Cobalt, which provides clients with ‘well-researched and thorough legal advice’, has a well-established fintech practice which has a history of working with the Estonian Ministry of Finance on AML-related regulations and is often at the forefront of fintech issues such as the regulation of virtual currency, including cryptocurrency. Heading up the team are Monika Koolmeister and Kristel Raidla-Talur, the latter of whom has a strength in financing transactions in the fintech space. Koolmeister’s previous employment at a leading bank in Estonia leaves the group well placed to advise a range of fintech companies and banks. Kaarel Eller is also noted.

RASK Attorneys-at-Law is consulted by clients ranging from start-ups to large commercial banks in Estonia on issues related to blockchain technology and digital currencies such as cryptocurrencies. The broad practice covers matters concerning artificial intelligence, crowdfunding, investor relations and sustainable financing. Drawing upon strong relationships with fund managers, and an excellent reputation in the financial services industry more widely, Timo Kullerkupp has a strength in cross-border transactions in the fintech arena. Kullerkupp leads the team alongside Karl Erik Esko, who is especially knowledgeable on financing structures and raising capital.

Sorainen‘s strength in blockchain and cryptocurrecy matters is evidenced by its consistent assistance of clients with initial public offerings of crypto coins (ICO) in Estonia. The group also stands out for its deep bench. Practice head Kätlin Krisak has considerable experience in blockchain-based platforms and cryptocurrency, and is well supported by Jane Eespõld and Kamilla Alma Vilderson, who stand out for their knowledge of fintech regulation. Hetti Lump-Kivisaari often counsels fintech companies looking to set up operations in Estonia, guiding them through insurance regulations.

Since its merger with PwC Legal in February 2024, the fintech practice at TGS Baltic has expanded with the addition of crypto asset specialist Priit Lätt. The team, which is praised for its ‘strong understanding of emerging technologies, combined with extensive knowledge of regulatory frameworks’, is led by Kirsti Pent, who often advises financial services clients such as crowdfunding and P2P lending companies. The group is particularly strong at assisting clients with acquiring activity licences and representing clients in proceedings before the supervisory authority. The deep bench also includes Elina Varendi, a key name to note for advising crowdfunding platforms, Olger Kaelep, who assists regulated financial sector entities, and Maria Suurna.

Ellex has a prominent position in the fintech sector, advising the full range of clients from fintech banks to payment and e-money institutions and DeFi and Web3 solution providers. Marko Kairjak has a great deal of financial regulatory expertise and strong relationships with regulatory authorities, and often advises on licensing proceedings and qualifying holding procedures. Anneli Krunks works on matters related to payments services and digital assets.

The ‘pragmatic, efficient and effective‘ team at Hedman Partners is able to provide start-up fintech clients with regulatory assistance at every stage of the company’s existence, from VC funding to public offerings. Some of the group’s other channels of work include advising clients on providing new types of crowdfunding services and tokenising assets. The group is overseen by Toomas Seppel, whose familiarity with the rapidly evolving legal framework of the fintech sector in Estonia is an asset for clients. This specific-sector knowledge is only added to by Taavi Kõiv, who has a strong knowledge of IPOs and venture capital matters in the fintech realm.

Magnusson has a well-established fintech offering, as one of the first firms in Estonia to operate in the fintech space. The group is notable for its deep knowledge of emerging technologies such as NFTs, facial recognition and blockchain forensics, as well as its work on licensing requirements. Managing partner Jaanus Mägi heads up the team. Marek Keiman is particularly proficient in cross-border crypto asset recovery, due to his extensive dispute resolution expertise.

Practitioners at ‘solution-oriented‘ WIDEN are commended for their knowledge of IT law, combining this with a strong knowledge of trademark and copyright matters, including trademark licensing negotiations, to form a broad fintech practice. The group has a strong track record in the cryptocurrency space in Estonia, having secured the first crypto-licence in the country in 2014, and also continues to advise on fintech licensing matters and the contractual elements of NFT projects.  IT and smart technologies expert Rauno Kinkar leads the team alongside regulatory lawyer Henri Ratnik.

Eversheds Sutherland Ots & Co advises a growing number of fintech start-ups, providing a full service that covers taxation and compliance solutions as well as regulatory compliance in areas such as cybersecurity risk. Artjom Luik and Risto Rüütel head up the team, while Dmitri Zdobnõh is a go-to figure for clients looking for assistance with securities and issues pertaining to AML.