Kehrtwende bei Krypto-Besteuerung in Deutschland in Sicht
September 10, 2026
Architecture for the future of digital payments.
An EMI license issued by the MFSA is your passport to the entire EU financial market. We navigate you through the complex requirements and secure your status as a trusted financial institution in the heart of Europe.
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1. Regulatory Readiness
Definition of licensable activities (issuance of electronic money vs. payment services). Validation of initial capital requirements and safeguarding arrangements. Fit and proper assessment of key function holders (governance check).
2. Operational Engineering
Drafting of robust IT and security architectures in accordance with the Digital Operational Resilience Act (DORA). Formulation of internal control systems (ICS) and AML frameworks pursuant to the 6th EU Anti-Money Laundering Directive. Development of outsourcing strategies and operational risk management manuals.
3. Authorization & Passporting Nexus
Formal representation in the licensing procedure before the MFSA. Guidance throughout submission and handling of regulatory queries. Strategic planning of EU passporting for cross-border roll-out.
1. What distinguishes an EMI license from a traditional banking license or a PSP license?
Answer: An Electronic Money Institution (EMI) forms the bridge between pure payment processing and traditional banking.
Unlike a pure payment service provider (PSP), an EMI is authorized to issue prepaid electronic money (e-money) and hold digital funds in e-wallets on behalf of clients.
Unlike a full credit institution, however, an EMI is strictly prohibited from lending out client savings balances (credit operations funded by client deposits) or paying interest on e-money balances. Client funds must be ring-fenced through strict safeguarding arrangements (safeguarding mechanisms).) geschützt sein.
2. What is the minimum capital requirement for an Electronic Money Institution in Malta?
Answer: Pursuant to the Maltese Financial Institutions ActFinancial Institutions Act, the regulatory initial capital requirement for a full EMI license amounts to 350.000 €. This capital must be fully paid up and evidenced in a Maltese blocked account during the authorization process. It should be noted that ongoing own fundsOwn Fundsof the institution in ongoing operations must not fall below this amount (or a percentage based on outstanding e-money) at any point in time.
3. What is meant by the "safeguarding requirements" for EMIs?
Answer: Since EMIs are not banks and are not covered by statutory deposit guarantee schemes, the regulator requires uncompromising customer protection mechanisms. All funds received from clients in exchange for e-money must be held strictly segregated from the institution's own operating assets (safeguarding mechanisms).segregation of funds). This is achieved either through deposits in dedicated safeguarding accounts with an independent EU commercial bank or by means of coverage through first-rate insurance policies. In the event of the EMI's insolvency, client funds are thus fully protected.
4. What requirements does the MFSA impose regarding local physical substance and on-site management?
Answer: Malta does not tolerate "letterbox arrangements" whatsoever, as it is a heavily regulated financial industry. The MFSA requires a deep operational base directly on the island:
The four-eyes principle: At least two qualified executive directors (Directorswith demonstrable fintech or banking experience must have their physical and tax residence in Malta and actively direct day-to-day operations.
Key functions: Local roles for risk management, IT security, the Compliance Officer, and the Money Laundering Reporting Officer (MLRO) must be established and approved by the MFSA as part of the Fit and Proper.
5. Can I use a Maltese EMI license to offer digital financial services across the entire EU?
Answer: Yes, that is the greatest strategic advantage of the Maltese location. As soon as the MFSA has finally granted the license, the institution obtains the so-called EU passporting rights. Through a straightforward notification procedure, you can seamlessly provide your services (such as e-wallets or IBAN accounts) across all other EU and EEA member states—either under the freedom to provide services or by establishing local branches.
6. What is the authorization process with the MFSA, and how does the law firm assist me?
Answer: The licensing process is highly complex and is divided into an intensive preparatory phase (drafting the business plan, the 3-year financial forecasts, and the IT and cybersecurity architecture under DORA), followed by formal examination by the authority.
Our firm manages the entire project lifecycle: we structure the regulatory setup, draft the banking and anti-money laundering compliance framework (AML/KYC), coordinate the regulatory onboarding of shareholders, and conduct all negotiations with the MFSA through to the final granting of the license.
The payment services market has evolved. Today, banks, regulatory authorities, and end customers demand the highest standard of operational resilience. At Kresse Law, we build a regulatory architecture for you that not only achieves authorization, but also withstands the rigorous demands of the modern capital market and full DORA compliance. We secure your licensing through specialized legal expertise and an established, reputable standing with regulatory authorities.
We support you in the field of EMI licenses (Electronic Money Institutions) with legally robust planning, precise implementation, and dedicated personal advisory directly in Malta.
