Electronic money institution register Learn how to secure an EMI license, navigate the regulatory landscape, and join the expanding network of over 290 EMIs in the UK, Europe's fintech hub. Activities of an electronic money institution in other Member States. Register of payment institutions; Register of electronic money institution; Register of agents of public postal operator; List of electronic money institutions from third countries WeavePay Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money with FCA registration number 935764. An EMI (Electronic Money Institution) license is a financial license issued by regulators to non-bank organizations to provide payment services, issue and circulate electronic money. Sep 30, 2024 · Obtaining an Electronic Money Institution (EMI) license in the United Kingdom is a critical step for businesses seeking to offer electronic money services. In addition, you will need to hire staff, rent an office, apply with documentation that includes a business plan, and an AML policy, and fulfill other regulatory requirements. This has been due to the democratization of finances and the market demanding the development of innovative services and products suited to the needs of increasingly digital consumers. Electronic money institutions may start operations only after DNB has issued its authorisation or after it has entered the institution in the register as an exempt electronic money institution, unless it is exempted and does not need authorisation by law. Jan 30, 2022 · An electronic money institution (EMI) is a symbol of the evolution of financial services. 2012 on payment services and electronic money, the National Bank keeps the public registers of payment institutions, postal operators and electronic money institutions that obtained the National Bank’s license/whose licenses were withdrawal/suspend by the National Bank for the activity of providing Electronic Money Institution licence in the UK and Europe| EMI licence in the UK and Europe| E-money EMI UK / Electronic Money Institution in the UK and EuropeThis blog article looks at the E-money licence / EMI licence and looks at the 5 key requirements to obtain the Electronic Money Institution licence in the UK or Europe (also called the EMI licence UK or E-money licence in the UK Jun 21, 2023 · March, 2023, these EMIs have opened close to 1. 3S Money (Luxembourg) S. (a) a person included by the191 FCA 191 in the191 Financial Services Register 191 as an authorised electronic money institution pursuant to regulation 4(1)(a) of the Electronic Money Regulations; or (b) a person deemed to have been granted authorisation 191by virtue of regulation 74 of the Electronic Money Regulations. An electronic money institution (EMI) is a legal entity having its registered office in the territory of the Slovak Republic that is authorised to issue electronic money, administer electronic money and conduct payment operations related to the issue of electronic money. These institutions issue electronic money and offer digital wallets, prepaid cards, and other electronic payment solutions. Application for registration as a small electronic money institution or variation of an existing registration. Services enabling cash to be placed on a payment account. Other differences include licensing and regulation at the legal level, where the funds are stored, and security A business issuing electronic money (for example, prepaid cards and e-wallets) must be registered or authorised as an Electronic Money Institution (EMI), by the FCA, in accordance with the Electronic Money Regulations 2011 (EMRs). Dec 4, 2019 · Skirsnis CHAPTER V RIGHTS OF AN ELECTRONIC MONEY INSTITUTION, OF AN ELECTRONIC MONEY INSTITUTION OF ANOTHER MEMBER STATE AND OF AN ELECTRONIC MONEY INSTITUTION OF A FOREIGN STATE. ) 2 Punktas (2 p. It is updated on regular basis, with the update times being displayed on the register. Electronic money means a monetary value stored electronically, issued on receipt of funds for the purpose of making payment transactions, and accepted by a natural or legal person other than the electronic money issuer. C. Article 2(1) of Directive 2009/110/EC (hereinafter referred to as the Directive) defines “electronic money institution”. Nov 29, 2018 · To increase transparency and ensure a high level of consumer protection within the European Single market, the European Banking Authority (EBA) established a central register that contains information about payment and electronic money institutions authorised or registered within the European Union (EU) and the European Economic Area countries 6 days ago · Find out how to apply to us if your firm wants to provide payment services, issue electronic money or become a registered account information service provider. A licensed e-money institution is a financial entity that is authorized for developing services related to electronic money (credit cards and similar) and payments related to it. . Nov 9, 2024 · In the realm of financial management, banks and Electronic Money Institutions (EMIs) stand out as two key choices to explore. branches of credit institutions having their head office in a third country) authorised to operate in EEA countries. If you are planning on offering payment services such as issuing debit cards, money transfer services, merchant services or electronic wallets