This article looks at how to obtain an electronic money institution (EMI) license in Lithuania. In Lithuania, The Bank of Lithuania is the financial regulator for regulating electronic money institutions. If you wish to become an EMI or electronic money institution in Lithuania then you must prepare and submit an EMI e-money electronic money institution application in Lithuania to the Lithuanian financial regulator - the Bank of Lithuania, according to Lithuanian law, as set out in the law on financial institutions.
Key features and benefits of EMI Electronic Money Institution in Lithuania
- By becoming an electronic money institution in Lithuania, your license will be recognised in all other EEA (European Economic Area) member states. Through ‘passporting’, this allows you to operate your electronic money institution across all EEA countries with a single license.
- Minimum initial capital requirement of EUR 350,000.
- Issue e-money, such as prepaid cards, electronic wallets and payment accounts with IBAN codes, across Europe.
- Obtain the electronic money institution ((e-money) license in as little as 3 months.
- Remote account opening for individual and business customers.
- Issue Visa or Mastercard payment cards for both individual and business users.
- The regulator offers remote KYC for customer onboarding whilst relaxing on financial penalties for start-ups – for example, no regulatory fines or penalties in the first year of operation.
Licensing process for Electronic Money Institutions EMI in Lithuania