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The license for payment service provider in different countries. Comparative analysis

In order to obtain a payment license, you must register the company in the jurisdiction whose terms and conditions are most suitable for your business model.

In this article we will review and compare the following jurisdictions: Lithuania, Great Britain, Malta and Estonia.


With the introduction of the euro since January 2015, Lithuania has a full set of tools to offer investors of payment and electronic money to work in the entire market of the European Union.

Lithuania has a lot of indisputable benefits, let’s consider them below.

Advantages of obtaining a license for electronic money in Lithuania:

  • An experienced and fairly loyal financial regulator;
  • Lithuania issued a large number of EMI and PSP licenses, which again confirms the experience of the regulator;
  • The term of consideration of documents is standard from 3+ months;
  • Requires a local office and management of 3-5 people, one of whom must be a resident of Lithuania;
  • Mandatory financial and audited accounts.

Thematic articles:

The position of the Bank of Lithuania regarding virtual currencies and ICO

The National Bank of Lithuania issued two new electronic money licenses (EMI license)


Malta is a small and successful state, where game licenses, forex broker licenses and payment licenses are issued. Here are the advantages of obtaining an EMI license in Malta.

  • English is the official language in Malta, which simplifies the workflow;
  • The effective income tax rate in Malta is only 5%;
  • An experienced but strict financial regulator;
  • There is a documental regulation of the crypto currency;
  • The possibility of registering a crypto-currency fund;
  • Requires a local office and management of at least 5 people;
  • Mandatory financial and audited accounts.

Thematic articles:

Company registration in Malta

Benefits of registering a business in Malta


Obtaining a license for a payment system is possible for legal entities that are registered domestically.

The document provides an opportunity to conduct its activities within the UK, for work in other jurisdictions, passportization is necessary. The requirements imply a real office, which is subject to obligations under the Regulations on Money Laundering, there are also a number of specific requirements for the conduct of this business, for example, a person who makes a key decision must have experience in such a field, relevant knowledge and education. More detailed advice you can get from our specialists.

Key conditions for obtaining a payment license in the UK:

  • English is the official language, which simplifies the workflow;
  • An experienced and loyal financial regulator;
  • The UK payment license is the prestige and trust of customers;
  • A full license will require a local office and management;
  • Operations with crypto currency are not regulated by the FSA;
  • Mandatory financial and audited accounts.


The license for payments can be received by the company that was registered in Estonia. Cooperation in the territory of other states is allowed, but the main activity must still be conducted within the borders of Estonia.

To receive a license for electronic money in Estonia (EMI license), the applicant must provide a sufficiently large list of documents in the EFSA (Estonian Financial Supervision Authority).

Advantages of obtaining a license for electronic money in Estonia:

  • Possibility to obtain a license for the exchange of crypto-currencies;
  • Clear regulation of the crypto currency;
  • Low tax burden in the country;
  • Possibility to obtain a residence permit in Estonia;
  • The term of consideration of documents is standard from 3+ months;
  • Requires a local office and management of 3-5 people, one of whom must be a resident of Estonia;
  • Mandatory financial and audited accounts.

Thematic articles:

License of Estonia for the exchange of crypto currency

Where to get a license for electronic money in Europe? Let’s look at Estonia

License for crypto-currencies in Estonia

It should be noted that the requirements for filling the authorized capital will be almost the same in all the listed above countries, from 125,000 euros, if it is a PSP license and up to 500,000 euros, if this is a full EMI license.

Also, in all European countries, as well as in the UK and Switzerland, a financial company is obliged to audit annually, and, of course, to keep accounts, report and pay taxes.

When making decisions in the creation of a payment system, one should take into account all the specifics and subtleties of this type of activity, take into account the provisions of the legislation of the chosen jurisdiction, the tax system, since a type of payment license directly depends on the volume of services provided and the time of receipt can be from 3 to 12 months.

SBSB specialists will help to determine the type of license and requirements, and will also provide all subsequent support services; we will obtain the needed license together with you.

Write to us to info@sb-sb.com and we will answer to all of your questions.

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