Electronic Money Institution – is a license for the issue of electronic money. Allows you to produce your own quasi-currency. The issued electronic currency can be used outside the site of the payment system. Its withdrawal and conversion into any other currencies is possible. The Electronic Money Institution license also allows the use of its quasi-currency to service payments of third-party organizations.
Electronic Money Institution is practically a bank, but only without the right to issue loans. The license allows clients to open sub-accounts within their own bank account and thus create an “electronic wallet”. At the same time, the rule “Know your client” (know your client) applies to such structures in a distorted version in the form of limits on operations.