Electronic Money Institution (EMI) in Lithuania
In Lithuania electronic money as well as electronic money licence is governed by the Law on Electronic money and electronic money institutions (hereinafter – the Law). Following the provisions of the Law, electronic money shall be understood as a monetary value that:Is stored electronic, including magnetic, mediums;
1) has been issued for the purpose of making payment transactions,
2) is used as a means of payment and is accepted bya natural or a legal person other than the electronic money issuer.
3) Access to payment infrastructure operated by the Bank of Lithuania including SEPA service package and IBAN accounts
Only electronic money institution can issue e-money in Lithuania. Inorder to become an E-money Institution a legal entity shall obtain an operatinglicense which is issued by the Central Bank of Lithuania. The Central Bank ofLithuania is a supervisory body of E-money institutions.
An E-money institution shall have a minimum capital of at least 350 000EU
From 50 000€ .
From: from 3 Month