What a MiCA CASP authorisation from the Finantsinspektsioon involves is set out by the blockchain consultancy Blocons: Estonia CASP licence under MiCA. Where an authorised CASP keeps client money, at an EMI and at a bank, is explained in EMI account for a VASP.
▸ About this service
What this area covers: crypto exchange in Estonia
Crypto exchange is one of 7 parts of our “Licensing — MSB / VASP / EMI” practice. It covers the full cycle from initial scoping to operational launch, run by a single named partner from our Estonia practice.
What it is in Estonia: licensing advisory for centralised exchange operators.
▸ In detail
How we handle crypto exchange
The “Crypto exchange” project in Estonia is structured as a 4-stage process run by a single named partner.
MiCA CASP licence from the Finantsinspektsioon, from the application to regulator onboarding.
The same desk that runs crypto exchange handles your banking, bookkeeping, compliance and — where needed — your wind-down.INNOVA · Operating model
▸ Jurisdiction
Why Estonia
Estonia is a digital state with one of the most convenient corporate systems in the EU: e-Residency for remote management, deferred corporate tax (payable only on distributed profit), and an EU passport for your structures. One of our priority hubs for crypto projects and European operating companies.
▸ 01 · Advantage
A reliable regulatory environment
e-Residency moves all administration into a remote format. Crypto-asset licensing has been reformed — the requirements are now substantially stricter, but the routes exist.
▸ 02 · Advantage
Banking ecosystem
LHV, SEB, Swedbank — realistic onboarding from 2 weeks with the right document pack. We know exactly what each bank needs so you don't get a rejection.
▸ 03 · Advantage
Corporate tax 22% on distribution (the 22/78 mechanism, from 01.01.2025; 0% on retained profit)
The real tax position depends on the structure — we model it before registration.
▸ 04 · Advantage
Local execution, one plan
Estonia · one named partner
▸ Why us
Why INNOVA
What changes for you when INNOVA runs the project. If a company or a second jurisdiction is not needed yet, we will say so plainly.
01
Turnkey, without the extra hassle
One window and one contract: we take the task whole, handle everything on your behalf with our own team and trusted contractors, and you buy the result. From you we need decisions and signatures; we get in touch only when the next step depends on you.
02
We handle banks and regulators
A bank refusal, a registry query, a regulator's request, a stalled deadline: we answer, rework the file and resubmit at no extra charge for our work until the matter is closed.
03
We see it through
The partner who opens your project carries it through to the result, even when the process runs for months, and stays on afterwards: renewals, filings, changes to the structure. Where the law requires a licensed professional, we bring one in and remain answerable to you.
04
A boutique, personally involved
We have worked in international business since 2012. An experienced partner runs your project personally, and unusual structures are our field: where you hear “that can't be done”, we look for the lawful route.
05
Your affairs stay yours
Information about you, your structure, your beneficial owners and your deals reaches neither competitors nor third parties. Banks, registries and regulators receive exactly what the law or the procedure requires, and the contract says so.
06
Faster and more precise
We build the file around the specific bank's and regulator's requirements before filing. Experience means we get the work right straight away, where some firms need three attempts. A partner replies in writing within 24 hours.
▸ Process
How the work is structured
A 4-stage process led by a single named partner — from scoping to the operational hand-over.
01
Feasibility analysis
Jurisdiction selection and assessment of approval prospects
▸ Result: Feasibility analysis for the licence
10 daysStep 1 of 4
02
Document preparation
Application and supporting documents
▸ Result: Application preparation
3–6 weeksStep 2 of 4
03
Submission and review
The regulator's review process
▸ Result: Beneficial-ownership pack
2–6 monthsStep 3 of 4
04
Post-licence setup
Banking, operating model and monitoring
▸ Result: Business plan and financial model
1 monthStep 4 of 4
▸ Information exchange
What we need from you · what you get from us
What we need from you to begin — and what you walk away with. We won't pester you with needless questions: we already have most of the answers.