and prepaid cards, you will need to apply with the German regulator, namely, the Federal Financial Supervisory Apr 18, 2024 · Electronic Money Institutions play a role in the fintech sector by enabling the issuance of electronic currency and delivering innovative payment solutions. The license of the E-Money Institution - EMI or the Electronic Money Issuer includes all the capabilities of the Payment Institution. Apart from the issuance and administration If you wish to become an E-money EMI / Electronic Money Institution in Lithuania, then you must prepare and submit an E-money EMI / Electronic Money Institution license application in Lithuania to the Lithuanian financial regulator, namely, the Bank of Lithuania, according to Lithuanian law, as set out in the law on financial institutions. A. Key Differences Between Payment Institutions and Electronic Money Institutions: 1. Nov 12, 2024 · An electronic money institution is a market participant licensed by the Bank of Lithuania, which has the right to issue electronic money. is authorised by the Commission de Surveillance du Secteur Financier (CSSF) under the law of 10 November 2009 on payment services for issuing, distribution and refund of electronic money with CSSF registration number W00000016. Within a few decades, their influence Licence of an electronic money institution to engage in restricted activities. The Cyprus Electronic Money Law implements the provisions of the EU E-Money Directive 2009/110/EC (EMD), which sets out the rules for the business practices and supervision of e-money institutions. The data on the identity of persons holding qualifying holdings in the authorized capital and/or voting rights of the electronic money institution, the size of their holdings in the authorized capital and/or voting rights, also evidence of the suitability of these persons taking into account the need to ensure the sound and prudent management —(1) An electronic money institution may provide payment services in the United Kingdom through an agent only if the agent is included on the register. Authorised by the FCA as an Authorised Electronic Money Institution (Registration Number: 900849). This file, which is available for download, reproduces the information contained on the EBA register of payment and electronic money institutions. 14. The EMI license allows legal entities to obtain the status of an Electronic Money Institution, conduct financial transactions on behalf of clients, and operate as What is e-money? The general definition of electronic money is a monetary value represented by a claim on the issuer, which is: stored on an electronic device (e. While both offer the ability to store and move money, they operate differently. Obtaining an EMI license in any of the EU countries or in the UK is a very long and expensive process; it can take over 12 up to 18 months. We can help you obtain a small electronic money institution (EMI) license in the UK, enabling you to offer services including issuing electronic money, payment accounts, international money transfer, payment acquiring and processing, account information services, and payment initiation services. If you wish to become an E-money EMI / Electronic Money Institution in the Netherlands then you must prepare and submit an electronic money institution application to the Dutch regulator – the Dutch Central Bank, namely, the De Nederlandsche Bank NV (DNB), before you can offer such services, as Payment institutions and electronic money institutions . Aug 20, 2024 · In 2024, the financial landscape continues to evolve, emphasizing the importance of distinguishing between Payment Institutions (PIs) and Electronic Money Institutions (EMIs). Systemic financial institutions; Financial services groups; Credit institutions; Stockbroking firms; Insurance or reinsurance undertakings; Central Securities Depositories (CSDs), institutions providing support to CSDs, custodian banks and CCPs; Institutions authorised to hold dematerialised securities; Payment Institutions and electronic money Dec 20, 2024 · An EMI is a licensed money institution that is authorized to provide electronic money services. In the context of the UAE, there are three regulators that authorise institutions to issue e-money – the Dubai Financial Services Authority (DFSA), the Financial Services Regulatory Authority (FSRA) and the Central Bank of 661 electronic money institutions (EMIs) are currently registered in Europe. May 29, 2023 · Learn about the money transmitter license in the US for electronic money institutions (EMIs), which differs from the UK and EU licensing systems. Conditions for registration. In Cyprus EMIs are regulated entities that offer services such, as issuing money facilitating payment transactions managing online wallets and conducting electronic transfers. Registered with FINTRAC in Canada (Registration Number: M18265420) Registered with the Revenu Quebec as a money services business (Licence Number: 12675). , prepaid cards, electronic wallets). It is the policy of the Bangko Sentral to foster the development of efficient and convenient retail payment and fund transfer mechanisms in the Philippines. Services enabling cash withdrawals from a payment account. Essential insights for fintech startups aiming to enter the e-money market. In simple terms, e-money is the digital alternative Aug 6, 2019 · This article looks at obtaining an Authorised Electronic Money Institution (e-money) or Authorised Payment Institution license in Germany. 