offshore e-money license

As a general rule, when applying to establish an offshore e-money license ( electronic money institutions), clients are usually ready to start a business with the relevant financial license. The problem arises in the board of directors of that company, where it is necessary to have qualified personnel (an essential prerequisite).

Without qualified personnel it is impossible to obtain an offshore e-money license. In general, in any EU country, the regulator will thoroughly verify the abilities of company directors.

Only people who have a university degree in economics, law or business administration, and / or have worked in the aforementioned sectors, can sit on the administrative council of such a company.

WHAT IS AN E-MONEY INSTITUTION (EMI)?

An institution issuing electronic money is a legal entity (Company) that has the right to issue electronic money and make payments.

Only after obtaining a special financial license (e-money license) does a legal person have the right to engage in the issuance of electronic money and provide services associated with it.

The European Parliament and the Council have approved a directive that has been adapted by most European countries. The Electronic Currency and Payment Services Act defines a new type of participant in financial markets: the issuer of electronic money.

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WHAT SERVICES CAN AN EMI PROVIDE?

Basically the same as a normal bank but without the ability to offer loans.

An offshore electronic money institution operates via an electronic (virtual) currency issued in exchange for funds received from its clients. Customers who receive electronic money in exchange for their fiat money can make payments to other customers who are willing to accept electronic money for their services or products.

There are two main forms in which electronic money can exist: either on smart cards, or virtually stored on a server

  • MAKE PAYMENTS TO A BANK ACCOUNT (TO ANOTHER ENTITY, WHETHER E-MONEY OR NOT).
  • ISSUE ELECTRONIC MONEY.
  • DISTRIBUTION OF ELECTRONIC MONEY.
  • SERVICES THAT ENABLE THAT ELECTRONIC MONEY TO BE CREDITED IN THE PAYMENT ACCOUNT.
  • MONEY WITHDRAWAL USING A CARD.
  • ISSUE DEBIT CARDS.
  • MAKE PAYMENT TRANSACTIONS.
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Suitable jurisdictions to obtain an offshore e-money license