How to Get an Electronic Money License in the EU (Latvia)?

  • Accept consumer money, and convert it to electronic money, but do not handle it.
  • E-money accounts can be used by customers as digital wallets, but they cannot be overdrawn or generate interest.
  • Offer direct debits, standing orders, account-to-account transfers, and debit cards, but not lending as a stand-alone product.
  • Offer some products for digital financial services, such as currency exchange
  • establishing a physical office and local staff as part of an operational presence in a European nation
  • having enough resources, both financial and non-financial, to manage and run the EMI
  • demonstrating the necessary managerial and personnel expertise to run the EMI
  • having EUR 350,000 in immediately accessible startup money in a bank account in the nation where the EMI is submitting the licensing application
  • There is no minimum capital requirement, but the total amount of shares or voting rights held by shareholders who own 10% or more of the share capital or voting rights are sufficient to meet the requirements of Section 21 of the Law;
  • The average amount of electronic money that is circulated by an electronic money institution in the course of business activity is not more than two million euros;
  • The management committee and the registered institution’s legal address (official seat) must be located in the Republic of Latvia;
  • Only the area of the Republic of Latvia may be used by such an institution for commercial purposes; payment services and electronic money services may not be offered or provided by the registered institution outside of Latvia or through the use of international payment systems;
  • Members of the electronic money institution’s board or council must have a spotless reputation and possess the necessary education and expertise.

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Global Professional Consultancy Services Firm providing an array of specialized services to clients from all around the world. https://empireglobal.partners/

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Empire Global

Empire Global

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Global Professional Consultancy Services Firm providing an array of specialized services to clients from all around the world. https://empireglobal.partners/