France ACPR EMI and PI License in 2026: The Complete Guide
A 2026 deep dive into the French ACPR licence for PIs, EMIs and credit institutions: capital EUR 20k-EUR 350k for payments, three-month statutory clock, English and French procedure, deep French market access and a tier-1 ACPR reputation.
ACPR, AMF and the French financial-services map
Two regulators cover financial services in France.
- Autorité de Contrôle Prudentiel et de Résolution (ACPR). Part of the Banque de France. Authorises and supervises credit institutions, payment institutions (PIs), electronic money institutions (EMIs), insurance companies and mutual benefits societies.
- Autorité des Marchés Financiers (AMF). Authorises and supervises investment firms (jointly with ACPR), asset managers, ECSPs and CASPs.
For payment and e-money services, the route is ACPR-led. Joint ACPR + AMF authorisations apply to investment firms. Joint ACPR + AMF supervision also applies to mixed-activity groups (bank plus asset manager plus insurer).
France is the second-largest EU economy and a particularly strong market for corporate payments, SME banking and B2B card issuing. The French acquirer market is dominated by domestic PSPs; foreign acquirers often need a French PI or EMI to serve the French retail space efficiently.
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Capital and scope
| Licence | Scope | Initial capital |
|---|---|---|
| Payment Institution (PI) | PSD2 Annex I services | EUR 20k / 50k / 125k |
| Electronic Money Institution (EMI) | All PI services plus e-money | EUR 350k |
| Credit institution | Deposit-taking, lending, all PSD2 services, e-money, MiFID | EUR 5M+ (CRR/CRD) |
| Simplified PI (établissement de paiement en agrément simplifié, art. L. 522-11-1 CMF) | Payment services 1 to 5 of art. L. 314-1 CMF only (no money remittance, payment initiation or account information), average volume under EUR 3M/month, France only with no EU passport | EUR 40k; lighter file |
For full authorisation, ACPR applies the PSD2 and EMD2 minima directly without discount.
Authorisation process and timeline
- Pre-application engagement. ACPR has a dedicated Fintech Innovation Hub and accepts pre-filing discussions in French or English. Strongly recommended.
- Incorporation. French SA, SAS or SARL with French head office and paid-up capital in a French credit institution.
- File preparation. Business plan, programme of operations, governance, risk and internal control framework, AML/CFT manual aligned with French LCB-FT rules, safeguarding plan, outsourcing register, fit-and-proper questionnaires.
- Submission. Primarily in French. ACPR accepts English for technical annexes. Filing via the ACPR portal.
- Completeness check. Typically 4 to 6 weeks.
- Substantive assessment. 3 months statutory from complete file; real-world 6 to 12 months for a PI and 9 to 15 for an EMI.
- Conditions precedent. Paid-up capital, safeguarding live, key hires on board.
- Passporting. Notifications go through ACPR to the host-state supervisors before you serve other EEA markets.
Substance, governance and conduct
- Two effective managers. The Code monétaire et financier (L. 522-6 for PIs, L. 526-9 for EMIs) requires at least two dirigeants effectifs who actually run the firm and meet individual fit-and-proper standards.
- Management run from France. The ACPR expects effective management to be exercised in France, which in practice means managers who actually work from a real French office, backed by meaningful local staff.
- Internal control and compliance. The arrêté of 3 November 2014 on internal control applies to PIs and EMIs: permanent control, periodic control (internal audit) and a named compliance officer whose identity is notified to the ACPR (article 28). A dirigeant effectif must be responsible for each control layer.
- Language. French retail clients must receive documents in French. English-first cross-border B2B products can run in English.
Tax and operational reality
- Corporate income tax. 25% standard rate plus social contribution.
- Banking partners. French banks (BNP Paribas, Crédit Agricole, Société Générale, La Banque Postale) plus pan-EU safeguarding options. Onboarding 2 to 4 months.
- Payment rails. SEPA and SEPA Instant via correspondent banks or through the French CORE clearing system.
- Card schemes. Groupement des Cartes Bancaires (CB) plus Visa and Mastercard. French domestic card processing is heavily CB-centric.
ACPR plus MiCA: the DASP-to-CASP transition
France ran the pre-MiCA Digital Asset Service Provider (PSAN, prestataire de services sur actifs numeriques) regime under the 2019 PACTE law. PSAN holders transition to MiCA CASP by 1 July 2026. See the dedicated France PSAN to MiCA guide.
For payment firms, the ACPR PI or EMI licence plus a MiCA CASP (via Article 60 notification or separate authorisation) enables a full fiat-plus-crypto product.
Ship a French PI or EMI product with Crassula
Crassula Core keeps the ledger, client accounts with virtual IBANs, SEPA and SEPA Instant flows through connected banks, and the audit trail. Cards come through pre-integrated issuers you contract with directly, and identity checks run through connected verification providers. Transaction monitoring, sanctions screening and regulatory reporting to ACPR stay with you and your chosen providers; Crassula supplies the ledger balances and transaction exports for safeguarding reconciliation and, as your ICT provider, the incident and outsourcing information you need for DORA.
FAQ
Autorité de Contrôle Prudentiel et de Résolution (ACPR), part of Banque de France. Authorises and supervises credit institutions, PIs and EMIs. AMF authorises investment firms (jointly with ACPR), asset managers, ECSPs and CASPs.
3 months statutory from complete file. Real-world 6 to 12 months for a PI and 9 to 15 for an EMI.
Primarily yes. ACPR accepts English for technical annexes but the core file and consumer-facing documents must be in French.
An établissement de paiement en agrément simplifié (art. L. 522-11-1 CMF): a lighter ACPR authorisation for firms whose payment volume averages under EUR 3 million a month. It covers payment services 1 to 5 of art. L. 314-1 CMF only, so money remittance (transmission de fonds), payment initiation and account information are excluded. Initial capital is EUR 40,000, and there is no EU passport.
Yes, via MiCA Article 60 simplified notification for existing PIs/EMIs, or a separate MiCA CASP authorisation. See the MiCA CASP guide.
Crassula Core runs the ledger, client accounts and IBANs, SEPA rails and the audit trail. Cards, identity checks, transaction monitoring and sanctions screening plug in through connected providers, and Crassula gives you the data and ICT-provider information for safeguarding checks, DORA and ACPR reporting.
