The main difference between the two types of payment service providers is that only EMIs can issue electronic money or digital currency, for example, a cash balance electronically recorded on a stored value card (prepaid card), or into an account (e-wallet). or to another device. EMI can offer all the services that API has to offer. EMI capital requirement starts from 350'000 euros.
Can we treat cryptocurrencies (like Bitcoin) like Electronic Money?
There is little in common between bitcoins and electronic money, other than the fact that both options operate in digital format. While electronic money is a mechanism for interacting with government and regulated currencies (fiat money) such as dollars and euros, Bitcoin is a virtual currency that has no equivalent of a mandatory currency. Bitcoin is based on a decentralized peer-to-peer network that can be transferred anonymously and can be very volatile in terms of value. Bitcoin value is based on demand and trust. These characteristics of Bitcoin, although they have certain potential advantages that are not available to fiat currencies, at the same time can pose significant risks for their owners, as well as pose certain problems for regulators that are not under their control. Nevertheless, the demand for bitcoin is quite stable and if you want to offer your clients cryptocurrency exchange and crypto-electronic wallet services, then you can apply for a license from the Estonian supervisory authorities. But, it should be borne in mind that in 2020 the conditions for obtaining this license have changed significantly
More here - https://www.worldbank.org/
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