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Fintech law in Austria sits at the intersection of EU regulation and national supervision. Austrian fintechs must comply with EU directives such as PSD2 and MiCA, implemented through national laws and supervised by the Austrian Financial Market Authority (FMA). The landscape includes licensing for payment services, e-money, and other financial activity, as well as strict AML/CFT obligations and data protection standards.
Key areas include licensing requirements for payment service providers, rules for issuing electronic money, and the governance of banking and investment activities. In addition, data protection, cybersecurity, and outsourcing arrangements shape day-to-day operations for fintech platforms. The regulatory regime is designed to protect consumers while enabling innovation and competition in payments, lending, and asset services.
Source: The Austrian Financial Market Authority explains that payment services providers in Austria are regulated under the Zahlungsdienste-Gesetz (ZDG) and supervised for compliance with PSD2 requirements. fma.at
Source: The EU emphasizes that MiCA will create a harmonised framework for crypto assets and service providers across member states, with direct applicability in Austria. ec.europa.eu
Starting or operating a fintech business in Austria involves navigating licensing, regulatory compliance, and complex contract work. A lawyer helps tailor a strategy to align with Austrian and EU rules and to minimize risk.
- If you intend to offer payment initiation or account services, you must comply with the Austrian ZDG and PSD2 requirements. An attorney can prepare the licensing package, outline risk management policies, and design security controls for the regulator's expectations. This includes governance, safeguarding of funds, and IT risk management frameworks.
- Issuing e-money or operating crypto asset services requires specific authorisations and ongoing capital, safeguarding, and reporting obligations. A legal advisor helps structure your holding and custody arrangements to meet E-GeldG provisions and AML/CFT standards. They also help with cross-border passporting within the EU for scalable operations.
- Fintechs frequently rely on cloud services or outsourcing for core processing. Lawyers draft compliant data processing agreements, service level agreements, and risk allocations that align with BWG and GwG requirements. This is essential to avoid liability in data, security, and continuity events.
- Austrian AML rules require risk-based customer due diligence, ongoing monitoring, and reporting of suspicious activities. A lawyer helps implement compliant KYC processes and integrates them into your tech stack. They also guide you through regulator interactions and suspicious activity reporting procedures.
- When raising funds or offering securities related to fintech products, you must consider BWG and capital market rules. A lawyer ensures that disclosures, investor communications, and prospectus requirements are properly addressed. They also help with the alignment of corporate governance to Austrian law.
- If you plan cross-border operations or face enforcement actions, a local attorney provides guidance on regulatory flags and dispute resolution pathways. They can coordinate with regulators and local counsel to facilitate a smoother process.
Austria implements EU financial services rules through national statutes and supervisory practice. The following laws are central to most fintech activities in Austria.
Zahlungsdienste-Gesetz (ZDG) - This is the key statute regulating payment service providers in Austria and implementing PSD2. It covers licensing, governance, safeguarding, and access to payment infrastructures. The regulator is the FMA, which publishes guidance and monitor compliance. FMA provides current information on licensing processes and regulatory expectations.
E-Geld-Gesetz (E-GeldG) - This Act governs the issuance and management of electronic money. It sets capital and safeguarding requirements, licensing standards, and regulatory oversight for e-money institutions. It is designed to ensure consumer protection and financial stability in e-money activities. FMA outlines how e-money providers are supervised in Austria.
Bankwesengesetz (BWG) - The Austrian Banking Act regulates banking activities, licensing, and supervision. Fintechs engaging in deposit-taking, lending, or significant payment services may fall under BWG if they cross thresholds or operate as banks or investment firms. The BWG is a central framework for the prudential supervision of financial entities. BMF and the FMA provide implementation guidance.
Austria also follows EU anti-money laundering rules. The Geldwäschegesetz (GwG) requires customer due diligence, risk assessment, and reporting of suspicious activities. While not an itemized section here, GwG compliance is an ongoing obligation for most fintech operators. For AML guidance, see the FMA and Austrian authorities cited above.
MiCA and crypto assets are governed at EU level with direct applicability in Austria. The European Commission explains that MiCA harmonises crypto asset regulation across member states, affecting Austrian service providers and issuers. MiCA overview
The ZDG regulates payment service providers, ensuring safe and reliable payment services and compliance with PSD2. It covers licensing, ongoing duties, and safeguarding requirements for funds. This applies whenever you process payments or access user payment accounts in Austria.
Prepare a detailed business plan, governance structure, and risk management framework. Submit to the FMA with evidence of capital requirements and IT security controls. The FMA typically reviews within several months, depending on complexity.
Payment services involve processing payments and related services. E-money is a digital monetary value issued on a device or remotely stored, representing a claim on the issuer. E-money providers require separate licensing under the E-GeldG and oversight by the FMA.
Processing times vary by case complexity but generally range from 3 to 9 months for standard submissions. Complex models, including cross-border features or fintech partnerships, may extend the timeline.
Yes, a local lawyer helps navigate license requirements, regulatory filings, and cross-border issues. They also help with drafting key documents to align with Austrian and EU regulations.
Costs include application fees, minimum capital requirements, ongoing supervisory fees, and legal costs for counsel. Budget several tens of thousands of euros in the first year, plus ongoing regulatory costs.
Not always. A local regulatory presence may be required for licensing and supervision, and some operations can be conducted via subsidiaries or local agents. Check the licensing scope to determine local requirements.
Establish risk-based customer due diligence, verify identities, monitor transactions, and file suspicious activity reports where applicable. Documentation and audit trails must be maintained for regulator review.
Yes, under the PSD2 and EU passporting rules you can offer services to other member states. You must comply with the host member state rules and coordinate with the FMA for cross-border authorisation.
MiCA creates a harmonised EU framework for crypto assets and service providers. As Austria is an EU member, MiCA directly applies, with national adaptations if needed. Prepare for comliance in licensing, disclosure, and safeguarding for crypto activities.
Comply with the GDPR and Austria's DSG, implement data protection by design, and ensure lawful data processing and cross-border data transfers. Data processing agreements and breach notification plans are essential components.
Address data protection, data localization, data breach responsibilities, availability, and liability caps. Align contractual terms with BWG, GwG, and industry best practices to reduce risk.
Regulatory developments in Austria and the EU can affect licensing, compliance, and product features within 6 to 18 months. Stay informed through FMA updates and EU regulatory alerts.
Use these official resources for current laws, guidance, and regulatory updates relevant to Fintech in Austria.
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