Eternity Law International — News — All you need to know about a European EMI license: a brief overview

All you need to know about a European EMI license: a brief overview

Published:
August 26, 2022

If you consider operating as a PSP, offering issuance of debit cards, delivery of money sending and receiving services, and digital wallets, you require a license for these operations. To acquire a European EMI license, you need to get in touch with EU authorities regulating the sector of finances such as the UK FCA. The following is a brief overview of how to acquire an EMI license in EU states.

The Revised Payment Services Law

PSD 2 is Directive 2015/2366 of the EU Parliament that establishes a legal and operational basis for entities offering financial services. Adherence with this law must be ensured by banking institutions, payment processing platforms, EMIs, and their clients as well. PSD 2 provides a set of obligations for businesses looking to acquire an EMI license and operate within the EU.

The primary purposes of Revised PSD 2 include the safeguarding of clients and ensuring payments are carried out in a secure manner.

The scope of operations allowed by an EMI license

Businesses can deliver a broad variety of services, but the majority of them necessitate separate licensing. The EMI license is considered general as it provides the authorization to carry out five main financial services. These are as follows:

  1. Provision of data about the customer account;
  2. Payment accounts opening;
  3. Money transfers. (crossborder payments are also allowed);
  4. Services for business;
  5. Initiating payments; (initiating payments from the clients’ accounts and transfer funds to the business accounts).

The geographical scope of financial service delivery in the EU

Suppose you are an authorized business registered within an EEA country. In that case, you are permitted to offer your services in other countries of the EEA without the condition for separate licensing in those jurisdictions. To do this, you will be required to only apply for a passport. This procedure is easy and quick.

Core aspects of acquiring a license

The directors of each enterprise that applies for permission to operations are rigorously supervised by regulative authorities in all EU countries, with no differences in which country an applicant applied to. In this respect, in a case when the management is not presented by two licensed persons residing in the EU, the company`s application for getting licensed will be rejected. Nevertheless, this condition varies in each country. There are countries the law of which allows one authorized person that is a citizen of one of the EU countries to obtain an EMI license, however another member of the management may reside in the CIS territory.

It is mandatory to ensure that the company’s directors and employees have appropriate education, knowledge, and experience in the financial or economic sectors confirmed by certificates and documents. In case the education of previously mentioned individuals is other than in the sector of finances, the company`s application for getting licensed will be denied.

For those who are looking for simplified licensing for financial operators – there is a separate option – small EMI licenses, or SEMI. Lawmakers impose fewer rules for receiving it, however, the main disadvantage of SEMI is that it is not valid in all EU states. Thus, if you consider the delivery of your services throughout Europe, we advise that you apply for a standard license.

If you are interested in obtaining a license, please contact our experts for consultation.

Also, you can view new offers in categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Residence of foreigners in Ukraine

The organization dealing with migration issues provides data according to which about 200 thousand foreigners are currently in Ukraine. A significant part of them are citizens of the former countries of the Soviet Union. Regardless of how many foreigners live in our country, their stay should be regulated by the legal field. The law spells...

Crypto License in Spain

Spanish Bank formed a register for organizations dealing with virtual currency exchanges for fiat, and creation of e-wallets. New legislative act says that crypto providers must be certified. Crypto license in Spain, which is also required for all firms wishing to operate in this sector, entitles them to spread above-mentioned services. A penalty for desire...

Features of options

In this article we will tell you about the peculiarities of the work of contractual structures, namely, options. Among entrepreneurs and investors, the term “option” is very well known. It is considered a separate treaty structure in many countries. It does not cover the securities markets in which options are financial instruments. In this article,...

Citizenship by the marriage

Conditions of stay in Ukraine are optimal for foreigners. Therefore, many people want to be full members of society in the Ukrainian territory. To do this, everyone who wishes can meet a certain number of requirements and conditions prescribed by the legislative bodies. The easiest and most effective way to obtain Ukrainian citizenship by marriage...

Registration of a state of emergency in Ukraine

A private enterprise is a legal entity that can operate on the basis of property owned by one or more owners, or itself. PE is often equated with a private entrepreneur, that is, an individual, but this is not correct. According to legal terminology, a legal entity is an individual entrepreneur, and an individual is...

API license in Belgium

In recent years, the financial sector in Belgium has been actively expanding and developing. The country attracts the attention of financial enterprises due to its diverse government support, the presence of leading European financial and regulatory authorities, its favorable geographical position as an EU financial center and the presence of a developed market. These factors...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360