Licence types · Payments

Electronic money institution (EMI)

Issue e-money and provide payment services; funds must be safeguarded.

EMIs may issue electronic money and provide payment services, but may not take deposits or use customer funds for lending. Customer funds must be safeguarded. In the EU and UK, minimum initial capital is EUR 350,000 (UK: equivalent EMR requirement).

By jurisdiction

🇪🇺 European Union (passportable regimes)

EU electronic money institution

Regulator: European Banking Authority (EBA)
Permitted activities: Issuing e-money, providing payment services, operating payment accounts linked to e-money.
Minimum capital: Initial capital of at least EUR 350,000 (EMD2 Art. 4) plus ongoing own funds.
Ownership, management & substance: Head office in the authorising member state; local management and compliance expected by most NCAs.
Application procedure: Application to national competent authority under EMD2 and PSD2 requirements.
Government fees: Varies by member state — Verification required
Indicative timeline: No reliable published estimate
Limitations: No deposit-taking; no interest on e-money; safeguarding required.
Legal basis: Directive 2009/110/EC (EMD2)

🇱🇹 Lithuania

Lithuanian EMI

Regulator: Bank of Lithuania (LB)
Permitted activities: As EU EMI.
Minimum capital: EUR 350,000 (EMD2).
Ownership, management & substance: Bank of Lithuania expects genuine local management and AML functions.
Application procedure: Application to Bank of Lithuania.
Government fees: Verification required
Indicative timeline: No reliable published estimate
Limitations: See EU EMI limitations.
Legal basis: Law on Electronic Money and Electronic Money Institutions

🇬🇧 United Kingdom

UK authorised EMI

Regulator: Financial Conduct Authority (FCA)
Permitted activities: E-money issuance and payment services.
Minimum capital: EUR 350,000 equivalent initial capital (EMRs 2011).
Ownership, management & substance: UK head office; management and compliance in the UK.
Application procedure: FCA Connect application.
Government fees: Verification required — see FCA application fees
Indicative timeline: FCA has statutory deadlines for complete applications; overall timeline varies
Limitations: Safeguarding regime being strengthened by FCA.
Legal basis: Electronic Money Regulations 2011