The European Economic Area (EEA) is home to a growing number of Electronic Money Institutions (EMIs), which are financial institutions that provide digital payment services, such as e-wallets, prepaid cards, and mobile payments. EMIs are licensed and regulated by national authorities within the EEA, such as the Financial Conduct Authority (FCA) in the UK and the Central Bank of Ireland.
EMIs within the EEA can benefit from the passporting regime, which allows them to provide their services in other EEA member states without needing to obtain additional licenses. This allows EMIs to expand their business across borders and offer their services to a wider customer base.
However, EMIs operating within the EEA are subject to strict regulatory requirements, such as customer due diligence, anti-money laundering (AML), and counter-terrorist financing (CTF) rules. EMIs must also comply with data protection regulations, such as the General Data Protection Regulation (GDPR), which applies to all companies operating within the EU and EEA.