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TYPES OF INSTITUTIONS IN EUROPE
TYPES OF INSTITUTIONS IN EUROPE
Authorised Electronic Money Institution
Small Electronic Money Institution

EMI

Small EMI

Authorised Payment Institution
Small Payment Institution

PI

Small PI

license acquisition process
license acquisition process
Preparation of a form and accompanying documentation. Applying to the supervisory authority, which checks all the documents for accuracy.
№2
№1
Registration of a company (if necessary).
№3
Verification of the application. The regulator sends comments on the submitted documents and requests additional information.
Issuance or denial. The regulator checks the summary information provided by the supervisory authority and decides on the license issue or refusal.
№4
Preparation of a form and accompanying documentation. Applying to the supervisory authority, which checks all the documents for accuracy.
№2
№1
Registration of a company (if necessary).
№3
Verification of the application. The regulator sends comments on the submitted documents and requests additional information.
Issuance or denial. The regulator checks the summary information provided by the supervisory authority and decides on the license issue or refusal.
№4

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Czechia
advantages
Abcsence of cryptocurrency regulation
requirements
General information about the company
Certificate of introduction the authorized capital (from the bank)
time limits
1-2 months
Applies to the entire EU
Favourable terms for company registration
Modern and advanced e-government
Time limits
Proof of the first capital origin and financial assets
Document confirming the registration of the company (certificate)
20 thousand euros - for ordinary activities
125 thousand euros - if an applicant plans to accept and withdraw cash
350 thousand euros - for an issuer of electronic money
Financial accounts (if any)
Business plan
Company management information regarding protection of transactions
Clarifications on the personal payment service
Employee details
Description of the technical execution of certain actions
Parameters of book accounting system, financial reporting, control system
Czechia
advantages
Abcsence of cryptocurrency regulation
requirements
General information about the company
Certificate of introduction the authorized capital (from the bank)
time limits
1-2 months
Applies to the entire EU
Favourable terms for company registration
Modern and advanced e-government
Time limits
Proof of the first capital origin and financial assets
Document confirming the registration of the company (certificate)
20 thousand euros - for ordinary activities
125 thousand euros - if an applicant plans to accept and withdraw cash
350 thousand euros - for an issuer of electronic money
Financial accounts (if any)
Business plan
Company management information regarding protection of transactions
Clarifications on the personal payment service
Employee details
Description of the technical execution of certain actions
Parameters of book accounting system, financial reporting, control system
spain
advantages
A simple form of filing
requirements
Legal entity is registered in Spain
Statutory documentation
time limits
The registrar considers the application within three months. If no decision is made for the period, the petition is considered rejected. If the Spanish payment license is obtained, the company is obliged to transfer information about itself to the commercial register and the special register of the National Bank before starting to operate
The application can be submitted through the Electronic Register of the Bank of Spain, locally or by mail.
Application response time
For PI and EMI — 3 months, and for small institutions — 20 days. On average, the process of obtaining a license takes 6 months.
Companies that want to operate as payment systems in Spain are required to provide a description of the technical tools for protecting funds and customer data, as well as information about:
The registered capital of the company is not less than 350 thousand euros
Organisation and financial structure
Directorates — provide a list of executives, information confirming experience, professional integrity (in accordance with EU requirements — at least three people, presence of a resident director is mandatory)
Shareholders
Management and control policies, measures to prevent money laundering
Small PI license has limits for the average monthly number of transactions for payment services — € 3 million.
Small EMI license in Spain has average monthly limits on the issuance of electronic money for 5 million euros and the number of transactions for payment services — 3 million euros.
Lithuania
advantages
Low operating costs
requirements
Founders
A company must have a board of directors with a minimum of 3 members and a CEO.
time limits
Formally, the term for issuing a license for EMI and PI is 3 months, for Small EMI and PI — 2 months. In case documents are submitted not fully or are submitted with deficiencies, the period is extended by another 3 months for EMI and PI, 2 months for Small EMI and 5−6 months for Small PI.
Convenient banking environment for opening an account and keeping client funds in the Bank of Lithuania for SEPA IBAN numbers
An enabling environment for startups, advice and assistance from official organizations
Personnel management structure
Founders must go through the investor verification procedure in the CCSSO — this is a separate procedure from licensing.
Other key personnel
When applying for a license, a company must provide information on key employees: anti-money laundering and information security officers. It is also necessary to prove that the persons concerned have the necessary qualifications and experience.
Initial capital requirements
For EMI - 350 000 euros
The Bank of Lithuania may require additional funds, the amount depends on the calculations of the business plan.
Small EMIs do not qualify for minimum initial capital requirements.
For PI:
*
At least 20 000 euros if the payment institution intends to provide only money transfer services only
At least 50 000 euros if the payment institution intends to provide only payment initiation services
At least 125,000 euros if the payment institution intends to provide all other services
Small PIs do not qualify for minimum initial capital requirements.
*
the uk
advantages
The experience and stability of the regulator
requirements
The head office must be located in the UK
On the day of obtaining a license, the company must have an IT system ready to work
time limits
The FCA decides on the application within:
Rules and processes framed over years in the industry
English is the main language of communication and documentation
2 UK resident directors
The company management must be permanently located in the UK office
The initial capital — at least 350 000 euros
3 months from the date of the full application receipt
12 months in case of incomplete application
ВЕЛИКОБРИТАНИЯ
Almost half of all licenses are issued in the UK
canada (MSB)
advantages
MSB in Canada does not require a cash deposit
requirements
Legal entity registered in Canada
Detailed business plan
time limits
Consideration of the application after the documents submission takes about 3 months
MSB in Canada has a good reputation and fewer complaints
Faster than others
An MSB license allow you to legally engage in:
Due Diligence documents for all members of the company
CV of Directors / Shareholders and Compliance Officer
Information on the premises used for MSB operation
Confirmation of compliance with AML / KYC procedures
Currency exchange
Any money transfer
Issuance, redemption of money orders, traveller’s checks or other similar negotiable instruments
Trade virtual currency, exchange it, transfer and receive
MSB (Money Service Business) — the license is issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which regulates the activities of financial and cryptocurrency institutions.
canada (MSB)
advantages
MSB in Canada does not require a cash deposit
requirements
Legal entity registered in Canada
Detailed business plan
time limits
Consideration of the application after the documents submission takes about 3 months
MSB in Canada has a good reputation and fewer complaints
Faster than others
An MSB license allow you to legally engage in:
Due Diligence documents for all members of the company
CV of Directors / Shareholders and Compliance Officer
Information on the premises used for MSB operation
Confirmation of compliance with AML / KYC procedures
Currency exchange
Any money transfer
Issuance, redemption of money orders, traveller’s checks or other similar negotiable instruments
Trade virtual currency, exchange it, transfer and receive
MSB (Money Service Business) — the license is issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which regulates the activities of financial and cryptocurrency institutions.
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