What will the launch of Bitcoin futures trading on Bakkt change?

One of our main advantages is long-term and confidential partnership with the largest international consulting agencies, prestigious banks, financial and auditor organizations. This was the beginning of the creation of an international holding company, which has already crossed the 27-year threshold.

Despite the diversity of the US regulatory framework and the difficulty for centralized implementation of new Fintech mechanisms, the United States has a significant place in the global finance market. To start operating in this jurisdiction, companies will need a Money Transmitter License (MTL). It will provide:

• Support of SWIFT payment system for the company’s activities.
• Ability to provide IBAN accounts to customers of the institution.
• Opening of accounts remotely from anywhere in the world.
• Issuance of Visa and MasterCard payment cards for customers.

An alternative to banking institutions in the form of a payment system

Electronic Money Institution (EMI) is an institution, which can be represented by a legal entity or an individual, that has the right to create, issue and cash its own currency (near cash). This organization can act as an intermediary, while providing payments in various business areas.

Unlike banks, e-money institutions do not have the right to issue credit lines or offer to hold capital in the form of deposits. Their main function is to service current payments for corporate and private customers.

The regulations governing EMIs may differ in each state, so it is worthwhile to familiarize yourself with the current legislation in the field of online banking before registering. In the countries of the European Union, the activity of organizations responsible for issuing licenses for EMI is regulated by Directive 2009/110/EC. This is the main regulatory document for the states of the association, which regulates the issuance of electronic currency.

Compliance with legislation and consumer rights protection

Electronic Money Institution and Payment Institution licenses – perform different functions in Fintech. The former actually deals with the issuance of electronic currency, the ability to create transactional instruments, wallets and payment cards. The Payment Institution license, meanwhile, allows for account management, transactions, but without the right to issue electronic funds.

Getting EMI authorization is a strategically important step for companies that plan to gain a foothold in digital payments and increase customer loyalty. E-money can improve the speed of transactions and reduce payment fees.