Eternity Law International — News — EMI and PI license in Lithuania

EMI and PI license in Lithuania

Published:
June 26, 2023

In Lithuania, both EMI and PI permissions are available for entities wishing to engage in electronic remittance favors. Here’s an overview of these permissions and their key characteristics:

EMI license in Lithuania:

An Lithuania EMI license allows a firm to issue e-money and supply related remittance favors. Here are some key points:

  • Adjustment Body: The Bank of Lithuania is the responsible adjustment authority for issuing and supervising EMI permissions in the country.
  • Permitting Demands: Obtain a License for Electronic Money in Lithuania, applicants must meet specific criteria outlined by the Bank of country. This typically includes demonstrating sufficient fund, appropriate governance arrangements, robust risk administration systems, and conformity with anti-money laundering (AML) and know your client (KYC) demands.
  • Capital Demands: The Bank of country sets minimum fund demands that must be maintained by E-money Institution license in Lithuania holders. The specific capital demands depend on the scale and nature of the digital money issuance and remittance favors supplied.
  • Passporting within the EU: Once an EMI is permitted in the country, it can operate across other European Union (EU) member states through the passporting mechanism, subject to certain notification demands.
  • E-Money Favors: With an EMI permission, firms can issue e-money, such as prepaid cards or digital remittance tokens, and supply a range of related remittance favors.
  • Scope of Favors: EMI permission holders in the state can offer favors such as account issuance, e-money issuance, remittance initiation, fund remittance, currency interchange, and more.
  • Adjustment Conformity: EMI permission holders must comply with the demands outlined in the Law on Digital Money and E-Money Establishments of the Republic of Lithuania, as well as relevant EU directives, inclusive the Electronic Money Directive (EMD).

Payment institution license in Lithuania:

A PI permission allows a firm to supply remittance favors without issuing e-money. Here are some key points:

  • Adjustment Authority: Similar to EMI permissions, the Bank of Lithuania is the adjustment authority responsible for issuing and overseeing PI licenses.
  • Permitting Demands: To acquire a PI license, applicants need to comply with the demands specified by the Bank of Lithuania. These demands typically include appropriate governance arrangements, robust risk administration systems, conformity with AML and KYC regulations, and sufficient operational and security measures.
  • Capital Demands: The Bank of country sets minimum fund demands for PI permission holders. The specific capital demands depend on the nature and scale of the remittance favors supplied.
  • Passporting within the EU: PI permission holders in Lithuania can offer remittance favors across other EU partner states through the passporting mechanism, subject to certain notification demands.
  • Remittance Favors: PI licenses in country allow companies to supply various remittance favors, inclusive remittance account favors, money remittance, remittance initiation, and execution of remittance transmissions.
  • Scope of Favors: PI permission holders can facilitate remittances within the state or across borders, execute direct debits, supply merchant achieving favors, and offer remittance mechanisms or platforms.
  • Adjustment Conformity: PI permit holders need to comply with the Law on Remittances of the Republic of Lithuania and relevant EU directives, such as the Remittance Favors Directive (PSD) or the revised Remittance Favors Directive (PSD2).

Demands for achieving

The demands for receiving an EMI (E-Money Institution) or PI (Remittance Institution) permission may vary depending on the jurisdiction. However, I can supply you with a general overview of the typical demands that are often applicable to both types of permits:

  • Legal Entity: To apply for an EMI or PI license, you will typically need to establish a legal entity, such as a firm or corporation, in the jurisdiction where you intend to operate.
  • Incorporation Documents: You will need to supply the needed incorporation papers, including the firm’s articles of association, memorandum of association, and certificate of incorporation.
  • Funds Demands: You will be needed to demonstrate that you have sufficient capital to use the EMI or PI business-company. The specific capital demands can vary based on factors such as the type of favors supplied and the scale of operations.
  • Fit and Proper Criteria: Adjustment authorities will assess the fitness and propriety of the individuals involved in the management and ownership of the EMI or PI entity. This evaluation considers factors such as the knowledge, qualifications, and integrity of key individuals, including directors, shareholders, and senior administration.
  • Governance Engagements: You will need to establish robust governance arrangements and organizational structures that promote effective oversight and conformity. This includes having clear lines of responsibility, documented policies and procedures, and appropriate risk administration frameworks.
  • Conformity with Anti-Money Laundering (AML) and Know Your Customer (KYC) Adjustments: EMIs and PIs are subject to stringent AML and KYC regulations to prevent money laundering, terrorist sponsoring, and other illicit actions. You must demonstrate that you have robust AML and KYC procedures in place to verify the identities of your clients and monitor and report suspicious transfers.
  • Technological Structure: You will need to establish a secure and reliable technical structure that supports the provision of remittance favors. This may include secure data storage, encryption mechanisms, and measures to protect against cybersecurity threats.
  • Business Plan and Monetary Projections: You will be needed to submit a exhaustive business plan that outlines your proposed actions, target market, marketing strategies, and monetary projections. The plan should demonstrate the viability and sustainability of your EMI or PI business-company.
  • Assurance and Safeguarding Funds: Some jurisdictions require EMIs and PIs to have appropriate insurance coverage and to maintain safeguards for customer funds. This ensures that client funds are protected in the event of insolvency or other monetary risks.

It is advisable to consult with legal and adjustment professionals who specialize in the specific lawfullment to ensure that you fully understand and meet all the demands for acquiring an EMI or PI permission.

If you’re considering applying for an EMI or PI permit in Lithuania, it’s advisable to consult with our professionals.

You could be interested

Real estate investments in Bali

Bali is a famous tourist destination. Intending to invest in this jurisdiction in order to obtain a residence permit in the future or just to conduct commercials, now is very profitable; it’s the best time to select the most lucrative options. Real estate investment in Bali, Indonesia is currently a reliable, fast payback source of...

ICO in 2023

An initial coin offering (ICO) is a popular innovative option for start-ups to collect funding for the development of services usually associated with cryptocurrecies or blockchain-based offers. It allows stakeholders to acquire newly-issued tokens. They may feature some usefulness associated with the products or services that the business is delivering, or they may just present a project...

Business and life in Croatia

Croatia attracts international investment due to its established infrastructure, stable political environment, and favorable investment climate. Additionally, Croatia might be a great place to immigrate for commercial purposes. However, there are many opportunities to buy a ready-made business or firm on the local market, so it is not essential to start from scratch. Thus we...

Obtaining a crypto license in DMCC (UAE)

The procedure of acquiring a crypto license can be quite daunting, especially in a complex and ever-changing regulatory framework. However, DMCC has made it easier than ever to get crypto authorization. Read on to find out how to obtain a Dubai cryptocurrency license, including the documents you should provide, the fees you should pay, and...

Registration of a cryptocompany in El Salvador

Opening a cryptocompany in El Salvador is highly beneficial due to the recognition of Bitcoin as legal tender, tax exemptions on capital gains from virtual currency transactions as well as low cost of living and doing business. Although registering a crypto entity can seem daunting, especially if you’re unfamiliar with the jurisdiction’s requirements, our lawyers...

Swiss AG company with bank account for sale

AG company (public limited company), registered in Zurich, Switzerland; Year of company incorporation: 2018; Company has bank account in Switzerland in Credit Suisse Bank; Declared company activity: provision of services in the field of information technology, in particular the development and sale of software. Providing consulting services in the field of finance, management, blockchain and...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360