The biggest advantage is that of issuance and operational cost. Barring the UK (which is no longer the epicenter for EMI licenses in Europe), the competition is essentially between Ireland and Lithuania. Lithuania is by far the most preferred choice for EMI license issuance (and then also for digital banking license) in Europe. It surpasses Ireland (for the issuance of EMI licenses) many times over.
On the operational costs, the will, and determination of the Bank of Lithuania (Central Bank/Regulator) to be at the forefront of fintech licensing have put Lithuania fairly and squarely on the map. It is much more economical to operate in Lithuania and get licensed from there, versus Ireland.
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This page was last updated on February 14, 2023.