Crypto license types of payment systems in the Czech Republic

The Czech Republic is a member of the European Union, so there are the same species, distinguished in other European jurisdictions. These types include:

  • Payment Service Provider (PSP)
  • Small Payment Institution License (sPI)
  • Electronic Money Institution (EMI)
  • Small Electronic Money Institution (sEMI)

Payment institution from the issuer of electronic money differs possible activities. In addition to the functions of the payment institution, EMI can carry out transactions with electronic money, including issuing them. EMI is entitled to hold funds for an unlimited period of time and conduct transactions without specifying detailed information from the user. EMI is sometimes compared to a bank that cannot issue loans at all. Therefore, the EMI license provides more options. In order for your fintech project to have no obstacles in the future, you should immediately get an EMI license.

The main feature of crypto license in Czech Republic

Limited licenses for both types of institutions are available for payment systems whose turnover does not exceed 3 million euros per year – for payment institutions. The amount of electronic money – 5 million euros for six months – for the issuer of electronic money. However, this license will be valid only on the territory of the Czech Republic. Therefore, if you want to operate on the territory of the entire European Union, not just the Czech Republic, you should immediately get a normal license suitable for you payment system.

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Requirements for obtaining a crypto license in the Czech Republic

In order to get a license of the payment system in the Czech Republic you need to meet some requirements:

  • Authorized capital, which constitutes
  • 20 thousand. Euro – for ordinary activities;
  • 125 thousand. Euro – if the applicant plans to carry out the collection and withdrawal of cash;
  • 350 thousand. Euro – for the issuer of electronic money.
  • Corporate Structure.
  • Fintech project must have at least 2 directors, only individuals allowed
  • Half of employees must have Czech citizenship
  • Payment system must have an office in the Czech Republic.