AEMI license in Cyprus

March 13, 2023
cyprus gc6f9192df 1920

AEMI is a financial establishment that carries out electronic money circulation. According to Cyprus law, AEMIs must have an appropriate license from the Central Bank of Cyprus to ensure a high level of protection of client funds.


Cyprus legislation allows AEMI to carry out a wide range of financial operations, such as issuing electronic money, processing payments, carrying out currency exchange operations, as well as providing financial services to online businesses.

One of the advantages of setting up an AEMI in Cyprus is the attractive financial legislation. In addition, this country is a member of the European Union, which makes it possible to work with customers from different EU countries and allows the free movement of capital.

However, in order for AEMI to operate in Cyprus, it is necessary to meet high standards of financial reporting and ensure an appropriate level of security and confidentiality of customer data. Obtaining an AEMI license from the Central Bank of Cyprus requires preparation of relevant documents, compliance with all necessary demands and passing inspections.

Benefits of obtaining license

Acquiring an Electronic Money Institution permission in state can have several business advantages. Here are some of them:

  • License to carry out monetary activities: The permission provides permission to carry out financial activities within the European Union, which allows to attract funds from clients and supply various monetary services.
  • European market: As jurisdiction is a member of the European Union, the Authorised e-money license in Cyprus provides access to the single European market.
  • Improving reputation: Obtaining an Authorised virtual money establishment license in country can improve the reputation of the firm and the trust of customers in it, especially if the business is related to monetary favors.
  • Possibility of business expansion: License for Electronic Money Institution provides an opportunity to expand business and supply various financial favors , such as virtual funds transfers, issuance of plastic cards and others.
  • Technological development: As the virtual money market is relatively new and rapidly developing, to get AEMI license in Cyprus gives you the opportunity to use the latest technological solutions and developments, which can have a positive impact on the biz.

Requirements for AEMI license in Cyprus

To obtain AEMI license in Cyprus, it is needed to comply with a number of demands established by law. The requirements are quite strict, since AEMI is a financial establishment that carries out transactions with electronic money and involves interaction with other banking establishments.

First, it is necessary to have an enrolled company in Cyprus that will deal with virtual money. In addition, it is needed to have sufficiently qualified personnel who will ensure the functioning of the AEMI and carry out the necessary financial transactions.

Secondly, it is necessary to have at least €350,000 in authorized capital, which must be paid in full. In addition, it is necessary to have an effective control and risk administration system.

Thirdly, the applicant must be a resident of the EU or have an appropriate authorization institution on the territory of another EU state. It is also necessary to have permission from the Central Bank of country to carry out virtual money transfers.

Fourth, the applicant must have an effective anti-money laundering and anti-terrorist financing system.

In general, obtaining an AEMI license in Cyprus is quite complex and requires compliance with a number of demands and procedures that ensure the safety and reliability of financial transfers.

Documents that are needed

The issuance of certificates for financial actions is carried out by the Central Bank of the island. This procedure is not fast. Reviews the submitted documentation for 4-6 months. At the same time, preference is given to those companies that are created strictly according to the selection criteria.

To obtain a license, you need to prepare a number of documents:

  • Letter of recommendation received from the main bank of the founding country;
  • Personal information about the leaders of the company;
  • Papers testifying to the business reputation and wealthy position of the participants;
  • Permission to transfer data, which means commercial secrets, to authorities that control the functioning of the main office;
  • Well thought out business plan;
  • Info about the professional suitability of managers at different levels according to their position;
  • Information about the location of the main office;
  • Permission from the founding country to open branches of the bank.

Fintech on Cyprus

Cyprus is a country that is actively developing in the field of financial technologies (FinTech). Today, a significant number of companies working in the growth of financial technologies and e-commerce work in Cyprus. Country’ fintech industry, which is oriented towards the international market, attracts investments from non-citizen companies and helps the development of the local economic environment.

One of the most promising segments of the fintech industry in Cyprus is blockchain technology. Several startups have appeared on the island, which are engaged in the development of blockchain solutions for various industries, including finance, logistics and others. Also, there are several cryptocurrency exchanges in Cyprus that allow trading in cryptocurrencies and other digital assets.

In addition to blockchain technologies, other segments of the fintech industry are developing on island, such as electronic payments, virtual money, mobile payments, online lending and others. The Government of Cyprus supports the growth of the fintech industry in the country, offering various initiatives and programs to accelerate its development.

Due to the growing interest in the fintech industry, more and more jobs related to this industry are appearing in Cyprus. Cyprus is becoming an attractive place to work for professionals.

