In the Czech Republic, the issuer of electronic money has the right to assign electronic money if the average amount of distributed electronic money in distribution in the Czech Republic does not surpass the cash equivalent of EUR 5 million.
Timeframe: approximately 3-6 months
Initial capital: £109000.00
To be authorized to issue electronic money and offer services connected with it, a legal body should obtain an Electronic Money License. An approved EMI exchanges virtual electronic money (issued by EMI) for the stocks of consumers in form of cash.
For the goal of obtaining an Electronic Money license, a business is required to have a bank account for capital security and operational requirements in the Czech National Bank.
CNB acts as an administrator of payment businesses and electronic money institutions, ruling on registration and license applications’ admissibility.
- A convenient way to the European market
- Opportunity to employ workers from outside the Czech Republic.
- You can outsource services locally and internationally with proper approval.