The transitional period for providers of crypto asset services is ending

30/06/2026

From 1 July, crypto asset services may only be provided in Estonia only by companies that hold an authorisation issued by Finantsinspektsioon or the supervisory authority of another contracting state of the European Economic Area under the European Union's Markets in Crypto-Assets Regulation (MiCA). The Financial Intelligence Unit will consequently cancel on 1 July the register data for the licences for providers of virtual currency services that have been used until now.

Member of the Finantsinspektsioon management board Gerd Laub said that 1 July will see a major change in the market for crypto assets in the European Union. "MiCA is setting the legal framework within which providers of crypto asset services can operate transparently under uniform requirements in the whole of the European Economic Area. This will provide a secure and trustworthy operating environment that will support innovative business solutions, fair competition, and conscious risk management, and will also protect clients".

"There were 641 valid licences when the Financial Intelligence Unit started to clean up the virtual currency services sector in the middle of 2021. The risks in the sector were high and some of them were realised, hurting the reputation of the country. There were 36 valid licences at the start of 2026, but we have stated repeatedly that risks cannot be managed just by supervisory assessment of anti-money laundering documentation, as there must also be supervision of how client assets are safeguared, and supervision over cyber resilience", said Head of the Financial Intelligence Unit Matis Mäeker.

The requirements of MiCA will not apply to service providers without an authorisation, and they do not fall under financial supervision. The Financial Intelligence Unit highlighted that all companies that provided virtual currency services in the second quarter, including those whose licences have been cancelled, must submit their regular reports through the Eesti Pank data submission portal by 20 July.

Companies that have not received an authorisation from Finantsinspektsioon by 1 July must cease their activities or limit them so that the interests of their clients are protected and no unjustifiable financial harm is caused to them. No company without an authorisation may accept new clients, open new accounts or actively market its services to clients in the European Economic Area from 1 July. The current providers of virtual currency services that are still in the process of applying for an authorisation must limit their activities until the final decision is made about their authorisation.

Companies must inform their clients clearly and in good time about how their services will be terminated or limited, what deadlines will be set, and how clients can withdraw their assets or transfer them to an authorised service provider. Finantsinspektsioon and the Financial Intelligence Unit strongly advise that clients observe carefully whether their service providers have an authorisation within the European Economic Area, and that they contact their service provider if they have any questions.

Whether a provider of crypto asset services has an authorisation can be checked from the Finantsinspektsioon register of market participants. Authorised providers of crypto asset services are obliged entities under the Money Laundering and Terrorist Financing Prevention Act and must inform the Financial Intelligence Unit about suspicious transactions.

One crypto asset service provider, Lightspark Payments Europe AS, has received an authorisation from Finantsinspektsioon so far. Crypto asset services can also be provided in Estonia by AS LHV Pank and the investment firm Lightyear Europe AS. There are also several other providers of crypto asset services operating cross-border in Estonia under authorisations from other countries in the European Economic Area.