An Electronic Money Institution (EMI) license in Cyprus is a type of authorization granted by the Central Bank of Cyprus (CBC) that allows companies to issue, store, and manage electronic money (e-money) and provide payment services. To obtain an EMI license, the company must meet certain requirements, such as having adequate capital, a sound business…
The Financial Services Commission, Mauritius (FSC) is releasing the following proposed legislations for public consultation, in an effort to enhance investor protection and maintain a transparent rule-making process: a) Securities (Amendment) Act 2023 b) Financial Services (Amendment) Act 2023 c) Securities (Central Depository, Clearing and Settlement) (Amendment) Act 2023 d) Securities (Consumer Duty) Rules e)…
The FSA is actively engaged in the development of a new legislative framework designed to enhance the licensing, regulation, and supervision of entities offering services associated with virtual assets. This initiative involves revisiting the Virtual Asset (VA)/Virtual Asset Service Providers (VASP) National Risk Assessment, initially published in 2022. The objective is to ensure a comprehensive…
The National Treasury of Kenya has recently introduced a groundbreaking regulatory fee on online forex brokers, creating an additional source of revenue for the Capital Market Authority (CMA). As part of the amendments to online forex trading regulations, the Treasury announced that brokers will now need to submit an annual fee to CMA. An annual…
El Salvador has established itself as a prominent and favorable financial hub for cryptocurrencies, marked by its groundbreaking decision on June 2021, it became the world’s first country to recognize bitcoin as legal tender through the Bitcoin Law. This pioneering move has garnered worldwide interest and investment, positioning the nation as a hub for digital…
As a purchaser of payment solutions, you are likely familiar with the drawbacks of conventional online payment methods, such as card payments and manual bank transfers, issues like high costs, elevated failure rates, and subpar user experiences, to name a few. What is it?Open banking represents a banking approach wherein third-party financial service providers are…