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e money licence

  • 05-07-2016 8:32am
    #1
    jezzer
    Banned (with Prison Access) Posts: 2,030 ✭✭✭


    Does anyone know where in Europe is the easiest place to get an e money licence?


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    I think they are all going to be much the same. I'd say Ireland would be handier to deal with than most, but I have not done it. The authorities will be slow to give the license to people they don't know pretty well. If they don't know you, or at least of you, they will probably be more conservative with the prudential requirements.

    You may also need to deal with authorities in the individual countries where you plan to offer services. This may or may not be an issue in practice.


  • #3
    jezzer
    Banned (with Prison Access) Posts: 2,030 ✭✭✭jezzer


    antoinolachtnai wrote: »
    I think they are all going to be much the same. I'd say Ireland would be handier to deal with than most, but I have not done it. The authorities will be slow to give the license to people they don't know pretty well. If they don't know you, or at least of you, they will probably be more conservative with the prudential requirements.

    You may also need to deal with authorities in the individual countries where you plan to offer services. This may or may not be an issue in practice.

    It is virtually impossible to get an e money licence in Ireland, this has stopped a lot of businesses setting up here


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    jezzer wrote: »
    It is virtually impossible to get an e money licence in Ireland, this has stopped a lot of businesses setting up here

    They can't really stop you if you meet the prudential requirements. I can see problems there.

    According to this, the U.K. is straightforward. Problematic now obviously. Luxembourg is also mentioned.

    http://www.irishtimes.com/business/financial-services/us-payments-firms-raised-concerns-over-irish-regulation-1.2202636

    I can see how a regulator is going to be slow on issuing. There is a lot of downside for the regulator.

    I would be inclined to see what could be done in Ireland in the first instance. It isn't going to be cheap though, no matter where you go.

    It might make sense to partner with an existing licensee to get going quicker.


  • #5
    jezzer
    Banned (with Prison Access) Posts: 2,030 ✭✭✭jezzer


    antoinolachtnai wrote: »
    They can't really stop you if you meet the prudential requirements. I can see problems there.

    According to this, the U.K. is straightforward. Problematic now obviously. Luxembourg is also mentioned.

    http://www.irishtimes.com/business/financial-services/us-payments-firms-raised-concerns-over-irish-regulation-1.2202636

    I can see how a regulator is going to be slow on issuing. There is a lot of downside for the regulator.

    I would be inclined to see what could be done in Ireland in the first instance. It isn't going to be cheap though, no matter where you go.

    It might make sense to partner with an existing licensee to get going quicker.

    interesting idea


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