The provision of Payment Services in Cyprus is regulated by The Payment Services and Access to Payment Systems Laws of 2018 and 2019, which transposed into national law regarding the provisions of the Payment Services Directive in the Cyprus market.
Eltoma Corporate Services have local representatives that can assist you with establishing and authorisation services for EMI licensing and post-license compliance support. With this license, an EMI in Cyprus may offer its services freely within the entire European Union market.
Electronic Money Institutions Licensing in Cyprus
Electronic money is the electronic alternative to cash, which enables users to store funds on a smart phone or device in order to carry out payment transactions online. This includes operating an electronic trading point and/or e-commerce, as well as the issuance of debit cards.
The provision of electronic money services in Cyprus is regulated by the provisions of The Electronic Money Laws which transposed into national law in 2012 and 2018. The main licensing authorities in Cyprus is the Central Bank of Cyprus and CySEC.
An Electronic Money Institution (“EMI”) can offer all payment services that a normal Payment Institution can offer issuance of electronic money and, once established and duly licensed in Cyprus, it may offer its services freely in the EU by setting up branches or on a cross-border basis without any further authorisation.
Eltoma’s EMI Services & Comprehensive Support
Eltoma Corporate Services offer full set-up and authorisation / licensing services for EMIs, as well as comprehensive license and post-license compliance assistance.
Our services for obtaining a payment institutions license include:
Eltoma Corporate Services Cyprus EMI services includes providing full advisory support towards the authorisation and registration of an EMI in Cyprus. This includes the preparation of the Application in accordance with current regulatory requirements, which include but are not limited to the following:
Obtain Your Electronic Money Or Payment Institution License in Cyprus with Eltoma Corporate Services. Contact us for more information. We have local representatives on hand to assist.