Licenses for electronic money | Law&Trust International

Obtaining license for electronic money

Electronic money is an improvement in the moneyed interests. Nowadays, they are increasingly accepted in banks and other organizations for conducting internal and international transactions.

Experts predict rapid replacement of all other forms of payment by electronic money because of their significant advantages.

  • They do not require exchange, there can always be several currencies in the digital wallet, which will allow to avoid unnecessary conversion procedures.
  • It is possible to use electronic money remotely, and transfers are conducted instantaneously.
  • Finance of this type can not be counterfeited, and they are protected from being atolen by many stages of authorization, as well as cryptographic codes.

Law&Trust offers to assist in obtaining license for electronic money, so that you can start enjoying the advantages of modern technologies before others.

Our lawyers conduct free consultations regarding legal issues related to implementation of modern payment systems into your system of business activities.

You can find out the details by calling the numbers indicated on the website.

Where is it possible to obtain license for electronic money and what is the purpose?

Few clients of large corporations have positive attitude towards large-scale changes in payment systems, and majority do not put trust in Internet technologies.

Obtaining permission to issue electronic money gives opportunity to prove transparency and reliability of your company to the counterparties.

Obtaining licenses with our help are carried out in the following countries: Lithuania, Czech Republic, Belize, Great Britain, Hungary, Germany, Cyprus, Australia, Latvia, Malta, New Zealand, Panama.

Before registering the rights to operate with electronic money transactions, it is necessary to undergo the procedure of internal control of documents, systems of interaction with clients and miscellaneous procedures depending on the requirements of the selected state.

Most EU regulators require compliance with the following conditions

Following conditions:

  • The company should have at least 3 directors. All of them, as well as shareholders of the corporation, should have work experience in the financial sector.
  • Certain regulators require the availability of office in the EU countries. The branch should be active and have considerably small number of employees. The foregoing requirement is infrequent, and if it is the only obstacle, then we will select another ju
  • Presence of written policies and procedures to ensure your business model.
  • Fee for submitting the application, as well as paying the equivalent of the amount of assets as annual commission after obtaining license.
    • Amount of the authorized capital depends on the scale of the corporation itself. It is equal to 50,000 euros for small businesses, 350,000 euros - for medium-sized firms, and business with larger turnover should confirm the availability of approximately half a million euros. The amount may vary depending on the field of activity.

The most frequent question from the clients is the following: what is the cost of license for digital cash? Specific amounts can be clarified by phone due to the large number of jurisdictions and various state fees.
The main advantage of processing permission in one of the EU countries is that you can work with the foregoing license in the states all over Europe, but after procedure of passportization.
Law & Trust offers licenses for electronic money online, and the decision on granting or refusal by licensors-partners of our company is issued upon completion of two stages, namely: analysis of the business plan of the corporation, as well as prompt verification of the board of directors.

Countries

Obtaining a license for electronic money in Australia

CountryAustralia

The Commission on Regulation and Control of the Turnover of Finances in Australia offers non-resident entrepreneurs favorable conditions for obtaining certificates for the use of electronic money in the territory of the jurisdiction of a given state. The reasons why a lot of businessmen seek to pass licensing in this country are the following:

  • Free use of different types of currencies without the need for constant conversion.
  • Use of simplified tax reporting systems and reduced level of tax rates.
  • Existence of legislation with clear regulation of certain disputes in the field of material and electronic finance.

Obtaining license for electronic money in Cyprus

CountryCyprus

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.

Obtaining a license for electronic money in the Czech Republic

CountryCzech Republic

Lawyers of Law&Trust Company provide services for free consulting of clients on the issues of obtaining license for electronic money in the Czech Republic. The state is a party to the EU, which simplifies the subsequent expansion of clients' business to other countries of the Eurasian continent.

In addition to the above advantage, entrepreneurs that are non-residents of the jurisdiction are taxed at a reduced interest rate and have certain benefits in financial transactions on online currency market.

Obtaining license for electronic money in Germany

CountryGermany

The procedure for registering an electronic money operator in the German financial sector is provided for in the Law on banking and requires the approval of the Federal Financial Supervisory Agency.

The law divides operators into credit and financial institutions (Article 1a), which differ in that the first ones can conduct credit operations, while the second ones can not.

In addition to the regular requirements in accordance with Article 25n of the Law, electronic money providers undergo a special procedure to verify compliance with the requirements of anti-money laundering policy.

Obtaining license for electronic money in Hungary

CountryHungary

According to definition prescribed in paragraph 22 of Article 2 "Tv." (the Act LXXXV of the HFSA (Hungarian Financial Supervisory Authority) of 2009 on the control over carrying out payment services), payment organization is a credit institution, a specialized credit organization that issues electronic money, ... a financial institution, the National Bank of Hungary, the State Treasury, which business includes provision of payment services.

Obtaining a license for electronic money in Latvia

CountryLatvia

On September 16, 2009, the Council of European Union and the European Parliament adopted Directive 2009/110/EC, which was implemented in Latvia. The financial market is appended by a new participant that is the issuer of electronic money.

The issuer's activity consists in issuing own virtual (electronic) money, which is then exchanged for cash funds of customers. Electronic money can be used by customers to transfer payments to other customers, who in turn accept them for providing services or goods.

Obtain a License for Electronic Money in Lithuania

CountryLithuania

Electronic money (e-money) institution (or EMI) is a licensed financial institution which may engage in e-money related services and payment services (as it would be described in details in the next paragraphs).

The full license for e-money is not limited in either time or area of activities. Thus, a holder of the e-money institution license in Lithuania shall be allowed to provide any services in the European Economic Area (EEA) without having to undergo a licensing procedure in any other member state. After the license in Lithuania is obtained the e-money institution may provide services in other EEA member states by establishing branches or by means of pass porting (with the use of freedom to provide services).

Obtaining a license for electronic money in Malta

CountryMalta

Maltese offshore jurisdiction offers the formalization and issuance of official licenses for the legal use of virtual currency for all citizens of the country and non-residents of the state. The concept of "non-cash settlement" today includes not only transactions from one card to another one.

Availability of an electronic wallet in course of financial interaction with a website or corporation considerably expands target audience and raises loyalty of potential users. Only local legal entity has the right to obtain license for electronic money in Malta,  in view of which each applicant is required to establish a branch or representative office in the territory of the country.

Obtaining a license for electronic money in Panama

CountryPanama

Electronic money in Panama is defined as a monetary value in a bank account or another product of a bank that is accessed by electronic devices for making payments through terminals at trade outlets, direct transfer between two devices or through open computer networks (the Guide to Electronic Banking and risks associated with it - a regulatory document (Explanatory statement No. 006-2011 dated 6 December 2011), signed by Junta Directiva Superintendencia de Bancos de Panamá, the director of the banking supervisory authority).

Obtaining a license for electronic money in Great Britain

CountryUnited Kingdom

Electronic money (e-money) institution (or EMI) is a licensed financial institution which engages in e-money related and payment services (as would be described in details in this article).

The full license for e-money is not restricted to either time or area of activities. Therefore, a holder of the e-money institution license in United Kingdom is allowed to provide any form of service in the European Economic Area (EEA) without having to undergo a licensing procedure in any other member state. After the license in United Kingdom is obtained, the e-money institution can provide services in other EEA member states by either establishing branches or by means of pass porting (license to provide services with further authorization by any other European state).

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