As the global landscape for cryptocurrency continues to evolve, countries worldwide are defining their stances on digital assets. Indonesia, with its rapidly growing economy and technological advancements, has been no exception. The regulation of cryptocurrencies in country has become a focal point for both local and international investors. This article delves into the specifics of…
Commonly, legal opinion is what we consider as an experienced lawyer’s advice. It is presented in the form of a document prepared by a client’s requirement. The article will provide you with all interested details regarding the provision of legal consultation. Legal opinion: Why do we need it? Banks frequently demand LOs from risky businesses…
1. Sorts of Commercial Units, Their Homestead and General Charge issues This country offers diverse business units with distinct lawful divisions, including the SA requiring EUR 30,000 minimum capital and the SARL with EUR 12,000, managed by boards of directors. The SARL limits subsidiaries to one hundred and could not trade publicly, while the SCA…
1. Trade License Acquiring a pervasive trade licence is a pivotal step for most commercial functioning in Switzerland. This licence is mandatory that assures your commercial functioning bonds to indigenous market rules and protocols. Here’s what you should know: Submission routine: You can apply for a commercial licence to the local canton’s market branch. This…
This is a new investment opportunity – SPI license in UK for sale. Please check out the main details regarding this proposal below. SPI license in UK for sale: key considerations Small Payment Institution (SPI) in UK for sale; Company was licensed by FCA in 2018; Allowed activities (money remittance, foreign exchange); Company has 3…
Seize the opportunity to effortlessly establish your business in the UK with our ready-made company, complete with premium bank accounts at Barclays and HSBC. Key features Company for Sale in UK with Barclays & HSBC Accounts Company Details: – Incorporated: 2024 – Registered Address: England – Company Type: Private Limited Company – Nature of Business…
Are you ready to establish your business presence in the UK effortlessly? Discover our exclusive offer—a ready-made company with immediate access to Natwest, Revolut, and Wise bank accounts. Here’s what you need to know: Key features Company for Sale in UK with Established Bank Accounts – Company Details: Founded in 2024, work in non-specialised wholesale…
An active transportation company limited by shares (SA) in Switzerland is now available for sale. This company, was established in 2020 and operates in the passenger and cargo transportation sector with a focus on sea and rail transport. Key Features Transportation Company in Switzerland Corporate Structure Form: Company limited by shares (SA) Year of Registration:…
Zurich
+41 435 50 73 23Kyiv
+38 094 712 03 54London
+44 203 868 34 37Tallinn
+372 880 41 85Vilnius
+370 52 11 14 32New York
+1 (888) 647 05 40E-money institutions (EMI) constitute an essential part of Europe’s financial market as they assist individuals and businesses in easily managing their money. Made for the digitalized era, EMIs open access to the main services with finances across various sectors. However, prior to the delivery of services, each organization must apply for a license to ensure compliance with the law. Below are the key details about an EMI license in the EU.
The operation of EMIs is under the regulation of PSD 2, which entered force on 13 January 2018. This is an EU Directive (2015/2366) that establishes a set of obligations for organizations that deliver a wide range of online payment methods as their core operation. The PSD 2 aims to encourage innovation within the monetary sector, particularly, the payment domain. What’s more, it is designed to strengthen protection for clients and make payment operations safer.
To become a licensee, you should establish a business presence in the country where the sector of finances is under the regulation of special authorities. For example, in the United Kingdom, the regulative body for monetary system is FCA. For jurisdictions such as the UK, your CEO and AML compliance officer should be local residents. Other jurisdictions, such as the Lithuanian, propose more flexibility in the respect that your CEO and MLRO do not need to be domicile physically in Lithuania. Also, you should establish an operational office that must be used solely for business activities.
Subject to your license type and the underlying authorizations, you should meet capital obligations. For the EMI license, the start capital is EUR 350,000. For the PI license, it varies from EUR 20,000 to 125,000 subject to the activities you intend to deliver. You also must satisfy the ongoing capital obligations for the business.
Under the applicable legislation, you are obliged to guarantee the highest level of protection of client funds. You can do this by either placing the client money into a separate ring-fenced client account or by acquiring an insurance policy. However, insurance policies are very rare and so you will likely have to ring-fence the client money into a separate account to guarantee secure operations and storage.
While getting your EMI license, you will be asked to share the details of the IT platforms applied in your business operations. You are not obliged to already have your software in place at the time of applying for licensing, however, you will need to have the details in place when the application is assessed.
The upper management, including the Chief Executing Officer and the AML compliance officer, must have sustainable knowledge and background in the financial domain to conduct their duties in a proper manner. They will be assessed on this obligation during the application assessment.
The lawyers of Eternity Law International will kindly recommend the best course of action and strategy grounded on your business plan and financial product or service. We can assist you with licensing, compliance, company formation, and related services, including, obtaining banking facilities.
Please contact us to get more information.
Also, you can view new offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.