Anybody wanting to provide regulated financial services must apply for a licence from Finantsinspektsioon. Finantsinspektsioon processes the application by checking that the applicant has sufficient capital and where it comes from, and assessing the organisational structure and the intended business plan, the level of technical organisation, and the suitability of the managers and owners to operate in the financial sector.
There are strict requirements for participants in the financial sector that are put in place to ensure protection for consumers of financial services, the stability of the financial system, and honesty in the operation of the market. Managers and owners in the financial sector must have a spotless reputation, relevant qualifications, and sufficient experience of the sector.
Six companies received an operating licence from Finantsinspektsioon
Finantsinspektsioon received 13 applications for a licence to operate in 2025, and some application processes that had started in 2024 continued. Five of the applications submitted were for licences to provide crypto asset services, while there were two applications each for licences as credit intermediaries, credit institutions and fund managers, and one each for licences as a credit collector and an e-money institution.
Finantsinspektsioon assessed in 2025 whether a total of 279 people were suitable to operate in the Estonian financial sector or to own a qualifying holding in companies in the sector. Of the people assessed, 202 received a positive assessment. The suitability assessments of 77 people were not completed because either the person themselves revoked their candidacy or their application was withdrawn, and so Finantsinspektsioon did not make a final assessment of the suitability of those people.
Finantsinspektsioon assessed suitability to operate in the financial sector
Finantsinspektsioon assessed in 2025 whether a total of 279 people were suitable to operate in the Estonian financial sector or to own a qualifying holding in companies in the sector. Of the people assessed, 202 received a positive assessment. The suitability assessments of 77 people were not completed because either the person themselves revoked their candidacy or their application was withdrawn, and so Finantsinspektsioon did not make a final assessment of the suitability of those people.
