Quick Facts
| Parameter | Value |
|---|---|
| License name | FCA EMI License |
| Country | United Kingdom |
| Regulator | FCA |
| What it covers | E-Money Institution authorisation |
| Minimum capital | GBP 350,000 initial capital |
| Timeline | 12–14 months |
What is the FCA EMI License?
The FCA EMI License is a regulator authorisation issued by FCA that allows a regulated entity in United Kingdom to provide the services covered by the regime. For fiat on/off ramps and stablecoin redemption.
Who needs a FCA EMI License?
Operators offering services that fall within the activity definition supervised by FCA. The activity scope captures e-money institution authorisation — and you should treat anything within or adjacent to that scope as caught until the structure has been opined on.
How the FCA EMI License application works
The application is run as a structured five-stage workstream: scoping and gap analysis, incorporation and substance, AML/KYC programme drafting, regulator submission and RFI cycles, and post-licence onboarding. Total time from kickoff to authorisation is 12–14 months.
Cost of the FCA EMI License
The total first-year cost combines: regulator fee, statutory capital tied up at GBP 350,000 initial capital, legal fees confirmed at engagement, substance (resident director, office, AML officer where required), and the first year of ongoing supervision. We provide a fixed-scope quote at engagement so the number is not a moving target.
Pitfalls to avoid
- Mismatched substance. Paper directors and serviced offices are detected at first examination. Substance must be substantive;
- Generic AML programmes. FCA reads policies as a competency signal — generic templates are visible;
- Banking afterthoughts. A licence without a bank account is a paperweight. Banking is part of the engagement, not bolted on after authorisation;
- Ignoring the year-one supervision burden. Authorisation is the start. Annual audit, AML refresh and material-change notifications are calendared from day one.
Frequently asked questions
What does the FCA EMI License cover?
The FCA EMI License authorises e-money institution authorisation. It is supervised by FCA. For fiat on/off ramps and stablecoin redemption.
What is the timeline for the FCA EMI License?
Typical timeline is 12–14 months from kickoff to authorisation. Variance comes from RFI cycles and the quality of the application file at submission, not from the published schedule.
What is the minimum capital for the FCA EMI License?
Statutory capital is GBP 350,000 initial capital. Capital is one input — substance, governance and the AML programme usually drive the application outcome more than the capital line on its own.
How does the FCA EMI License fit alongside other United Kingdom licences?
Most operating models in United Kingdom combine FCA EMI License with one of the other available regimes — see the full list on the United Kingdom page.
Who supervises FCA EMI License authorisation in United Kingdom?
FCA is the supervising authority. The same regulator handles ongoing supervision after authorisation, including annual returns and material-change notifications.