Obtaining license for electronic money in Cyprus | Law&Trust International

License for electronic money in Cyprus

Obtaining license for electronic money in Cyprus is a task that can only be entrusted to the professional lawyers.

The country's legislation imposes special demands on applicants for obtaining license. Activities based on turnover of virtual currency or pertaining to its use are subject to licensing.

The application is considered by the specialized authority of the Central Bank of Cyprus.

The main regulatory legal acts governing the functioning of payment systems using electronic means of payment are the EU Directive 2009/110 / EC and the Cyprus Electronic Money Law of 2012.

In accordance with the requirements contained in these acts, license can be issued only to legal entity registered or having representative office in Cyprus.


The state bodies of Cyprus do not issue licenses to companies with dubious reputation and those which are not able to confirm high rate of return of business, because before obtaining license, it will be necessary to provide letters of recommendation from banks or government authorities.
Registration of new company or expansion of existing one is one of the services provided by the company. Law&Trust International provides registration services for the company with the subsequent obtaining of license for electronic money in Cyprus. Plan for obtaining license will be compiled, the scope of work and the cost of services will be determined during consultation with our specialist.


of electronic money payment system registered in Cyprus


    • 1. It is easier to monitor financial turnover of virtual currency, therefore it is a priori subject to lower tax rates than material resources.

      2. In Cyprus, circulation of any currency is possible, so there is no need to convert capital.

      3. Availability of certificate for using virtual funds makes it possible to accelerate and simplify the execution of a variety of financial transactions.

      4. The license also allows to develop in the field of creating new instruments for working with interactive money, provide support for clients, grant credits on electronic wallets, etc.

      5. Possibility of obtaining monetary equivalent of transactions in electronic money, reselling products using electronic means of payment.

      6. The EU membership and execution of the EU Electronic Money Directive by Cyprus allows to conduct activities regarding provision of electronic payment system services throughout the European Union.

More detailed information on the advantages of applying contemporary payment instruments and the license in Cyprus can be clarifies with the specialists of our company.

Procedure for obtaining license for electronic money in Cyprus

The client needs to apply to Law&Trust with minimum documentation package.


    • A copy of the passport with confirmation of the address of residence;
    • Power of attorney for representing the rights of the counterparty in all types of authorities, where necessary;
    • Application form in the official language of Cyprus (the form is issued after the first consultation with our lawyer and is completed for each director and shareholder of the company).
  • The present information implies only general description of the registration procedure and may differ fundamentally in certain aspects. Please apply for consultation to our specialist for more detailed information.

What documents are required to obtain license for electronic money in Cyprus?

    • Business plan;

    Form with answers, statement on no record of convictions, certificate confirming the absence of bankruptcy status, filled in for each shareholder and manager; Documentation on integrated counteraction to fraud and money laundering, risk management; Description of activities; Financial plan for 3 years;

  • The remaining package of documents is compiled by our specialist based on data on the corporation, its beneficial owners, scope of activities and other information.

    The package is collected without participation of the client.

    The range of services for processing the certificate includes translation of documentation and its official certification by the notary. It can take from 4 to 6 months after sending documents to Cyprus up to the moment of receiving response from the Central Bank of Cyprus.


Cost of license for electronic money in Cyprus

Each counterparty should collect individual package of documentation and perform a number of special tasks for obtaining license.

The amount for the company's services is calculated depending on the required scope of work and the specific activities of the organization planning to obtain license for electronic money in Cyprus.

Registration of company (if necessary), opening account, collecting and submitting documentation for the company to obtain license are carried out by lawyers Law&Trust International.

Payment of state fees and using of license may be required additionally. Estimate of costs will be compiled personally for you by specialists of our company. Leave your applications for obtaining license for electronic money in Cyprus by mail and in chat.


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