Electronic money institution licence for non-limited activity (Lithuania)
The Lithuanian Electronic Money Institution (EMI) licence for non-limited activity, issued by the Bank of Lithuania, authorizes firms to issue electronic money, provide full PSD2 payment services, and issue e-money tokens across 30 EU/EEA countries via single-market passporting. Authorisation requires a minimum initial capital of EUR 350,000, local corporate governance, robust safeguarding segregation, and fit-and-proper leadership; the Bank of Lithuania must decide within 3 months of a complete application.
At a glance
| Official name | Electronic money institution licence for non-limited activity1 |
|---|---|
| Local name | Elektroninių pinigų įstaigos licencija neribotai veiklai |
| Also known as | EMI · Unrestricted EMI licence · Full EMI licence · Bank of Lithuania EMI licence |
| Market names to check | Electronic Payment Institution licence: Blends two categories; the statutory licence is an electronic money institution licence, and a payment institution licence is a different licence |
| Issued by | Bank of Lithuania |
| Jurisdiction | Lithuania |
| Licence family | Electronic money institution (EMI) |
| Legal basis | Republic of Lithuania Law on Electronic Money and Electronic Money Institutions No XI-1868, Art. 132 Republic of Lithuania Law on Electronic Money and Electronic Money Institutions No XI-1868, Art. 222 Republic of Lithuania Law on Electronic Money and Electronic Money Institutions No XI-1868, Art. 252 Directive 2009/110/EC (EMD2), Art. 3, 4, 53 |
| Passporting | EU/EEA passport available: Authorized electronic money institutions can passport e-money issuance and payment services to all 30 EU/EEA member states under the freedom to provide services or freedom of establishment (via branches or agents) following regulatory notification forwarded within one month by the Bank of Lithuania.2 |
| Minimum capital | EUR 350,0002 |
| Application fee | EUR 1,4631 |
| Annual fee | Annual supervisory fee of 0.65% of the institution's annual income; no minimum fee is in force (a EUR 5,000 minimum is only proposed from 2027)4 |
| Statutory decision time | 3 months from receipt of a complete application2 |
| Public register | official register1 |
| Current holders | 701 |
What it lets you do, and where
What does a Lithuanian EMI licence let you do, and where can you serve clients?
Yes, across the EU/EEA. A Lithuanian EMI licence is also valid in other Member States (Article 13(1) of Law No XI-1868), so you can serve clients there. Under Article 48 of MiCA Regulation (EU) 2023/1114, authorised credit institutions and EMIs may issue e-money tokens (EMTs).225
Activities it covers
| Issuing electronic money | Issuing monetary value stored electronically against funds received, redeemable at par and accepted by third parties as payment. |
|---|---|
| Issuing e-money tokens | Offering to the public, or seeking admission to trading of, a token that references the value of a single official currency. |
| Cash placement on a payment account | Services enabling cash to be placed on a payment account, and the operations required to run that account. |
| Cash withdrawal from a payment account | Services enabling cash to be withdrawn from a payment account, and the operations required to run that account. |
| Execution of payment transactions | Executing direct debits, card payments and credit transfers, including standing orders, from a payment account. |
| Execution of payment transactions covered by a credit line | Executing payment transactions where the funds are covered by a credit line granted to the user, within the limits PSD2 allows. |
| Issuing payment instruments and acquiring payment transactions | Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants. |
| Money remittance | Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts. |
| 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
Do you need it, and is Lithuania the right choice?
What is a Lithuanian electronic money institution licence and do you actually need one?
A Lithuanian electronic money institution licence is an authorisation governed by Articles 13 and 22 of Law No XI-1868, which cover EMI licensing and capital. The Bank of Lithuania register confirms the non-limited activity EMI licence status. Articles 3 to 5 of Directive 2009/110/EC (EMD2) set the EU authorisation and prudential requirements.213
Restricted vs full Lithuanian EMI licence, what happens when you exceed volume thresholds?
A restricted activity EMI must apply for a full EMI licence within 30 days of exceeding the thresholds (Article 14(6) of Law No XI-1868). Article 14 caps average outstanding electronic money at EUR 900,000 for restricted activity. Restricted EMIs may operate only within Lithuania and have no EU/EEA passporting rights under Law XI-1868.2
Under Article 25 of Law No XI-1868, client funds are segregated and the safeguarded customer assets are insulated from creditors' insolvency claims. Electronic money balances are excluded from the statutory €100,000 deposit guarantee (Law No IX-975). On 22 July 2025 the Bank of Lithuania revoked the EMI licence of the insolvent KogoPay and decided to apply to the Vilnius Regional Court to open bankruptcy proceedings.22627
Can a Lithuanian EMI issue its own IBANs and join SEPA directly through CENTROlink?
