Business licences and activity notices

Before you begin: Read our comprehensive blog post on what financial services licences are required for your business in Estonia

You need to apply for an activity licence if you wish to operate in the following fields of activity:

The activity of financial service providers is regulated by the Money Laundering and Terrorist Financing Prevention Act (MLTFPA).

Amendments to the MLTFPA were adopted by the Estonian parliament on the 15th of March 2022. The main purpose of the amendments is to strengthen the position of the Estonian Financial Intelligence Unit (FIU) in its authorisation and supervision procedures for digital-asset related businesses, and make the industry more transparent and secure.

The main amendments are:

• A broader and more specific definition of virtual asset services;
• Mandatory requirement to perform an audit as well as an internal auditor;
• Stricter requirements for the place of business, board members and the contact person;
• A virtual asset service provider is not allowed to withdraw from economic activities on a temporary basis;
• The minimum share capital is at least 100,000€ or 250,000€, depending on the service, which must be paid in by way of monetary contribution (non-monetary contributions and contributions in virtual currencies are not allowed) prior to submitting the application for the acquisition of the licence;
• The FIU may refuse to license a business if certain regulatory, internal or technological requirements are not met.

The amendments and new requirements entered into force on the 15th of March 2022 for new business applying for licence, however, businesses with excising licences have until the 15th of June 2022 to meet the new regulatory requirements.