GETTING AN EMI LICENSE IN EUROPE

EMI license – allowed to issue electronic currency for legal and physical purposes. Under the hour of registration of this type of license, the company will revoke the rights that are typical of classic payment companies. Such an organization can create offline/online payments and send sub-arrays in the middle of the bank account, which allows you to set up electronic gamification and send individual IBANs.

Koristuvachs can be quickened by the exchange of preparations for electronic pennies issued by the company, which is quickened by the services of a financial institution. In addition, koristuvachs can pay for services or goods with electronic currency, or they can make different payment transactions.

It is practically possible to register an EMI license with the whole world, but the most popular one is the EU license. The stench allows you to enjoy the great market, vicarious and stable reputation of the European economy, as well as give access to the SEPA exchanges.

The most popular countries in jurisdictions, where a license can be registered, such as Lithuania, Great Britain, Malta, Czech Republic, Cyprus and others.

What does the EMI license give:

• Issue of electronic money
• Services that allow the use of issued electronic money as a means of payment
• Exchange of issued electronic money for fiat currency
• Payment system management
• Provision and implementation of payment services / money transfers
• Implementation of lending activities (only with the use of own capital)

It is worth noting that the authorized capital of such a company starts at 350,000 euros.

Requirements for companies with EMI

In many countries of the European Union, the regulator conducts a thorough check of all founders of companies that apply for an EMI license.

Requirements may vary from jurisdiction to jurisdiction, but generally a company must:

• Have at least 2 managers residing in the EU
• Confirm the relevant education and professional experience of employees of the financial sector
• Deposit the minimum authorized capital (usually from EUR 350,000)
• All management positions must have an impeccable record and no criminal record
• The local office at the place of registration is open

Rules and regulations are set by different jurisdictions, but PSD2 guidelines are necessary and generally accepted:

• The company must have the appropriate software
• Implementation of various risk monitoring procedures
• Implementation of AML policies
• Transparent and secure customer identification procedures
• Availability of technological bases and separate client accounts
• Mandatory accounting records

Differences between EMI and PI (Payment Institution)

The PI (Payment Institution) license allows companies to provide financial and intermediary services not only for Internet business. For example, opening and closing accounts, providing account top-up services using other payment systems; withdrawal of funds from individual and personal accounts; various payment transactions between customer accounts; money transfers; creation of own and involvement of third-party payment instruments, etc.

The main difference between EMI and PI is that EMI is authorized to issue electronic currency and hold customer money for a longer period, whereas PI is not authorized to issue electronic funds. EMI can issue payment cards, e-wallets and other payment instruments that provide storage of customer funds.

The list of services of the electronic payment system corresponds to the services offered by traditional banks. In addition, EMI enables the use of innovative developments and speed of transactions, which implies a reduction in payment fees and leads to increased customer loyalty.

The law firm “Prykhodko and Partners” will provide professional assistance in choosing a jurisdiction and obtaining an EMI license, including the preparation of the necessary documents for application, company creation, purchase of a ready-made business, support in opening a bank account and full compliance with applicable regulations.

After the completion of the licensing process, the Legal Company “Prykhodko and Partners” will gladly provide appropriate support (accounting and legal support of current activities).