Yes. CENTROlink lets licensed EMIs issue dedicated LT-IBANs and process SEPA Instant payments without commercial intermediary banks. Access requirements are set in Bank of Lithuania Board Resolution No 03-34 of 3 March 2025, which approved the Description of Requirements for PIs and EMIs participating in payment systems. CENTROlink prices SCT/SCT Inst at €0.003 per payment above 1,000,000 payments per month.282930
Payment and e-money institutions can apply for Mastercard and VISA principal membership.31
The EU Council and European Parliament reached provisional political agreement on PSD3 and PSR in November 2025. Final compromise texts were issued on 23 April 2026 and formal adoption is expected in 2026, merging the EMI and PI regimes into unified payment institutions. The UK reforms do not apply to a Lithuanian EMI: the Payments and Electronic Money (Safeguarding) Instrument 2025 (FCA 2025/38) took effect on 7 May 2026 for UK FCA-regulated firms only.3233
What it really takes
How much capital do you really need for a Lithuanian EMI licence?
Statutory minimum initial capital is €350,000 for full non-limited activity (Law No XI-1868 Article 22(2)). Ongoing own funds use Method D, defined as 2% of average outstanding electronic money (Article 5 of Directive 2009/110/EC). Practitioners estimate €300,000 to €1,000,000 to finance the company's first years of operation and prove solvency to the regulator.2334
Article 13 of Law No XI-1868 sets the statutory basis for the documents and information required for EMI authorisation. Resolution No 238 of the Board of the Bank of Lithuania defines the mandatory application forms and documentary checklists. EBA Guidelines (EBA/GL/2017/09) set the information applicants must provide.211
Requirements
| Requirement | What is needed | Legal reference |
|---|---|---|
| Capital and people assessed | ||
| Minimum capital | EUR 350,0002 | |
| Ongoing own funds | Ongoing own funds must at all times equal or exceed the higher of initial capital (EUR 350,000) or regulatory capital calculated under Method D (at least 2% of average outstanding electronic money) plus PSD2 capital requirements (Method A, B, or C) for payment services unrelated to electronic money issuance.3 | |
| Who is assessed | The Bank of Lithuania assesses fitness and propriety of board members, executive heads (CEO), key function holders (Head of Compliance, MLRO/AML Officer, Head of Internal Audit), as well as direct and indirect qualifying shareholders holding 10% or more of capital or voting rights, and ultimate beneficial owners (UBOs) acting in concert.2 | |
| Substance and people | ||
| Registered office and local business activity | The institution must maintain its registered office in Lithuania and actually conduct the business of electronic money issuance within Lithuania.2 | |
| Corporate governance bodies | A full EMI must establish a three-tier governance framework comprising a general meeting of shareholders, a board (collegial body), and a single-person head (CEO).2 | |
| Fit and proper key personnel (Board, CEO, MLRO) | Board members, executive managers, and key function holders (Compliance Officer, AML/CFT Officer / MLRO) must demonstrate good repute, appropriate qualifications, and professional experience, subject to prior regulatory non-objection (30 working days review).2 | |
| Safeguarding of client funds | Customer funds received for e-money issuance must be segregated from corporate funds no later than by the end of the next business day and held in designated safeguarding accounts at a central bank (Bank of Lithuania or Eurosystem central bank) or an authorized EU credit institution, or covered by an insurance guarantee.2 | |
| Operational and ICT resilience (DORA) | Institutions must implement comprehensive operational risk management, ICT business continuity, and incident reporting arrangements compliant with the Digital Operational Resilience Act (Regulation (EU) 2022/2554), including controls on critical outsourcing.2 | |
| Mandatory statutory audit | Annual financial statements must undergo statutory audit by an independent certified auditor, including specific reporting verifying separate accounting and internal control mechanisms for safeguarding client funds.2 | |
| Conditions to keep the licence | ||
| Activity commencement deadline | The institution must commence licensed electronic money issuance activities within 12 months of licence grant; failure to do so provides statutory grounds for licence revocation.5 | |
| Dormancy revocation | If an electronic money institution ceases its licensed activities for more than 6 consecutive months, the Bank of Lithuania may initiate formal withdrawal of the licence.5 | |
| Client funds safeguarding segregation | Funds received from electronic money holders must be strictly segregated from corporate funds, deposited in designated safeguarding accounts at a central bank or qualifying credit institution, and are legally immune from claims by the institution's creditors in insolvency.2 | |
| Prohibition of interest | Electronic money institutions are strictly prohibited from granting interest, returns, or any monetary benefit linked to the duration or amount of funds held by e-money holders.2 | |
| Ongoing regulatory reporting | EMIs must submit periodic financial statements, own funds and capital adequacy calculations, safeguarding audit reports, and operational risk metrics to the Bank of Lithuania.2 | |
