# Finantsinspektsioon (FI): register, licences and requirements Source page: https://protegra.io/licensing/regulators/finantsinspektsioon-estonia/ Finantsinspektsioon (FI) is Estonia's single financial supervision and resolution authority. It licenses and supervises credit institutions, payment and electronic money institutions, investment firms, fund managers, and crypto-asset service providers under EU MiCA. As of September 2026, FI supervises 8 licensed banks, 9 payment institutions, 4 electronic money institutions, 6 investment firms, and 1 MiCA crypto-asset service provider, providing unified prudential and conduct supervision. ## How to check a firm on the FI register Search the Finantsinspektsioon Supervised Entities register by entity name, registry code, or sector filter checkboxes. An active entry displays the company's full legal name, registry code, registered address, official email, share capital, date of entry, and detailed operating licence numbers and decisions with authorized activities. [4] - [Register of Supervised Entities (all supervised sectors)](https://www.fi.ee/en/supervised-entities) [4] - [Crypto asset service providers in Estonia (MiCA CASP)](https://www.fi.ee/en/investment-market/crypto-asset-service-provider-casp/crypto-asset-service-providers-estonia) [14] - [Estonian electronic money institutions](https://www.fi.ee/en/supervised-entities?closed=1&st[2217]=2217) [15] - [Electronic money institutions operating with an exception](https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218) [16] - [Estonian payment institutions](https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48) [17] - [Licensed credit institutions in Estonia (commercial banks)](https://www.fi.ee/en/supervised-entities?closed=1&st[29]=29) [18] - [Licenced investment firms in Estonia](https://www.fi.ee/en/supervised-entities?closed=1&st[160]=160) [19] - [Estonian crowdfunding service providers under ECSPR](https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092) [20] - [Licenced fund management companies](https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185) [21] - [Small fund managers without activity licence](https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188) [22] - [Licensed creditors in Estonia](https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197) [23] - [Licensed credit intermediaries in Estonia](https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199) [24] - [Credit servicers in Estonia](https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203) [25] - [Central storage of regulated information (OAM)](https://oam.fi.ee/en) [26] ## At a glance | Official name | Finantsinspektsioon | | --- | --- | | Jurisdiction | [Estonia](https://protegra.io/licensing/jurisdictions/estonia/) | | Type | Integrated financial regulator | | Headquarters | Tallinn [1] | | Founded | 2002 [2] | | Website | [fi.ee](https://www.fi.ee/en) [3] | | Public register | [Official public register](https://www.fi.ee/en/supervised-entities) [4] | | Licence types in the Atlas | 13 | ## What FI supervises Finantsinspektsioon is Estonia's independent financial supervision and crisis resolution authority operating with autonomous responsibilities and budget to ensure the stability, reliability, and transparency of the financial sector, participating in the European Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM). [27] - Electronic money institutions and payment institutions [11] - Crypto-asset service providers and token issuers under MiCA [8] - Credit institutions and commercial banks [12] - Investment firms and financial instrument markets [13] - Fund management companies and investment funds [21] - Creditors, credit intermediaries, and credit servicers [23] - Crowdfunding service providers under ECSPR [20] ## Licences FI issues - [Bank · EstoniaCredit institution authorisation (bank)](https://protegra.io/licensing/licences/bank/estonia/) - [CASP · EstoniaAuthorisation to operate as a crypto-asset service provider under MiCA](https://protegra.io/licensing/licences/casp-mica/estonia/) - [EMI · EstoniaElectronic money institution operating with an exception](https://protegra.io/licensing/licences/emi/estonia-exception/) - [EMI · EstoniaOperating licence as an electronic money institution](https://protegra.io/licensing/licences/emi/estonia/) - [FM · EstoniaSmall fund manager registration without activity