🇫🇷 France vs 🇲🇹 Malta: e-money licensing compared
Decision context and regulator route
France's public Etablissement de monnaie electronique. and Malta's public Electronic Money Institution under the Financial Institutions Act (Cap. 376). are set out side by side. Licence type, regulator and public recent-change notes are open; the full dated and sourced comparison is included with access.
France: verified 2026-08-15 · Malta: verified 2026-08-15
| Dimension |
🇫🇷 France
partly open
Verified 2026-08-15
|
🇲🇹 Malta
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Etablissement de monnaie electronique. | Electronic Money Institution under the Financial Institutions Act (Cap. 376). |
| Regulator | ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. | Malta Financial Services Authority (MFSA). |
| Capital requirement | France capital requirement is included in the £349 pass. | Malta capital requirement is included in the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is included in the £349 pass. | Malta timeline to authorisation is included in the £349 pass. |
| Local substance | France local substance is included in the £349 pass. | Malta local substance is included in the £349 pass. |
| Application cost | France application cost is included in the £349 pass. | Malta application cost is included in the £349 pass. |
| Ongoing cost | France ongoing cost is included in the £349 pass. | Malta ongoing cost is included in the £349 pass. |
| Passporting | France passporting is included in the £349 pass. | Malta passporting is included in the £349 pass. |
| EMIs authorised | France emis authorised is included in the £349 pass. | Malta emis authorised is included in the £349 pass. |
| Key restrictions | France key restrictions is included in the £349 pass. | Malta key restrictions is included in the £349 pass. |
| Safeguarding | France safeguarding is included in the £349 pass. | Malta 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. | Malta 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.
🇲🇹 Malta (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 Malta?
France: ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto.. Malta: Malta Financial Services Authority (MFSA)..
What licence do you need in France compared with Malta?
In France the authorisation route is Etablissement de monnaie electronique.; in Malta it is Electronic Money Institution under the Financial Institutions Act (Cap. 376).. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full France vs Malta 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-malta.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.