Licensing and supervision of electronic money institutions

1.  The provision of electronic money services in the Republic of Cyprus (the “Republic”) is regulated by the provisions of The Electronic Money Laws of 2012 and 2018 (‘‘the Law’’) which transposed into national law the following directives of the European Parliament and of the Council:

a) 2009/110/EC of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions; and

b) (EU) 2015/2366 of 25 November 2015 on payment services in the internal market.

2. For the provision of electronic money services in the Republic an authorisation must be granted by the Central Bank of Cyprus (the ‘‘CBC’’) or by any other member state of the European Union (EU) pursuant to the right of establishment and the freedom to provide services, in accordance with the provisions set out in the Law.

3.  The CBC shall grant authorisation to an electronic money institution only if it is a legal person incorporated in the Republic where it is required to have its registered and head office and must carry out at least part of its electronic money service business and/or provision of payment services that are not related with the issuing of electronic money.

In order to obtain an authorisation as an electronic money institution, an application should be submitted to the CBC together with all the information referred to in subsections (3) to (8) of section 5 of The Provision and Use of Payment Services and Access to Payment Systems Law. These subsections are applied proportionately on electronic money institutions according to the provisions set out in section 4A of the Law.

The European Banking Authority has issued guidelines (EBA/GL/2017/09) which are fully adopted by the CBC, regarding the content of the information which must be disclosed to the competent authorities when submitting an application to obtain authorisation as an electronic money institution.

4.  Electronic Money Institutions’ Registers

The CBC, by virtue of the provisions of the Law, maintains public registers providing the following information:

a) the electronic money institutions to which authorisation was granted, their branches, the persons authorised to distribute the electronic money issued and their agents where payment services are provided that are not related with the issuing of electronic money; and

b) the electronic money institutions that have been authorised by an EU competent authority and which have exercised their right of establishment and freedom to provide payment services according to the provisions set out in the Law.

The Registers are available at the following links:


For more information please contact the Licensing Section of the Central Bank of Cyprus at 22714300,