E-Money & Payment Services Law

Overview

The provision of payment services and the issuance of e-money operate within a rapidly-evolving, highly complex regulatory environment. At Ramparts, our expert solicitors offer unparalleled strategic and practical legal guidance for both regulated and unregulated businesses navigating these frameworks.

Whether you are an established multinational expanding your payment gateways, or an innovative start-up developing new financial services, we help you keep ahead of the curve. We are proud members of both the Gibraltar Electronic Money Association and the UK Payments Association.

Expertise in Payment Services

Our team is equipped to advise on matters of both Gibraltar and UK law. We routinely guide clients through Gibraltar’s Financial Services Act 2019 and its various supporting regulations, including those governing payment services, e-money, and VASP (Virtual Asset Service Provider) frameworks, alongside the equivalent UK regulatory regimes. This allows us to provide seamless cross-border advice for both UK and Gibraltar-based FinTech entities.

Services

Our core services include:

  • Regulatory Advice: We assess your business model to determine if you require formal authorisation to provide payment services or issue e-money, or if your activities qualify for an exemption. Providing regulated services without the requisite regulatory authorisation is a criminal offence; we help structure unregulated firms to ensure they do not inadvertently breach the rules.
  • Cross-border compliance: We help you manage your obligations under Gibraltar and UK law and regulatory standards (including safeguarding, consumer duty, outsourcing and operational resilience).
  • Commercial & Corporate Support: We assist with sales, acquisitions, and mergers involving regulated companies. We also draft and negotiate commercial contracts, including white-label agreements, program manager and customer terms for businesses and consumers.
  • Compliance, Financial Crime & Data Protection: We draft internal policies, including AML frameworks and GDPR/DPA compliance. We also address complex implementation queries regarding PSD2, SCA, Consumer Protection and account switching.
  • Regulatory Liaison: We act as your bridge to regulators, including the Gibraltar Financial Services Commission (GFSC) and the UK Financial Conduct Authority (FCA) and we can also guide you through handling customer complaint resolutions via the Financial Ombudsman Service.
  • Navigating Innovation: We actively advise on product development, DLT, and crypto assets, and have recently launched our AI Legal and Compliance Knowledge Hub to guide FinTechs through the legal impacts of Artificial Intelligence.

Case Studies/Who We Serve

Our clients span the entire payments ecosystem, including:

  • E-money Institutions (EMIs) and Payment Service Providers (PSPs).
  • Card Issuers (Prepaid, Credit, and Debit) and Money Remittance Firms.
  • Payment Processors, Intermediaries, and Merchant Acquirers.
  • E-commerce Marketplaces and retailers utilising payment services.
  • Overseas companies seeking to offer financial services in the UK or Gibraltar.

Case Studies: 

We have advised on a range of matters, including:

  • Developing a global, risk-based regulatory strategy for a client, which involved assessing various factors, such as territorial nexus, regulatory uncertainty, and AML/CTF risks. The strategy enabled the client to allocate resources more effectively by focusing on high-risk jurisdictions, while simultaneously ensuring adherence to both local and international compliance standards.
  • Advising on a change of control application for an EMI as part of a broader M&A transaction.
  • Offering outsourced, in-house style legal support to several Gibraltar and UK-based EMIs, covering contract drafting and negotiation, and managing interactions with counterparties and card schemes.
  • Consulting with UK and Gibraltar EMIs and banks regarding virtual IBAN services.
  • Supporting EMI and PSP licence applicants in Gibraltar.

Securing Your Gibraltar EMI/PSP Licence

For businesses seeking to establish a regulated presence, Gibraltar offers a transparent, business-friendly regulatory regime. We manage the entire authorisation process under the GFSC Staged Application framework:

  • Stage 0: Pre-Application (4–8 weeks): We review your business model, prepare your Abridged Business Plan, and facilitate an introductory meeting with the GFSC to clear regulatory hurdles early.
  • Stage 1: Business Model, Capital & Key Individuals (up to 5 months): We incorporate your local entity, help you prepare your Comprehensive Business Plan, and submit your application.
  • Stage 2: Risk Management, IT & Financial Crime (2 months): We help you finalize critical frameworks, including AML/CFT policies, risk registers, and disaster recovery plans.
  • Stage 3: Conduct of Business & Policies (2 months): We help you finalise all operational policies and your comprehensive ‘Mobilisation Plan’.
  • Stage 4: Mobilisation & Systems Testing (3–6 months): Operating under a restricted licence, we guide you through live systems testing, capitalization, and staff recruitment before full authorization restrictions are lifted.

Ready to Innovate Securely?

Whether you are new to financial services or an established business seeking to expand, we clarify how the regulations impact you and assist you in maintaining ongoing compliance.

Contact us today to discuss your regulatory status, compliance needs, or to begin your EMI/PSP authorisation journey.

What do clients say?

"We have worked with David, Peter and the team at Ramparts for many years. Ramparts are the only specialist payments and e-money law firm in Gibraltar. We also work with them in respect of UK and EU regulatory issues as well as commercial contracts and new material product development."
Aaron Carpenter
Aaron Carpenter CEO of Transact Payments

E-Money & Payment Services Law Team

Peter Howitt

Peter Howitt

Managing Director

[email protected]
employment law, payments law, payroll, e-money and crypto assets

David Borge

Practice Director

[email protected]

News & Insights

July 14, 2026

Gibraltar’s Prediction Market Regulations: A New Regulatory Category for Emerging Markets

Gibraltar has introduced a dedicated regulatory framework for prediction markets, marking a significant step in the evolution of its gambling and financial services landscape. The Prediction Market Regulations 2026, made under the Gambling Act 2025, establish a standalone regime for a category of activity that has, until now, sat between traditional gambling and financial trading. Andrew Tait Head of Betting & Gaming Arnas Urbutis Trainee Associate A distinct regulatory categoryAt the core of the new framework is a clear policy…

April 20, 2026

The 90-Day Standard: Navigating the 2025 Contract Termination Regulations for UK and Gibraltar Providers

David Borge Practice Director Due to come into force on 28 April 2026, the Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 (the Regulations) are designed to strengthen consumer protections regarding the termination of payment service contracts. The scope of the Regulations is broad, covering credit institutions, payment institutions, and E-Money Institutions. Consequently, online payment providers and processors are explicitly included within the remit of these new rules. The landscape for payment service providers (PSPs) and Electronic Money…

March 30, 2026

Cryptoasset Theft Without Conversion: Rethinking Litigation Strategy After Ping Fai Yuen v Fun Yung Li

Cryptoasset Theft Without Conversion: Rethinking Litigation Strategy After Ping Fai Yuen v Fun Yung Li   Steven de Lara Head of Litigation, Trusts and Financial Services Arnas Urbutis Trainee Associate The rapid growth of digital assets continues to highlight a fundamental tension in English law: while cryptoassets are now clearly recognised as property, the legal tools available to recover that property have not evolved at the same pace. The High Court’s recent decision in Ping Fai Yuen v Fun Yung…

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