/ Electronic Money Institution / Payment institution license

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The number of Electronic Money Institutions (EMI) and Payment Institutions (PSP/PI) is continuously increasing.

We can assist you in getting the relevant license in Estonia and other selected European jurisdictions and keep your business compliant in the long run.

/ General requirements

The general requirements slightly change from country to country. In any case, they can be summarised as follows:

  • The shareholders must have an impeccable business reputation
  • The members of the board must have an impeccable business reputation, along with education, experience and professional qualifications necessary to manage an e-money institution
  • Permanent establishment in the country in which the company applies for the license
  • Auditing is mandatory
  • Adequate organisational structure
  • Adequate technical organisation
  • Compliance with the anti-money laundering and counter-terrorist financing law and regulations
  • Compliance with the GDPR
  • Minimum share capital:
  • Money remittance: EUR 20.000
  • All other services offered by Payment Institutions: EUR 125.000
  • Payment initiation services: EUR 50.000
  • Electronic Money Institutions: EUR 350.000

/ Passporting / Operating abroad

An EMI/PSP licensed in an EU Member State may offer its services in any other EU Member State without the requirement to obtain an additional licence and satisfy the prudential supervision rules imposed by the second Member State.

/ Timeframe

The time to obtain a license varies from country to country, and some EU Regulators are most likely faster than others. In any case, the decision on the application for an EMI/PSP license is usually made in 3-6 months.

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FinTech Legal Center is a trading name of TechIuris OÜ (14959657), ExoLegal OÜ (16246996) and ExoBooks OÜ (16184427). Valge tn 13, 11415 Tallinn. TechIuris OÜ is licensed to provide trust and corporate services (license number FIU000370) and to act as a tax representative for non-residents (ME 005-2021); it has submitted a labour mediation notice of economic activities (STT000660). TechIuris OÜ pakub õigusalaseid, kooskõlastuslikke, raamatupidamisalaseid ja strateegilisi teenuseid.

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