EMI license in Lithuania: Procedure to obtain an Electronic Money Institution license in Lithuania

Electronic money institution license in Lithuania | EMI license in Lithuania | E-money license in Lithuania


Introduction

In this article, we look at the process of becoming an electronic money institution (EMI) in Lithuania.

In Lithuania, The Bank of Lithuania is the financial regulator for regulating electronic money institutions. If you wish to become an electronic money institution in Lithuania then you must prepare and submit an electronic money institution application in Lithuania to the Bank of Lithuania.

If you wish to obtain an electronic money institution license in Lithuania and issue electronic money services, such as prepaid cards or electronic wallets, you will require an Authorised Electronic Money Institution license from the Bank of Lithuania.

When seeking an electronic money institution license in Lithuania, planning is key. It is important that you match the financial service you intend to provide with Bank of Lithuania's list of regulated activities.

Another important thing you must do before making an application for an electronic money institution in Lithuania is to ensure you meet the regulator's conditions. For example, you will need to ensure that your management and people such as directors, must be located in Lithuania. You will need to demonstrate through your application that you have appropriate resources to operate your business. This includes having sufficient financial, management, staff, and systems to manage your business.

The Bank of Lithuania expects firms to meet a range of requirements before it allows them to provide regulated financial services as an electronic money institution in Lithuania. When an applicant firm submits an application seeking authorisation, the Bank of Lithuania reviews their business plans, risks, budget, resources, systems, controls and its people.

Initial Capital Requirement

Authorised EMIs are subject to capital requirements (EUR 350k), safeguarding and conduct of business rules. Electronic money institutions in Lithuania may also passport in Europe (EEA), which enables them to operate in other European countries without requiring additiona