EMI License Netherlands: Procedure to obtain Electronic Money Institution License in the Netherlands

Electronic Money Institution license in the Netherlands | EMI license in the Netherlands


This article looks at obtaining an electronic money institution or, EMI for short, in the Netherlands. If you wish to become an electronic money institution in the Netherlands then you must prepare and submit an electronic money institution application to the Dutch regulator – the Dutch Central Bank, namely, the De Nederlandsche Bank NV (DNB), before you can offer such services, as an electronic money institution.

Definition of electronic money institutions in the Netherlands

The Financial Supervision Act (Wet op het financieel toezicht) defines electronic money institution as a party, not being a bank, issue electronic money in exchange for funds with which payments can be made.

The Second Payment Service Directive (PSD2)

The second Payment Service Directive (PSD2) and its significance to payment services and electronic money firms in the Netherlands. PSD2, or the Payment Service Directive 2, is an EU Directive (Directive 2015/2366) which sets requirements for businesses that provide payment services or electronic money in the Netherlands. It applies to banks, building societies, payment institutions, e-money institutions and their customers.

The Dutch regulator for Electronic Money Institutions

The Dutch central bank - De Nederlandsche Bank or DNB for short, is the Dutch regulator for electronic money and payment institutions. In order to provide electronic money or payment services, you must submit an application to DNB and obtain authorisation to offer such services.

Services you can offer with an Electronic Money Institution in the Netherlands

As per Section 3:34 of the Financial Supervision Act (Wet op het financieel toezicht), an electronic money institution is able to perform the following:

1. Provide services relating to the issuance of electronic money;