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Bahamas payment services Provider License
The Bahamas is an attractive location for payment service Providers’ (PSP) institutions for a number of reasons. Due to the great number of advantages, the amount of licensed payment service Providers (PSP) in Bahamas has significantly grown over the past few years.Timeframe: within 6 months Minimum paid up capital: $100 000 USD Overview Bahamas PSPs may engage in va...
Path: LicensingGeorgia payment service Provider Authorization (PSP)
payment service Provider authorization issued by the National Bank of Georgia allows a legal entity to manage payment systems within the territory of Georgia and to provide services stipulated in the Law of Georgia on payment systems and payment services.Timeframe: Within 3-5 months Minimum paid up capital: Case-by-case Overview In order for a company to apply for a Pa...
Path: LicensingNegative effects for payment service and E-money Institutions in case of no-deal Brexit
...anches in the EU Member States. It is a huge problem for all service providers operating at the EU market that consists of approximately 500 million consumers and 22 million business. Also, in no-deal Brexit, unless there are some agreements, UK payment service Providers (PSPs) will immediately lose direct access to EU central payments infrastructure, such as TARGET2 and the SEPA, including ST...
Path: BlogLithuania Payment Institutions License
In order to provide payment services a payment institution is to be licensed by the Bank of Lithuania. A Lithuanian licensed payment institution may perform services 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 a...
Path: LicensingJapan Virtual Currency Exchange Provider’s License
As of April 1, 2017, the amended payment services Act came into effect and as of that moment operators of Virtual Currency exchange business are required to be registered with the Japanese Financial Services Agency.Timeframe: Company formation - within 8 weeks License application - within 6 months Minimum capital requirement: 10 000 000 JPY (approx. EUR 75 000) + Registrat...
Path: LicensingThe great step towards China
...n major jurisdictions and legal assistance during all stages of your business. Our goal is to make any business as sustainable and manageable as possible, hence, our establishment services, followed by professional assistance with **bank account and payment service Provider (PSP) account opening**, are set-up upon your request. What is more, Offshorelicense Ltd supremacy is positioned on **Busi...
Path: BlogSingapore Crypto License
In Singapore, obtaining a crypto license requires compliance with the regulations set by the Monetary Authority of Singapore (MAS) under the payment services Act. Companies intending to offer cryptocurrency services must register and apply for either a standard payment institution license or a major payment institution license, depending on the scale of their operations. The application process i...
Path: LicensingCzech 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: LicensingHow to Get a Crypto License in 2024
...is type of license ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Crypto Banking License A crypto banking license enables a financial institution to offer banking services such as deposits, loans, and payment services in cryptocurrencies. This license is typically harder to obtain due to the stringent regulatory requirements that come with banking o...
Path: BlogChinese Giants: Which Payment System to Choose?
...hinese companies. Their technical features and scope of work are pretty much the same but there are slight differences, which have to be considered. **WeChatPay** was established by the most popular social media messenger in China - WeChat. This payment service is a stable service that has also the partnership outside China, so it is not very complicated to perform external payments. There...
Path: BlogFive Fundamental Changes in FinTech from FCA
...en in real-time to prevent any harm 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 stabl...
Path: BlogLaunch of a new EU trade body - The European Digital Payments Industry Alliance
On 7 May 2020 Ingenico Group, Nets, Nexi, and Worldline announced the launch of an EU advocacy alliance bringing together Europe’s leading independent payment services providers. New advocacy alliance is called the European Digital Payments Industry Alliance (EDPIA). The organization will engage in policy debates improving the EU and world-wide payment sector by pushing instant, secure and fri...
Path: BlogCySEC Enhancement of Procedures Regarding Safeguarding of Client Funds
...third country, where the funds are placed and the arrangements for the holding of those funds and take into consideration the need for diversification of these funds as part of the required due diligence. CIFs can maintain merchant accounts with payment service providers (PSPs) and electronic funds institutions (EMIs) for clearing and settling their customer’s payment transactions, between o...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...e sender as well as liaising with other VASPs, while the 5AMLD merely entails recordkeeping and the submission of data to financial intelligence organizations upon request. Singapore have been particularly receptive to FATF directives guidelines. payment services Act 2019 requires “digital payment token” services — which includes both crypto businesses and exchanges — to comply with FAT...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
Last year two of legislation were passed by the Japanese House of Representatives - The payment services Act (PSA) and the Financial Instruments and Exchange Act (FIEA), as a result Japan will be enforcing new cryptocurrency- related regulation. Originally new legislations were scheduled to come into effect in April, but due to a COVID-19 pandemic delay the final enforcement date has been offi...
Path: BlogSWIFT facilitates instant cross-border payments
...at international payments can be as quick as domestic payments. He reveals that SWIFT welcomes all domestic real time payment systems to join the program and build the future. The community is excited about the launch of the SWIFT global instant payment service as it sees in it the next level of connectivity. The new service will expand opportunities of the modern customers who highly value ve...
Path: BlogPakistan is planning to regulate crypto business
... in an attempt to regulate previously uncontrolled sector and to combat illicit uses of modern technologies. The State Bank of Pakistan in its statement pointed out that the regulations were developed with an intention to support innovation among payment service firms, and in an effort to promote wider financial inclusion within the country. **Companies registering as EMIs will be required t...
Path: BlogMauritius Global Business License (GBL), PIS
...s that the capital amount is decided in case-by-case basis depending on the scale of business Overview The license which is issued in Mauritius regarding payment intermediaries is PIS or Payment Intermediary Services (also known as payment service Provider) This type of company has to mandatorily be a GBL and hence need to have 2 resident directors This category of license is...
Path: LicensingBermuda Digital Asset license
... Overview DABA regulates the following “digital asset business” activities where they are conducted by any entity in or from within Bermuda: issuing selling or redeeming virtual coins, tokens or any other form of digital asset; payment service provider business utilising digital assets; operating an electronic exchange whereby digital assets of any type are exchanged for ca...
Path: Licensing