🇫🇷 France vs 🇩🇪 Germany: e-money licensing compared
Decision context and regulator route
Choosing between France and Germany for a e-money licence starts with who you will answer to: ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. on one side, BaFin, with the Deutsche Bundesbank. on the other, via the Etablissement de monnaie electronique. and the E-Geld-Institut under the ZAG. respectively. The public fields are shown below, with the full dated and sourced comparison included with access.
France: verified 2026-08-15 · Germany: verified 2026-08-15
| Dimension |
🇫🇷 France
partly open
Verified 2026-08-15
|
🇩🇪 Germany
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Etablissement de monnaie electronique. | E-Geld-Institut under the ZAG. |
| Regulator | ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. | BaFin, with the Deutsche Bundesbank. |
| Capital requirement | France capital requirement is included in the £349 pass. | Germany capital requirement is included in the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is included in the £349 pass. | Germany timeline to authorisation is included in the £349 pass. |
| Local substance | France local substance is included in the £349 pass. | Germany local substance is included in the £349 pass. |
| Application cost | France application cost is included in the £349 pass. | Germany application cost is included in the £349 pass. |
| Ongoing cost | France ongoing cost is included in the £349 pass. | Germany ongoing cost is included in the £349 pass. |
| Passporting | France passporting is included in the £349 pass. | Germany passporting is included in the £349 pass. |
| EMIs authorised | France emis authorised is included in the £349 pass. | Germany emis authorised is included in the £349 pass. |
| Key restrictions | France key restrictions is included in the £349 pass. | Germany key restrictions is included in the £349 pass. |
| Safeguarding | France safeguarding is included in the £349 pass. | Germany 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. | 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 | France difficulty rating is included in the £349 pass. | Germany difficulty rating is included in the £349 pass. |
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What changed recently
🇫🇷 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.
🇩🇪 Germany (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 France and Germany?
France: ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto.. Germany: BaFin, with the Deutsche Bundesbank..
What licence do you need in France compared with Germany?
In France the authorisation route is Etablissement de monnaie electronique.; in Germany it is E-Geld-Institut under the ZAG.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full France vs Germany 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/france-vs-germany.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.