Electronic money

Issuing electronic money requires authorisation in accordance with the Electronic Money Act (2011:755).

According to the Act, electronic money is described as an electronically stored monetary value that

represents a claim on the issuer,
is issued in exchange for funds in order to conduct payment transactions in accordance with the Payment Services Act (2010:751), and
is approved payment funds by parties other than the issuer.

An entity issuing electronic money exceeding EUR 5 million on average or the equivalent is required to have authorisation to conduct operations, and the entity is considered an institution for electronic money. An entity issuing electronic money averaging less than EUR 5 million may apply to be exempt from the authorisation obligation and is then considered a "registered issuer". Banks and credit market companies may issue electronic money within the limits of their existing authorisation.

An institution for electronic money or a registered issuer may also provide payment services in accordance with the Payment Services Act.

The prerequisites for FI to grant authorisation or exemption from the authorisation obligation to issue electronic money are set out in the Electronic Money Act and the Electronic Money Ordinance (2011:776).

Contents of the application

The contents of an application to be an institution for electronic money or a registered issuer are set out in Finansinspektionen's regulations and general guidelines (FFFS 2011:49) regarding institutions for electronic money and registered issuers. Refer also to FI's application form under "Read more". Please note that if the planned operations also refer to the provision of payment services, the application must also include a description of the payment service operations in accordance with FFFS 2010:3 and FFFS 2018:4.

Fee

Applicants must pay a fee in conjunction with the application. See the fact box for payment information.

The fee for an application for authorisation is SEK 217,000.

The fee for an application for exemption from the authorisation obligations is SEK 126,000.

FI also charges an annual supervision fee.

Institutions for electronic money must pay an annual supervision fee of SEK 75,000.

Registered issuers must pay an annual fee of SEK 25,000.

Handling time

FI will make a decision within three months provided that the application is complete and the fee is paid.

Payment procedure

FI registers the application, which is assigned a reference number.
FI then sends an administrator letter, which specifies the reference number, the applicable fee and instructions for how to pay the fee.

Do not pay the fee until you have received the administrator letter and reference number from FI.

Last reviewed: 2020-01-02