A license for electronic money in Germany is necessary for conducting activities, which is associated, respectively, with the issue of electronic money or their exchange. The same license is required for companies, that plan to open wallets for electronic currencies or issue credit cards. Naturally, in order to obtain a license to work with electronic money in the EU, certain requirements must be met, which are provided for by the laws of Germany and the European Union.
A German payment system license is issued after the approval by the German Federal Financial Supervisory Authority (BaFin), in accordance with the Banking Act and the Payment Services Supervision Act (ZAG).
It is required, that the authorized capital be in accordance with the volume of services provided by the company. Its value may amount to hundreds of thousands of euros.
The main difficulty is the availability of qualified personnel. The regulator requires the provision of full details of directors and shareholders. Documents must confirm education, qualifications and the experience in the field of finance. All papers are carefully checked for authenticity, so the time for issuing an EMI license in Germany can drag on for a period of several months to a year. The cost of obtaining a license for electronic money in Germany is 15 thousand euros.
IQD Consulting professionals will tell you how to obtain a license for electronic money in Germany, and will also assist in opening a corporate bank account in Germany.