According to the website of the Estonian Financial Supervisory Authority, Crowdestate AS is the first crowdfunding service provider to receive an activity license from the Estonian Financial Supervision Authority. All other operators of crowdfunding platforms that offer private persons and businesses the opportunity to grant loans to or invest in crowdfunding projects owned by businesses must also obtain an activity license at the latest by 10 November of this year. After that date, they may no longer operate without an activity license from the Financial Supervision Authority.
On 3 March, the Estonian Financial Supervision Authority granted Crowdestate AS a crowdfunding service provider activity license, which gives it the right to facilitate the granting of loans and to offer investment-based crowdfunding services. TGS Baltic advised the client during the entire process of obtaining the license, from the preparation process to the end of the proceedings. The TGS Baltic team included partner and head of the banking & finance practice group Kirsti Pent and senior associate and financial law expert Olger Kaelep.