Electronic Money Institutions (EMIs)
The Electronic Money Law of 2012 and 2018 (the “Law”) regulates the issue of electronic money in Cyprus, the issue of electronic money in any other country by a person located, residing, registered or established (as the case may be) in Cyprus, as well as the authorization and prudential supervision of EMIs by the competent authorities.
Electronic money means electronically (including magnetically) stored monetary value, as represented by a claim on the issuer, which is issued on receipt of funds, for the purpose of making payment transactions and which is accepted by a natural or legal person other than the issuer.
The application contains three questionnaires which are completed by the directors and managers, the applicant and the applicant’s controllers. (EMD/Q1, EMD/Q2, EMD/Q3) Also, the application must contain inter alia the following:
- Business Plan
- Program of Operations
- Description regarding the compliance with the fund safeguarding requirements
- Evidence of capital as per the prescribed minimum initial capital requirement
- Governance and internal control mechanisms manual
- AML, risk management and compliance manual
- Clear criminal record for each shareholder and officer
- Head office address