole EEA

A CASP authorisation obtained in Estonia is passported to other member states through notification. You are supervised in Estonia and may serve clients across the European Economic Area without a second licence. That is the main reason the jurisdiction is still worth choosing.

How we work on it

1. Model review, free

We map what you actually do onto MiCA service classes, tell you which ones you need and whether Estonia is the right regulator for you. If it is not, we say so.

2. Structure and substance

Company, management, office, staffing plan, budget and capital — built to what the regulator checks.

3. The application file

Programme of operations, AML/CFT policies, ICT and security documentation, custody and safeguarding rules, business continuity, wind-down. This is where applications are actually won or lost.

4. Filing and correspondence

We file, answer the regulator's questions and keep the deadline clock visible to you.

5. After authorisation

Reporting, MLRO support, staff training, changes of control and service classes.

Frequently asked questions

Is my old Estonian VASP licence still valid?

No. Legacy virtual currency service provider licences ceased to be valid on 1 July 2026 and the register entries were cancelled.

Can the old licence be converted into a CASP authorisation?

No. There is no automatic conversion. A full application to Finantsinspektsioon is required.

Which EU country is cheapest for a crypto licence?

MiCA is one rulebook: capital, documentation and supervision requirements are the same across the Union. What differs is regulator throughput, language of correspondence and the cost of local substance. Choose by how closely the regime matches your model.

Can I buy a company that already holds a CASP authorisation?

A change of control requires the regulator's approval, and the authorisation is tied to the approved programme of operations. Treat «ready-made licences» with the same diligence as an application.

Do I need a real office and staff in Estonia?

Yes. Substance is assessed: management present in the country, decisions taken there, key functions not outsourced away.

Reviewed: August 2026, against the Finantsinspektsioon announcements of 23 March and 30 June 2026 and Regulation (EU) 2023/1114 (MiCA).