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ARTICLE · 19 SEPTEMBER 2017

Licensing And Supervision Of Electronic Money Institutions (EMI)

Deloitte Cyprus
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Legal persons interested in setting up an EMI need to follow a licensing process as defined by the Central Bank of Cyprus.

CyprusFinance and Banking
Panicos Papamichael
Panicos Papamichael
Alexis Agathocleous
Alexis Agathocleous
Clea Evagorou
Clea Evagorou
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Question 1: Who can set up an Electronic Money Institution?

  • Electronic money services in the Republic of Cyprus may only be provided by an electronic money institution which has been granted an authorisation by the Central Bank of Cyprus (CBC).
  • An authorisation for the operation of an electronic money institution is only granted to a legal person which has been incorporated and has its head office in the Republic of Cyprus.
  • The following persons may provide electronic money services in the Republic of Cyprus without obtaining the prior approval of the CBC:
    • Banks licensed by the CBC or by a competent supervisory authority of another EU member state.
    • Cooperative credit institutions which have been licensed by the Authority for the Supervision and Development of Cooperative Societies of Cyprus.

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