https://youtu.be/yCypJFjLWcA The licensing Procedure and the operation of E-Money (EMI) institutions is currently regulated by the EU Directive 2009/110/EC and harmonized in Cyprus by the Electronic Money Law of 2012 AND 2018 which transposed into national law as per the directives of the European Parliament and of the Council. The Regulatory body for the licensing and supervision of EMI's in Cyprus is the Central Bank of Cyprus (CBC). Services provided by an Electronic Money Institution (EMI) A company that wishes to issue electronic money will require to apply for an EMI license to the Central Bank of Cyprus. Therefore, with…

https://youtu.be/SmOJ8dvIRug Banks Banks are licensed by the respective Central Bank in the country where they operate and are subject to tight supervision. They are required to report to the Central Bank quarterly and keep a predetermined level of liquidity.Banks have to be funded with a large capital base, normally set at a minimum of €5 million or up. Banks can offer a wide range of services, including but not limited to checking accounts, overdrafts, mortgages, direct debit functionality, payment services, asset management, etc. and can issue their own debit and credit cards. Generally, these obligations lead to banks adopting more…

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