Related insights

MSB license in Dubai

Dubai International Financial Center is rapidly becoming recognized as a premier hub for MEASA. According to the Global Index, published in March 2023, Dubai occupies a leading position among financial centers in the region. Over the past five years, Dubai has consistently maintained its high position worldwide, specifically for capital-holders wishing to enter financial services…

Read more 29.01.2024

Crowdfunding in Portugal

Such schemes in Portugal continue to expand. Country’s regulator has registered six management companies operating crowdfunding resources, predominantly in area of lending. As industry develops and the number of participants grows, changes are possible due to the adoption of the Regulation on European agents providing crowdfunding services for business-projects. There may also be a move…

Read more 24.01.2024

How to begin a Cook Islands Trust in 2023

In the realm of multinational affluence governance and acquisition safety, trust-companies have long been regarded as powerful tools for safeguarding purchases and ensuring monetary privacy. The Cook Islands, nestled in the heart of the South Pacific, has emerged as a jurisdiction of choice for establishing trust-companies due to its robust lawful substructure and favorable adjustments….

Read more 22.12.2023

Investment fund in UAE

The United Arab Emirates (UAE) has emerged as a global monetary powerhouse, renowned for its dynamic enterprise circumstances, strategic location, and depositor-friendly policies. One of the key drivers of the UAE’s monetary success is its robust acquisition landscape, which includes a diverse range of possibilities for local and global depositors. In this article, we will…

Read more 19.12.2023

Forex License in Estonia

In recent years, Estonia has emerged as a favorable destination for enterprises seeking to establish themselves in the European Union. The country’s progressive adjustment circumstances, digital infrastructure, and business-friendly policies have attracted a diverse range of industries, including the economic sector. Among the economic favors gaining traction is the FX(foreign exchange) industry, and many entrepreneurs…

Read more 15.12.2023

ESMA urges crypto-market contributors to begin conditioning for the transition to the MiCA adjustment

The world of cryptos is evolving rapidly, and adjustment bodies are striving to keep pace with this dynamic landscape. The Euro Securities and Markets Body (ESMA) has recently issued a clarion call to all cryptomarket contributors, urging them to start gearing up for the transition to the Markets in Crypto Acquisitions (MiCA) adjustment. As the…

Read more 12.12.2023

Crypto-tax rules, mandate data sharing from crypto-businesses

In an influential development for the cryptocurrency industry, the EU has recently adopted a groundbreaking law that imposes a mandatory requirement on crypto corporations to disclose consumer holdings. This new direction, known as the Eighth Directive on Administrative Cooperation (DAC8), signifies a pivotal shift in the adjustment terrain, aiming to enhance translucence and ensure conformity…

Read more 05.12.2023

How to sell a restaurant in 2024

Selling a restaurant is a complex method that requires careful planning, strategic decision-making, and a deep understanding of the current market trends. As we step into 2024, the dynamics of the restaurant enterprise continue to evolve, influenced by factors such as technology, changing consumer preferences, and economic conditions. In this comprehensive guide, we will explore…

Read more 05.12.2023

How to Buy a Restaurant: The 9 Steps from Inquiry to Closing

Hopping on the journey of owning a restaurant is an exciting yet complex endeavor, comprising nine crucial steps. This in-depth guide aims to provide aspiring restaurateurs with a detailed understanding and a strategic approach to navigate the intricate process of acquiring a dining establishment. Beyond the initial allure of selecting a restaurant and completing a…

Read more 04.12.2023

Instant Payments

In a groundbreaking development for the European Union and European Economic Area countries, the Council and the European Parliament have reached a preliminary consensus on the proposal for instant remittances. This innovative move is set to transform the economic landscape, enhancing the accessibility of instant payment options in euro to consumers and business-companies for consumers…

Read more 04.12.2023

VAT transactional reporting obligation for remittances

In the ever-evolving landscape of monetary adjustments, the European Union (EU) has introduced a consequential development known as the VAT transactional reporting commitment for remittances, commonly referred to as CESOP (Cross-Border Electronic Sales of Services and Payment). Effective from the year 2024, this directive mandates that all EU Payment Service Providers (PSPs) record and report…

Read more 04.12.2023

Forex license in Cook Islands

The Cook Islands, renowned for its breathtaking natural beauty and warm hospitality, has emerged as an attractive destination for commerces looking to obtain various monetary licenses. In this article, we will delve into the processes and advantages of securing Forex licenses, Securities Dealer permits, and Assets Exchanging permits in the Cook Islands. With a focus…

Read more 10.11.2023