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.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇫🇷 France partly open Verified 2026-07-03
|
🇲🇹 Malta
partly open
Verified 2026-07-03
|
|---|---|---|
| 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 locked. Unlock with the £349 pass. | Malta capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is locked. Unlock with the £349 pass. | Malta timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | France local substance is locked. Unlock with the £349 pass. | Malta local substance is locked. Unlock with the £349 pass. |
| Application cost | France application cost is locked. Unlock with the £349 pass. | Malta application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | France ongoing cost is locked. Unlock with the £349 pass. | Malta ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | France passporting is locked. Unlock with the £349 pass. | Malta passporting is locked. Unlock with the £349 pass. |
| EMIs authorised | France emis authorised is locked. Unlock with the £349 pass. | Malta emis authorised is locked. Unlock with the £349 pass. |
| Key restrictions | France key restrictions is locked. Unlock with the £349 pass. | Malta key restrictions is locked. Unlock with the £349 pass. |
| Safeguarding | France safeguarding is locked. Unlock with the £349 pass. | Malta safeguarding is locked. Unlock with the £349 pass. |
| Recent changes | PSD3 and PSR merge the payment institution and EMI regimes into one payment institution licence that can issue e-money. Final texts published 23 Apr 2026, OJ expected mid to late 2026, PSR applies about 20 days after publication, PSD3 transposition within 18 months (applicability ~Q2/Q3 2028). Existing EMIs are grandfathered but must update their file. | PSD3 and PSR merge the payment institution and EMI regimes into one payment institution licence that can issue e-money. Final texts published 23 Apr 2026, OJ expected mid to late 2026, PSR applies about 20 days after publication, PSD3 transposition within 18 months (applicability ~Q2/Q3 2028). Existing EMIs are grandfathered but must update their file. Ongoing reputational rebuild after FATF grey-listing (delisted 2022). |
| Difficulty rating | France difficulty rating is locked. Unlock with the £349 pass. | Malta 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.