The legal framework
| Level | Document | What it does here |
|---|---|---|
| EU law | Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions | Founding EU directive establishing the legal regime for electronic money issuance, initial capital (EUR 350,000 under Art. 4), own funds methods (Art. 5), and cross-applying PSD2 rules (Art. 3) |
| EU law | Directive (EU) 2015/2366 on payment services in the internal market | EU payment services framework applied to EMIs via EMD2 Art. 3, governing licensing conditions, governance, safeguarding, passporting mechanics, and conduct of business |
| Act | Lietuvos Respublikos elektroninių pinigų ir elektroninių pinigų įstaigų įstatymas Nr. XI-1868 | Primary Lithuanian statute transposing EMD2; governs electronic money issuance, licensing criteria (Art. 13), qualifying holdings (Art. 15), passporting (Art. 16), initial capital of EUR 350,000 (Art. 22), own funds (Arts. 23-24), client funds safeguarding (Art. 25), accounting and audit (Art. 28), and supervision and sanctions (Arts. 35-40) |
| Act | Lietuvos Respublikos mokėjimų įstatymas Nr. VIII-1370 | National statute transposing PSD2; establishes conduct-of-business rules, pre-contractual consumer disclosures, payment transaction execution rules, strong customer authentication, and dispute resolution for EMIs |
| Act | Lietuvos Respublikos Lietuvos banko įstatymas Nr. I-678 | Establishes institutional and supervisory powers of the Bank of Lithuania, regulatory rule-making powers (Art. 42(4)(1)), administrative appeal rules (Art. 43-6), and statutory annual supervisory contribution tariff for EMIs in Annex 1 (0.65% of annual income) |
| Regulator rules | Lietuvos banko valdybos 2009 m. gruodžio 24 d. nutarimas Nr. 238 „Dėl Lietuvos banko išduodamų leidimų elektroninių pinigų ir mokėjimo įstaigoms“ | Adopts the Rules for Licensing of Electronic Money and Payment Institutions; details application procedures, required forms and questionnaires, governance assessment, and licence amendment procedures |
| Regulator rules | Lietuvos banko valdybos 2009 m. gruodžio 30 d. nutarimas Nr. 247 „Dėl Elektroninių pinigų įstaigų ir mokėjimo įstaigų valdymo tvarkos, vidaus kontrolės sistemos ir klientų lėšų apsaugos reikalavimų aprašo patvirtinimo“ | Mandates detailed operational rules for EMI governance arrangements, internal control systems, accounting, and customer funds safeguarding methods (segregation accounts, low-risk asset investment, insurance/guarantees) |
| Regulator rules | Lietuvos banko valdybos 2018 m. gegužės 24 d. nutarimas Nr. 03-83 „Dėl Elektroninių pinigų įstaigų ir mokėjimo įstaigų pradinio kapitalo ir nuosavo kapitalo skaičiavimo taisyklių ir elektroninių pinigų įstaigų (mokėjimo įstaigų) pradinio kapitalo ir nuosavo kapitalo skaičiavimo ataskaitos formų patvirtinimo“ | Establishes regulatory rules and calculation formulas for EMI initial capital and ongoing own funds requirements (Methods A, B, C for payment services and Method D for e-money issuance) and supervisory reporting forms |
| Regulator rules | Lietuvos banko valdybos 2004 m. gegužės 6 d. nutarimas Nr. 58 „Dėl Bendrųjų Lietuvos banko prižiūrimų finansų rinkos dalyvių prašymų išduoti leidimus pateikimo, nagrinėjimo ir leidimų išdavimo taisyklių patvirtinimo“ | Cross-applies general application format rules, authorizes submission in Lithuanian or English (§ 6), prescribes translation certification rules (§ 6), and document legalization/apostille requirements (§ 7) |
| Regulator rules | Lietuvos banko valdybos 2013 m. lapkričio 14 d. nutarimas Nr. 03-181 „Dėl Lietuvos banko prižiūrimų finansų rinkos dalyvių vadovų ir pagrindines funkcijas atliekančių asmenų vertinimo nuostatų patvirtinimo“ | Defines criteria and procedure for evaluating good repute, qualifications, and experience of managers and key function holders of supervised financial market participants |
| Regulator rules | Lietuvos banko valdybos 2017 m. rugsėjo 12 d. nutarimas Nr. 03-138 „Dėl Pranešimo apie Lietuvos banko prižiūrimų finansų rinkos dalyvių kvalifikuotosios įstatinio kapitalo ir (arba) balsavimo teisių dalies įsigijimą ir perleidimą teikimo taisyklių patvirtinimo“ | Specifies procedural rules, documentation, and questionnaires for prior notification and prudential assessment of acquisitions or disposals of qualifying holdings in EMIs |
| Procedure law | Lietuvos Respublikos administracinių bylų teisenos įstatymas Nr. VIII-1029 | Governs administrative judicial review of Bank of Lithuania decisions, licensing refusals, and supervisory measures before the Regional Administrative Court within 1 month (Art. 29(1)) and 2-month inaction remedy (Art. 29(3)) |
| Fee schedule | Lietuvos Respublikos Vyriausybės 2000 m. gruodžio 15 d. nutarimas Nr. 1458 „Dėl Konkrečių valstybės rinkliavos dydžių sąrašo ir Valstybės rinkliavos mokėjimo ir grąžinimo taisyklių patvirtinimo“ | Sets statutory state levy of EUR 1,463 for issuance of an unrestricted electronic money institution licence and EUR 152 for licence variation |
| Technical standards | Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication | Mandates technical standards for strong customer authentication (SCA) and secure communication channels applicable to EMIs issuing e-money payment instruments |
| Technical standards | Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions | Sets technical standards for cross-border cooperation and information exchange between NCAs for EMI passporting notifications |
