Eternity Law International News Regulation of EMI in Malta

Regulation of EMI in Malta

July 16, 2021

Malta is at the forefront of e-commerce regulation being one of the first of the EU countries that allowed standalone e-money institutions. This business model is considered to be very efficient since certain amendments to the regulatory regime have been made (for example, decrease of start-up capital to establish an EMI).

An E-Money Institution (“EMI”) is a financial entity licensed according to the Malta Financial Institutions Act and approved to issue E-money or that keeps an identical authorization in other countries in terms of the E-Money Directive.

Overview of EMI in Malta:

Also, such entities licensed to carry out the activities as follows, contingent on the prior authorization of the Malta Financial Services Authority (MFSA):

  • carry out payment services;
  • grant credits. Such credits shall not be provided from the funds obtained in exchange of E-money and held pursuant to the security requirements;
  • provide operational services and supportive services or to provide payment services as follows: payment transactions, foreign exchange solutions, safe keep actions, data processing and storage;
  • operate as a payment systems;
  • conduct other activities, subject to the appropriate laws controlling such activities.
  • EMIs regulated by the Financial Institutions Act. In 2011, Malta amended its regulatory regime towards EMIs due to which the start-up capital lowered from €1 million to €350,000. Consequently, this provides the opportunity for beginners and smaller operators to enter the market;
  • In comparison to credit institutions, EMIs take advantage of lower capital requirements.
  • Having one of the leading telecommunications networks in the EU, Malta is also drawing a growing amount of e-commerce companies;
  • Entities established in Malta take advantage of reduced operational costs such as salaries and office rents, contrasted to most EU countries.

The Financial Institutions Act (Cap. 376) defines whether a company would be regarded as belonging to a business group or opposite as regulated by another person. Anyway, in the case of reasonable doubt as to whether a company would demand that a license be issued in its favor pursuant to the Malta Financial Institutions Act, the cause would be decisively decided by the MFSA.

EMI in Malta fall under:

  • Financial Institutions Act;
  • Financial Institutions Rules.

Management Requirements:

  • EMI in Malta directed by at least 2 persons.

The process of formation

  • Initially, a preliminary discussion with the regulatory body determined.
  • If necessary, further preceding details may be provided for examination and discussion.
  • The applicant provides a duly filled out application form with related documents.
  • The regulator confirms the recipiency of the application within 3 working days after its obtaining.
  • The regulatory body verifies if the application form and documents provided have all the necessary information.
  • The regulator notifies the applicant within 10 working days of recipiency of the application about its status. (whether it has all the necessary data).
  • When all the necessary documents obtained, the regulatory body begins the estimation phase. The candidate shall be notified that the estimation phase normally continues for 3 months.
  • The application will be officially ratified or declined in 3 months from its recipiency. The case of failure by the regulatory body to validate the application  considered as a refusal.

We also have available EMI in Malta for sale. The purchase of a ready-made company with a financial license is best solution. It allows you to acquire the financial licensed company in short term.

Do not hesitate to contact us if you are looking for an available EMI licensed company in Malta.

You can also see our offers in category ready-made companies and licenses for sale.

We have multiple options worldwide!

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