licence](https://protegra.io/licensing/licences/fund-manager/estonia-small/) - [FM · EstoniaOperating licence as a fund management company](https://protegra.io/licensing/licences/fund-manager/estonia/) - [IF · EstoniaAuthorisation as an investment firm](https://protegra.io/licensing/licences/investment-firm/estonia/) - [Credit · EstoniaOperating licence as a credit servicer](https://protegra.io/licensing/licences/lending/estonia-credit-servicer/) - [Credit · EstoniaOperating licence as a creditor](https://protegra.io/licensing/licences/lending/estonia-creditor/) - [Credit · EstoniaAuthorisation as a crowdfunding service provider under ECSPR](https://protegra.io/licensing/licences/lending/estonia-crowdfunding/) - [Credit · EstoniaOperating licence as a credit intermediary](https://protegra.io/licensing/licences/lending/estonia-intermediary/) - [PI · EstoniaPayment institution operating with an exception](https://protegra.io/licensing/licences/payment-institution/estonia-exception/) - [PI · EstoniaOperating licence as a payment institution](https://protegra.io/licensing/licences/payment-institution/estonia/) ## Lesser-known services for applicants Available ### Pre-application meeting / pre-assessment Finantsinspektsioon offers pre-application consultations and project assessments free of charge through its Innovation Hub and Licensing Department. Applicants complete an online involvement questionnaire or email preliminary business models to receive non-binding supervisory feedback prior to formal filing. [5] Available ### Innovation hub Finantsinspektsioon operates an Innovation Hub providing a single dedicated contact point for fintech and crypto firms to clarify regulatory perimeter issues, supervisory guidelines, and licensing expectations (contact: fintech@fi.ee). [6] Not offered ### Regulatory sandbox Finantsinspektsioon does not operate a regulatory sandbox; it deliberately channels innovation support through its Innovation Hub to maintain a level playing field, offering pre-licensing guidance and qualification analysis rather than live-testing regulatory waivers or exemptions. [6] **Application portal:** FI Application Portal (https://taotlus.fi.ee/en) is Finantsinspektsioon's mandatory electronic submission system for licence applications for CASPs, payment institutions, e-money institutions, investment firms, and qualifying holding notifications. [7] **Fee schedule:** Finantsinspektsioon statutory application and supervisory fees established under the Financial Supervision Authority Act, the State Fees Act, and sectoral acts including the Crypto Markets Act. [8] Compare with other regulators: [pre-application meetings](https://protegra.io/licensing/tools/pre-application/) · [sandboxes and innovation hubs](https://protegra.io/licensing/tools/sandboxes/). ## Statistics _Current licence holders in the official register [18] [14] [16] [15] [22] [21] [19] [25] [23] [20] [24] [17] [17]_ - 1 authorized crypto-asset service provider (CASP) under MiCA active in Estonia: Lightspark Payments Europe AS (register, 2026-09-24) [14] - 4 authorized electronic money institutions active in Estonia (register, 2026-09-24) [15] - 0 electronic money institutions operating with an exception in Estonia (register, 2026-09-24) [16] - 9 authorized payment institutions active in Estonia (register, 2026-09-24) [17] - 2 payment institutions operating with an exception in Estonia (register, 2026-09-24) [17] - 8 licensed commercial credit institutions (banks) operating in Estonia (register, 2026-09-24) [18] - 6 licensed investment firms operating in Estonia (register, 2026-09-24) [19] - 1 authorized crowdfunding service provider under ECSPR operating in Estonia: Estateguru OÜ (register, 2026-09-24) [20] - 12 licensed fund management companies active in Estonia (register, 2026-09-24) [21] - 67 small fund managers registered without activity licence in Estonia (register, 2026-09-24) [22] - 31 licensed creditors active in Estonia (register, 2026-09-24) [23] - 7 licensed credit intermediaries active in Estonia (register, 2026-09-24) [24] - 4 licensed credit servicers active in Estonia (register, 2026-09-24) [25] ## Fees and timelines | Licence | Fee | Amount | | --- | --- | --- | | [Authorisation to operate as a crypto-asset service provider under MiCA](https://protegra.io/licensing/licences/casp-mica/estonia/) | application | EUR 3,000 [8] | | [Credit institution