In the heart of the UK, commonly known as Great Britain (GB), the business landscape is ever-evolving. For businessmens and investors seeking to embark on their business journey swiftly and seamlessly, the concept of obtaining a ready-made company shines as a beacon of opportunities. In this article, we will delve into the intricacies of purchasing…
Opening a bank-account in the UK is a straightforward operation, especially if you are well-prepared and familiar with the demands and procedures. Whether you are a UK resident, an international student, or a non-resident looking to establish a financial foothold, having a bank-account is essential for managing your finances efficiently. How to open a bank-account…
How we can help you and what the service includes When you establish a company in the United Kingdom, you become liable for many obligations and it is always better to take advice from professionals as to the finest way an entity should be established and operated. This is an overview of the main terms…
The quick emergence of new niches in the market of finances, such as BaaS has resulted in the development of new directions in Fintech. New alternative banking is getting more and more popular with the use of digital currencies which are grounded on blockchains.
A group of scientists led by University College London has created AI algorithms that is able to find brain abnormalities anomaly in people that have a diagnosis of epilepsy. This approach was implemented in the frames of the MELD program: to create an algorithm, more than a thousand MRI images from twenty-two brain-disorders treatment institutions…
Eli-UK is an independent, newly-established law firm, keeps in pace with the changes and updates of the regulatory framework in its practice areas and has positive attitude toward new technology trends. We support our medium-sized clients with a comprehensive financial and legal advice, consolidate their position as auditors vis-à-vis authorities and enhance their management skills, for example in corporate finance.
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The UK is a leading hub for financial technology, with a regulatory environment that encourages innovation while safeguarding consumer interests. For companies aiming to break into this market, obtaining an Authorized Payment Institution (API) license is often essential. An API license grants the authority to access and share financial data securely, a fundamental requirement for…
In an increasingly digital world, the regulation of retail remittances is essential to safeguard the integrity, transparency, and efficiency of the financial ecosystem. Canada, recognizing the rapid shift in consumer remittance behavior and the rise of non-bank remittance service providers (PSP-s), has introduced significant regulatory changes aimed at bolstering this critical sector. One of the…
The Abu Dhabi Global Market (ADGM) has rapidly become a prominent transnational monetary center, catering to global markets from Abu Dhabi. Known for its strong regulatory framework, ADGM is particularly attractive for economic services corporations due to its robust legal framework and commitment to transparency and investor protection. Among the various licensing categories available in…
This is any of the below-mentioned legal entities carrying out payment activities and related operations:
After being approved by any EU Financial Authority, PI can provide the range of belowlisted operations:
The main contrast between these approvals is that only E-Money Institutions can provide digital currency or e-wallet or other device. EMI can deliver all the services an API is authorized to offer.
Though there are some similar features between virtual currency and electronic funds, crypto assets are not deemed electronic funds. While e-funds are applied for operations with government-issued and regulated monetary units such as USD and EUR, cryptocurrency is a virtual currency that has no fiat equivalent. If you wish to offer cryptocurrency exchange and cryptowallets, you may be mindful of acquiring a separate authorization.
You can become a SPI license holder, if you meet the following criteria:
The main difference between an API and SPI license is an average monthly turnover in payments.
If it is under 3,000,000EUR, you can start operation as a SPI. If it exceeds this amount, then you will have to apply as an API.
You can acquire a SEMI license, if you meet the following criteria:
The main contrast between these approvals is a volume of payments circulation.
If your monthly turnover transactions are less than 5,000,000 EUR, you can become a small electronic money institution. If your monthly transaction amount exceeds this, then you will have to apply as an EMI.