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The Advantages of Setting Up an Electronic Money Institution

An Electronic Money Institution (EMI) is a market participant licensed by the Central Bank of Cyprus, which has the right to issue electronic money. Electronic money is pre-paid monetary value issued into circulation by an electronic money institution, held on electronic devices, which can be used for payment purposes. An EMI may also perform money remittances, payment transactions, provide cash deposit and withdrawal services as well as perform direct debit or credit transfers.

The full license for electronic money is not limited in either time or area of activities. Thus, a holder of the EMI license in Cyprus shall be allowed to provide any services in the European Economic Area (EEA) without having to undergo a licensing procedure in any other member state. After the license in Cyprus is obtained the EMI may provide services in other EEA member states by means of passporting (with the use of freedom to provide services). This financial structure allows solving the main complexity of the current world economic situation for a large transnational business – banking services and international transfers. Read more…