| Technical standards | Commission Implementing Regulation (EU) 2017/2056 of 23 June 2017 laying down implementing technical standards with regard to the standard forms, templates and procedures for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions | Prescribes standard templates and procedures for cross-border notifications under the freedom of services and right of establishment for payment and e-money institutions |
| Technical standards | Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 supplementing Directive (EU) 2015/2366 with regard to regulatory technical standards specifying the framework for cooperation and the exchange of information between competent authorities of the home and the host Member States in the context of supervision of payment institutions and electronic money institutions offering cross-border payment services | Specifies regulatory technical standards for supervisory cooperation and cross-border oversight between home and host NCAs for passporting EMIs |
| Technical standards | Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing Directive (EU) 2015/2366 with regard to regulatory technical standards setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and on access to the information contained therein | Sets technical requirements for the EBA electronic central register of authorised payment and electronic money institutions |
| Forms | Lietuvos banko Elektroninių pinigų įstaigų licencijavimo formos ir anketos | Prescribed national application form (Annex 1 to Resolution No. 238), manager suitability questionnaire, shareholder questionnaire, and safeguarding description templates |
13 related regimes and guidance documents
| Level | Document | What it does here |
|---|---|---|
| Guidance | EBA Guidelines on the information to be provided for authorisation as payment institutions and electronic money institutions (EBA/GL/2017/09) | Standard supervisory guidelines detailing the required documentation, business plan, governance, risk controls, and security measures in an EMI application dossier |
| Guidance | EBA Guidelines on security measures for operational and security risks under PSD2 (EBA/GL/2017/17) | Sets supervisory criteria for assessing operational and security risk management frameworks and IT safeguards of EMIs |
| Guidance | EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02) | Provides governance expectations and contractual requirements for outsourcing of critical or important operational functions by EMIs |
| Guidance | Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector (JC/GL/2016/01) | Common supervisory methodology and criteria for evaluating the suitability of proposed acquirers and financial soundness of acquisitions of qualifying holdings |
| Related regime | Digital Operational Resilience Act | Imposes directly applicable ICT risk management, digital operational resilience testing, incident reporting, and third-party risk management binding on electronic money institutions (Art. 2(1)(c)) |
| Related regime | Capital Requirements Regulation | Defines Common Equity Tier 1 (CET1), Tier 1, and Tier 2 capital elements and prudential limits referenced by EMD2 Art. 5 and Lithuanian Law XI-1868 Art. 23 for calculating EMI own funds |
| Related regime | Capital Requirements Directive | Qualifying holding assessment criteria (Arts. 22-27) and fit and proper principles cross-applied to EMIs via EMD2 Art. 3 and PSD2 Art. 6 |
| Related regime | Transfer of Funds Regulation (travel rule) | Directly applicable requirements for payment service providers and EMIs to ensure transfers of funds are accompanied by payer and payee information |
| Related regime | Fourth Anti-Money Laundering Directive (as amended by the fifth, 2018/843) | EU framework directive on AML/CFT transposed into Lithuanian national law by Law No. VIII-275, obligating EMIs as obliged entities |
| Related regime | Anti-Money Laundering Regulation (single rulebook) partly in force | Directly applicable EU single rulebook establishing harmonised customer due diligence and internal controls for EMIs as obliged entities from 10 July 2027 |
| Related regime | Markets in Crypto-Assets Regulation | Title IV (Arts. 48-58) governs issuance of electronic money tokens (EMTs), authorizing licensed EMIs to issue EMTs subject to written notification to the Bank of Lithuania and white paper publication |
| Related regime | Consumer Credit Directive (CCD2) | Applies consumer credit standards where an EMI grants short-term credit ancillary to payment services under Law XI-1868 Art. 12(4) |
| Related regime | Lietuvos Respublikos pinigų plovimo ir teroristų finansavimo prevencijos įstatymas Nr. VIII-275 | Establishes customer due diligence, reporting of suspicious transactions, internal control systems, and dual AML supervision by Bank of Lithuania and FNTT |
The procedure under the law
| Step | What the law says | Legal reference |
|---|---|---|
| How to file | Filed by email: E. pristatymas (epristatymas.lt) / Bank of Lithuania Supervision Service (prieziura@lb.lt)789 | Lietuvos banko valdybos 2004 m. gegužės 6 d. nutarimas Nr. 58, 5, 8, 20 punktai; Lietuvos banko valdybos 2009 m. gruodžio 24 d. nutarimas Nr. 238; Lietuvos Respublikos elektroninės atpažinties ir elektroninių operacijų patikimumo užtikrinimo paslaugų įstatymas |
