When conducting business related to foreign exchange transactions, electronic money and cryptocurrencies, it may be necessary to open a financial company with a SEMI license. This type of license covers the production of debit cards and cryptocurrencies, the acceptance and sending of payments, the execution of transfers from third parties, and the opening of merchant accounts.
Obtaining a license and opportunities
The use of electronic money is popular, given it is often used to perform payments in transactions. To issue such means and work with them, there is a need to obtain a special license.
It is possible to obtain a license in various EU countries, which allows enterprises to operate in any country of the European Union.
The company has the right to choose the country where the documentation for the permit will be submitted. The most popular jurisdictions for such purposes are the Czech Republic, the Baltic States, the United Kingdom, Cyprus, Malta, and Bulgaria.
Basic licensing: terms and conditions
A company must comply with a number of conditions to obtain approval. Most European Union states require a company to have at least two directors. The managers and founders must have insightful knowledge and experience in the financial sector.
It is necessary to have an office in an EU member state. The company must have employees, appropriate share capital and a business development plan.