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Persons who received it have the right to issue e-money, transfer and exchange it.
The AEMI permit is issued for an indefinite period. It allows conducting business related to virtual money within the EU Economic Area. One permit is enough to work in all states included in the EEA.
You may offer remittance favors and certain other monetary favors with an AEMI permission, but you may not act as a bank or use the word “bank” in your name or marketing materials.
Institutions that work with e-money can usually:
You can join the Single Euro Payments Area by obtaining a permission to create electronic money, which allows you to send and receive payments in the European currency under the same conditions and at competitive rates across Europe. Authorised electronic money institution license in Latvia given in EU countries can travel with their holders, permitting them to supply their services in other EU and EEA states. Despite this, applications are only approved by national financial services regulators. The ECB is not a party. In addition, the process for acquiring a permission is simpler and faster.
On transparent and fairly favorable terms, it is possible to obtain permit to supply a wide range of payment services in Lithuania, only a banking permission can give more opportunities.
In favor of Lithuania as a lawfullment for acquiring an AEMI license, the following arguments can be distinguished:
In order to obtain an AEMI license in Latvia, you need to go through several stages. The first step is to prepare for submitting a request. At this stage, you should have a ready business plan, a description of the planned business, a description of the structure of the shareholders (participants) of the commercial company, confirmation of the initial capital, information about the members of the board and council, important sharers and the person directly responsible for the management of the institution’s activities, a description of the continuity mechanisms of the commercial activity of the establishment, PMC and other necessary papers in accordance with FCMC Regulation No. 138.
The next step is to submit all the needed documents to the Monetary and Fund Market Commission (FCMC). If there are gaps in the submitted documents, the Commission may ask the corporation to fill them in or provide additional information. If the request is complete, the FCMC sends a letter to the entrepreneur informing them that the evaluation of the authorization application has begun.
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