A cryptocurrency service provider must have:
- a physical office in Estonia
- a local (Estonian resident) management board member
- a local (Estonian resident) qualified compliance officer
Become a cryptocurrency service provider in Estonia. Provide virtual wallet, crypto-fiat exchange services, stay compliant and bankable with the Estonian virtual currency service provider licence.
A cryptocurrency service provider must have:
Investment firm |
Payment service provider |
E-money institution | Provider of virtual currency services | |
Regulator |
Financial Supervisory Authority |
Financial Supervision Authority | Financial Supervision Authority | Financial Intelligence Unit |
Possibility of EU passporting |
Yes |
Yes | Yes | No |
Mandatory location of seat and head office |
Estonia | Estonia | Estonia | Estonia |
Minimum number of directors | Two | Two | Two | One |
Fit & Proper requirements for shareholders over 10% | Yes | Yes | Yes | Yes |
Need for internal auditor |
Yes |
Yes |
Yes | Yes |
Requirements for internal rules | Yes | Yes | Yes | Yes |
Requirements for outsourcing | Yes | Yes | Yes | No |
Investment firm |
Payment service provider |
E-money institution | Provider of virtual currency services | |
Minimum share capital (EUR) |
50,000–730,000 |
125,000 | 350,000 | 100,000–250,000 |
Requirements for own funds |
Yes |
Yes | Yes | Yes |
Requirements for safekeeping of assets |
Yes | Yes | Yes | No |
Regular reporting to FSA | Yes | Yes | Yes | No |
Requirements for recording of communications | Yes | Yes | Yes | No |
FSA processing time |
2–6 months |
3–6 months |
3–6 months | 60–120 business days |
FSA processing fee (EUR) | 1,000 | 1,000 | 1,000 | 10,000 |
Indicative cost: drafting of documents other than commercial and technical documents (business plan, description of services, IT policies, etc.) and assisting in execution and filing (EUR) | 50,000–70,000 | 25,000–30,000 | 25,000–30,000 | 15,000–20,000 |
Decision regarding the issue of a licence is made within 60-120 business days from the day the application was submitted.
A cryptocurrency service provider must have:
Investment firm |
Payment service provider |
E-money institution | Provider of virtual currency services | |
Regulator |
Financial Supervisory Authority |
Financial Supervision Authority | Financial Supervision Authority | Financial Intelligence Unit |
Possibility of EU passporting |
Yes |
Yes | Yes | No |
Mandatory location of seat and head office |
Estonia | Estonia | Estonia | Estonia |
Minimum number of directors | Two | Two | Two | One |
Fit & Proper requirements for shareholders over 10% | Yes | Yes | Yes | Yes |
Need for internal auditor |
Yes |
Yes |
Yes | Yes |
Requirements for internal rules | Yes | Yes | Yes | Yes |
Requirements for outsourcing | Yes | Yes | Yes | No |
Investment firm |
Payment service provider |
E-money institution | Provider of virtual currency services | |
Minimum share capital (EUR) |
50,000–730,000 |
125,000 | 350,000 | 100,000–250,000 |
Requirements for own funds |
Yes |
Yes | Yes | Yes |
Requirements for safekeeping of assets |
Yes | Yes | Yes | No |
Regular reporting to FSA | Yes | Yes | Yes | No |
Requirements for recording of communications | Yes | Yes | Yes | No |
FSA processing time |
2–6 months |
3–6 months |
3–6 months | 60–120 business days |
FSA processing fee (EUR) | 1,000 | 1,000 | 1,000 | 10,000 |
Indicative cost: drafting of documents other than commercial and technical documents (business plan, description of services, IT policies, etc.) and assisting in execution and filing (EUR) | 50,000–70,000 | 25,000–30,000 | 25,000–30,000 | 15,000–20,000 |
Decision regarding the issue of a licence is made within 60-120 business days from the day the application was submitted.