Technical, Regulatory & Financial Requirements of becoming an Electronic Money License in the UK

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.


1. Small electronic money institution


Key features

  • 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


2. Authorised electronic money institution


Key features

  • 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