Abstract
While regulation is not the only factor responsible for the development of the e-money market, it is generally believed that the original E-Money Directive in the EU has had a negative impact on it. This thesis contains a detailed analysis of the E-Money Directive and continues with a comparison of the regulatory environment for electronic money in Europe and Japan. Finally, recent legislative efforts such as the Payment Services Directive and the New E-Money Directives are examined in an attempt to answer the question whether e-money has a future in Europe.