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Czech Republic small electronic money Institution License
electronic money Institution (EMI) is a legal entity which can issue and distribute electronic money and provide payment services. To be able to issue electronic money and provide services associated with it, a legal entity must obtain a small electronic money License (the License), supervised by Czech National Bank (CNB). An authorized EMI exchanges virtual electronic money (issued by EMI) for t...
Path: LicensingCzech Republic electronic money License
electronic money Institution (EMI) is a legal entity which can issue and distribute electronic money and provide payment services.Timeframe: approximately 3-6 months Initial capital: EUR 125,000.00 To be able to issue electronic money and provide services associated with it, a legal entity must obtain an electronic money License. An authorized EMI exchanges virtual electronic money (is...
Path: LicensingPakistan is planning to regulate crypto business
**The government of Pakistan has recently created regulations for crypto business.** The federal government has settled on the new electronic money Institutions (EMIs) regulations to follow recommendations of the Financial Action Task Force, in an attempt to regulate previously uncontrolled sector and to combat illicit uses of modern technologies. The State Bank of Pakistan in its statement po...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
...in relation to the regulatory aspect. Utility tokens, on the other hand, do not provide the same kinds of rights as regulated financial instruments and will generally fall outside the scope of FCA, except in cases when they meet the definition of electronic money and fall within a new category of e-money tokens. The FCA stated: *"Any token that is not a security token, or an e-money token...
Path: BlogThe Central Bank of the Bahamas expressed digital currency plans
It is very likely that soon Bahamians will have their own digital currency. **The Central Bank of the Bahamas disclosed the plans to issue their own electronic money and establish digital currency as a legal tender.** According to the Central Bank, introducing the cryptocurrency will be a valuable input for handling economic issues. It will be the blockchain-based digital fiat currency dubbed...
Path: BlogWhat is the reason behind the suspension of ePayments operations?
Last week brought a surprise for the payment space. **An electronic money institution ePayments Systems has suspended all activity on its customer accounts following the UK’s financial watchdog order.** As a result, one million user accounts cannot be accessed and users are unable to transfer, deal, withdraw, deposit their funds, or use their ePayments cards. According to ePayments Systems,...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...in IFWG’s policy is about clarification on legal status of crypto assets - thus not illegal to conduct crypto business activities. According to policy it is recommended that crypto assets remain without legal tender status and not be recognized as electronic money. It’s been noticed that South Africa research and adopt international cryptocurrency standards. New policy will enforce the Fina...
Path: BlogNew 6 AMLD Compliance Conditions for EMIs
...r criminal groups to laundry cash and move it across the borders and inside countries. Thus, AML regulations are tightening towards Money service businesses, making sure that they do everything to prevent criminal activities With the new measures electronic money Institutions (EMIs) which are currently lost with endless correspondence with local EU Member State Financial Intelligence Units (her...
Path: BlogNew requirements for Lithuania and UK EMIs
electronic money Institutions (EMIs) will be facing uncertainty over regulations due to post-Brexit and Sixth Anti Money Laundering Directive (6 AMLD) which provides obligations that need to be transposed by European Union Member States by the December 20th, 2020. Due to the worldwide covid-19 pandemic Brexit was postponed for few months, however currently Brexit has been brought back and is ...
Path: BlogFive Fundamental Changes in FinTech from FCA
... to consumers and market integrity. You should expect more supervisory and enforcement actions from the FCA in 2021-2022. FCA recognizes that the payments industry has developed rapidly since the adoption of the Payment Services Directive and the electronic money Directive. The FCA’s supervisory work will focus on ensuring PI/s and EMIs are financially stable, and it will identify firms at ri...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...y or as any of the instruments termed as Financial Instrument Tokens (FIT), which qualify as financial instruments under the Investment Services and Activities and Regulated Markets aw, transposing MiFID II and E-Money Tokens (EMT), which qualify as electronic money under the electronic money Law, transposing EMD. **Below you can find a list of crypto-business models, which are affected by CASP...
Path: BlogLithuania Payment Institutions License
...ervices such as money remittances, payment transactions, cash deposit and cash withdrawal services, and other closely related to those services. However, a payment institution may not accept deposits from unprofessional market participants and issue electronic money.Timeframe: 6-9 months from the date when the application is lodged with the Bank of Lithuania Minimum paid capital: EUR 125,0...
Path: LicensingGeorgia Payment Service Provider Authorization (PSP)
...ervices that ensure the debiting of funds from the payer’s account services related to the crediting of funds to the payee’s account making payments through direct debits issuing and/or acquiring payment instruments remittances issuing electronic money executing payment transactions Benefits of Georgia PSP authorization: Incorporation of a company can be done within a we...
Path: LicensingBahamas Payment Services Provider License
...ank”) is responsible for the licensing of entities providing payment services under the Payment Systems Act, 2012 and the Payment Instruments (Oversight) Regulations 2017, as well as for regulation and supervision of payment instruments, including electronic money products. The Central Bank has a duty to promote and maintain high standards of conducting and management of payment services. The...
Path: Licensing