Financial Supervision Authority (FSA) of Estonia based on the Crypto-Assets Market Act assumes the process of overseeing participants in the crypto industry and, in particular, the cryptocurrency market, replacing the Financial Intelligence Unit (FIU). These changes, aligned with the EU Regulation on Crypto-Assets (MiCA), are aimed at strengthening financial supervision. From now on, obtaining a cryptocurrency license will require applying directly to the Financial Supervision Authority.
Eesti Firma provides essential consulting and accounting services for cryptocurrency market participants, including assistance with preparing applications for crypto licenses and adapting to new requirements.
Transition of the Industry Under the Supervision of the FSA
Financial Intelligence Unit ceases issuing licenses for providing virtual asset services. Instead, the Financial Supervision Authority will begin issuing crypto licenses to participants in the crypto-assets market. The transfer of powers is carried out in accordance with the Crypto-Assets Market Act, which regulates new requirements and licensing procedures.
Service providers will be fully subject to the supervision of the Financial Supervision Authority from July 1, 2026, when licenses issued by the Financial Intelligence Unit will expire. Until this time, supervision will continue to be exercised by the Financial Intelligence Unit.
New Obligations for Service Providers
These changes are related to the Regulation of the European Parliament and Council 2023/1114 (MiCA), which brings this sector under financial supervision. Crypto-asset service providers are considered obliged entities under the Anti-Money Laundering and Terrorist Financing Prevention Act and are also subject to special obligations under the International Sanctions Act. Control by the Financial Intelligence Unit will also continue.
Virtual asset service providers holding valid licenses issued by the Financial Intelligence Unit can continue their activities until July 1, 2026, or until they receive a license from the Financial Supervision Authority. Applications for cryptocurrency licenses must henceforth be submitted to the Financial Supervision Authority. Eesti Firma provides all necessary consulting and accounting services.
Deadlines and processing of existing applications
Applications submitted to the Financial Intelligence Unit before December 30, 2024, that are not processed by this date will remain unconsidered. In such cases, the documents will be returned to the applicants. However, the Bureau will continue to accept applications for amendments to existing licenses until July 1, 2026.
As of December 5, 2024, 43 licenses issued by the Financial Intelligence Unit for providing virtual asset services remain valid.
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