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+1 (888) 647 05 40The Estonia small electronic money issuer license allows you to create a payment system and is issued on the basis of a written application given to the Estonian Financial Inspectorate.
Fintech is a rapidly growing industry that attracts more and more entrepreneurs every day. At a time when traditional banking services are fading into the background, online banking is gaining popularity and has promising potential. To date, companies such as TransferWise, Paysera, Payoneer, Monese and Revolut are flourishing.
An e-money permission allows you to supply payment services and act as a financial institution. The SEMI permission can be used throughout the EU.
The Estonian regulatory body is Monetary Supervisory Authority. To apply for small electronic money issuer license in Estonia, a request must be submitted to the FSA as set out in the PI and EMI Act (MERAS).
E-money is the digital equivalent of cash and can be based on software or hardware. The e-money on the card is usually stored on a prepaid card, e-wallet or wallet. It can also be stored on a payment account. The legal framework for e-money was created by Directive 2000/46/EC. The Electronic Money Directive 2 or EMD2 was recently adopted in an attempt to modernize and innovate the digital money issuance system.
General requirements vary slightly from country to country. In any case, if you’re intending to get small electronic money issuer license in Estonia, they can be summarized as follows:
There is also the option of sale of small electronic money issuer license in Estonia. It’s a ready-to-use permit provided to you under the professional assistance of our experts.
To obtain small electronic money issuer license in Estonia, the minimum authorized capital in Europe is 20,000 euros. The business plan should also include the company’s three-year budget. Initial capital cannot be formed from property. In addition, in order to get a SEMI license in Estonia , it is needed to confirm the source of funding.
If you’re thinking about getting such a permit or turn to the sale of small electronic money issuer license in Estonia, consider the main areas of activity of the e-money institution:
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.