meta_id 3368722

On July 31, 2026, the Central Bank of Cyprus (CBC) announced changes to its licensing process for electronic money institutions and payment institutions, effective August 3, 2026. The CBC introduced a new pre-application exploratory stage that entities must complete before submitting a formal licensing application. During the pre-application exploratory stage, interested entities must submit specific information to the CBC for preliminary assessment. The CBC will charge a non-refundable fee of €5,000 for participation in this stage. The exploratory stage serves two primary objectives: enhancing transparency and improving entities' understanding of the CBC's licensing requirements and expectations, and facilitating early identification of issues that may affect subsequent application assessment, particularly regarding the criterion of good repute. The CBC also implemented additional changes to the overall licensing process. The fee for submitting a licensing application for an institution increased from €5,000 to €10,000. The CBC may require entities during the pre-application exploratory stage or applicants during assessment to submit an enhanced due diligence report prepared by a firm with relevant expertise. Inactive applications will be deemed withdrawn after a predefined period of non-response to comments or requests issued by the CBC. These changes form part of the CBC's comprehensive licensing and supervisory strategy for the electronic money institution and payment institution sector, as announced on December 20, 2024. Entities intending to submit licensing applications are encouraged to consult the CBC website for further details or contact the Licensing Section at LicensingSection@centralbank.cy.