Electronic Money Institution (EMI) License in Iceland under FME Regulation

The authorities’ loyalty and low costs for electricity and Internet connection stimulate e-commerce. The world’s largest mining farm Enigma, companies using cryptocurrency operate in the territory of the country. The speed of decision-making indicates that the appearance of a payment license in Iceland is not far off.

What is important to know about Iceland to owners of payment licenses

Considering the country as a jurisdiction, you need to take into account that the Icelandic Central Bank as the main regulator prohibits the national currency from leaving the state. When buying and selling crypto-funds, there is a risk of violating the law on currencies.

There is one more nuance – the country is a part of the European Economic Area, recognized by the European Commission as a state with an adequate level of attention to personal data. An activity in its territory may be subject to GDPR regulations on protection of information of natural persons-residents of the EU. Issued in 2016, the document of the European Parliament obliges to protect the personal data of EU citizens.

If a company that needs a payment license in Iceland directly or indirectly works with them (uses one of the languages or mentions EU customers, accepts payment in euros), it must:

• comply with the requirements of local legislation on the personal data protection (DPO);
• maintain a register of transactions in which personal data are processed and participate in their transboundary transfer;
• appoint an out-of-staff or in-staff inspector for DPO;
• develop a privacy policy that meets GDPR requirements;
• carry out a preliminary audit of the payment license site to create a system for user consents obtaining;
• develop and implement DPO technical means and approve them in internal regulations.

You will also need to establish a company in the territory of Iceland and open an account with a local bank. “Prifinance” experts will help you in this and other necessary operations.

“Prifinance” supports in payment licenses obtaining and doing business in the digital field

“Prifinance” provides customers with a comprehensive expert support. A registration and licensing of payment licenses with it proceeds legal, in compliance with national and European legislation, Regulators’ requirements and current regulations. We save time and effort of customers, protect them from the risk of mistakes and violations of legal norms, we undertake the bureaucratic side of the issue. Experts:

• will select an optimal organizational and tax form for business, develop an action strategy;
• will register a company and open a bank account;
• will prepare AML policies, internal registers, business plan and other documents;
• will help to meet the requirements to the directorate and management (professional level, residency and so on);
• will formalize the status of the issuer, the right to issue electronic currencies and their use, including outside the payment license;
• will implement processing, organize an access to virtual accounts and provide other assistance.

With us, the payment license will become a legal, efficient tool for business, and the customer will get rid of onerous hassle and will get confidence in the correctness of all documents and actions.