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ARTICLE · 27 JANUARY 2016

What Is The Difference Between Electronic Money Institution (EMI) & Payment Institution (PI) Licensing?

AGPLAW | A.G. Paphitis & Co. LLC
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Entrepreneurs and businessmen may hesitate between the EMI and the PI licence, unsure which one corresponds better to the scope of the business they intend to establish.

CyprusFinance and Banking
AGP Law/ A.G. Paphitis & Co. LLC
AGP Law/ A.G. Paphitis & Co. LLC
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Entrepreneurs and businessmen may hesitate between the EMI and the PI licence, unsure which one corresponds better to the scope of the business they intend to establish. Indeed, the two types are quite similar in some aspects, however, there is also a defining key difference. The aim of this article is to clarify the similarities and the differences so that you could make a more informed decision on which licence (between these two) a specific business actually needs.

So, what are the similarities between the EMIs and the PIs in Cyprus?

  • Both EMIs and PIs are regulated by the same authority, the Central Bank of Cyprus;
  • Application Requirements are in most aspects similar. Ditto for the following:

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