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+1 (888) 647 05 40Today’s jurisdiction that 2 years ago regulated the processes of acquiring AEMI license. Entrepreneurs who have decided to operate in this area and want to obtain a license for a payment system in Latvia will now be able to distantly enroll accounts for their clients.
A license for digital money in Latvia can be issued within a few months (maximum six months), which is one of the advantages of the jurisdiction. To deal with the details of establishing a business in this area, use the services of competent specialists.
If you already have, for example, an AEMI license in the UK, then the Latvian state authorities will issue you a license in an expedited manner. This advantage is also given to businessmen who have yet enrolled a company in Latvia and have a corporate account in Latvia. Non-residents of the state must go through all the stages of achieving a license for a remittance system in Latvia in accordance with the EU Directive.
Registration as an e-currency institution will permit your business-company to provide electronic currency services in Latvia. If you wish to provide e-money favors, such as cash deposits and withdrawal favors outside of Latvia and within the EEA, you will need to obtain an AEMI license in Latvia.
The Financial Market Commission, on the basis of current legislation, decides who should be allowed to carry out financial activities on the territory of Latvia, and who should take measures to maintain a stable situation. Business requirements:
The term for which an Authorised electronic money institution license in Latvia is issued in the country usually does not exceed 5 months, of which about a month is spent on the preparation of documentation.
Businessmen wishing to obtain a license allowing to operate with electronic money in Latvia can seek advice from the employees of our company, as well as get support at all stages of establishing a business:
The Law of the Republic of Latvia on Electronic Money Institutions establishes that virtual money means the monetary value presented in a claim against an issuer and issued after the e-money issuer receives funds from a natural or legal person. They have the following characteristics:
In order to accept money from clients and keep it in remittance accounts for a relatively long time, issuing electronic money and then redeeming it, it is necessary to become an electronic money issuer. They can only be credit establishments , e-money institutions (EMI) and some other institutions.It is worth noting that the Law provides that AEMIs have the right not only to issue e-money in Latvia and other EEA member states, but also to provide services specified in Article 5 of the Law of the Republic of Latvia on payments (remittance favors, issuance and receipt of payment instruments, monetary translations). For this reason, an AEMI license in Latvia for sale differs from a payment establishment in that AEMIs can hold customer funds, while payment institutions cannot.
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