Electronic Money Institution

Who Needs This License?

An electronic money institution (EMI) license is required for companies that issue electronic money. Typically, this includes prepaid cards, payment wristbands, virtual vouchers, digital tokens, and some payment systems or e-wallets.

This is known as a “large license” – unlike a small-scale electronic money issuer, an electronic money institution has no limit on the volume of issued electronic money.

Holders of the CNB license for electronic money institutions (EMI) include, for example, GOPAY, ThePay, or EUROWAG.

Our References

Our clients in the field of payment services and electronic money include Tipsport, Skip Pay, wBTCb, and GLOBDATA.

Why Choose Our Law Firm?

• We have handled dozens of CNB licenses or registrations in the financial services sector.
• We work on CNB licenses daily.
• We are in close contact with CNB staff and are familiar with the licensing process, including unwritten rules and practices.
• We efficiently guide clients through the entire licensing process with the CNB.
• Subsequently, we provide comprehensive services in Compliance, AML, Risk Management (especially operational risks), internal audit, CNB reporting, and accounting.

How Does the Licensing Process Work?

• We will assign you a project manager who will guide you through the entire licensing process with the CNB.
• We will prepare a complete license application and all required appendices.
• This includes developing a business plan with financial projections, calculating capital adequacy, and preparing a complete set of internal policies, including anti-money laundering (AML/CFT) measures.
• We will ensure outsourcing of compliance, risk management, and internal audit.

How Long Does It Take to Obtain the License?

• Preparing the complete license application takes 1 to 2 months.
• The licensing process with the CNB usually takes 3 to 9 months.

What Do We Need from You?

• Materials for preparing the business plan – information about planned services, target audience, and basic financial indicators of the project.
• Information about key personnel and individuals with qualifying holdings, up to the ultimate beneficial owner.
• Documentation of the origin of initial capital amounting to €350,000.

What Is the Cost of Obtaining the License?

The price depends on the complexity and planned scope of the license. After an initial consultation, we will prepare a tailored written offer for you.

References

Key contacts

Zuzana Stuchlíková

Maxim Obuchov

Zuzana Neubauerová