Regulation of the Financial Conduct Authority and compliance with its rules is a complicated business, however, it doesn’t mean it has to be a burden for you.
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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…
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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…
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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.