Eternity Law International — News — Electronic Money Institution (EMI) License in Cyprus

Electronic Money Institution (EMI) License in Cyprus

Published:
July 1, 2025

Cyprus is a small island with a big role in the business and fintech sphere. It has a very beneficial location. The nation is part of the EU and has strong laws and a modern court system. The country is also growing fast in tech and finance. 

This article will make you go over the most important information about EMI in Cyprus for sale.

Definition 

An EMI is an organization that is allowed by law to issue and manage online funds. They are in digital form, used for paying online or through electronic devices like phones, prepaid cards, or computers. When a person gives real money to an EMI, they receive the same value in electronic form, which they can use to make payments, send funds, or buy things online.

Organizations provide offerings like online wallets, prepaid cards, and money movements. These services help people and businesses move money quickly, safely, and without using cash. EMIs are important for today’s digital economy because they make payments easier and faster. They are different from banks but follow strict rules to protect users. In Cyprus and the EU, EMIs must have a special permit to operate. It allows them to offer services across all EU countries. Institutions support the move toward a cashless world, helping more people use simple and safe ways to pay.

Requirements

The laws are directed specifically to e-money and are a result of directives that came from the European Union. 

As such, they ensure that organizations provide online digital cash under a very safe and fair business mode for the EU. The national bank will issue permits to any establishment handling virtual cash in the region. 

Organizations must apply serious rules. They need to be solid to remain in business; they should keep enough money to stay stable — at least €350000. They are obliged to have a permit that shall be a proof of following all the laws. And, of course, it is vital to protect and prevent the usage of client details for concealing illicit money. All necessary data pertaining to the functioning of such services shall be made known to the users in a very unambiguous form. 

While enforcing these rules, it becomes convenient to administer e-money in such a way that it remains safe and reliable for everybody, thereby ensuring that companies can compete fairly against one another within the EU.

Assistance in getting a permit

Eternity Law International provides a turnkey application preparation and submission service. This means that specialists:

  • advise on the requirements and strategy for obtaining a permit;
  • help collect and prepare the necessary papers;
  • interact with the local regulator;
  • support the process until obtaining a permit.

This significantly saves the applicant’s time, reduces the risks of refusal and guarantees abidance by all legal rules.

What makes Cyprus an economic standout?

Placed where three continents meet, this island is the third biggest and most populated in its region. Being part of a large economic group, it has a well-developed economy and a favorable system with fair rules and low taxes. The country focuses on modern digital legal offerings and follows regional and global regulations. On top of that, many people there are well-educated and speak English well, making it a great place for enterprises to set up.

What operations can an EMI undertake?

  • Main operations encompass:
  • Account information servicing.
  • Issuing online money;
  • Provision of payment offerings;
  • Money transfers;
  • Issuing physical and visual cards;
  • Creating online wallets;
  • Managing the payment system;
  • Card servicing;
  • Initiating payments;

Who regulates EMIs in Cyprus?

The main governing body, which gives permission to and supervises such firms here, is the Central Bank of Cyprus. It looks to the abidance by rules for securing the interest of concerned organizations and people being provided offerings.

What are the prerequisites for EMI applicants?

Those applying must prove that they fulfill the demands, including contributing a minimum share capital of €350000, getting approval from an official regulator in their country, and abiding by regulations, ensuring customer security, storing info, and stopping illicit money movements.

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