Cyprus, Setting up an Electronic Money Institution (EMI)
Continuing the series of articles dedicated to exploring the range of business models via regulated entities set up in Cyprus, here we discuss details on the establishment of an Electronic Money Institution (EMI).
In this commentary, the team at SALVUS, goes through the following;
– what is an Electronic Money Institution,
– the advantages of setting up an Electronic Money Institution in Cyprus,
– the activities and services of an Electronic Money Institution, and
– how we can support you.
What is an Electronic Money Institution (EMI)?
An Electronic Money Institution (EMI) acts as the digital alternative to a bank with deposits stored in an ‘electronic wallet’ using a device or a card. An EMI operates through an electronic online platform and its license allows the issuance of debit cards. By extension, payment transactions can be carried out by the clients of the EMI, either by using the platform or the issued debit card.
Electronic money in Cyprus can be issued by;
– Banks,
– Banks licensed by the designated authorities of other member states,
– Cooperative credit institutions,
– Institutions providing postal payment services and which issue electronic money by virtue of relevant legislation,
– The European Central Bank and the national central banks, when not acting in their capacity as monetary or other public authorities,
– Member states or their regional or local authorities, when acting in their capacity as public authorities, and
– Electronic money institutions.
The total electronic money reported by EMIs in the euro area at the end of 2018 amounted to nearly 13 billion EUR. This is 4 times the total reported at the beginning of 2011.
Read More…
- Why Cyprus?
- A European Passport
- Activities and services of an EMI
- How SALVUS can support you?
