Find out how to apply to be authorised or registered with us if your firm wants to issue electronic money (e-money).
If you want to issue electronic money (e-money), you must register with or become authorised by us as an electronic money institution (EMI) in accordance with the Electronic Money Regulations 2011.
EMIs need to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Firms that don’t need to register or be authorised
You are exempt from registration or authorisation if your firm is a:
- credit institution
- building society
- credit union, or
- municipal bank
Instead you need Part 4A permission under the Financial Services and Markets Act 2000.
Register to become a small EMI
If you expect your business to not exceed an average of €5m of outstanding e-money, you may apply to register as a small EMI.
You can also provide unrelated payment services if the average monthly turnover isn’t more than €3m. By ‘unrelated’ we mean payment services that do not arise directly as a consequence of your e-money activity.
You need to fill out the registration application for a small EMI.
Apply to become an authorised EMI
You must apply to become an authorised EMI if your firm doesn’t qualify as a small EMI (if your business will generate more than €5m average outstanding e-money).
If your firm does qualify as a small EMI, you can still choose to apply to become an authorised EMI if, for example, you want to issue e-money in other European Economic Area member states.
Your firm can also provide other payment services not related to e-money (unrelated payment services).
More information can be found in:
- The FCA’s role under the Electronic Money Regulations 2011: Our approach [PDF]
- Guidance on the scope of the Electronic Money Regulations 2011 (firms that must regulated by the Electronic Money Regulations 2011)