Further, our Firm has great expertise in banking and credit applications for banking institutions in Cyprus as well as financial institutions.
The Firm has great experience in providing assistance and submitting applications to grant an authorisation by the Central Bank of Cyprus for electronic money services in the Republic of Cyprus for various electronic money institutions in accordance with the provisions of the Electronic Money Law, 2012 and the Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC.
The new e-money regulatory law affects not only e-money issuers but also, for the first time, intermediaries of e-money issuers involved in the distribution or redemption of e-money.
A kiosk or supermarket operator which sells or charges pre-paid cards for an e-money issuer will be classified as an ‘e-money agent’. Under the new law, these intermediaries are subject to a regulatory regime of their own.