In this table, we have compared 7 European fintech jurisdictions: the UK, Lithuania, Spain, Malta, Cyprus, Ireland and Poland. If you want to receive more information about how to receive your Electronic Money Institution license or Payment Institution license in these countries or any other, please contact our team.
| The UK | Lithuania | Spain | Malta | Cyprus | Ireland | Poland | |
|---|---|---|---|---|---|---|---|
| Regulator | The Financial Conduct Authority | The Bank of Lithuania | Banco de Espana | The Malta Financial Services Authority | The Central Bank of Cyprus | Central Bank of Ireland | Komisja Nadzoru Finansowego |
| Type of licenses | • Small EMI • Small PI • Authorised EMI • Authorised PI | • Small EMI • Small PI • Authorised EMI • Authorised PI | • Small PI • Authorised EMI • Authorised PI | • Small EMI • Small PI • Authorised EMI • Authorised PI | • Authorised EMI • Authorised PI | • Small EMI • Authorised EMI • Authorised PI | • Small PI • Authorised PI |
| Required initial capital | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 Note: The regulator can request to increase an initial capital amount | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 | For PI ranges from EUR 25,000 to EUR 125,000 For EMI – EUR 350,000 |
| Local personnel | The company must have a Board, consisting of MLRO and the CEO. | The company must have the Board, consisting of a minimum of 3 members and the CEO | The company must have a Board, consisting of MLRO and the CEO – they shall reside in Spain. | The company must have the Board, consisting of a minimum of 2 members | The company must have the Board, consisting of a minimum of 2 members | The company must have the Board, consisting of a minimum of 2 executive directors. In total, it is recommended 4-5 employees working full-time. | It is recommended to have a local team of least two board members and soft commitment from four employees |
| Average duration of license obtaining process | 9-12 months | 5-6 months | 9-12 months | 12 months | 12 months | 12 months | 12 months |
| Fees | The registration fee for PI is GBP 1,500-5,000. – for EMI is GBP 5,000 – for small PI or EMI licenses in the UK – GBP 500 | – E-money license fee– EUR 1,463 – Small E-money licence fee EUR 1,235 – PI license fee – EUR 898 (for AIS providers only -EUR 693) – Small PI licence fee EUR 682 | There is no authorisation fee | Application and processing fee – €1,200 Licensing Fee €1,800 Supervision Fee – not less than €2,500 | There is no registration and application fee | There is no registration and application fee | There is no application fee. The registration fee is 1250 EUR. · Supervision fees are from 0,0025% to 0,075% of the transaction volume. |
| Number of active PIs and EMIs (to 01.04.2021.) | No info available | PI-39 EMI-75 | PI-53 EMI-9 | PI-23 EMI-23 | PI-11 EMI-15 | PI-39 EMI-1 | PI-20 EMI-17 |
