Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
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| Dimension |
Pinned 🇫🇷 France partly open Verified 2026-08-15
|
🇮🇹 Italy
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Etablissement de monnaie electronique. | 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 | ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. | Banca d'Italia (Bank of Italy) - Vigilanza (Supervision) function |
| Capital requirement | France capital requirement is included in the £349 pass. | Italy capital requirement is included in the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is included in the £349 pass. | Italy timeline to authorisation is included in the £349 pass. |
| Local substance | France local substance is included in the £349 pass. | Italy local substance is included in the £349 pass. |
| Application cost | France application cost is included in the £349 pass. | Italy application cost is included in the £349 pass. |
| Ongoing cost | France ongoing cost is included in the £349 pass. | Italy ongoing cost is included in the £349 pass. |
| Passporting | France passporting is included in the £349 pass. | Italy passporting is included in the £349 pass. |
| EMIs authorised | France emis authorised is included in the £349 pass. | Italy emis authorised is included in the £349 pass. |
| Key restrictions | France key restrictions is included in the £349 pass. | Italy key restrictions is included in the £349 pass. |
| Safeguarding | France safeguarding is included in the £349 pass. | Italy 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. | Italy difficulty rating is included in 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.
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