# Issuing electronic money

Source page: https://protegra.io/licensing/activities/e-money-issuance/

Issuing electronically stored monetary value redeemable at par and accepted by third parties requires an electronic money institution (EMI) licence or a banking licence under EMD2 Article 2(2). In the EU, an authorised EMI requires initial capital of EUR 350,000, can passport across the EEA, and must safeguard received funds against insolvency.

## Definition

Issuing monetary value stored electronically against funds received, redeemable at par and accepted by third parties as payment.

- EMD2, Art. 2(2): [official text](https://eur-lex.europa.eu/eli/dir/2009/110/oj)

## Which licence you need

Licence families that typically permit this activity:

- [Electronic money institution (EMI)](https://protegra.io/licensing/licences/emi/)
- [Bank / credit institution](https://protegra.io/licensing/licences/bank/)

- [EMI · Czech RepublicSmall-scale Electronic Money Issuer authorisation (povolení k činnosti malého vydavatele elektronických peněz - VEPMR)CNB](https://protegra.io/licensing/licences/emi/czech-republic-small-scale/)
- [EMI · Czech RepublicElectronic Money Institution licence (povolení k činnosti instituce elektronických peněz)CNB](https://protegra.io/licensing/licences/emi/czech-republic/)
- [EMI · EstoniaElectronic money institution operating with an exceptionFI](https://protegra.io/licensing/licences/emi/estonia-exception/)
- [EMI · EstoniaOperating licence as an electronic money institutionFI](https://protegra.io/licensing/licences/emi/estonia/)
- [EMI · GermanyElectronic money institution licence (Erlaubnis für das E-Geld-Geschäft nach § 11 ZAG)BaFin](https://protegra.io/licensing/licences/emi/germany/)
- [EMI · IrelandSmall Electronic Money Institution RegistrationCBI](https://protegra.io/licensing/licences/emi/ireland-small/)
- [EMI · IrelandElectronic Money Institution AuthorisationCBI](https://protegra.io/licensing/licences/emi/ireland/)
- [EMI · LatviaRegistered electronic money institutionLB](https://protegra.io/licensing/licences/emi/latvia-registered/)
- [EMI · LatviaAuthorised electronic money institution licenceLB](https://protegra.io/licensing/licences/emi/latvia/)
- [EMI · LithuaniaElectronic money institution licence for restricted activityLB](https://protegra.io/licensing/licences/emi/lithuania-restricted/)
- [EMI · LithuaniaElectronic money institution licence for non-limited activityLB · capital EUR 350,000](https://protegra.io/licensing/licences/emi/lithuania/)
- [EMI · LuxembourgElectronic money institution authorisationCSSF](https://protegra.io/licensing/licences/emi/luxembourg/)
- [EMI · MaltaElectronic money institution licenceMFSA](https://protegra.io/licensing/licences/emi/malta/)
- [EMI · NetherlandsExempt electronic money institution registration (Vrijstelling elektronischgeldinstelling)DNB](https://protegra.io/licensing/licences/emi/netherlands-exempt/)
- [EMI · NetherlandsElectronic money institution licence (Vergunning elektronischgeldinstelling)DNB](https://protegra.io/licensing/licences/emi/netherlands/)
- [EMI · PolandElectronic Money Institution licence (krajowa instytucja pieniądza elektronicznego - KIO)KNF](https://protegra.io/licensing/licences/emi/poland/)
- [EMI · SlovakiaElectronic money institution licence (povolenie na vydávanie a správu elektronických peňazí bez obmedzenia rozsahu)NBS](https://protegra.io/licensing/licences/emi/slovakia/)
- [EMI · SpainEntidad de dinero electrónico (EDE) / Electronic money institution authorizationBdE](https://protegra.io/licensing/licences/emi/spain/)
- [EMI · United KingdomSmall Electronic Money Institution (SEMI) RegistrationFCA](https://protegra.io/licensing/licences/emi/united-kingdom-semi/)
- [EMI · United KingdomAuthorised Electronic Money Institution (AEMI)FCA](https://protegra.io/licensing/licences/emi/united-kingdom/)

