EMI licenses
If a legal entity wants to provide its clients with payment and services related to the issue and circulation of electronic money, it needs to obtain an EMI license. It gives the company the status of Electronic Money Institution, thanks to which the owner gets the right to provide the above services.
EMI license: advantages of electronic money
Electronic money is increasingly being used for domestic and international transactions. Compared to any other form of payment, it has several strengths:
- there's no need to exchange such cash;
- multiple currencies can be stored in e-wallets and accounts, thus avoiding unnecessary conversion procedures;
- you can use the funds remotely;
- money transfers are usually instantaneous;
- electronic money is protected against counterfeiting, theft, change of denomination and so on.
All this makes electronic money a convenient payment instrument, which requires an Electronic Money license. Our managers are always ready to provide you with advice regarding the implementation of this payment system and obtaining the relevant authorizations.
Electronic money license and requirements for obtaining it
The issued electronic funds can be converted into other currencies for use outside the licensed payment system site. At the same time, an EMI company may use its own quasi-currency to service payments. This may become a basis for money laundering and realization of various fraudulent schemes. In this regard, the owners of any companies that apply for an EMI license are subject to a thorough due diligence. On average, it takes 3-6 months, but the timeframe can vary.
The process of obtaining a license is quite complex and may also vary from jurisdiction to jurisdiction. In this regard, the list of necessary documents and requirements are determined on an individual basis.
- shareholders of the company must be over 18 years of age;
- there should be no restrictions from the regulatory authorities of the country where licensing takes place;
- as a rule, the company must have a registered office in the territory of the state in which the EMI license is issued.
Frequently Asked Questions:
To obtain an EMI license, it is necessary to prepare an AML policy and other documents, register the company, hire specialists for mandatory positions (director, AML officer, etc.).
Our lawyers have many years of experience in registering EMI companies all over the world. Among the most popular countries for obtaining an EMI license are Lithuania, Britain, Czech Republic, Cyprus, Bulgaria, Netherlands, Estonia, Malta, Singapore, Hong Kong, New Zealand.
E-Money Issuer license is useful both for individuals and businesses providing payment services, operations with cryptocurrencies and their exchange.