# Registered electronic money institution (Latvia)

Source page: https://protegra.io/licensing/licences/emi/latvia-registered/

The Registered electronic money institution is issued by Latvijas Banka (LB) under Law on Payment Services and Electronic Money. It can be passported to the other EU/EEA states by notification. The official register lists 1 current holder. The legal decision period is 15 working days completeness check, followed by 1 month decision period from receipt of complete application. The application fee is EUR 2,500 (standard) or EUR 450 (innovative PSP).

## At a glance

| Official name | Registered electronic money institution [1] |
| --- | --- |
| Issued by | [Latvijas Banka](https://protegra.io/licensing/regulators/latvijas-banka/) |
| Jurisdiction | [Latvia](https://protegra.io/licensing/jurisdictions/latvia/) |
| Licence family | [Electronic money institution (EMI)](https://protegra.io/licensing/licences/emi/) |
| Legal basis | Law on Payment Services and Electronic Money [2]; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2) [3] |
| Passporting | EU/EEA passport available |
| Application fee | EUR 2,500 (standard) or EUR 450 (innovative PSP) [1] |
| Annual fee | EUR 1,000 plus up to 1.4% of gross revenue [1] |
| Statutory decision time | 15 working days completeness check, followed by 1 month decision period from receipt of complete application [1] |
| Public register | [official register](https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=82-registered-electronic-money-institutions) [4] |
| Current holders | 1 [4] |

## What it lets you do

- [Issuing electronic money](https://protegra.io/licensing/activities/e-money-issuance/)
- [Execution of payment transactions](https://protegra.io/licensing/activities/payment-execution/)
- [Money remittance](https://protegra.io/licensing/activities/money-remittance/)
- [Issuing payment instruments and acquiring payment transactions](https://protegra.io/licensing/activities/card-issuing-acquiring/)
- [Payment initiation services](https://protegra.io/licensing/activities/payment-initiation/)
- [Account information services](https://protegra.io/licensing/activities/account-information/)

- **Issuing electronic money.** Issuing monetary value stored electronically against funds received, redeemable at par and accepted by third parties as payment.
- **Execution of payment transactions.** Executing direct debits, card payments and credit transfers, including standing orders, from a payment account.
- **Money remittance.** Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts.
- **Issuing payment instruments and acquiring payment transactions.** Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants.
- **Payment initiation services.** Initiating a payment order at the user's request from an account held with another provider, as in open banking.
- **Account information services.** Providing consolidated online information on one or more payment accounts the user holds with other providers.

## Where it is valid

_Issued in Latvia (gold); can be passported to the other EU/EEA states (blue) by notification._

## Cost

_Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model._

## How long it takes

Statutory: 15 working days completeness check, followed by 1 month decision period from receipt of complete application [1]. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.

## Buying a company that already holds it

**Prior approval required.** Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 33%, or 50% of capital or voting rights, or causing the entity to become a subsidiary, requires prior notification and approval from Latvijas Banka. Under Latvijas Banka Regulation No. 241 and the Credit Institution Law, the assessment period is 60 working days from receipt of a complete notification, interruptible once by up to 20 or 30 working days to request supplementary documents; Latvijas Banka evaluates reputation, financial soundness, and AML/CFT compliance before issuing approval. [5]

## Laws behind it

- [Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions](https://protegra.io/licensing/laws/eu-emd2-2009-110/): Directive 2009/110/EC

## Sources

1. [bank.lv: registered electronic money institution](https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/registered-electronic-money-institution): retrieved 2026-09-24
2. [likumi.lv: 206634](https://likumi.lv/ta/en/en/id/206634): retrieved 2026-09-24
3. [eur-lex.europa.eu: HTML (32009L0110)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0110): retrieved 2026-09-24
4. [bank.lv: market participants](https://www.bank.lv/en/financial-market-participant-register/market-participants?segments=82-registered-electronic-money-institutions): retrieved 2026-09-24
5. [bank.lv: procedure for the evaluation of qualifying holding](https://www.bank.lv/en/operational-areas/licensing/credit-institution/procedure-for-the-evaluation-of-qualifying-holding): 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.