| Language | None of the governing texts held for this licence (Law of the Republic of Lithuania on Electronic Money and Electronic Money Institutions; Republic of Lithuania Law on Banks; Republic of Lithuania Law on Banks; Law on Financial Institutions of the Republic of Lithuania; Law on Financial Institutions of the Republic of Lithuania; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive (EU) 2015/2366 on payment services in the internal market; Directive (EU) 2015/2366 on payment services in the internal market; Digital Operational Resilience Act; Digital Operational Resilience Act; Markets in Crypto-Assets Regulation; Markets in Crypto-Assets Regulation; Law of the Republic of Lithuania on Markets in Crypto-Assets; Law of the Republic of Lithuania on Markets in Crypto-Assets; Republic of Lithuania Law on Payment Institutions; Republic of Lithuania Law on Payment Institutions; Directive 2006/48/EC (as amended), Article 19a(4); Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC) contains a provision on the language in which the application must be filed. | |
| What the application contains | The evidence gives the list for payment institutions, set in the Lithuanian Law on Payment Institutions and PSD2 Article 5: articles of association, a programme of operations, a business plan with a three-year forecast budget, evidence of minimum initial capital, a description of safeguarding measures for user funds, AML/CFT internal control mechanisms, and a description of the structural organisation. An EMI-specific list is not quoted.108111213 | Lietuvos Respublikos elektroninių pinigų ir elektroninių pinigų įstaigų įstatymas Nr. XI-1868, Art. 13; Lietuvos banko valdybos 2009 m. gruodžio 24 d. nutarimas Nr. 238; EBA Guidelines on authorisation under PSD2 (EBA/GL/2017/09) |
| Decision clock | Practitioner guides state a three-month decision period for an authorised EMI licence (two months for a small/restricted EMI), running from a complete file. A completeness check takes about 5 business days.1415 | |
| Fees set by law | Two fee types apply. The Bank of Lithuania supervisory contribution is paid annually by electronic money institutions on annual income related to e-money issuance and/or payment services, at a maximum rate of 0.65%, set by Annex 1 to the Law on the Bank of Lithuania. A government proposal would raise the rate to 1% from 2027.1617184 | Lietuvos Respublikos Vyriausybės 2000 m. gruodžio 15 d. nutarimas Nr. 1458 „Dėl Konkrečių valstybės rinkliavos dydžių sąrašo ir Valstybės rinkliavos mokėjimo ir grąžinimo taisyklių patvirtinimo“; Lietuvos Respublikos Lietuvos banko įstatymas Nr. I-678, 1 priedėlis |
| Grounds for refusal | They set refusal grounds for payment institution and bank licences: defective or incorrect documents; failure to meet head-office, legal-form, manager or guarantee requirements; unsuitability of qualifying shareholders; close links with third parties or third-country persons that hinder supervision; and failure to meet other article requirements. Refusal is also possible where non-payment activities impair financial soundness or supervision until a separate entity is set up.1219 | |
| Appeal | Regionų administracinis teismas (Vilniaus rūmai) / Regional Administrative Court (Vilnius Chamber) at first instance; subsequent final appeal before Lietuvos vyriausiasis administracinis teismas (Supreme Administrative Court of Lithuania), within 30 days101720 | Lietuvos Respublikos elektroninių pinigų ir elektroninių pinigų įstaigų įstatymas Nr. XI-1868, 31 straipsnis; Lietuvos Respublikos Lietuvos banko įstatymas Nr. I-678, 43-6 straipsnis; Lietuvos Respublikos administracinių bylų teisenos įstatymas (ABTĮ) Nr. VIII-1029, 29 straipsnio 1 dalis, 132 straipsnio 1 dalis |
| Validity | None of the governing texts held for this licence (Law of the Republic of Lithuania on Electronic Money and Electronic Money Institutions; Republic of Lithuania Law on Banks; Republic of Lithuania Law on Banks; Law on Financial Institutions of the Republic of Lithuania; Law on Financial Institutions of the Republic of Lithuania; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive (EU) 2015/2366 on payment services in the internal market; Directive (EU) 2015/2366 on payment services in the internal market; Digital Operational Resilience Act; Digital Operational Resilience Act; Markets in Crypto-Assets Regulation; Markets in Crypto-Assets Regulation; Law of the Republic of Lithuania on Markets in Crypto-Assets; Law of the Republic of Lithuania on Markets in Crypto-Assets; Republic of Lithuania Law on Payment Institutions; Republic of Lithuania Law on Payment Institutions; Directive 2006/48/EC (as amended), Article 19a(4); Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC) contains a provision on a fixed term or expiry of the licence. | |
| Change of control | A person who has decided to acquire a qualifying holding must notify the competent authority in writing, stating the size of the holding. The authority acknowledges within 2 working days and has 60 working days from that acknowledgement to assess. Further information may be requested by the 50th working day, suspending the clock up to 20 working days (30 if the acquirer is in a third country or unsupervised). If not opposed in writing within the assessment period, the acquisition is deemed approved.212223 | |
