Central Bank of Cyprus introduces new licensing procedure for payment institutions

Effective August 3, 2026, the Central Bank of Cyprus will implement a revised licensing framework for Electronic Money Institutions (EMIs) and Payment Institutions (PIs). The updated procedure introduces a mandatory preliminary investigation stage that must be completed before an official license application can be submitted. The total cost for the two-stage licensing process is set at €15,000, with a non-refundable fee of €5,000 required for the preliminary assessment phase.

The new regulations are a direct continuation of the comprehensive licensing and supervisory strategy announced by the Central Bank on December 20, 2024. During the preliminary stage, interested entities are required to submit specific data to the regulator, allowing the Central Bank to perform an initial evaluation of the applicant. This process is designed to enhance transparency, clarify regulatory expectations, and ensure that market entrants meet modern financial security and compliance standards. By identifying potential issues early, the authority aims to strengthen the overall oversight of non-banking financial service providers operating within the country.