An e-money license is a regulatory authorization granted to entities that issue electronic money, permitting them to offer specific payment services within a designated jurisdiction. This license mandates adherence to financial regulations, consumer protection standards, and anti-money laundering requirements. It is a crucial credential for businesses operating with digital currencies that represent fiat value. Compliance is essential for legal operation.
Context
Obtaining an e-money license represents a significant regulatory hurdle for many cryptocurrency firms aiming to provide stablecoin or fiat-backed digital payment services. The diverse and often stringent requirements across various jurisdictions create a complex compliance landscape. News often covers firms navigating these licensing processes to expand their regulated offerings.
A consortium of nine major European banks is launching a MiCAR-compliant euro stablecoin to enable near-instant, programmable cross-border payment and supply chain finance settlement.
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