Simon Zenios & Co LLC, a leading law firm in Cyprus specializing in financial and corporate law, is delighted to offer comprehensive guidance and support for businesses seeking Payment Service Provider (PSP) Licensing, regulated as an Electronic Money Institution (EMI) by the Central Bank of Cyprus.
In an era where digital transactions are becoming the norm, the need for reliable and secure payment service providers is more crucial than ever. Cyprus, with its strategic location and favorable regulatory environment, presents a promising opportunity for businesses looking to establish themselves as EMIs.
A Gateway to Digital Finance in Cyprus
Cyprus is rapidly emerging as a hub for digital finance, attracting international fintech companies. The Central Bank of Cyprus regulates EMIs, ensuring a robust framework for Payment Service Providers that contributes to the country's growing reputation as a fintech-friendly destination.
The Path to Becoming a Licensed Payment Service Provider
Our team at Simon Zenios & Co LLC offers expert assistance throughout the licensing process:
- Understanding Regulatory Requirements: We guide clients through the intricate requirements set by the Central Bank of Cyprus, ensuring full compliance with the legal standards.
- Application Preparation and Submission: Our team aids in preparing and submitting a thorough application, ensuring all criteria are meticulously met.
- Ongoing Compliance Support: Beyond the licensing process, we provide continuous support to ensure ongoing compliance with all regulatory changes and obligations.
Why Choose Cyprus for Your PSP Licensing?
- Strategic Location: Situated at the crossroads of Europe, Asia, and Africa.
- Favorable Regulatory Environment: A balanced approach to regulation encourages innovation while ensuring security and consumer protection.
- EU Membership: Licensed EMIs in Cyprus can enjoy the benefits of passporting their services across the European Economic Area.
Originally published on 4 December 2023
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.