## Where it can be licensed

| | EU/EEA passport | Domestic |
| --- | --- | --- |
| [Czech Republic: Small-scale Electronic Money Issuer authorisation (povolení k činnosti malého vydavatele elektronických peněz - VEPMR)](https://protegra.io/licensing/licences/emi/czech-republic-small-scale/) | | ✓ |
| [Czech Republic: Electronic Money Institution licence (povolení k činnosti instituce elektronických peněz)](https://protegra.io/licensing/licences/emi/czech-republic/) | ✓ | |
| [Estonia: Electronic money institution operating with an exception](https://protegra.io/licensing/licences/emi/estonia-exception/) | ✓ | |
| [Estonia: Operating licence as an electronic money institution](https://protegra.io/licensing/licences/emi/estonia/) | ✓ | |
| [Germany: Electronic money institution licence (Erlaubnis für das E-Geld-Geschäft nach § 11 ZAG)](https://protegra.io/licensing/licences/emi/germany/) | ✓ | |
| [Ireland: Small Electronic Money Institution Registration](https://protegra.io/licensing/licences/emi/ireland-small/) | | ✓ |
| [Ireland: Electronic Money Institution Authorisation](https://protegra.io/licensing/licences/emi/ireland/) | ✓ | |
| [Latvia: Registered electronic money institution](https://protegra.io/licensing/licences/emi/latvia-registered/) | ✓ | |
| [Latvia: Authorised electronic money institution licence](https://protegra.io/licensing/licences/emi/latvia/) | ✓ | |
| [Lithuania: Electronic money institution licence for restricted activity](https://protegra.io/licensing/licences/emi/lithuania-restricted/) | | ✓ |
| [Lithuania: Electronic money institution licence for non-limited activity](https://protegra.io/licensing/licences/emi/lithuania/) | ✓ | |
| [Luxembourg: Electronic money institution authorisation](https://protegra.io/licensing/licences/emi/luxembourg/) | ✓ | |
| [Malta: Electronic money institution licence](https://protegra.io/licensing/licences/emi/malta/) | ✓ | |
| [Netherlands: Exempt electronic money institution registration (Vrijstelling elektronischgeldinstelling)](https://protegra.io/licensing/licences/emi/netherlands-exempt/) | | ✓ |
| [Netherlands: Electronic money institution licence (Vergunning elektronischgeldinstelling)](https://protegra.io/licensing/licences/emi/netherlands/) | ✓ | |
| [Poland: Electronic Money Institution licence (krajowa instytucja pieniądza elektronicznego - KIO)](https://protegra.io/licensing/licences/emi/poland/) | ✓ | |
| [Slovakia: Electronic money institution licence (povolenie na vydávanie a správu elektronických peňazí bez obmedzenia rozsahu)](https://protegra.io/licensing/licences/emi/slovakia/) | ✓ | |
| [Spain: Entidad de dinero electrónico (EDE) / Electronic money institution authorization](https://protegra.io/licensing/licences/emi/spain/) | ✓ | |
| [United Kingdom: Small Electronic Money Institution (SEMI) Registration](https://protegra.io/licensing/licences/emi/united-kingdom-semi/) | | ✓ |
| [United Kingdom: Authorised Electronic Money Institution (AEMI)](https://protegra.io/licensing/licences/emi/united-kingdom/) | | ✓ |

## Frequently asked questions

### How does electronic money differ from bank deposits?

Bank deposits represent repayable funds that banks can lend out for interest, protected by statutory deposit guarantee schemes. Electronic money is prepaid digital cash backed by segregated client assets that cannot be lent out or generate interest for the cardholder.

### Can an authorised EMI provide payment services without a separate licence?

Yes, an electronic money institution licence automatically authorises the institution to provide all payment services listed under PSD2. EMIs do not need a separate payment institution licence to execute transfers, acquire transactions or issue payment cards.

## Sources

1. [EMD2 Art. 2(2)](https://eur-lex.europa.eu/eli/dir/2009/110/oj): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.