Small Electronic Money Institution License, or Small EMI License, is required for any Small EMI to enable its capability to issue electronic money and operate payment services. Small Electronic Money Institutions must comply with the standards of their regional regulators.
For instance; in the UK, FCA regulates the Small EMI License process and the main prerequisites are:
● The total commercial activity shall not generate an outstanding balance of over 5,000,000 Euros
● The monthly average of the total amount of relevant payment transactions for the previous 12 months shall not exceed 3,000,000 Euros