| Reapplying after a refusal | None of the governing texts held for this licence (Law of the Republic of Lithuania on Electronic Money and Electronic Money Institutions; Republic of Lithuania Law on Banks; Republic of Lithuania Law on Banks; Law on Financial Institutions of the Republic of Lithuania; Law on Financial Institutions of the Republic of Lithuania; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive (EU) 2015/2366 on payment services in the internal market; Directive (EU) 2015/2366 on payment services in the internal market; Digital Operational Resilience Act; Digital Operational Resilience Act; Markets in Crypto-Assets Regulation; Markets in Crypto-Assets Regulation; Law of the Republic of Lithuania on Markets in Crypto-Assets; Law of the Republic of Lithuania on Markets in Crypto-Assets; Republic of Lithuania Law on Payment Institutions; Republic of Lithuania Law on Payment Institutions; Directive 2006/48/EC (as amended), Article 19a(4); Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC) contains a provision on a waiting period before a new application after refusal or withdrawal. | |
| Serving other countries | Yes. Under Article 3(1) of Directive 2009/110/EC, passport notification procedures for payment institutions apply mutatis mutandis to electronic money institutions, allowing them to exercise the right of establishment or freedom to provide services in other Member States. EMIs may also distribute e-money through natural or legal persons acting on their behalf (Art. 3(4)), but may not issue e-money through agents (Art. 3(5)). Notifications follow templates in Commission Delegated Regulation (EU) 2017/2055.24 |
How long it takes
How long does getting a Lithuanian EMI licence really take?
The competent authority must decide on licence issuance within three months (Law No XI-1868 Article 13(6)). The Bank of Lithuania Newcomer Programme offers pre-application meetings and advises booking at least 2 months before the target submission date. Practitioner guides cite a formal term of 3 months, extending to 5 to 6 months where documents have deficiencies.21535
By law, the Bank of Lithuania must decide on the licence within three months of the day the application is received (Law No XI-1868 Article 13(6)). Its supervisory procedure halts the statutory clock when it issues a request for missing documents or clarifications.26
Statutory: 3 months from receipt of a complete application2. 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.
What it costs
What does a Lithuanian EMI licence cost in total, first year and ongoing?
A market practitioner guide cites a Lithuanian state fee of €1,463 for EMI licence issuance. Total build-out costs range from €250,000 to €600,000, excluding initial capital and funds to ensure smooth operations. Each year, Annex 1 of the Law on the Bank of Lithuania sets a supervisory fee of 0.65% of income related to e-money issuance or payment services.353418
Approval odds and who can own it
What are the real approval odds for a Lithuanian EMI licence and why do applications fail?
The Bank of Lithuania register lists 70 active non-limited electronic money institutions as of 24 September 2026. In 2023 the Bank imposed supervisory impact measures on 32 financial market participants, with 28 sanctions on electronic money institutions. It revoked the EMI licence of Foxpay for gross AML/CTF violations and failure to properly safeguard customer funds.13637
The Bank of Lithuania vets management and key function holders under the Joint ESMA and EBA Guidelines on Fit and Proper Assessments.38
After you get the licence
EMIs may issue e-money tokens without a separate crypto licence (Article 48 of MiCA Regulation (EU) 2023/1114). DORA (Regulation (EU) 2022/2554) applies directly to electronic money institutions from 17 January 2025. In December 2025 CoinGate and Nuvei Liquidity secured dual CASP and Payment Institution authorisations in Lithuania.394025
Will a Lithuanian EMI get a bank account and payment processing?
Article 25(1) of Law No XI-1868 allows electronic money institutions to deposit safeguarded client funds directly with the Bank of Lithuania. CENTROlink connects the European payment systems STEP2, RT1 and TIPS and gives participants access to them and to IBAN generation. The EBA Opinion on De-risking (EBA/Op/2022/01) documents that de-risking occurs across the EU and affects payment institutions and electronic money institutions.23041
PSD3 and the Payment Services Regulation reached provisional political agreement in November 2025, and a Council 'I' Item Note was issued on 23 April 2026. They will repeal and replace PSD2 and EMD2 with a single supervisory framework.32
Under Articles 29 and 33 of the Law on Administrative Proceedings (ABTĮ), the deadline to appeal an administrative decision to the Regional Administrative Court is 1 month. The court charges a stamp duty of €30 for complaints and €15 for appeals; 75% of the duty is payable when the filing is made only electronically.42
Under Article 10(2) of the Law on Financial Institutions No IX-1068, the supervisor may revoke a licence after 12 months of non-use or more than 6 months of cessation of licensed activities. Changes of ownership need prior clearance: Articles 24-25 of the Law on Banks, applied through Article 17 of the EMI Law, require approval for acquiring or increasing a qualifying holding, with a review of up to 60 working days.436
Why won't commercial banks open safeguarding accounts, and how does Lithuania solve it?
