Electronic Money Institution

​If you intend to offer your customers the ability to store money electronically or magnetically, like an e-wallet, and enable them to use this e-wallet to pay for goods or services, your firm will be then be required to seek authorisation (licence) or registration, by the FCA or Financial Conduct Authority to provide such services. 

Examples of e-money include prepaid cards that can be used to pay for goods at a range of retailers, or virtual (digital) purses that can be used to pay for goods or services online.

 

As a company, if you are planning to offer stored value, e.g. storing or issuing electronic money in a digital wallet, then you will require an e-money or more formally referred as an electronic money institution licence.

In which countries can you help me obtain an electronic money (EMI) licence?
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Regulatory Counsel can help clients electronic money or e-money licences in most European countries, including Germany, Ireland and Lithuania. If you require a licence in another country or region not listed here, please contact us and we will be happy to discuss your requirements and help you.

Passporting

Passporting is the exercise of the right for a firm registered in the European Economic Area (EEA) to conduct its business in any other EEA (European Economic Area) state without requiring further licences in each country, individually, For example, if you were to become authorised (licenced) in the UK, you would then able to conduct your business in France, Sweden, Ireland or any other country within the EEA region.

Which countries form part of the EEA?

The following countries form part of the EEA:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

Can I passport (operate) across the EU with my EMI (electronic money institution) licence?

You can passport into other European countries with an authorised electronic money institution (EMI) licence. If you wish to passport or operate across EU (EEA region), Regulatory Counsel can help you achieve this. 

Timeframe

It can take 3-4 months following submission of your application to obtain electronic money institution  registration  or authorisation (licence).

Our fees and next steps

We will begin the process by discussing your business plan and advising you on whether a payment or the electronic money licence is suited to your proposal. We will discuss your operations, products and services, as well as establish suitability of both the management team and the business proposal from a regulatory perspective. 

Following this, we will confirm our fees, time frame and next steps with you. Once all this is in place, our team will prepare your application, including the required policies and procedures. 

Our service includes full management of regulatory correspondence and communication until your application has been approved.

We have a 100% success rate with all of our electronic money institution licence applications.

To discuss your requirements, please contact us on info@regulatorycounsel.co.uk or call us on 0207 164 6876