Which licence do I need?

Pick what your business does and where your customers are. You will see the licence that usually fits, and a link to its full requirements, capital, fees and timeline.

1. What does your business do?

2. Where are your customers?

Choose an answer to questions 1 and 2 to see the result.

How the checker decides

The table below is the full set of rules the checker uses. It shows the licence that usually fits each business model and market. Details of the product can change the answer, for example whether you ever hold customer funds, or whether a partner bank holds them for you.

BusinessUnited KingdomEuropean UnionUnited StatesCanada
Hold customer balancesUK Electronic Money Institution licenceSmall firms: small EMILithuania EMI licenceIreland EMI authorisationNetherlands EMI licenceMalta EMI licenceUS FinCEN MSB registrationUS state money transmitter licencesCanada MSB registration (FINTRAC)Canada RPAA registration (Bank of Canada)
Process or execute paymentsUK Authorised Payment Institution licenceSmall firms: small payment institutionLithuania payment institution licenceIreland payment institution authorisationUS FinCEN MSB registrationUS state money transmitter licencesCanada MSB registration (FINTRAC)Canada RPAA registration (Bank of Canada)
Send money for customersUK Authorised Payment Institution licenceSmall firms: small payment institutionLithuania payment institution licenceIreland payment institution authorisationUS FinCEN MSB registrationUS state money transmitter licencesCanada MSB registration (FINTRAC)Canada RPAA registration (Bank of Canada)
Open banking onlyUK Authorised Payment Institution licenceLithuania payment institution licenceIreland payment institution authorisationAccount information onlyUS state money transmitter licencesCanada RPAA registration (Bank of Canada)
Crypto exchange or custodyFCA cryptoasset AML registrationUK crypto licence (FCA cryptoasset authorisation)EU MiCA CASP licenceUS FinCEN MSB registrationUS state money transmitter licencesCanada MSB registration (FINTRAC)
Issue a stablecoinUK crypto licence (FCA cryptoasset authorisation)EU MiCA CASP licenceLithuania EMI licenceUS payment stablecoin issuer approval (GENIUS Act)Canada MSB registration (FINTRAC)

Questions

If customers keep a balance with you that they can spend or withdraw later, that balance is usually electronic money and you need an EMI licence. If you only move money from one party to another without holding a stored balance, a payment institution licence is usually enough.

No. Since the end of the Brexit transition period on 31 December 2020, UK firms have no passport into the EU. A firm serving EU customers needs a licence in an EU member state, which can then be passported across the EEA.

In the UK, a small EMI must keep average outstanding e-money at or below EUR 5 million, and a small payment institution must keep monthly payment transactions at or below EUR 3 million on average. Firms that expect to pass these limits soon usually apply for the full licence from the start.

Yes. It must be registered with the FCA for anti-money laundering today. From 25 October 2027, crypto activities need full FCA authorisation, with the application window running from 30 September 2026 to 28 February 2027.

No. It points to the licence that usually fits a business model. The final answer depends on how the product works in detail, so every enquiry gets a written proposal that confirms the licence, the cost and the timeline.