Our law firm advices on all matters related to electronic money institution licence. Licensed Money Institution permits a company to issue electronic money throughout the EU. In order to obtain this licence, the company have to fulfil some requirements. Our law firm has extensive experience in licencing process, so we are able to offer a full services.
In particular, assist our clients on the following matters:
Knowledge & Insights
According to Bank of Lithuania, electronic money is an electronic store of monetary value as represented by a claim on the issuer which is issued on receipt of monetary funds by the electronic money issuer from a natural or legal person with the following characteristics: stored in electronically (incl. magnetically); is issued for the purpose of making payment transactions; is received by persons other than electronic money issuers.
Licence of Electronic Money Institutions consist of two different types:
The basic difference between an Electronic Money Institution engaged in restricted activities and a traditional Electronic Money Institution is that the Electronic Money Institution engaged in restricted activities is not subject to the minimum equity capital requirement. However, a licence of an electronic money institution to engage in restricted activities is valid solely in the Republic of Lithuania. In order to be granted an Electronic Money Institution licence, it is necessary to hold a capital of EUR 350,000; however, this licence entitles to the provision of the electronic money issuance and redemption, distribution and payment services in other EU Member States as well after carrying out a notification procedure.
In order to be granted an electronic money licence, a company must submit documents and information to the Bank of Lithuania, including the following:
The laws provide that an application for a licence of an Electronic Money Institution must be assessed within 3 months of submission of proper and sufficiently informative documents. The issuance of the licence of an Electronic Money Institution to engage in restricted activities is subject to the same terms as the licence of an Electronic Money Institution.
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