Specialist FX regulatory consulting firm MAP S.Platis has today announced that the Financial Services Advisory Team of the company has successfully obtained on behalf of its client CARDPAY EUROPE LIMITED, an Electronic Money Institution license (Number 115.1.3.7) from the Central Bank of Cyprus, the first of such licenses for 2015.
Electronic money is the electronic alternative to cash, which enables users to store funds on a device (for example, card or phone) or use the Internet to carry out payment transactions. This includes operating an electronic trading point, e-commerce, as well as the issuance of debit cards.
An Electronic Money Institution, once established and duly licensed in Cyprus, may offer its services freely in the EU by establishing branches or on a cross-border basis, without any further authorization.