EMI license in France: e-money institution (EMI) requirements (2026)

Yes. To provide electronic-money or payment services in France you need authorisation as an Electronic Money Institution (EMI), supervised by the Autorité de contrôle prudentiel et de résolution (ACPR), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).

The Autorité de contrôle prudentiel et de résolution (ACPR).

Application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs.

Typically roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete.

The application file centres on programme of operations listing each payment service you will provide; business plan with a three-year budget forecast; evidence of the €350,000 initial capital; governance arrangements and internal-control mechanisms; plus fit-and-proper evidence for directors and qualifying shareholders.

Incorporate in the member state and establish real local substance (registered office and part of the business conducted there). Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies. The authority then assesses the file and, once authorised, you can begin operating.

Yes — an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).

The ACPR authorises payment institutions (établissements de paiement), verifying legal form, initial/prudential capital, governance and fit-and-proper management; a lighter 'agrément limité' regime exists for domestic firms below EUR 3m monthly payment volume (no EU passport). Statutory decision time is 3 months from a complete file.

Issuance of electronic money requires authorisation as an établissement de monnaie électronique (EMI) from the ACPR, under the EU e-money framework transposed into the Code monétaire et financier, with its own capital and safeguarding requirements.

France applies PSD2 directly: account-information service providers (AISP) and payment-initiation service providers (PISP) are registered/authorised by the ACPR, with mandatory secure access (APIs) to bank accounts. The EU is transitioning toward PSD3/PSR.

Under EU Instant Payments Regulation 2024/886, French banks must offer SEPA instant transfers (virement SEPA instantané) at no higher price than standard transfers since 9 Jan 2025, free across the eurozone since 9 Oct 2025, with mandatory payee/IBAN verification; the ACPR supervises compliance.

MiCA applies to CASPs since 30 Dec 2024, transposed via Ordinance 2024-936 and Decree 2025-169; the AMF licenses CASPs (trading, custody, exchange) while the ACPR oversees ART/EMT (stablecoin) issuers. France's legacy PSAN registrants may operate until the transitional period ends 1 July 2026.

Ordinance of 3 Sept 2025 transposing EU Consumer Credit Directive 2023/2225 reclassifies split/deferred payments as consumer credit from 20 Nov 2026, imposing pre-contractual information, creditworthiness/affordability checks and advertising rules even on short, interest-free instalments.