EMI license

EMI license: The benefits of electronic money

Electronic money is increasingly being used in domestic and international transactions. Compared to any other forms of payment, they have several benefits:

• No need to exchange such money.
• Several currencies can be kept in electronic wallets and accounts, thus avoiding unnecessary exchange procedures.
• Funds can be used remotely.
• Money transfers are usually instant.
• Electronic money is protected against fraud, theft, change of face value, and so on.

All this makes electronic money a convenient payment instrument, to use which you need an EMI license. Our managers are always ready to give you a piece of advice on the implementation and licensing of this payment system.

EMI License: Transaction limits

An E-money license enables institutions to open sub-accounts for their customers. This makes it possible to create special e-wallets. Before opening an EMI account, the client must be verified, which includes undergoing the KYC (Know Your Customer) procedure. It is observed during the entire period of servicing the account until it is closed. In some cases, additional verification methods can be implemented, for example, when certain limits are reached. If KYC information about the client is not enough, restrictions on using the account can be imposed.

Relevant legislation changes quite quickly, so we recommend that you request a clarifying consultation with our managers.

E-money license and requirements for obtaining it

Issued electronic money can be converted into other currencies for use outside the website of the licensed payment system. At the same time, an EMI company can use its own quasi-currency to service payments. This can be the basis for money laundering and various fraudulent schemes. Therefore, owners of any company applying for an EMI license, are subject to thorough due diligence. On average, it takes three to six months, but the terms can vary.

The process of obtaining a license is quite complicated and can also vary from jurisdiction to jurisdiction. In this regard, the list of necessary documents and requirements is determined on an individual basis.

In addition, the following requirements must be met to obtain a license:

• The company's shareholders must be over 18 years of age.
• There must be no restrictions imposed by the regulatory authorities of the country in which the 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.

There are also requirements for the beneficiary. The Electronic Money Institution license will be issued only if the beneficiary:

• Has experience in conducting activities related to the field of payment services or those similar to it.
• Has no unpaid taxes and debts.
• Has evidence of the source of funds and general wealth.
• Does not have a criminal record.
• Has a bank account.

For the exact requirements and the list of required documents, you can contact our company's managers.

Requirements for obtaining an E-money license

Each EMI licensing procedure is different, so not only different requirements may apply but also conditions. Many EU regulators, for example, grant an e-money license only if the following conditions are met:

• The firm must have at least three directors who, together with the shareholders, must have experience in the financial sector.
• Having a comprehensive human resource policy as well as procedures needed to ensure the business model.
• Payment of share capital, the amount of which depends on the company's turnover, region of operation (in the country of registration or across the EU/world), and the nature of the services to be provided.

In addition, a certain application fee is required. To renew an electronic money license, an annual fee must be paid. The amount depends on the jurisdiction where the licensing takes place.

If you are interested in EMI licensing, remember that it is a fairly lengthy process, and if there are any difficulties, the license can be denied. To avoid this, we recommend that you contact our staff. They will study the licensing requirements and conditions, take care of the necessary paperwork, and take care of the rest of the formalities so that you can get an EMI license quickly and effortlessly.

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