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Electronic money is becoming increasingly popular due to its greater security compared to other types of money. Therefore, doing business in this area is very profitable but only if you work in the legal field. Otherwise, both regulators and clients will have too many questions for the financial service provider. Get an EMI license to not only provide payment services to clients but also issue digital currencies.
Stages of Obtaining an EMI License
Choice of Jurisdiction
Since the process of obtaining an EMI license is quite new, it is better to give preference to those jurisdictions that are already active in certifying digital money issuers. These are primarily countries such as Great Britain, Ireland, Lithuania, Cyprus, Singapore, Malta, etc.
Assessment of Compliance with Regulatory Requirements
Some countries have fairly high expectations from applicants, for example, concerning a strong technological infrastructure. Therefore, evaluate your actual situation and correct possible weak points.
Registration of a Legal Entity
You will need to register the company as a legal entity in the jurisdiction of your choice. You will also need a real presence in the country of registration in the form of renting an office, hiring local employees for some positions, etc.
Preparation of an EMI License Application
In addition to preparing a complete package of documents, you need to develop a detailed business plan. The documents should include financial statements, information on key company figures, etc.
Wait for Review and Approval of your Application
The regulator will conduct employee background checks and carefully study all documents. If you meet all licensing requirements, soon, an EMI license will give you the right to operate in the financial services market legally.
To prevent this path from becoming long and difficult, use the services of Fintech Harbor Consulting LTD. Carefully studying the laws of all countries and accompanying clients in multiple jurisdictions, the company’s specialists will provide you with the necessary legal assistance and ensure a positive result of EMI licensing.
