Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
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| Dimension |
Pinned 🇪🇪 Estonia partly open Verified 2026-07-03
|
🇮🇹 Italy
partly open
Verified 2026-07-03
|
|---|---|---|
| Licence type | Operating licence (tegevusluba) for e-money institutions under the Payment Institutions and E-money Institutions Act (Makse- ja e-raha asutuste seadus, MERAS), Estonia's EMD2 transposition | Istituto di Moneta Elettronica (IMEL), authorised under Legislative Decree 11/2010 / TUB (Testo Unico Bancario) implementing EMD2, per Banca d'Italia's 'Disposizioni di vigilanza per gli Istituti di Pagamento e gli IMEL'. No separate branded 'small IMEL' tier distinct from general PSD2 exemption thresholds was confirmed; Italy's framework centers on the full IMEL authorisation. |
| Regulator | Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority, FSA) | Banca d'Italia (Bank of Italy) - Vigilanza (Supervision) function |
| Capital requirement | Estonia capital requirement is locked. Unlock with the £349 pass. | Italy capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Estonia timeline to authorisation is locked. Unlock with the £349 pass. | Italy timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Estonia local substance is locked. Unlock with the £349 pass. | Italy local substance is locked. Unlock with the £349 pass. |
| Application cost | Estonia application cost is locked. Unlock with the £349 pass. | Italy application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Estonia ongoing cost is locked. Unlock with the £349 pass. | Italy ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Estonia passporting is locked. Unlock with the £349 pass. | Italy passporting is locked. Unlock with the £349 pass. |
| EMIs authorised | Estonia emis authorised is locked. Unlock with the £349 pass. | Italy emis authorised is locked. Unlock with the £349 pass. |
| Key restrictions | Estonia key restrictions is locked. Unlock with the £349 pass. | Italy key restrictions is locked. Unlock with the £349 pass. |
| Safeguarding | Estonia safeguarding is locked. Unlock with the £349 pass. | Italy safeguarding is locked. Unlock with the £349 pass. |
| Recent changes | PSD3 and the PSR will merge the payment institution and EMI regimes into one licence that can issue e-money. Final texts published 23 April 2026, applicability targeted around 2028; existing EMIs are grandfathered but must update their file. | PSD3/PSR final compromise texts agreed by Parliament and Council, published 23 April 2026; undergoing legal-linguistic review before Official Journal publication expected June/July 2026 (possible slip to September). As a Regulation, the PSR will apply directly in Italy without national transposition; PSD3 requires transposition within 18 months. No Italy-specific transposition law yet as of mid-2026. |
| Difficulty rating | Estonia difficulty rating is locked. Unlock with the £349 pass. | Italy difficulty rating is locked. Unlock with the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.