8269, dated 23. UK entity CB Payments, Ltd. Registration as a small electronic money institution. The license application must contain the following information and evidence: EMIs may issue e-money payment instrument, distribute e-money payment instruments, redeem e-money payment instruments and any other activity permitted by SBP. For electronic money institutions whose activities do not require a licence but are to be included in the list of registered electronic money institutions, please see here. Help navigating the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 along with our relevant rules and guidance. An Electronic Money Institution (EMI) is a financial institution licensed under the Electronic Money Directive 2 (Directive 2009/110/EC) which provides the services that a Payment Institution (PI) does provide (see next paragraph), and additionally issues electronic money (see above paragraph) and manages e-money accounts for storage and This article looks at obtaining an E-money EMI / Electronic Money Institution in the Netherlands. No specific EMI license exists in the US. Aug 6, 2019 · This article looks at obtaining an Authorised Electronic Money Institution (e-money) or Authorised Payment Institution license in Cyprus. The EBA established a central register that contains information about payment and electronic money institutions authorised or registered within the EU and the European Economic Area countries. Payment initiation services 8. Dec 5, 2018 · If you want to obtain an e-money license and offer e-money, such as prepaid cards or electronic wallets, used to pay for goods at a range of retailers, then you must apply and become either an authorised or registered e-money electronic money institution. Mar 16, 2018 · The Commission de Surveillance du Secteur Financier is a public institution which supervises the professionals and products of the Luxembourg financial sector. Forms relevant to E-Money Institutions seeking authorisation or authorised in Ireland. An electronic money institution issues electronic money, for example in the shape of a gift card or a wristband you can use for paying at a festival. EMIs emerged in Europe starting from 2009 when the E-Money Directive came into force. 13. 2 billion. Electronic money can be defined as monetary value as represented by a claim on the issuer, and which is: Jan 2, 2025 · Electronic money institution licensed by National Bank. Chartered Accountants Ireland have issued Technical Release 01/2023 Safeguarding reporting for payment and electronic money firms. Nov 20, 2024 · Learn what conditions you must meet to become an electronic money (e-money) institution (EMI), and what to include in your application to be authorised or registered. a card or computer); issued upon receipt of funds in an amount not less in value than the monetary value received; and; accepted as a means of payment by undertakings other than the 22 June 2023. 10. Average outstanding electronic money. Obtain free advice including step by step process guidance. 1997 “On Bank of Albania”, as amended; article 4, Electronic money institutions. Firms intending to seek registration as a Small Electronic Money Institution, as defined in Regulation 33 of the European Communities (Electronic Money) Regulations 2011 (as amended), should contact the Payments Authorisation Team ([email protected]). is registered in Luxembourg, R. Information about payment institutions, electronic money institutions and account information service providers conducting business in European Economic Area countries is also available in the register To obtain an electronic money institution license, decide on a jurisdiction, register a company, open an account, and deposit an authorized capital of 350,000 euros. INTRODUCTION Payment Systems and Electronic Funds Transfer Act, 2007 defines e(PS&EFT) money as - monetary value stored on an electronic device or payment instrument issued on receipt of funds Oct 21, 2021 · With challenger banks like Monzo, Revolut, Genome, and Monobank steadily growing in popularity, more and more financial bodies across the USA and Europe want to implement electronic money as one of their core offerings and become Electronic Money Institutions or EMIs. Account information services Electronic Money Institution The EMI, is permitted, in addition to the provision of all the payment services listed above, to issue electronic money. 6 million e-money wallets with total outstanding e-money of Rs. Electronic money is pre-paid monetary value issued into circulation by an electronic money institution, held on electronic devices, which can be used for payment purposes. However, EMI Jan 13, 2018 · These Regulations implement Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (“the Directive”) (OJ No L 275, 27. ) 4 Punktas (4 p. (4. Money remittance 7. 