Electronic Money License UK | Electronic Money Institution license in the UK | EMI license in the UK | E-money license the UK
In this article, we look at the technical, regulatory and financial requirements to set up and become an electronic money institution in the UK.
EMI License options
There are two options for becoming an electronic money institution (EMI) in the UK.
No initial capital requirement
Less strenuous process e.g. slightly quicker to obtain the license
Unable to passport into Europe
Cannot issue more than €5m in e-money and €3m in payment services per month
The application fee is £1,000
Able to passport into Europe (this will change as a result of Britain leaving the EU)
No restriction on the amount of -e-money or payment transactions volume
Slightly longer timeframe to obtain the license e.g. 5-6 months on average
An initial capital requirement of €350,000 is applicable
The application fee is £5,000