Authorisation for economic activity
What is it?
Since 1 July, 2014 Estonian FIU issues authorisations for operating in the following areas of activity:
- operating as a financial institution
- providing trust and company services
- providing pawnbroking services
- providing services of exchanging a virtual currency against a fiat currency
- providing a virtual currency wallet service
- buying-in or wholesale of precious metals, precious metal articles or precious stones, except precious metals and precious metal articles used for production, scientific or medical purposes
The authorisation obligation does not apply to a person who holds:
- authorisation granted by the Financial Supervision Authority
- obligation to apply for the Financial Supervision Authority’s authorisation under another Act
- authorisation granted by the financial supervision authority of a contracting state of the European Economic Area based on which the person is authorised to operate in Estonia via a branch or across borders:
- provided that the Financial Supervision Authority has been notified of such operations, or
- who provides the services specified in Money Laundering and Terrorist Financing Prevention Act § 70 subsection 1 within the group.