The Central Bank of Cyprus is changing its licensing process for electronic money institutions and payment institutions from Aug. 3, 2026. Prospective applicants must first complete a pre-application exploratory stage, providing information for a preliminary assessment and paying a nonrefundable EUR 5,000 fee. The stage is intended to clarify licensing expectations and identify potential issues early, particularly those concerning good repute. The application fee will increase from EUR 5,000 to EUR 10,000. The central bank may also require an enhanced due diligence report from a firm with relevant expertise during either the exploratory or application assessment stage. Applications will be deemed withdrawn after a predetermined period in which an applicant fails to respond to the central bank’s comments.
Central Bank of Cyprus2026-07-31
Central Bank of Cyprus introduces pre-application review and raises licensing fee for electronic money and payment institutions
The Central Bank of Cyprus will introduce a pre-application exploratory stage for electronic money and payment institution licensing from Aug. 3, 2026, subject to a nonrefundable EUR 5,000 fee. The application fee will rise to EUR 10,000, while enhanced due diligence reports may be required and inactive applications may be deemed withdrawn.