authorisation (bank)](https://protegra.io/licensing/licences/bank/estonia/) | application | EUR 5,000 [9] | | [Authorisation as an investment firm](https://protegra.io/licensing/licences/investment-firm/estonia/) | application | EUR 3,000 [9] | | [Operating licence as a payment institution](https://protegra.io/licensing/licences/payment-institution/estonia/) | application | EUR 3,000 [9] | | [Operating licence as a fund management company](https://protegra.io/licensing/licences/fund-manager/estonia/) | application | EUR 600 (foreign fund public offering registration fee) [10] | _Time to a decision for Authorisation to operate as a crypto-asset service provider under MiCA: statutory deadline vs observed._ | Licence | Statutory deadline | Observed | | --- | --- | --- | | [Authorisation to operate as a crypto-asset service provider under MiCA](https://protegra.io/licensing/licences/casp-mica/estonia/) | 25 working days completeness check, followed by 40 working days decision period (procedural time limit may be paused for up to 20 working days) [8] | not published | | [Operating licence as an electronic money institution](https://protegra.io/licensing/licences/emi/estonia/) | Within 3 months after all necessary documentation is received, and not later than 6 months after initial receipt [11] | not published | | [Operating licence as a payment institution](https://protegra.io/licensing/licences/payment-institution/estonia/) | Within 3 months after all necessary documentation is received, and not later than 6 months after initial receipt [11] | not published | | [Credit institution authorisation (bank)](https://protegra.io/licensing/licences/bank/estonia/) | Within 6 months after receipt of complete documentation, and not later than 12 months after initial application receipt (decision taken by the ECB upon proposal by Finantsinspektsioon) [12] | 6 to 12 months in practice depending on document readiness and joint European Central Bank review [12] | | [Authorisation as an investment firm](https://protegra.io/licensing/licences/investment-firm/estonia/) | Within 2 months of receipt of complete information and documents, but no later than 6 months after initial receipt [13] | not published | ## Changing the owner of a licensed firm **Prior approval required.** Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of share capital or voting rights in an Estonian bank, payment institution, EMI, investment firm, or CASP requires prior notification and approval from Finantsinspektsioon. Filings are submitted electronically through the FI Application Portal (or via the ECB SSM portal for credit institutions). The statutory assessment period is 60 working days from receipt of complete documentation, interruptible once by up to 20 or 30 working days to request additional information, evaluating acquirer reputation, financial solidity, and AML/CFT compliance. [7] ## Laws FI applies - [Markets in Crypto-Assets Regulation](https://protegra.io/licensing/laws/eu-mica-2023-1114/): Regulation (EU) 2023/1114 - [Directive (EU) 2015/2366 on payment services in the internal market](https://protegra.io/licensing/laws/eu-psd2-2015-2366/): Directive (EU) 2015/2366 - [Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions](https://protegra.io/licensing/laws/eu-emd2-2009-110/): Directive 2009/110/EC - [Directive 2014/65/EU on markets in financial instruments](https://protegra.io/licensing/laws/eu-mifid2-2014-65/): Directive 2014/65/EU - [Capital Requirements Directive](https://protegra.io/licensing/laws/eu-crd-2013-36/): Directive 2013/36/EU - [Capital Requirements Regulation](https://protegra.io/licensing/laws/eu-crr-575-2013/): Regulation (EU) No 575/2013 - [Digital Operational Resilience Act](https://protegra.io/licensing/laws/eu-dora-2022-2554/): Regulation (EU) 2022/2554 - [European Crowdfunding Service Providers Regulation](https://protegra.io/licensing/laws/eu-ecspr-2020-1503/): Regulation (EU) 2020/1503 ## Recent and upcoming changes - 2026-07-01: The MiCA transitional period ended in Estonia; legacy FIU virtual currency licences were cancelled, leaving Finantsinspektsioon as the sole authority granting crypto-asset service provider authorisations. [28] - 2026-06-16: Finantsinspektsioon granted its first authorisation of a crypto-asset service provider (CASP) under MiCA. [29] - 2026-03-18: Finantsinspektsioon made submission through the new online FI Application