EMI – LICENSING

Such licensing allows you to obtain the status of an Electronic Money Institution - that is, a legal entity endowed with such rights as:

• provision of payment services to customers;
• issue of electronic money;
• circulation of electronic money.

Electronic currency can be used not only on the platform of such an institution, but also outside it. With a license, you can withdraw such a currency and convert it to others. Also, the EMI license allows the use of electronic currency in the context of third-party payments. Vivid examples include PerfectMoney and PayPal. In fact, an organization with an EMI license can be called something close to a bank, which, however, is deprived of the right to issue loans.

License Features

The EMI license allows you to open sub-accounts for clients within a bank account. This is how an electronic wallet is created. As for the limits on transactions, they differ in different countries, taking into account the legislative norms of a particular state. Therefore, before the implementation of each new project, this issue should be investigated separately.

A license is required when it is planned to create an electronic wallet with the ability to withdraw funds or there is a need for mutual settlements on other sites. In short, obtaining such a license opens up many opportunities.

Thorough screening of those who want to get a license

Since the possibility of issuing your own electronic currency potentially opens the way to many frauds and money laundering, the applicant for a license is carefully checked. For example, important questions are:

• whether such a person has a debt to pay taxes;
• whether there is a criminal record;
• whether there is a personal account in a banking institution.

Regarding the list of documents that need to be prepared to obtain a license, they depend on the jurisdiction where it is planned to obtain such a license. It is generally required that the following requirements are met in order to carry out financial activities:

• the establishment of a financial company and the presence of its office in the country granting the license;
• the presence in the management of the company in the country where it obtains a license, several citizens or nationals of this country;
• transfer of capitalization to the account of the company.

Each country determines the figure that such capitalization must correspond to.

How a good lawyer can help

A lawyer in the subject of EMR licensing is a specialist whose task is to help in preparing the necessary package of documents, consulting, and submitting documents to the appropriate authorized body. So you will orient yourself in the legislative norms and requirements, having the opportunity to go through the necessary procedures in a format that is comfortable for you.

So contact us and let the activity of your financial institution be successful.