Eternity Law International News How to obtain the E-Money License in Asian countries

How to obtain the E-Money License in Asian countries

January 17, 2024

In the rapidly evolving landscape of economic technology (FinTech), digital currency has gained significant traction as a convenient and efficient alternative to traditional remittance methods. Many enterprises operating in the FinTech sector seek to acquire an E-Money Permission to lawfully provide digital currency services in Asian countries. This article aims to provide a comprehensive guide on navigating the regulatory substructures and demands for achieving E-Money Licenses in various Asian jurisdictions.

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Understanding E-Money and Its Significance

Digital-money, commonly referred to as digital currency, is a digital representation of fiat currency that is stored electronically. E-money transactions facilitate cashless payments, allowing users to conduct monetary transactions through digital platforms, prepaid cards, and mobile requests.

Acquiring an E-Money License is crucial for enterprises looking to operate lawfully and gain the trust of customers and partners. The license serves as a regulatory approval that ensures conformity with monetary regulations, consumer protection, and anti-money laundering efforts.

Regulatory Substructures in Asian Countries

While the concept of digital currency is universal, the regulatory substructures governing its issuance and operation can vary significantly from one country to another. Asian states have diverse lawful and regulatory landscapes, making it essential for firms to understand and navigate the specific demands of each jurisdiction.


Singapore has established itself as a global monetary hub and a leader in embracing FinTech innovations. The Monetary Authority of Singapore (MAS) is the regulatory body overseeing monetary services in the country. To achieve an E-Money License in Singapore, enterprises must comply with the Payment Services Act (PSA). The PSA categorizes digital currency issuance as a designated remittance service, provision of which triggers an obligation to have a permission from MAS.

Applicants in Singapore must demonstrate conformity with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, as well as robust cybersecurity efforts. Successful applicants are then subjected to ongoing regulatory oversight to ensure continued conformity.


In Malaysia, the regulatory landscape for digital currency is overseen by Bank Negara Malaysia (BNM), the central bank. BNM regulates digital currency under the Financial Services Act (FSA) and the Islamic Financial Services Act (IFSA). To acquire an E-Money License in Malaysia, applicants must adhere to the guidelines set by BNM, including fund demands, governance standards, and consumer protection efforts.


Indonesia, with its large and growing population, presents a lucrative market for digital currency services. The regulatory authority overseeing digital currency in Indonesia is the Otoritas Jasa Keuangan (OJK). The OJK regulates digital currency activities under the Electronic Money Regulation, which mandates licensing demands for entities involved in digital currency issuance.

Applicants in Indonesia must meet fund demands, ensure secure technology substructure, and demonstrate conformity with AML and CTF regulations. Additionally, a clear business-company plan outlining the proposed digital currency services and monetary projections is needed for license approval.

Hong Kong

Hong Kong, as a Special Administrative Region of China, has its own regulatory structure for digital currency. The Hong Kong Monetary Authority (HKMA) is the key regulatory body overseeing monetary services. To acquire an E-Money License in Hong Kong, applicants must comply with the Stored Value Facilities (SVF) licensing regime.

Applicants need to demonstrate their monetary soundness, the effectiveness of their risk governance systems, and conformity with AML and CTF regulations. The SVF permit in Hong Kong is categorized into three types, depending on the scope and nature of the digital currency services provided.


Japan, known for its advanced technological landscape, regulates digital currency under the Payment Services Act (PSA). The Financial Services Agency (FSA) is the regulatory authority overseeing monetary services in Japan. Obtaining an E-Money License in Japan needs conformity with the PSA, which sets out specific demands for governance, consumer protection, and operational resilience.

Key Steps in Obtaining E-Money Licenses

While the specific demands may vary, the general procedure of acquiring an E-Money License in Asian states typically involves the following key steps:

  1. Feasibility Study and Business Plan:
  • Conduct a thorough feasibility study to understand the market, potential competitors, and the regulatory circumstances.
  • Develop a comprehensive business-company plan outlining the proposed digital currency services, target market, and economic projections.
  1. Incorporate a Lawful Entity:
  • Establish a lawful entity in the jurisdiction where you intend to operate.
  • Assure conformity with local firm enrollment demands and business-licensing.
  1. Conformity with regulatory Demands:
  • Familiarize yourself with the specific regulatory demands for digital currency services in the target jurisdiction.
  • Implement robust AML and CTF policies and procedures to meet regulatory expectations.
  1. Technology Substructure:
  • Develop a secure and reliable technology substructure to support digital currency services.
  • Assure conformity with cybersecurity standards to protect customer data and monetary transactions.
  1. Fund Demands:
  • Meet the minimum fund demands set by the regulatory authority.
  • Maintain adequate economic resources to ensure the stability and sustainability of digital currency operations.
  1. Request Submission:
  • Formulate and submit a comprehensive request to the regulatory authority.
  • Include all required papers, such as the business-company plan, monetary statements, and proof of conformity with regulatory standards.
  1. Regulatory Review and Approval:
  • Undergo a thorough review procedure by the regulatory authority.
  • Respond promptly to any queries or requests for additional info during the regulatory review.
  1. Ongoing Conformity:
  • Once approved, adhere to ceaseless conformity demands, reporting obligations, and regulatory oversight.
  • Stay informed about changes in regulatory subtructures and adapt your operations accordingly.

Challenges and Considerations

While the prospect of entering the digital currency market in Asian states is promising, enterprises should be aware of potential challenges and considerations:

Dynamic Regulatory Environment:

Regulatory substructures for digital currency are subject to change, enterprises need to stay updated on amendments and new regulations.

Competition and Market Saturation:

The digital currency market in some Asian states may be competitive, with established players dominating the industry. New entrants should carefully analyze market dynamics and identify niche opportunities.

Consumer Trust and Education:

Building trust among consumers is crucial. Implementing transparent communication and educational campaigns can help users understand the benefits and security elements of digital currency services.

Technological Advancements:

The rapid pace of technological advancements needs enterprises to continually deposit in upgrading their systems to stay competitive and compliant with market standards.


Obtaining an E-Money License in Asian states is a complex but rewarding process for enterprises looking to venture into the digital currency market. A thorough discernment of the regulatory frameworks, coupled with careful planning and conformity with demands, is essential for success. As the FinTech landscape persists  to become, enterprises must remain agile and adaptable to guide the dynamic regulatory environments and seize the opportunities presented by the growing demand for digital currency services in Asia.For enterprises seeking professional assistance in acquiring an E-Money License Eternity Law International provides valuable resources and services. We devoted a separate page on E-Money licenses offering insights and guidance, serving as a supplementary tool for enterprises aiming to streamline their licensing processes.

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