Electronic Money Institutions In Malta

The European Union promoted the concept of e-money alongside massive strides in technology to bolster the status of e-commerce in Europe and Malta was one of the first EU Member States to allow standalone Electronic Money Institutions (EMIs) based upon an attempt to remove the unnecessary rigidity surrounding this market. Amendments brought about by the transposition of the EU Electronic Money Institutions Directive (2009/110/EC) include the initial capital required to set up in Malta being decreased drastically from €1,000,000 to €350,000. Other amendments include the EMI's scope of activities being extended to also cover mixed business activities so as to be able to carry out unrelated payment services and the requirement and redemption rules being strengthened in order to increase consumer protection. All this coupled with the fact that the island has one of the most advanced telecoms networks, has substantially attracted the EMI market to Malta.. It is hoped that