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An Electronic Money Institution (EMI) license in Lithuania allows companies to issue electronic money and provide various payment services within the European Economic Area (EEA). Lithuania has become an attractive location for fi ...
This Lithuania Electronic Money Institution (EMI) is a financial institution that is licensed and regulated by the Bank of Lithuania to provide electronic money payment services in the country. EMIs are an important part of the fi ...
In 2017 Lithuanian Football Federation (LFF) created and confirmed national Football development strategy “Grow2020”, main idea of it was to make football the most popular kind of sport in Lithuania before 2020.
2. Football a ...
European Authorized Electronic Money Institutions (EMIs) for Sale. This EMI Licence for sale has had 5 billion EUR in total transactions to date, over 400 business IBAN accounts operational as of writing and it became profitable a ...
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Lithuania, a Baltic gem, reveals its charm through a blend of medieval elegance and contemporary vibrancy. Vilnius, the enchanting capital, boasts cobblestone streets and Baroque masterpieces like the Hill of Crosses. Trakai's island castle mirrors tales of medieval splendor on tranquil lakes. The Curonian Spit showcases windswept dunes along the Baltic Sea. Lithuania's enduring spirit shines in its UNESCO-listed wooden architecture and vibrant festivals like Joninės. Embracing a fusion of history and modernity, this European treasure invites exploration into a land where cultural heritage and the spirit of independence resonate in every corner.
An Electronic Money Institution (EMI) license in Lithuania allows companies to issue electronic money and provide various payment services within the European Economic Area (EEA). Lithuania has become an attractive location for financial technology companies due to its favorable regulatory environment and efficient licensing process.
Key Features of an EMI License in Lithuania:
Regulatory Authority: The Bank of Lithuania is the regulatory authority responsible for issuing EMI licenses.
Licensing Process:
Application Preparation: The applicant must prepare comprehensive documentation, including business plans, internal control mechanisms, risk management procedures, and anti-money laundering (AML) policies.
Submission: The completed application is submitted to the Bank of Lithuania.
Review and Decision: The Bank of Lithuania reviews the application, which may include requesting additional information or documentation. The process typically takes around 3-6 months.
Capital Requirements:
For an EMI, the minimum initial capital requirement is EUR 350,000.
Management and Governance:
The applicant must demonstrate that the management team has the necessary experience and qualifications.
A clear governance structure with defined roles and responsibilities must be established.
Operational Requirements:
Anti-Money Laundering (AML) Compliance: Robust AML policies and procedures must be in place.
Data Protection: Compliance with GDPR and other data protection regulations is required.
Risk Management: Effective risk management systems and internal controls must be established.
Passporting Rights: Once licensed, an EMI can operate across the EEA without needing additional licenses in other member states, thanks to the EU passporting system.
Advantages of Obtaining an EMI License in Lithuania:
Regulatory Support: The Bank of Lithuania provides support and guidance to fintech companies, facilitating smoother licensing processes.
Business Environment: Lithuania offers a favorable business environment with a growing fintech ecosystem.
Strategic Location: Lithuania’s location in the EU allows for easy access to the European market.
Technological Infrastructure: Lithuania has advanced technological infrastructure and a skilled workforce, supporting fintech innovation.
Main details:
* Location: Lithuania;
* EMI license: obtained in 2019;
* Started operations in 2021;
* Practically no activity in 2022;
* Company is clean, only one client at the moment;
* Company connected to SEPA via Centrolink;
* Two security accounts with two banks;
* Mastercard membership from 2021 and Visa membership coming soon.
