Estonia
MiCA Snapshot
Estonia is already running on the EU Markets‑in‑Crypto‑Assets Regulation (MiCA) timetable. From 30 June 2024 the rules for e‑money tokens and asset‑referenced tokens apply, and from 30 December 2024 the full authorisation and conduct regime for crypto‑asset service providers (CASPs) became live. Tallinn has complemented the EU text with its own Crypto‑Asset Market Act (Krüptovaraturu seadus, “KrüTS”), in force since 1 July 2024, to give local supervisors fee powers, sanctioning tools and a few Estonia‑specific prudential add‑ons.
Responsibility has moved from the Money‑Laundering Data Bureau (FIU) to the Estonian Financial Supervision Authority – Finantsinspektsioon (FSA). The FSA now grants every MiCA licence, checks white papers and will police the market‑abuse rules. The FIU stays on the scene only as Estonia’s AML watchdog.
Estonia has taken MiCA’s maximum 18‑month grace period. VASPs that held an FIU registration before 30 December 2024 may keep operating until 1 July 2026; the FIU continues supervising them during that time. Anyone without an FIU licence—or any new entrant—must file a full MiCA application with the FSA from 30 December 2024onward if they want to serve the Estonian or wider EU market.
The FSA’s draft application pack mirrors MiCA’s core demands (fit‑and‑proper directors, own‑funds of €50 000 – €150 000, safeguarding of client assets, ICT resilience aligned with the EU Digital Operational Resilience Act). A notable local twist is the registered‑office requirement: the licensed entity must have real management substance in Estonia, not just a mailbox.
- Q3 2025 – final ESMA/EBA technical standards; FSA will freeze its forms and fee schedule immediately afterwards.
- Early 2026 – first Estonian MiCA licences likely to be issued and passportable EU‑wide.
- 1 July 2026 – end of grandfathering; any firm still running on an old FIU registration must either hold a MiCA licence or leave the market.
Behind Licentium
Our Edge
Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