16. Would it be possible for us to obtain authorisation as an electronic money institution? Yes. The PSL was amended by the Law of 20 July 2018 which transposed Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market In the European Union, an Electronic Money Institution can be licensed in any country member but can act and provide services in all EU and EEA countries. The main difference between the two types of payment service providers is that electronic institutions Section 44 of the ZAG transposes the obligation to maintain a register of electronic money institutions into German law. Aug 7, 2019 · This article looks at obtaining an Electronic Money Institution EMI / E-money in Europe. Payment institutions (PI), electronic money institutions (EMI) and account information service providers (AISP) are governed by the Law of 10 November 2009 on payment services (“PSL”). What can you find in the register? Electronic money institutions wishing to operate in the Netherlands must have a licence or exemption from DNB. Nov 4, 2024 · 3S Money (Luxembourg) S. 05. e-Money will be used to make payments for goods and services, bill payments, fund transfers and cash deposits and withdrawals from e-money accounts. Declaratio n of policy . However, in addition, an EMI License also allows credit institutions to issue electronic money. Documents. e. ) 5 An Electronic Money License acts as authorization provided by the FCA (which acts as the sole regulator) for an Electronic Money Institution to conduct its business. Apart from the amount of initial capital of EUR350. Regulations for Electronic Money Institutions are issued by State Bank of Pakistan pursuant to powers conferred under Payment Systems and Electronic Funds Transfer Act, 2007. In simple terms, e-money is the digital alternative Dec 24, 2023 · What is an E-Money Institution? To define an E-Money Institution, we should first consider the concept of electronic money itself. If you are planning upon offering payment services such as issuing debit cards, money transfer services, merchant services or electronic wallets and prepaid cards, you will need to apply with the Financial regulator. German entity Coinbase Germany GmbH is authorised by the German Bundesanstalt für Finanzdienstleistungsaufsicht (the Federal Financial Supervisory Authority) for crypto trading and Aug 7, 2019 · This article looks at obtaining an Electronic Money Institution EMI / E-money in Europe. In order to obtain an authorisation as an electronic money institution, an application should be submitted to the CBC together with all the information referred to in subsections (3) to (8) of section 5 of The Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2023. This list highlights selected EMIs, offering key details and insights at a glance. Electronic money (e-money) is a payment instrument which can be considered as a digital form of cash. Core Functionality Supervision of payment institutions. Below we will look at the process of becoming an electronic money institution in the UK as well as discussing the key requirements. Regulations f or Electronic Money Institutions State Bank of Pakistan Payment Systems Policy & Oversight Department Page 8 of 52 3. Payment institutions may provide payment services if they have been granted Banka Slovenije’s authorisation in accordance with the Payment Services, Services for Issuing Electronic Money and Payment Systems Act (ZPlaSSIED), although the aforementioned law also regulates payment institutions benefiting from an exemption. Find out how to become a Small Electronic Money Institution (SEMI) in the UK and offer e-money such as e-wallets & prepaid cards. collective investment undertakings that have been authorised pursuant to Article 4 of Regulation (EU) 2017/1131 and that issue The main difference between the two payment service providers is that electronic money institutions can issue electronic money. 12. Skirsnis Article 18. One of the changes made by the Electronic Money Regulations is to allow electronic money institutions to undertake mixed business. If you are planning upon offering payment services such as issuing debit cards, money transfer service, merchant services or electronic wallets and prepaid cards, you will need to apply with the Cyprus regulator, the Central Bank of Cyprus, before you can Payment institutions and electronic money institutions are subject to ongoing supervision by the Deutsche Bundesbank and BaFin and they must also pay an annual fee which is calculated on the basis of their total assets. The purpose of this Technical Release (TR) is to provide assistance to auditors who are engaged by Payment and Electronic Money institutions to carry out the specific audit of their compliance with the safeguarding requirements under the PSR/EMR. Electronic money is a monetary value represented by a claim on the issuer, which is: Jan 14, 2021 · Electronic-Money Institution. E-money holder: refers to any person to whom the e-money has been issued or any person who uses the e-money to make payments for purchases of goods and services and who has Canadian Money Services Business (MSB) license is one of the several options you can decide for, to register your payment business and start operating immediately. The Financial Conduct Authority (FCA) oversees this licensing process, ensuring that institutions meet stringent regulatory standards to protect consumers and maintain market integrity. So, electronic money institutions may, in addition to issuing electronic money, engage in the following activities: Jul 26, 2011 · Electronic money institutions’ business is the issuance of electronic money (e-money), which is admitted as means of payment by companies other than the e-money