E-money institution

An e-money institution — EMI — is a company licensed to issue electronic money and payment cards without being a full bank. Most European and UK crypto cards aren’t issued by the crypto brand on the front; they’re issued by an EMI working behind it, under a Visa or Mastercard licence.

Why it matters: the EMI is who actually holds your spendable balance and answers to the regulator, so it shapes where the card works, who runs KYC, and what protection you get. That protection is narrower than a bank’s: an EMI must safeguard customer funds, but its balances generally aren’t deposit-insured, and complaints schemes may not cover it. Knowing the issuer tells you whose rules really govern the card.

For example: the Gnosis Pay Visa is issued by Monavate, an FCA-authorised EMI, not by Gnosis itself. The Nexo Card is issued by DiPocket, an EEA e-money institution, with Mastercard providing the network. Crypto.com’s UK prepaid card runs through ForisGFS UK, an FCA-authorised EMI — and because the card is an electronic money product, Crypto.com states it isn’t covered by the FSCS. As of June 2026.