Commercial banks reject accounts of PIs and EMIs, safeguarding accounts included, according to the EBA Opinion on De-risking. Lithuania gives EMIs a legal alternative: Article 25(1) of Law No XI-1868 lets them safeguard client funds directly with the Bank of Lithuania. Article 25(1)(1) permits safeguarding customer funds directly at the Bank of Lithuania or other central banks, which protects them from execution in insolvency.241
Buying a company that already holds it
The licence cannot be assigned or transferred to another legal entity. Under the Law on Electronic Money, the licence belongs exclusively to the corporate entity to which it was issued. Licence transfers can only occur through a corporate acquisition (share deal) where the entity changes ownership following Bank of Lithuania qualifying holding assessment. An asset sale or business transfer requires the acquiring entity to apply for its own separate EMI licence.2
Prior notification with an objection period. Acquiring or increasing a direct or indirect qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or becoming a controlling parent of an EMI, requires prior written notification to the Bank of Lithuania. The regulator assesses acquirer reputation, financial soundness, executive fitness, and AML/CFT risk within a statutory assessment period of 60 working days (interruptible once by up to 20 working days for supplementary information, or 30 working days for non-EU acquirers) under Law on Banks Arts 24-25 (applied via EMI Law Art. 17). Failure to notify or proceeding over objection divests all voting rights.6
Ready-made companies holding this licence: see verified positions.
EMI in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Czech Republic | Small-scale Electronic Money Issuer authorisation | CNB | n/a | CZK 10,000 | ~1 mo |
| Czech Republic | Electronic Money Institution licence | CNB | n/a | CZK 50,000 | ~3 mo |
| Estonia | Electronic money institution operating with an exception | FI | n/a | n/a | n/a |
| Estonia | Operating licence as an electronic money institution | FI | n/a | n/a | ~3 mo |
| Germany | Electronic money institution licence | BaFin | n/a | n/a | ~3 mo |
| Ireland | Electronic Money Institution Authorisation | CBI | n/a | n/a | n/a |
| Latvia | Registered electronic money institution | LB | n/a | EUR 2,500 | ~1.7 mo |
| Latvia | Authorised electronic money institution licence | LB | n/a | EUR 5,000 | ~3.7 mo |
| Lithuania | Electronic money institution licence for restricted activity | LB | n/a | n/a | n/a |
| Lithuania | Electronic money institution licence for non-limited activity | LB | EUR 350,000 | EUR 1,463 | ~3 mo |
| Luxembourg | Electronic money institution authorisation | CSSF | n/a | EUR 30,000 | ~3 mo |
| Malta | Electronic money institution licence | MFSA | n/a | EUR 15,000 | ~3 mo |
| Netherlands | Electronic money institution licenceElectronic money institution licence (Vergunning elektronischgeldinstelling) | DNB | n/a | EUR 6,800 | ~3 mo |
| Poland | Electronic Money Institution licence | KNF | n/a | EUR 1,250 | ~3 mo |
| Slovakia | Electronic money institution licence | NBS | n/a | n/a | n/a |
| Spain | Electronic money institution authorization | BdE | n/a | n/a | ~3 mo |
| United Kingdom | Small Electronic Money Institution (SEMI) Registration | FCA | n/a | GBP 1,130 | n/a |
| United Kingdom | Authorised Electronic Money Institution (AEMI) | FCA | n/a | GBP 5,640 | ~3 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
- Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions: Directive 2009/110/EC
- Directive (EU) 2015/2366 on payment services in the internal market: Directive (EU) 2015/2366
- Digital Operational Resilience Act: Regulation (EU) 2022/2554
- Markets in Crypto-Assets Regulation: Regulation (EU) 2023/1114
Frequently asked questions
What is a Lithuanian electronic money institution licence and do you actually need one?
A Lithuanian electronic money institution licence is an authorisation governed by Articles 13 and 22 of Law No XI-1868, which cover EMI licensing and capital.
How much capital do you really need for a Lithuanian EMI licence?
Statutory minimum initial capital is €350,000 for full non-limited activity (Law No XI-1868 Article 22(2)).
How long does getting a Lithuanian EMI licence really take?
The competent authority must decide on licence issuance within three months (Law No XI-1868 Article 13(6)).
What does a Lithuanian EMI licence cost in total, first year and ongoing?
A market practitioner guide cites a Lithuanian state fee of €1,463 for EMI licence issuance.
What are the real approval odds for a Lithuanian EMI licence and why do applications fail?
The Bank of Lithuania register lists 70 active non-limited electronic money institutions as of 24 September 2026.
What does a Lithuanian EMI licence let you do, and where can you serve clients?
Yes, across the EU/EEA. A Lithuanian EMI licence is also valid in other Member States (Article 13(1) of Law No XI-1868), so you can serve clients there. Under Article 48 of MiCA Regulation (EU) 2023/1114, authorised credit institutions and EMIs may issue e-money tokens (EMTs).
Will a Lithuanian EMI get a bank account and payment processing?
Article 25(1) of Law No XI-1868 allows electronic money institutions to deposit safeguarded client funds directly with the Bank of Lithuania.