issuer. Find out how to be authorised or registered with us if you want to provide payment services or issue electronic money. The objectives of the regulations are as follows: To provide regulatory framework for EMIs desirous of offering innovative payment services to the general public. UK (Monzo) is the EMI licensing leader with 38 EMI licenses issued in 2020, while Lithuania (Revolut, Genome) follows suit with In the year 2019, State Bank of Pakistan, with the objective to promote digital payments, foster innovation in payments industry, increase financial inclusion in the country and provide Regulatory framework to non-banking entities in payments landscape, issued Regulations for Electronic Money Institutions (EMIs) under the powers conferred on it by Payment Systems and Electronic Fund Transfers expectations for applicant firms seeking authorisation as a Payment Institution (‘PI’) or an Electronic Money Institution (‘EMI’), or registration as an Account Information Service Provider (‘AISP’) 1 Information identifying electronic money institutions, including electronic money institutions authorised by the CSSDA, their branches their agents as well as the services covered by their authorisation, shall be recorded in the register of section 8 of the Electronic Money Law of 2012· the register shall be accessible electronically. Electronic Money Institution Licencing, Compliance and Consulting in the UK. Sep 16, 2020 · The number of licenses granted to Electronic Money Institutions (EMIs) in the European Union has been increasing in recent years. The following issuers are entitled to issue electronic money: Electronic money institutions can issue electronic money like prepaid cards and e-wallets, and offer payment services such as: Issuing electronic money (e. Are you looking to overcome financial boundaries in Sep 17, 2023 · Payment Institutions E-Money Institutions; EU, UK: issuance of electronic money: EU, UK: placing cash to a payment account: EU, UK: withdrawing cash from a payment account: EU, UK: execution of payment transactions on a payment account (not covered by a credit line) EU, UK: execution of payment transactions on a payment account (using a credit Sep 4, 2024 · Find out how an electronic money or payment institution (PI) can change its legal status with us, the evidence it needs to provide and the forms it needs to complete to transfer to a new registration or authorisation. 39). (2) An authorised electronic money institution may provide payment services in the exercise of its passport rights through an agent only if the agent is included on the register. An EMI or Electronic Money Institution is a type of financial institution that facilitates digital (electronic money) transactions on behalf of its customers. 07) Electronic Money Institutions. 15. 3 days ago · Micro Electronic Money Institution (e-Wallet)(Micro EMI) Proof of the commercial register from the Ministry of Commerce or license from the Ministry of Investment Registration as a small electronic money institution. Central register that contains information about payment and electronic money institutions authorised or registered within the European Union (EU) and the European Economic Area countries (EEA). WeavePay Limited is registered in England, with its office address at Mermaid House, 2 Puddle Dock, London, England, EC4V 3DB, United Kingdom. [6] The legal basis for e-money issuance in the European Union is covered by EU Directive 2009/110/EC, on the taking up, pursuit and prudential supervision of the business of electronic money institutions establishes, issued by the European Small Electronic Money Institutions. To establish a favourable environment for Lithuanian and foreign startups, a special project for an EMI licence to engage in restricted activities has been implemented with the aim of facilitating access of new market participants to the Lithuanian market and later, after being granted a licence to engage in usual Mar 18, 2022 · An exempted electronic money institution is not permitted to start issuing electronic money until DNB has entered the enterprise as exempted electronic money institution in the public register. To prescribe minimum service standards and […] Jan 31, 2015 · Based on a decision authorising the applicant to issue electronic money and entry into a relevant register, an electronic money institution may, under the conditions prescribed by the Electronic Money Act, in the territory of another member state, based on the right of establishment (through a branch with a head office in the host member state 2) electronic money institutions, electronic money institutions of another Member State and branches of electronic money institution of foreign states established in the Republic of Lithuania; 3) post office giro institutions which are entitled under law to issue electronic money; Both the Electronic Money Institution (EMI) license and Payment Institution (PI) license issued by the Bank of Lithuania allow credit institutions to provide electronic payment services to clients. Electronic money institutions primarily operate online, as the word “electronic” suggests. ) 3 Punktas (3 p. An EMI, or an electronic money institution, is a type of financial institution that facilitates digital (e-money) transactions on behalf of its clients. For detailed information on the FCA's small