Portal (taotlus.fi.ee) mandatory for payment institutions, e-money institutions, CASPs, and investment firms. [11] - 2026-01-16: Kerstin Pilt took office as the new Chair of the Management Board of Finantsinspektsioon, succeeding long-serving Chairman Kilvar Kessler. [2] - 2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) became applicable across the EU, with the Estonian Crypto Markets Act designating Finantsinspektsioon as the competent authority. [30] ## Contacts and public register Address: Sakala 4, 15030 Tallinn, Estonia [1] Website: [fi.ee](https://www.fi.ee/en) [3] Check whether a firm is licensed: [official register](https://www.fi.ee/en/supervised-entities) [4] · [official register](https://www.fi.ee/en/investment-market/crypto-asset-service-provider-casp/crypto-asset-service-providers-estonia) [14] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2217]=2217) [15] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2218]=2218) [16] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[48]=48) [17] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[29]=29) [18] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[160]=160) [19] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2092]=2092) [20] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185) [21] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188) [22] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2197]=2197) [23] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2199]=2199) [24] · [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2203]=2203) [25] · [official register](https://oam.fi.ee/en) [26]. ## Frequently asked questions ### What is Finantsinspektsioon and what are its primary supervisory functions? Finantsinspektsioon is Estonia's autonomous financial supervision and crisis resolution authority, operational since 1 January 2002. It exercises integrated prudential and conduct supervision across banks, payment institutions, e-money institutions, investment firms, fund managers, and crypto-asset service providers, participating directly in the European Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM). ### How did the regulatory regime for crypto-asset service providers change in Estonia in 2026? On 1 July 2026, Estonia's MiCA transitional period expired. Legacy virtual currency licences previously maintained by the Financial Intelligence Unit (FIU) were formally cancelled. Crypto-asset service providers must now hold an authorisation from Finantsinspektsioon under Regulation (EU) 2023/1114 (MiCA) and the Estonian Crypto Markets Act (CMA), with Lightspark Payments Europe AS being the first licensee. ### What are the fees and statutory processing timelines for payment and e-money institutions? Applying for an operating licence as a payment institution or electronic money institution incurs a statutory administrative fee under national law. Finantsinspektsioon must decide on the application within 3 months of receiving complete documentation, with an absolute statutory deadline of 6 months from initial receipt. Submissions must be made through the FI Application Portal. ### Does Finantsinspektsioon offer an Innovation Hub or Regulatory Sandbox for fintechs? Finantsinspektsioon operates an Innovation Hub providing free regulatory consultations and pre-application guidance for fintech and crypto firms via fintech@fi.ee. However, Finantsinspektsioon does not maintain a regulatory sandbox, deliberately choosing to ensure non-discriminatory market access and regulatory neutrality rather than providing testing waivers or temporary legal exemptions. ### What change-of-control rules apply when acquiring a holding in an Estonian licensed fintech? Acquiring or increasing a direct or indirect qualifying holding reaching or exceeding 10%, 20%, 30%, or 50% in an Estonian bank, payment institution, EMI, or investment firm requires prior notification and approval from Finantsinspektsioon. The statutory assessment period is 60 working days from receipt of a complete filing, interruptible once by up to 20 or 30 working days. ## Sources 1. [fi.ee: contacts](https://www.fi.ee/en/financial-supervision/contacts): retrieved 2026-09-24 2. 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[eur-lex.europa.eu: HTML (32023R1114)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114): retrieved 2026-09-24 Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.