Legal Opinion

The Estonian Financial Supervisory Authority (EFSA) states that coins and tokens may in some cases be qualified as securities according to the Estonian legislation, which means that the regulations and activity licenses may be different.

In case you think your company's planned business is not within the scope of the activities covered by above mentioned licenses, we recommend that you take a preliminary legal analysis in order to find out which activity license or registration your business model requires.

To avoid waste of time and money, we can arrange a preliminary legal analysis at reasonable costs to determine whether or not your business activities fall under one or both of these activities. To do so we need your simple business explanation/White Paper of the proposed ICO etc. Usually the preliminary analysis can be provided in few days.

Usually the preliminary legal opinion is ready in few 2-3 days.

If required the full legal analyses can be arranged as well, but this can involve more costs and time.


European Securities and Markets Authority (ESMA) alerts firms involved in Initial Coin Offerings (ICOs) about the need to meet relevant regulatory requirements.