electronic money institution registration process, it is recommended to visit the official website of the Financial Conduct Authority or seek professional advice from legal and compliance experts familiar with the payment services industry. Apr 4, 2024 · Explore the process of becoming an Electronic Money Institution (EMI) in this detailed guide. Electronic money is the digital equivalent of cash stored on an electronic device or remotely on a server. Supplementary provisions. Banks: banks are authorised to act as electronic money institutions based on their authorisation to pursue the business of a credit institution, to the In accordance with Section 2 (8) of the Law an electronic money account (e-money account) is an account which is opened by a natural or legal person in a closed system created and maintained by an electronic money institution and which may be used by the account holder for the recording of issuing and redeeming of electronic money, as well as for recording such payments with electronic money Electronic money institutions are legal persons authorised to issue electronic money, meaning any monetary value stored by electronic or magnetic means representing 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 electronic money issuer. An electronic money institution is entitled to provide payment services in accordance with Section 2 of the Law. doc 349 KB Application for Registration as a Small Electronic Money non-EEA branches (i. Such institutions are best known for e-money disbursement and payment intermediation, which contribute to the total value of digital payments around $6,752,388 in 2021 and is expected to hit $10,715,390 by 2025. S number B245715, with its 6. Both play pivotal roles in modern financial services, yet their functions and regulatory frameworks differ markedly. 000. Electronic Money Institution License is the most complete license of all types of payment system licenses. A company applying for a license to provide e-money services must have an initial capital of at least ?350. 12. 000 an EMI must maintain: Capital requirements for the issue of electronic money shall be equal to 2% of the average value of electronic money in Sep 2, 2024 · electronic money institutions, as defined in Article 2(1) of Directive 2009/110/EC, that are principally engaged in financial intermediation in the form of issuing electronic money; money market funds (S123) , i. This page will help you determine whether you need to apply to be authorised by us or registered with us. 1 Punktas (1 p. Understand the broad nature of the license, dependence on the original business plan, and the need to inform state regulators about changes or additions. The directive aims to lay the foundations for a single market for e-money services in the EU. is authorised by the Financial Conduct Authority in the United Kingdom, as an electronic money institution (registration number 900635). This article aims to explain these differences, helping you make well-informed choices about where to keep your money, understand your rights, and know the safeguards in place for any Electronic Money Institution or EMI: for the purpose of these regulations means non-banking entities duly authorized to issue means of payments in the form of electronic money. The revised Regulations issued on June 21, 2023 are in line with SBP’s vision of encouraging non-banking fintech companies’ entry into payments space to promote digitization in the financial sector “ON THE LICENCING OF PAYMENT INSTITUTIONS AND ELECTRONIC MONEY INSTITUTIONS AND THE REGISTRATION OF PAYMENT SERVICE PROVIDERS” In accordance with article 3, paragraph 3, article 12, letter “a” and article 43, letter “c” of the Law No. If you wish to become an electronic money institution in the UK then you must prepare and submit an electronic money institution application in the UK to the Financial Conduct Authority. The European Central Bank (ECB) defines e-money as an electronically-stored monetary value that may be widely used to pay entities other than the e-money issuer. This ZAG register of institutions lists the electronic money institutions that are domiciled in the Federal Republic of Germany and supervised by BaFin as the home supervisory authority under the provisions of the ZAG. Small Payment Institutions There are certain special institutions for this. Banco de España Circular 5/2020 of 25 November 2020 to payment institutions and electronic money institutions, on public and confidential financial reporting rules and formats, establishes the accounting regime for electronic payment institutions and stipulates the public and confidential financial statement formats these institutions and their groups must prepare. Application for authorisation if requirements cease to be met Dec 24, 2023 · What is an E-Money Institution? To define an E-Money Institution, we should first consider the concept of electronic money itself. Small Electronic Money Institution license. g. 2000, p. An Electronic Money Institution, or EMI, is a licensed financial firm that is regulated to issue and disburse e-money. According to the Law no. 114 of 18. The following guidelines shall govern the issuance of electronic money (e-money) and the operations of electronic money issuers. ktccy bvodj fyriey qksekvf qsahgpw ysjb huqdh fqxouaz sgca jztb pcisgd rhwv lklgc xxvu dnpe