🇩🇰 Denmark vs 🇱🇻 Latvia: e-money licensing compared
Decision context and regulator route
Choosing between Denmark and Latvia for a e-money licence starts with who you will answer to: Finanstilsynet (the Danish Financial Supervisory Authority / Danish FSA) on one side, Latvijas Banka (Bank of Latvia) - sole licensing/supervisory authority, having absorbed the former FCMC (Finansu un kapitala tirgus komisija) in 2023 on the other, via the Tilladelse som e-pengeinstitut under Lov om betalinger (Payment Services Act, LBK nr 1013 af 21/08/2024), transposing EMD2; a 'begraenset tilladelse til at udstede elektroniske penge' (limited/small e-money licence) exemption tier also exists for smaller-scale issuers and the Two tiers: (1) Licensed electronic money institution (full EMI licence) and (2) Registered electronic money institution (lighter-touch registration tier for smaller issuers, restricted to issuing e-money and providing only payment instrument issuance or money remittance) - both under the Law on Payment Services and Electronic Money (transposing EMD2) respectively. The public fields are shown below, with the full dated and sourced comparison included with access.
Denmark: verified 2026-08-15 · Latvia: verified 2026-08-15
| Dimension |
🇩🇰 Denmark
partly open
Verified 2026-08-15
|
🇱🇻 Latvia
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Tilladelse som e-pengeinstitut under Lov om betalinger (Payment Services Act, LBK nr 1013 af 21/08/2024), transposing EMD2; a 'begraenset tilladelse til at udstede elektroniske penge' (limited/small e-money licence) exemption tier also exists for smaller-scale issuers | Two tiers: (1) Licensed electronic money institution (full EMI licence) and (2) Registered electronic money institution (lighter-touch registration tier for smaller issuers, restricted to issuing e-money and providing only payment instrument issuance or money remittance) - both under the Law on Payment Services and Electronic Money (transposing EMD2) |
| Regulator | Finanstilsynet (the Danish Financial Supervisory Authority / Danish FSA) | Latvijas Banka (Bank of Latvia) - sole licensing/supervisory authority, having absorbed the former FCMC (Finansu un kapitala tirgus komisija) in 2023 |
| Capital requirement | Denmark capital requirement is included in the £349 pass. | Latvia capital requirement is included in the £349 pass. |
| Timeline to authorisation | Denmark timeline to authorisation is included in the £349 pass. | Latvia timeline to authorisation is included in the £349 pass. |
| Local substance | Denmark local substance is included in the £349 pass. | Latvia local substance is included in the £349 pass. |
| Application cost | Denmark application cost is included in the £349 pass. | Latvia application cost is included in the £349 pass. |
| Ongoing cost | Denmark ongoing cost is included in the £349 pass. | Latvia ongoing cost is included in the £349 pass. |
| Passporting | Denmark passporting is included in the £349 pass. | Latvia passporting is included in the £349 pass. |
| EMIs authorised | Denmark emis authorised is included in the £349 pass. | Latvia emis authorised is included in the £349 pass. |
| Key restrictions | Denmark key restrictions is included in the £349 pass. | Latvia key restrictions is included in the £349 pass. |
| Safeguarding | Denmark safeguarding is included in the £349 pass. | Latvia safeguarding is included in the £349 pass. |
| Recent changes | 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. | Latvijas Banka continued granting new EMI licences during 2025 and 2026. 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 | Denmark difficulty rating is included in the £349 pass. | Latvia difficulty rating is included in the £349 pass. |
Unlock the pass to see each gated figure with its source and verification date.
What changed recently
🇩🇰 Denmark (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.
🇱🇻 Latvia (verified 2026-08-15): Latvijas Banka continued granting new EMI licences during 2025 and 2026. 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 Denmark and Latvia?
Denmark: Finanstilsynet (the Danish Financial Supervisory Authority / Danish FSA). Latvia: Latvijas Banka (Bank of Latvia) - sole licensing/supervisory authority, having absorbed the former FCMC (Finansu un kapitala tirgus komisija) in 2023.
What licence do you need in Denmark compared with Latvia?
In Denmark the authorisation route is Tilladelse som e-pengeinstitut under Lov om betalinger (Payment Services Act, LBK nr 1013 af 21/08/2024), transposing EMD2; a 'begraenset tilladelse til at udstede elektroniske penge' (limited/small e-money licence) exemption tier also exists for smaller-scale issuers; in Latvia it is Two tiers: (1) Licensed electronic money institution (full EMI licence) and (2) Registered electronic money institution (lighter-touch registration tier for smaller issuers, restricted to issuing e-money and providing only payment instrument issuance or money remittance) - both under the Law on Payment Services and Electronic Money (transposing EMD2). The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Denmark vs Latvia 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/denmark-vs-latvia.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.