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How to get an EMI license in 2019

2018-11-30

Every year there are many new technical developments in the world, the purpose of which is to simplify the lives of people. One of the popular technologies that is used everywhere is electronic money.

Payment for goods and services in this way has become part of the everyday life of modern people, and this technology is likely to continue its development in the future. In connection with the prospects of this direction, many businessmen are interested in obtaining a license.

Why do I need EMI - license

EMI is a type of financial institution that is authorized to issue electronic money. The EMI license gives permission for the issuance of electronic means, as well as the release of quasi-currencies.

This type of currency that has been issued is ready to use for making payments. Only legal entities can apply for a license. With a license, a person will be able to issue his own quasi-currency, which can then be withdrawn and converted.

Features of obtaining a license

Applicants wishing to obtain a license must pass an inspection, which can last up to six months, and is aimed at curbing various illegal acts. The package of documents that is required for the implementation of the procedure may vary depending on the jurisdiction chosen.

However, most countries have similar mandatory requirements for the applicant:

• Registration of the company in the country where the person receives the license is required;
• Availability of authorized capital (in the EU - no less than 35,000 euros);
• Compliance with the law and anti-money laundering policies;
• Information about the beneficiary, including data on the absence of a criminal record, reliability;
• Availability of office;
• Having a bank account, most often in a country where a license is required.

In addition, you will need to submit a business plan, the applicant must have the necessary technical support for the payment system, as well as ensuring the protection of potential users. The time of issuing a license on average ranges from 3 months to 1 year.