CASP license in Estonia

Estonia

Estonia licenses crypto-asset businesses through the Krüptovaraturu tegevusluba — the crypto-asset market licence — which is the local name for what is internationally known as the CASP (Crypto-Asset Service Provider) licence. This licence is issued by Finantsinspektsioon (FI), Estonia's financial…

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Jurisdiction	Estonia
License type	CASP license
Regulator	Estonian Financial Supervision Authority (Finantsinspektsioon (FSA))

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Requirements

Before applying for the CASP licence, the applicant must be an incorporated Estonian legal entity. The recommended default form is the Osaühing (OÜ) — the Estonian private limited company, functionally equivalent to an LLC — which is the standard vehicle used for most licensed and commercial activities in Estonia. Other legal forms (e.g. Aktsiaselts/AS, partnerships, branch of a foreign company) are also available under Estonian law; see the Basic company reference for the full comparison.

Company formation is handled through the e-Business Register (e-Äriregister / Commercial Register), maintained by the Centre of Registers and Information Systems (RIK), with an English-language interface at https://ariregister.rik.ee/eng. Founders (natural or legal persons) can prepare and digitally sign the founding petition entirely online provided they hold an Estonian authentication tool — an Estonian ID card (including the e-Residency card), Smart-ID, or Mobile-ID. Founders without these digital-ID tools may instead register via a notarised paper procedure. A registered office in Estonia is required for the OÜ form.

Once registered, the company will need a corporate bank account. Estonian business banking options include Swedbank Estonia, SEB Pank, LHV Pank, and Coop Pank, all of which offer business/current accounts, cards, payments, loans and related corporate banking services.

Estonia positions its crypto framework as a MiCA-aligned regime with a single supervisory authority, giving licensed firms a route to EU-wide market access rather than a purely local authorisation. Key confirmed features of the regime:

Single regulator: Finantsinspektsioon (FI) is the sole crypto licensing authority in Estonia, operating under the Crypto Asset Market Act (CMA), which is aligned with EU MiCA.
Licensable activities: cryptocurrency exchange services, digital-asset storage (wallet/custody services), client-instructed transactions, and support for ICOs/IDOs/IEOs.
Governance test: the CASP board must have at least 2 members, and key individuals must pass fit-and-proper tests administered as part of the licensing process.
Legacy licence transition: FI has flagged on its own site that the transition period for crypto companies operating under earlier arrangements is ending — legacy FIU-issued VASP licences remain valid only until 1 July 2026, after which firms must hold the current FI-issued CASP authorisation.
Licensing track structure: FI's site separates the CASP track ('Krüptovaraturu tegevusluba' / 'Krüptovarateenuse osutajad') from related but distinct tracks for e-money token issuers ('E-raha tokeni emitendid') and asset-referenced token issuers ('Varapõhise tokeni emitendid'), and publishes separate white-paper guidance for crypto-asset issuers.
CASP supervision sits within FI's broader Investment ('Investeerimine') division, alongside fund managers, investment firms and trading venues, giving applicants access to FI's market participants register and related reporting/disclosure infrastructure.

FI requires the CASP's management board to have at least 2 members, and key individuals (board members and other relevant personnel identified during the application) must pass FI's fit-and-proper tests as part of licensing.

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Estonian Financial Supervision Authority (Finantsinspektsioon (FSA))

Sole crypto licensing authority in Estonia under the Crypto Asset Market Act (CMA), aligned with EU MiCA; licenses crypto companies to provide cryptocurrency exchange, digital-asset storage (wallet services), client-instructed transactions, and ICO/IDO/IEO support; CASP board must have at least 2 members and key individuals must pass fit-and-proper tests; legacy FIU-issued VASP licenses valid only until 1 July 2026 https://www.fi.ee/et

Overview

Estonia licenses crypto-asset businesses through the Krüptovaraturu tegevusluba — the crypto-asset market licence — which is the local name for what is internationally known as the CASP (Crypto-Asset Service Provider) licence. This licence is issued by Finantsinspektsioon (FI), Estonia's financial supervisory authority, under the Crypto Asset Market Act (CMA), which is aligned with the EU-wide MiCA framework. Holding this licence allows a company to legally provide crypto-asset exchange, custody/wallet, client-instructed transaction, and ICO/IDO/IEO support services from Estonia.

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Licensing Process

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Step 1

Register the operating company as an Osaühing (OÜ) through the e-Business Register, signing the founding petition digitally via Estonian ID card, Smart-ID, or Mobile-ID (or via notarised paper procedure if digital ID is unavailable).

Engraved gold medallion of a document being filed with the Estonia skyline

Step 2

Open a corporate bank account with an Estonian bank such as Swedbank, SEB Pank, LHV Pank, or Coop Pank.

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Step 3

Prepare and submit the application for the Krüptovaraturu tegevusluba (CASP licence) to Finantsinspektsioon (FI) under the Crypto Asset Market Act.

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Step 4

Constitute the management board with at least 2 members and prepare key individuals for FI's fit-and-proper assessment.

Engraved gold medallion of a bank ledger with the Estonia skyline

Step 5

If currently operating under a legacy FIU-issued VASP licence, complete the transition onto the FI CASP regime before the 1 July 2026 deadline, after which legacy licences cease to be valid.

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Frequently Asked Questions

What is the Krüptovaraturu tegevusluba, and how does it relate to the international term CASP?

Krüptovaraturu tegevusluba is Finantsinspektsioon's own Estonian-language name for the crypto-asset market licence. It is the local licence that corresponds to the internationally used term CASP (Crypto-Asset Service Provider) under the EU's MiCA framework.

Which authority issues the CASP licence in Estonia?

Finantsinspektsioon (FI), Estonia's financial supervisory authority, is the sole crypto licensing authority, acting under the Crypto Asset Market Act (CMA), aligned with EU MiCA.

What activities does the CASP licence cover?

It covers cryptocurrency exchange services, digital-asset storage/wallet services, client-instructed transactions, and support for ICOs, IDOs and IEOs.

Do I need a local Estonian company before applying?

Yes — the standard approach is to register an Osaühing (OÜ), Estonia's private limited company form, through the e-Business Register, then apply to FI for the CASP licence.

How many board members does a CASP company need?

FI requires at least 2 board members, and key individuals must pass fit-and-proper tests.

What happens to companies that currently hold a legacy VASP licence issued by the FIU?

FI has stated that a transition period is ending for crypto companies operating under earlier arrangements; legacy FIU-issued VASP licences remain valid only until 1 July 2026, after which a current FI-issued CASP licence is required.

Are token issuers (e-money tokens, asset-referenced tokens) covered by the same CASP licence?

No — FI lists these as separate licensing tracks ('E-raha tokeni emitendid' and 'Varapõhise tokeni emitendid') distinct from the CASP track for crypto-asset service providers, though all sit within FI's Investment supervision division.

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