Obtaining Financial Service Licenses in Estonia

Regulatory Compliance Associates offers help to obtain financial service licenses in Estonia for businesses that are interested in being able to offer specific financial services in the Estonian market. The international financial services sector has been in a growth phase for quite some time already, and this is a trend that will continue. New virtual currencies, new business ideas in the FinTech sector and more people starting to use technology equals more transactions and bigger demand. As Estonia is one of the leading digital hubs in the world with the ability to do everything remotely, is why numerous financial-service companies are looking to establish their business in Estonia to start operating.

Businesses That Need Financial Service Licenses To Legally Operate

In Estonia, Finantsinspektsioon and the Financial Intelligence Unit (FIU) are responsible for giving out licenses and supervising financial services. Both agencies oversee and license different areas of the sector and therefore it is important to determine where you must submit your license application. This, however, can be a somewhat complicated process, as the Estonian Money Laundering and Terrorist Financing Prevention Act and the Credit Institutions Act both contain a definition for the term “financial institution”. In case you are interested in using our services, we can help you determine it based on the information you give us.

Here is a basic overview of where you can expect you have to obtain your financial service license by determining your business’ main activity:

Finantsinspektsioon

  • Operating as a bank
  • Operating as an insurance company
  • Providing insurance intermediary services
  • Operating as an investment firm
  • Providing fund manager services
  • Operating with investment and pension funds
  • Operating as a payment institution
  • Operating as an e-money institution
  • Operating as a Creditor and/or a creditor intermediary
  • Operating in the securities market
 
 
FIU

  • Operating as a financial institution (except areas of activities related to the responsibilities of the Financial Supervision Authority)
  • Operating as a trust and company service provider
  • Providing pawnbroker services
  • Providing virtual currency services (e.g., virtual currency exchange and/or wallet)
  • Purchase or wholesale of precious metals, articles of precious metals or precious stones