Estonia is a welcoming and appealing location for a variety of virtual currency-related activities. Because of its progressive legislation, the country has earned a reputation as a "cryptocurrency haven" in a relatively short amount of time. It is the first EU jurisdiction to regulate cryptocurrency firms. Many companies, exchanges, and exchangers have constructed physical offices in the country during the last five years, and over 2,000 organizations have earned a cryptocurrency license. Thus, the legislation changed over the years and the requirements are much strict compared to Lithuania.
Some entrepreneurs choose Estonia for crypto-related business operations such as IEOs, ICOs, and IDOs.
The Estonian Ministry of Finance submitted changes to the legislation on virtual asset operations, increasing the share capital to 250 000 euros, local office, local management board, and requirements for a sworn auditor.
As an outcome, compared to most other European countries for crypto enterprises, Estonia has several MiCA Directive concepts currently in place.