▸ From you
What we need
→
- Activity scope + product matrixstructured
- Beneficial-owner packall UBOs
- Business plan10–30 pages
- Financial projections3 years
- Proof of capitalminimum thresholds
- Senior-management CVsfit & proper
▸ From us
What you receive
↓
- Licence issuedin name
- Regulator approval lettersissued
- Licence-conditions registertracked
- Ongoing-reporting calendarset up
- Bank onboarding initiatedlinked
▸ Engagement formats
Four ways to work together
We don't quote a fixed price without understanding your situation — cost depends on the complexity of your case. Send a written request or book a paid consultation, then we pick the right format.
M/01
Consultation
A paid 30-minute video consultation with a partner. We discuss your situation, define the project scope, and propose a structure and timeline.
M/02
Written analysis
A written consultation with a full review of the business — tax positioning, structure options, jurisdiction comparison, banking path. Turnaround: 5 business days.
M/03
Operating roadmap
For complex situations — multi-jurisdiction structures, regulated activity, founder relocation. A full plan with stages, dependencies, deliverables and timing.
M/04
Direct execution
You know what you need — we execute. No advisory mark-up and no discovery phase.
▸ About cost The figure above is the lower bound for a typical scope. The exact fee comes in writing once we have scoped the task.
▸ Questionnaire
Fill in the questionnaire
Complete the online questionnaire: a partner studies your case and replies in writing within 24 hours.
Fill in the questionnaire
4 steps · a partner replies in writing within 24 hours.
→
▸ What happens next
A partner reads the questionnaire, replies in writing at the email you gave within 24 hours, then a written quote follows. Work starts after you accept it.
▸ FAQ
Frequently asked questions
The questions we're asked most often. If yours isn't here, a written request is the fastest way to get an answer.
Most “Crypto exchange” projects in Estonia run 4–9 months start to finish. The fastest stage is document filing; the longest is post-registration onboarding (banking, tax registration). A single named partner runs the project throughout.
From US$ 18,000 · depends on licence type. The lower bound is for clean, standard profiles; the upper bound is for complex ownership structures, multi-jurisdiction projects or regulated activity. A fixed quote follows once we have scoped the task.
In most cases, no. The entire process runs remotely under a notarised power of attorney. A handful of jurisdictions require an in-person visit (typically biometrics for a residence permit) — we plan those as efficiently as possible.
Since 30 December 2024, crypto-asset service providers (CASPs) are licensed and supervised by the FSA (Finantsinspektsioon) under MiCA — not the FIU. The bar: minimum paid-in capital of €50,000–€150,000 by service class, a physical office in Estonia, an experienced AML officer, a detailed AML/KYC programme, and board members who pass fit-and-proper. Review runs 6–12 months. The old FIU VASP regime is now legacy — before 2022 Estonia issued VASP licences with almost no requirements, over 1,400 entities piled up, and the FIU revoked most — and the remaining FIU VASP registrations lapsed on 1 July 2026, so crypto-asset services now need an FSA authorisation.
Under MiCA the minimum capital for a CASP authorisation from the FSA is €50,000, €125,000 or €150,000, set by the service class you provide. It must be genuinely paid in, not nominal. The FSA also weighs ongoing own funds against the volume and risk of the crypto-asset services — larger operators hold a buffer above the floor. The legacy FIU VASP figure of €250,000 applied only to registrations that ran out the transition, which ended on 1 July 2026.
The Financial Supervisory Authority (Finantsinspektsioon, FSA) supervises and licenses crypto-asset service providers (CASPs) under MiCA, payment institutions (PI), electronic money institutions (EMI), investment firms, credit institutions, and insurers. EMI and PI licences under PSD2 and EMD2 give passporting into all 30 EEA states — and a MiCA CASP authorisation passports too. The full FSA package — regulatory business plan, capital-requirement modelling, fit-and-proper — we run end to end.
MSB (Canada) is a licence for fiat money services. VASP (EU and others) covers virtual assets. EMI (EU/UK) is an Electronic Money Institution — a broader status, regulated like a quasi-bank. The choice depends on your activity, jurisdiction and capital.
Yes — the licence application and the AML/KYC programme are developed in parallel. Filing an application without the programme leads to conditions or a refusal.
▸ Jurisdictions
Crypto exchange in other countries
The same service — in every jurisdiction we run. One desk, one standard.
