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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: 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: 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: Blog