Restricted vs full Lithuanian EMI licence, what happens when you exceed volume thresholds?
A restricted activity EMI must apply for a full EMI licence within 30 days of exceeding the thresholds (Article 14(6) of Law No XI-1868).
Why won't commercial banks open safeguarding accounts, and how does Lithuania solve it?
Commercial banks reject accounts of PIs and EMIs, safeguarding accounts included, according to the EBA Opinion on De-risking.
Can a Lithuanian EMI issue its own IBANs and join SEPA directly through CENTROlink?
Yes. CENTROlink lets licensed EMIs issue dedicated LT-IBANs and process SEPA Instant payments without commercial intermediary banks. Access requirements are set in Bank of Lithuania Board Resolution No 03-34 of 3 March 2025, which approved the Description of Requirements for PIs and EMIs participating in payment systems. CENTROlink prices SCT/SCT Inst at €0.003 per payment above 1,000,000 payments per month.
Sources
- lb.lt: sfi financial market participants · retrieved 2026-09-24
- Lithuanian Register of Legal Acts (e-seimas) · retrieved 2026-09-24
- EUR-Lex: CELEX 32009L0110 · retrieved 2026-09-24
- 15min.lt: vyriausybe mokejimo ir e pinigu istaigos lietuvos bankui uz · secondary · retrieved 2026-09-24
- Lithuanian Register of Legal Acts (e-seimas): asr · retrieved 2026-09-24
- Lithuanian Register of Legal Acts (e-seimas) · retrieved 2026-09-24
- Lithuanian Register of Legal Acts (e-seimas): TAIS.233259 · retrieved 2026-09-26
- Lithuanian Register of Legal Acts (e-seimas): TAIS.363065 · retrieved 2026-09-26
- lb.lt · retrieved 2026-09-26
- Lithuanian Register of Legal Acts (e-seimas) · retrieved 2026-10-01
- eba.europa.eu: guidelines on authorisation and registration under psd2 · retrieved 2026-10-01
- Lithuanian Register of Legal Acts (e-seimas) · retrieved 2026-10-01
- EUR-Lex: CELEX 02015L2366-20250117 · retrieved 2026-10-01
- advapay.eu: e money institution license in lithuania · retrieved 2026-10-01
- crassula.io: lithuania emi · retrieved 2026-10-01
- Lithuanian Register of Legal Acts (e-seimas): TAIS.116101 · retrieved 2026-10-01
- Lithuanian Register of Legal Acts (e-seimas): TAIS.15110 · retrieved 2026-10-01
- Lithuanian Register of Legal Acts (e-seimas) · retrieved 2026-10-01
- EUR-Lex: CELEX 32015L2366 · retrieved 2026-10-01
- Lithuanian Register of Legal Acts (e-seimas): TAIS.73693 · retrieved 2026-09-26
- Markets in Crypto-Assets Regulation · retrieved 2026-10-01
- EUR-Lex: oj · retrieved 2026-10-01
- EUR-Lex: oj · retrieved 2026-10-01
- EUR-Lex: oj · retrieved 2026-10-01
- EUR-Lex: CELEX 32023R1114 · retrieved 2023-06-09
- swedbank.lt · retrieved 2023-12-14
- lrt.lt: lietuvos bankas panaikino kogopay e pinigu istaigos licencij · secondary · retrieved 2025-07-23
- lb.lt: DESCRIPTION OF THE REQUIREMENTS APPLICABLE TO PAYMENT INSTIT (PDF) · retrieved 2025-03-03
- Lithuanian Register of Legal Acts (e-seimas) · retrieved 2025-05-01
- advapay.eu: the way to sepa with centrolink participants connection bene · secondary · retrieved 2024-06-25
- ecovis.lt: e money institutions · secondary · retrieved 2024-04-12
- mofo.com: 260430 psd3 and the payment services regulation key developm · secondary · retrieved 2026-07-07
- api-handbook.fca.org.uk: 38 2026 05 07 (PDF) · secondary · retrieved 2026-05-10
- advapay.eu: payment e money institution license costs what you need to k · secondary · retrieved 2021-01-15
- advapay.eu: how to obtain a license of an electronic money institution e · secondary · retrieved 2021-01-15
- expertlab.lt: financial sector fines 2023 part 1 · secondary · retrieved 2024
- jp.lt: lietuvos bankas panaikino foxpay licencija · secondary · retrieved 2024
- eba.europa.eu: joint esma and eba guidelines on the assessment of the suita · retrieved 2021-07-02
- EUR-Lex: CELEX 32022R2554 · retrieved 2022-12-27
- legasset.com: lithuania mica casp coingate nuvei · secondary · retrieved 2025-12-18
- eba.europa.eu: EBA Opinion and annexed report on de risking (PDF) · retrieved 2022-01-05
- administracinis.teismas.lt: 564 · retrieved 2024-01-01
- Lithuanian Register of Legal Acts (e-seimas): ISO (PDF) · retrieved 2024-01-01
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