🇨🇾 Cyprus vs 🇫🇷 France: e-money licensing compared
Decision context and regulator route
Choosing between Cyprus and France for a e-money licence starts with who you will answer to: Central Bank of Cyprus (CBC) - Licensing Section on one side, ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. on the other, via the Electronic Money Institution (EMI) authorisation under The Electronic Money Laws of 2012-2018 and The Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025 (transposing EMD2/PSD2); a Small EMI / exempt tier also exists under the same framework for issuers below EMD2 thresholds and the Etablissement de monnaie electronique. respectively. The public fields are shown below, with the full dated and sourced comparison included with access.
Cyprus: verified 2026-08-15 · France: verified 2026-08-15
| Dimension |
🇨🇾 Cyprus
partly open
Verified 2026-08-15
|
🇫🇷 France
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Electronic Money Institution (EMI) authorisation under The Electronic Money Laws of 2012-2018 and The Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025 (transposing EMD2/PSD2); a Small EMI / exempt tier also exists under the same framework for issuers below EMD2 thresholds | Etablissement de monnaie electronique. |
| Regulator | Central Bank of Cyprus (CBC) - Licensing Section | ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. |
| Capital requirement | Cyprus capital requirement is included in the £349 pass. | France capital requirement is included in the £349 pass. |
| Timeline to authorisation | Cyprus timeline to authorisation is included in the £349 pass. | France timeline to authorisation is included in the £349 pass. |
| Local substance | Cyprus local substance is included in the £349 pass. | France local substance is included in the £349 pass. |
| Application cost | Cyprus application cost is included in the £349 pass. | France application cost is included in the £349 pass. |
| Ongoing cost | Cyprus ongoing cost is included in the £349 pass. | France ongoing cost is included in the £349 pass. |
| Passporting | Cyprus passporting is included in the £349 pass. | France passporting is included in the £349 pass. |
| EMIs authorised | Cyprus emis authorised is included in the £349 pass. | France emis authorised is included in the £349 pass. |
| Key restrictions | Cyprus key restrictions is included in the £349 pass. | France key restrictions is included in the £349 pass. |
| Safeguarding | Cyprus safeguarding is included in the £349 pass. | France safeguarding is included in the £349 pass. |
| Recent changes | The Central Bank of Cyprus issued new 2025 EMI authorisation, governance and suitability directives. PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension. | PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension. |
| Difficulty rating | Cyprus difficulty rating is included in the £349 pass. | France difficulty rating is included in the £349 pass. |
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What changed recently
🇨🇾 Cyprus (verified 2026-08-15): The Central Bank of Cyprus issued new 2025 EMI authorisation, governance and suitability directives. PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension.
🇫🇷 France (verified 2026-08-15): PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension.
Quick answers
Who regulates e-money licensing in Cyprus and France?
Cyprus: Central Bank of Cyprus (CBC) - Licensing Section. France: ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto..
What licence do you need in Cyprus compared with France?
In Cyprus the authorisation route is Electronic Money Institution (EMI) authorisation under The Electronic Money Laws of 2012-2018 and The Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025 (transposing EMD2/PSD2); a Small EMI / exempt tier also exists under the same framework for issuers below EMD2 thresholds; in France it is Etablissement de monnaie electronique.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Cyprus vs France comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /e-money/compare/cyprus-vs-france.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.